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UPL Q1 FY27 Share Price & Earnings Call Analysis

₹541.95+1.03% today
Market cap
₹45,706 Cr
P/E
23.12
ROE
5.64%
PEG
-1.11
Price to sales
0.85
Debt to equity
0.68
52W high / low
₹805 / ₹481
Sales growth (5Y)
6.02%
EBITDA margin
17.10%
Net profit margin
4.02%
Promoter holding
33.50%
Sales (last year)
₹52,804 Cr

UPL is principally engaged in the business of agrochemicals, industrial chemicals, chemical intermediates, speciality chemicals and production and sale of field crops and vegetable seeds.

Guidance scorecard · Q1 FY27 call

What UPL Ltd's management guided
and where it ranks in Fertilizers & Agrochemicals

#18of 23 in
Fertilizers & Agrochemicals
Revenue0–10%MarginsFlatCapexPlannedFundraisingNone plannedOrder bookRising

RevenueQ1 FY27 call

0–10%
  • UPL expects full-year revenue growth of 7% to 11% for FY27.
  • Volume growth is anticipated especially in the seeds and super specialty businesses, with super specialty showing sustained multi-year growth.
  • Global Crop Protection (CP) volume growth is expected to improve during the year, supported by market share gains and cautious channel inventory management.
  • India CP business expects strong performance due to hyperscale brands, innovation, and improved product mix.
  • Latam volumes are expected to be strong from Q2 onwards, particularly in Brazil with the upcoming planting season.
  • Pricing is proactive with increases incorporated to offset cost inflation, with no expected price decline.

2 more points from UPL Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what UPL Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • In Q1 FY27, UPL made capital investments amounting to ₹669 crores, primarily related to their associate Sinova in Brazil.
  • The company has planned additional capex and strategic investments, which contributed to net debt being flat year-on-year in U.S. dollar terms despite debt reduction.
  • UPL also mentioned investment in specialty platforms that support growth in super specialty and ag segments.
  • Overall, UPL emphasizes disciplined capital management and sustaining investments aligned with long-term value creation.
Full Q1 FY27 analysis

FundraisingQ1 FY27 call

None planned

See what UPL Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Rising
  • For the upcoming planting season in Brazil, the channel is starting to load, finalizing harvest of the second corn season, with planting beginning in September-October for the new soybean crop.
  • The company is well-positioned with a strong order book.
  • Customers have been cautious in loading inventory, buying just in time due to geopolitical conflicts and pricing uncertainties.
  • The order book and channel positioning give UPL confidence for strong volume growth in Q2, Q3, and Q4.

2 more points from UPL Ltd's call on the order book

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Full Q1 FY27 analysis
Full Fertilizers & Agrochemicals ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Fertilizers & Agrochemicals
on management's own guidance

  1. Dharmaj CropGood growth
    2
  2. Anya Polytech &Good growth
    1
  3. M B Agro Prod.Good growth
    3
See all potential multibaggersWhere does UPL Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Fertilizers & Agrochemicals companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
1Anya Polytech &20–40%Up 2%+₹209 Cr25.1
2Dharmaj Crop20–40%Up 0–2%₹882 Cr14.7
3M B Agro Prod.20–40%Flat₹7,668 Cr49.5
420–40%Flat₹6,453 Cr32.8
510–20%Up 2%+₹1,226 Cr18.3
610–20%Flat₹51,882 Cr27.8

Sign up free to see every company in the sector ranking and track UPL Ltd.

Pro shows every company guiding 40%+ revenue growth →Full Fertilizers & Agrochemicals ranking

Financials of UPL Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of UPL Ltd

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +16,5698,96310,1709,88714,0789,06711,09010,90715,5739,21612,01912,26918,335
Expenses +13,8477,7479,0499,82012,2307,9989,8739,22912,4097,82010,07210,03314,854
Operating Profit2,7221,2161,121671,8481,0691,2171,6783,1641,3961,9472,2363,481
OPM %16%14%11%1%13%12%11%15%20%15%16%18%19%
Other Income +3025818134664910394-16815239236162
Interest9067008711,1911,0909131,0707309141,007784774836
Depreciation727636657676794660697688705731771827915
Profit before tax1,391-62-389-1,66630-455-4473541,377-1907846711,892
Tax %22%-265%-25%-4%367%16%31%-141%22%-7%22%27%32%
Net Profit +1,080102-293-1,607-80-527-5858531,079-1766124901,294
EPS in Rs9.381.97-2.24-14.410.47-4.55-5.259.8110.61-1.046.564.7012.57

