A deep dive into UPL (UPL) — examining the financials, valuation picture, and who owns the stock.
UPL Revenue Trend
Revenue rose 8.1% to ₹47,123 Cr in FY2025 for UPL, against ₹43,581 Cr the year before.
Stepping back, the 10-year revenue CAGR of 14.6% tells a positive story. UPL has been growing at a solid clip.
A ₹47,123 Cr revenue base makes UPL a major name in the Indian chemicals - inorganic sector.
| Year | Revenue | YoY % |
|---|---|---|
| FY2025 | ₹47,123 Cr | +8.1% |
| FY2024 | ₹43,581 Cr | -19.4% |
| FY2023 | ₹54,053 Cr | +16.2% |
| FY2022 | ₹46,521 Cr | +19.4% |
| FY2021 | ₹38,952 Cr | — |
View UPL's full 10-year revenue trend with CAGR analysis →
UPL Profitability
At ₹9.62 per share (diluted), FY2025 earnings were up year-over-year from ₹-17.80.
Is UPL Undervalued
Under the P/E Ratio approach, UPL's estimated fair value is ₹190 (70.6% downside).
UPL shares are currently trading at ₹646.05.
Craytheon also calculates intrinsic value using the EPS Growth and DCF models. The full breakdown with assumptions is available in the detailed analysis.
| Model | Est. Fair Value | vs. Current Price |
|---|---|---|
| P/E Ratio | ₹190 | 70.6% downside to fair value |
| EPS Growth | Upgrade | Upgrade |
| DCF | Upgrade | Upgrade |
See all valuation models for UPL with detailed assumptions →
UPL Shareholding Pattern
The promoter group has maintained its 33.5% holding through the last 4 quarters.
As of March 2026, FIIs own 43.1% of the company — up from 37.8% a year earlier.
Domestic institutional investors (DIIs) held 14.6% as of March 2026, down from 18.1% a year ago.
| Quarter | Promoter | FII | DII | Public |
|---|---|---|---|---|
| Mar 2026 | 33.5% | 43.1% | 14.6% | 8.7% |
| Dec 2025 | 33.5% | 41.0% | 16.7% | 8.8% |
| Sep 2025 | 33.5% | 39.9% | 17.2% | 9.4% |
| Jun 2025 | 33.5% | 37.8% | 18.1% | 10.6% |
Track quarterly shareholding changes for UPL →
UPL Balance Sheet
Proportional view as of 3 Jun 2026. Hover blocks for details.
Assets
Liabilities & Equity
Total assets stood at ₹880.02B at the end of FY2025, up 0.5% from ₹875.46B a year earlier.
Intangibles & Goodwill is the largest block at 35.9%, followed by Receivables at 17.6% and Inventories at 11.7%.
Equity makes up 43.0% of liabilities and equity, with debt at 28.5% and operating liabilities at 28.5%. Over the year, debt is down 15.6% and equity is up 15.7%.
Balance sheet composition — FY 2025
| Category | Value |
|---|---|
| Cash & ST Investments | 98.57B |
| Receivables | 155.05B |
| Inventories | 103.16B |
| Property, Plant & Equipment | 87.22B |
| Investments | 20.15B |
| Intangibles & Goodwill | 315.84B |
| Other Assets | 100.03B |
| Category | Value |
|---|---|
| Equity | 378.26B |
| Short-term Debt | 58.43B |
| Long-term Debt | 192.56B |
| Trade Payables | 146.48B |
| Other Liabilities | 104.29B |
UPL Stock Analysis
Bringing the key threads together for UPL (UPL) as a chemicals - inorganic investment opportunity.
Revenue of ₹47,123 Cr in FY2025, up 8.1% year-over-year.
Long-term revenue has been compounding at 14.6% annually over 10 years.
The company is profitable, with a net margin of 1.7% and net income of ₹820 Cr.
The P/E Ratio model implies 70.6% downside to fair value from the current price. The remaining two models are worth cross-checking before drawing a conclusion — sign up to see the full analysis.
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