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UPL.NS

UPL Ltd.

Chemicals
Price research

Price history

5Y window · 2021-09-23 to 2026-09-22

Start 2021-09-23 ₹697.25
End 2026-09-22 ₹559.90
Change over window -19.70%
Methodology

Price is the daily close from stored Kite history. The other metrics pair that daily price with the company's periodic filings — each fundamental (revenue, EPS, equity…) is held flat at its latest filed value between annual filings, so a ratio steps at each filing and moves daily only through its price term. A metric with no input on file for this company (e.g. EV/EBITDA for a bank, which has no EBIT) is shown as unavailable, never guessed. Share-count-based metrics use the latest diluted share count against split/bonus-adjusted prices.

Technical analysis

Technical indicators

Same window as the price chart above

These reflect only the stock's recent price and volume behavior — not the company's fundamentals — and are not a recommendation to buy or sell. Standard published parameters are used throughout (see each chart's own label); a company with too little stored price history for a given indicator's lookback window shows that plainly below rather than a garbage or misleading value.

Latest value of each line in the charted window
Methodology

MACD (12,26,9), Stochastic Oscillator (14,3) and Money Flow Index (14-day) each carry their own published reference lines/bands (20/80 for the oscillator readings) where one is standard. ADX includes +DI/-DI for direction alongside trend strength; a dashed line marks the commonly published 25 "trending market" reading. ATR is shown in raw rupees here; the price/volume preset screen (below, and on the Screener page) reports it as a % of price so it's comparable across stocks at different price levels. Computed from the same stored daily OHLCV history as the price chart above — no new data source.

Ratios as of FY2025-26 Annual filing · published 2026-05-11
Price (live) ₹559.90 INR fetched 2026-09-23 02:42
Fundamental analysis

Ratios

Calculated from this company's filed figures, and from the current price where a ratio needs one. Every ratio shows its source trace: the filed elements it reads and the arithmetic behind the result.

P/E

24.62

P/E = Price / EPS

Source trace FY2025-26 · Annual filing

P/E = Price / (ProfitOrLossAttributableToOwnersOfParent / PaidUpValueOfEquityShareCapital ÷ FaceValueOfEquityShareCapital) → ₹559.90 / (₹19,220,000,000 / 845,000,000 shares) = ₹559.90 / ₹22.75 EPS

ROE

5.54%

ROE = Net Income / Shareholder Equity

Source trace FY2025-26 · Annual filing

ROE = ProfitOrLossAttributableToOwnersOfParent / EquityAttributableToOwnersOfParent → ₹19,220,000,000 / ₹346,960,000,000 = 5.54%

Debt/Equity

0.64

Debt/Equity = Total Debt / Shareholder Equity

Source trace FY2025-26 · Annual filing

Debt/Equity = BorrowingsCurrent + BorrowingsNoncurrent / EquityAttributableToOwnersOfParent → ₹220,460,000,000 / ₹346,960,000,000 = 0.64

Current Ratio

1.21

Current Ratio = Current Assets / Current Liabilities

Source trace FY2025-26 · Annual filing

Current Ratio = CurrentAssets / CurrentLiabilities → ₹421,620,000,000 / ₹347,480,000,000 = 1.21

ROCE

11.79%

ROCE = EBIT / (Shareholder Equity + Total Debt)

Source trace FY2025-26 · Annual filing

ROCE = ProfitBeforeExceptionalItemsAndTax + FinanceCosts / (EquityAttributableToOwnersOfParent + BorrowingsCurrent + BorrowingsNoncurrent) → ₹66,910,000,000 / (₹346,960,000,000 + ₹220,460,000,000) = 11.79%

Dividend Yield

1.03%

Dividend Yield = (Dividends Paid / Diluted Shares Outstanding) / Price

Qualification This is cash paid during the fiscal year, not a per-share rate declared for it (no such element exists in the filing data) — timing can straddle interim/final dividends across years, and pre-FY2020-21 figures may include the since-abolished Dividend Distribution Tax, reading higher than later years for that reason alone.

Source trace FY2025-26 · Annual filing

Dividend Yield = (|DividendsPaidClassifiedAsFinancingActivities| / PaidUpValueOfEquityShareCapital ÷ FaceValueOfEquityShareCapital) / Price → (₹4,870,000,000 / 845,000,000 shares) / ₹559.90 = ₹5.76 / ₹559.90

Growth & quality

Growth & earnings trend

Computed from this company's stored annual filings. Each figure carries the filed values behind it as a tooltip.