Financials of UPL Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +12,09114,04816,31217,37821,83735,75638,69446,24053,57643,09846,63751,839
Expenses +9,72811,70013,34613,96618,02428,98430,34236,71143,38038,80139,50942,761
Operating Profit2,3632,3482,9663,4123,8136,7728,3529,52910,1964,2977,1289,078
OPM %20%17%18%20%17%19%22%21%19%10%15%18%
Other Income +-11149363351-197-515629146423178724
Interest5177047357839631,4812,0602,2952,9633,8523,6273,401
Depreciation4256766726758802,0122,1732,3592,5472,7632,7503,244
Profit before tax1,4101,1171,9222,3051,7732,7644,1814,9665,150-2,0878293,157
Tax %17%15%10%12%11%21%16%11%14%-10%1%30%
Net Profit +1,1879521,7332,0301,5752,1783,4954,4374,414-1,8788202,220
EPS in Rs15.8213.0020.1823.5717.3520.6633.4042.1842.28-14.2110.6222.78
Dividend Payout %19%23%20%20%27%26%27%21%21%-6%53%0%

Financials of UPL Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital8686101102102153153153150150159169
Reserves5,7755,8037,2149,06714,61319,12920,73424,50826,70824,65729,05434,527
Borrowings +3,2815,2586,4436,63829,13929,38824,51926,74623,93929,75425,09923,576
Other Liabilities +5,1435,7226,4547,14818,58119,75823,35929,19635,31830,57931,70036,933
Total Liabilities14,28416,86920,21222,95562,43568,42868,76580,60386,11585,14086,01295,205
Fixed Assets +4,0313,8624,0714,43732,14935,32134,76536,19338,71339,05639,08444,301
CWIP5834847921,3191,8552,0732,1172,5012,8182,9652,546999
Investments7643353781,0347085586181,9221,6152,1542,3282,666
Other Assets +8,90612,18814,97116,16527,72330,47631,26539,98742,96940,96542,05447,239
Total Assets14,28416,86920,21222,95562,43568,42868,76580,60386,11585,14086,01295,205

Financials of UPL Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +1,4091,3962,5852,8392,3568,7397,2126,4967,7512,32110,1510
Cash from Investing Activity +-463-1,734-1,022-2,059-31,282-2,666-2,426-3,575-1,354-2,509-1,8230
Cash from Financing Activity +-991469140-80128,893-2,175-6,713-1,921-6,227164-4,7930
Net Cash Flow-451311,703-21-333,898-1,9271,000170-243,5350
Free Cash Flow8787031,3821,4358036,8045,1473,9315,4623678,8960
CFO/OP71%78%99%90%71%141%95%79%88%81%156%0%

Financials of UPL Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days115133127127195121115121124138121126
Inventory Days178204194204306153180216187198167179
Days Payable195213228255330199244274236196176169
Cash Conversion Cycle98124937617175516476141112135
Working Capital Days45488494127595238465299
ROCE %21%19%22%21%10%10%13%14%14%3%8%10%

Guidance history

How UPL Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →0–10%FlatPlannedNone plannedRising
Q4 FY26 call →10–20%FlatPlannedPlannedFlat
Q3 FY26 call →0–10%Flat—None planned—

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

15out of 100

Momentum score · price trend

15 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−24.7%31%
Last 6 months−15.6%26%
Last 3 months−10.1%40%

The price is 32.7% below its all-time high of ₹805.35 (1 Jan 2026). Stocks more than 20% below their peak have their score halved, so 31 became 15.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For UPL Ltd: 0.4 × 31 + 0.4 × 26 + 0.2 × 40 = 31, halved to 15 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What UPL Ltd's management said in earlier quarters

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