Revenue CAGR · 3y 13.1%
Net profit CAGR · 3y 4.1%
Operating margin · FY2025-26 12.9%
ROCE · FY2025-26 10.6%

Revenue & Profit CAGR

Revenue (3y, 7.0y actual)
13.1%
Net Profit (3y)
4.1%
Revenue (5y, 7.0y actual)
13.1%
Net Profit (5y)
4.1%
Revenue (10y, 7.0y actual)
13.1%
Net Profit (10y)
4.1%

Operating Margin Trend

Eroding
FY2018-19
14.1%
FY2019-20
13.6%
FY2020-21
16.6%
FY2021-22
16.1%
FY2022-23
15.2%
FY2023-24
5.2%
FY2024-25
11.4%
FY2025-26
12.9%

ROCE Trajectory

FY2018-19
N/A
FY2019-20
N/A
FY2020-21
N/A
FY2021-22
N/A
FY2022-23
13.9%
FY2023-24
3.7%
FY2024-25
8.7%
FY2025-26
10.6%

Earnings Quality

No persistent gap detected

Net Profit CAGR -14.67% vs CFO CAGR 4.86% over 4.0y (2022-03-31 → 2026-03-31); most recent year: Net Profit +114.27% vs CFO -22.62%

Sector-Relative Percentile

Sector · Chemicals
ROE 21th percentile Better than 5 of 24 sector peers (21th percentile).
ROCE 42th percentile Better than 10 of 24 sector peers (42th percentile).
Debt/Equity 21th percentile Better than 5 of 24 sector peers (21th percentile).
P/E 79th percentile Better than 19 of 24 sector peers (79th percentile).
Forensic accounting

Beneish M-Score

Eight year-over-year accounting indices (Beneish, 1999) computed for UPL Ltd. across its two most recently stored annual filings. Read the disclosures below before anything past this paragraph.

This is not an accusation and not a finding that any manipulation occurred. Beneish's own paper is explicit that the score identifies companies whose accounting CHARACTERISTICS resemble those of a sample of past manipulators -- nothing more. StockProof never labels a company "manipulator", "red flag" or "suspicious", and never shows any list of companies ordered by this score. The eight components below -- factual statements about figures the company itself filed -- always come before the composite number, which is the inference, not the fact.

The M-Score is calibrated on 74 US-listed companies from 1982-1992 later found to have manipulated earnings (Beneish, M. D. (1999), "The Detection of Earnings Manipulation", Financial Analysts Journal 55(5)) -- not on any Indian company or era. Measured on StockProof's own Nifty 500 universe as of 2026-09-02, 13.6% of companies score above Beneish's own published cutoff. On any realistic base rate of actual earnings manipulation, that flag rate is overwhelmingly false positives, not overwhelmingly real ones.

No "Selling, General & Administrative Expense" element exists anywhere in NSE's filed data. The SGAI component below is approximated as Employee Benefit Expense + Other Expenses, divided by revenue -- a reasonable stand-in for a manufacturer, but for a services company this proxy is closer to the entire cost base than to SG&A specifically. This is disclosed because it is a genuine deviation from Beneish's published specification; its coefficient (-0.172) is the smallest of the eight, which bounds how far the approximation can move the composite.

This measures something different from a financial-distress score like Altman's Z-Score, and the two essentially never agree. Measured on StockProof's own 389-company overlap as of 2026-09-02: only 5 companies were flagged by both, an agreement rate (intersection ÷ union) of 6.2%, and a correlation between the two scores of +0.088 -- closely matching the independently measured +0.092 over 3,242 Malaysian-listed companies. A low Z-Score and a high M-Score are not corroborating each other; they are unrelated measurements.

Comparing FY2024-25FY2025-26

Index Value Beneish's own threshold Reading, vs. that threshold
DSRI — Days' Sales in Receivables Index 1.037 1.031 Exceeds Beneish's published threshold
GMI — Gross Margin Index 0.960 1.014 Below Beneish's published threshold
AQI — Asset Quality Index 1.023 1.039 Below Beneish's published threshold
SGI — Sales Growth Index 1.112 1.134 Below Beneish's published threshold
DEPI — Depreciation Index 0.915 1.077 Below Beneish's published threshold
SGAI — SG&A Index 1.013 1.041 Below Beneish's published threshold
LVGI — Leverage Index 0.992 1.111 Below Beneish's published threshold
TATA — Total Accruals to Total Assets -0.062 0.018 Below Beneish's published threshold
M-Score (composite) -2.659 Beneish's own published cutoff: -1.78 (a looser cutoff sometimes used in Indian applications: -2.22)

This is a reading against a published statistical model, not a finding and not a verdict on this company -- see the disclosures above, especially how this compares to a general population's own measured false-positive rate.

Financials

Quarterly trend

10 stored quarters

Revenue Net Profit Net Profit (loss quarter)
Metric (to shareholders basis) Q4 FY2023-24 Q1 FY2024-25 Q2 FY2024-25 Q3 FY2024-25 Q4 FY2024-25 Q1 FY2025-26 Q2 FY2025-26 Q3 FY2025-26 Q4 FY2025-26 Q1 FY2026-27 Source
Revenue ₹14,078.00 Cr. ₹9,067.00 Cr. ₹11,090.00 Cr. ₹10,907.00 Cr. ₹15,573.00 Cr. ₹9,216.00 Cr. ₹12,019.00 Cr. ₹12,269.00 Cr. ₹18,335.00 Cr. ₹10,181.00 Cr. RevenueFromOperations
Net Profit ₹40.00 Cr. incl. minority ₹-80.00 Cr. ₹-384.00 Cr. incl. minority ₹-527.00 Cr. ₹-443.00 Cr. incl. minority ₹-585.00 Cr. ₹828.00 Cr. incl. minority ₹853.00 Cr. ₹896.00 Cr. incl. minority ₹1,079.00 Cr. ₹-88.00 Cr. incl. minority ₹-176.00 Cr. ₹553.00 Cr. incl. minority ₹612.00 Cr. ₹396.00 Cr. incl. minority ₹490.00 Cr. ₹1,061.00 Cr. incl. minority ₹1,294.00 Cr. ₹10.00 Cr. incl. minority ₹-73.00 Cr. ProfitOrLossAttributableToOwnersOfParent
Basis

Primary figures are Revenue from Operations and Net Profit attributable to shareholders — the basis the ratios use. Where they differ, the companion Gross revenue (incl. inter-segment) and incl. minority net profit (the totals a news headline usually quotes) are shown beneath, each traceable to its own XBRL element. Quarters shown are however many are actually stored (up to 10).

Ownership

Shareholding pattern

Latest filing Jun 2026 · 12 filings on file

Promoter & Promoter Group
33.51%
Public
66.49%
Employee Trusts
0.00%
Promoter % Public %
Metric Jun 2024 Sep 2024 Dec 2024 Dec 2024 Jan 2025 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Feb 2026 Mar 2026 Jun 2026
Promoter & Promoter Group 32.52% 32.52% 33.51% 33.51% 33.50% 33.50% 33.50% 33.50% 33.50% 33.51% 33.51% 33.51%
Public 67.48% 67.48% 66.49% 66.49% 66.50% 66.50% 66.50% 66.50% 66.50% 66.49% 66.49% 66.49%
Employee Trusts 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Source

Promoter vs. public shareholding, from NSE's own quarterly shareholding-pattern filings. This is the headline promoter/public split only — a further breakdown by FII/DII/mutual fund holders requires each filing's own detailed disclosure and isn't shown here.

Trading activity

Delivery volume

20 trading days shown

Latest (2026-09-22) 65.7%
Trailing 20-day average 57.0%
Date Traded Qty Delivery Qty Delivery %
2026-09-22 2741227 1799721 65.65%
2026-09-21 2691176 1788626 66.46%
2026-09-18 3779171 3050593 80.72%
2026-09-17 1804536 941028 52.15%
2026-09-16 3044986 2002585 65.77%
2026-09-15 1588857 808693 50.90%
2026-09-11 1449635 713111 56.61%
2026-09-10 1242223 799693 64.38%
2026-09-09 1763304 1006981 57.11%
2026-09-08 1635290 1083493 66.26%
2026-09-07 1754057 971796 55.40%
2026-09-04 1730115 1067035 61.67%
2026-09-03 1643846 980661 59.66%
2026-09-02 4050279 2307982 56.98%
2026-09-01 4060300 458627 11.30%
2026-08-31 2572084 1843025 71.65%
2026-08-28 1181623 589280 49.87%
2026-08-27 1266550 699882 55.26%
2026-08-26 2061911 1035085 50.20%
2026-08-25 3864498 1649487 42.68%
Source

Delivery quantity/percentage from the NSE bhavcopy (DELIV_QTY/DELIV_PER) — the share of that day's traded volume that actually settled into a demat account, rather than being squared off intraday. A higher delivery percentage is commonly read as genuine accumulation/distribution rather than speculative same-day trading; this describes recent trading PATTERN, not the company itself, and is not a recommendation to buy or sell. A blank cell is a day NSE itself published no figure for, never a zero.

Insider trading activity

20 disclosures shown

Disclosed Person Category Type Mode Quantity Value (₹) Resulting stake Source
03 Apr 2026 Rumi Family Private Trust Other Buy Market Purchase 10000 6282784 0.00% XBRL
18 Sep 2025 Kartik Bhatia Employees/Designated Employees Sell Market Sale 500 348000 0.00% XBRL
16 Sep 2025 Jasmin Kartik Bhatia Immediate relative Sell Market Sale 500 349250 0.00% XBRL
16 Sep 2025 Kartik Bhatia Employees/Designated Employees Sell Market Sale 1000 698717 0.00% XBRL
30 Dec 2024 Asha Arun Ashar Immediate relative Buy Others 35000 3150000 0.05% XBRL
30 Dec 2024 Sangeeta Rajendra Darak Immediate relative Buy Others 20155 1813950 0.00% XBRL
09 Dec 2024 Asha Arun Ashar Immediate relative Sell Market Sale 2000 1118000 0.05% XBRL
28 Nov 2024 SHABNAM NAGARIA Immediate relative Pledge Revoke Revokation of Pledge 3750 0 0.00% XBRL
30 Sep 2024 Asha Arun Ashar Immediate relative Sell Market Sale 8200 4981000 0.05% XBRL
27 Sep 2024 Asha Arun Ashar Immediate relative Sell Market Sale 2000 1209650 0.06% XBRL
23 Sep 2024 Asha Arun Ashar Immediate relative Sell Market Sale 25000 14639098 0.06% XBRL
29 Mar 2023 Nehal Rohan Parikh Immediate relative Sell Market Sale 1483 1034037 0.00% XBRL
27 Mar 2023 Suresight Ventures Limited Promoter Group Buy Market Purchase 1549950 2204780699 1.74% XBRL
27 Mar 2023 Suresight Ventures Limited Promoter Group Buy Market Purchase 772950 1095471118 1.95% XBRL
14 Feb 2023 Suresight Ventures Limited Promoter Group Buy Market Purchase 1800000 2571450267 1.32% XBRL
14 Feb 2023 Harmonic Ventures Limited Promoter Group Buy Market Purchase 1850000 2658895199 1.81% XBRL
14 Feb 2023 Suresight Ventures Limited Promoter Group Buy Market Purchase 53840 78251487 1.33% XBRL
28 Dec 2022 Harmonic Ventures Limited Promoter Group Buy Market Purchase 750000 1118745000 1.32% XBRL
23 Dec 2022 Harmonic Ventures Limited Promoter Group Buy Market Purchase 650000 982104645 1.12% XBRL
21 Dec 2022 Harmonic Ventures Limited Promoter Group Buy Market Purchase 748766 1154206912 0.95% XBRL
About these disclosures

SEBI PIT (Prohibition of Insider Trading) Regulation 7 disclosures — designated persons (promoters, directors, KMPs, and their immediate relatives) reporting their own dealing in the company's securities, as NSE publishes them. Distinct from the SAST (Regulation 29 substantial-acquisition) filings on the market-wide SAST activity page. Public record only — this is descriptive disclosure data, not a signal, and is not a recommendation to buy or sell.

Filings & evidence

Source documents

FY2025-26 · Annual filing

The raw filing line items behind the figures on this page, and NSE's own filing document where NSE publishes one.

Source document — income statement (FY2025-26, raw filing line items)
Line itemFiled value
ProfitOrLossAttributableToOwnersOfParent19220000000.0
PaidUpValueOfEquityShareCapital ÷ FaceValueOfEquityShareCapital845000000.0
Source document — balance sheet (FY2025-26, raw filing line items)
Line itemFiled value
CurrentAssets421620000000.0
CurrentLiabilities347480000000.0
EquityAttributableToOwnersOfParent346960000000.0
BorrowingsCurrent + BorrowingsNoncurrent220460000000.0
Research notes

My notes