UPL Ltd(UPL)

NSE: UPLBSE: 512070

₹ 506.35-1.19%refreshed 23 Oct, 03:53 pm ISTMarket cap: ₹ 42,745 crWebsite: www.uplonline.comUpdated: 24 Oct 2026

About

UPL Ltd describes itself as a top-five global agrochemical player, with a footprint in over 140 countries. It works across crop protection, seeds and post-harvest treatment, BioSolutions and specialty chemistries. FY26 revenue was 51839.0 crore. Its crop protection business is being reorganised into a single listed entity. The group also runs Advanta, which is the 10th largest global seed company by revenue in FY26, and the SUPERFORM specialty chemicals business.^[1][2]

Business segments

Crop protection made up 81.5% of FY26 group revenue (Rs 42,399 cr). It is run internationally by UPL Corporation and in India by UPL SAS.^[3][1]
Seeds and post-harvest made up 13.1% of FY26 group revenue (Rs 6,830 cr). It is run by Advanta Enterprises and includes DECCO, the post-harvest treatment business.^[3][1]
Non-agro made up 5.4% of FY26 group revenue (Rs 2,803 cr). It is the SUPERFORM specialty chemicals business, which covers contract manufacturing and cyanide derivatives.^[3][1]

Products and brands

As of FY26, UPL held more than 3,200 patents and over 16,000 product registrations. About 30% of its agchem portfolio is IP-protected.^[1]
In FY26, differentiated and sustainable products made up ~40% of UPL Corp revenue and post-patent molecules ~60%. The innovation rate rose from 14% in FY25 to 16% in FY26.^[4][1]
In FY26, UPL Corp launched over 300 new products, which brought in more than $160 Mn in revenue.^[4]
In FY26, the insecticide brands Feroce®, Perito®, Propose® and Constel® gained traction, as did the herbicides clethodim and s-metolachlor.^[1]
In FY26, UPL launched the Nuvita® foliar fertiliser platform in LATAM and Asia, moving into plant nutrition.^[1]
As of FY26, Advanta had 900+ hybrid varieties across 40 crops. Its brands include Advanta, Alta Seeds and Pacific Seeds, and its traits include igrowth® and aphix™.^[1]
Advanta revenue mix in FY26: field corn 40%, sorghum 16%, oilseed crops 15%, vegetables and fresh corn 10%.^[1]
SUPERFORM says it has India's largest phosphorus handling capacity, is India's largest cyanation player and is the only acrolein player in India.^[1]

Operations and R&D

UPL's Indian plants, including those of subsidiaries, are in Gujarat, Maharashtra, Punjab, West Bengal, Karnataka and Jammu.^[1]
As of FY26, UPL had 57 R&D facilities worldwide and 800+ researchers and scientists.^[1]
As of FY26, three global capability centres were fully operational, covering finance, supply chain, HR and marketing.^[1]

Key operating numbers

In FY26, revenue grew 11%: volume added 8%, currency 6% and pricing took away 3%.^[4]
In Q1 FY27, UPL Corp volume fell 7% while revenue rose 7%, helped by currency (+14%) and product mix.^[5]
In Q1 FY27, UPL SAS (India crop protection) revenue was flat at Rs 1,140 cr, with volume down 8% and prices up 8%.^[5]
In Q1 FY27, Advanta revenue was Rs 1,754 cr, up 26% YoY: volume +12%, pricing +10%, currency +4%.^[5]
SUPERFORM's super specialty chemicals share of its revenue rose from 24% in FY25 to 28% in FY26 and 29% in Q1 FY27. These products grew 20% in FY26 to Rs 2,894 cr.^[4]

Customers and distribution

As of FY26, about 66% of revenue came from Latin America, Europe and North America.^[1]
Products are sold mainly through distributor networks, with cooperatives and direct engagement with growers in some regions.^[1]
Advanta sells hybrid seeds in India, Argentina, Brazil, Indonesia and Australia. Field corn is its largest volume driver.^[5]

Pipeline and expansion

FY27 organic group capex is guided at $300-350 Mn, up from $261 Mn in FY26. It is directed at specialty chemicals capacity and backward integration.^[4]
Q1 FY27 capex was Rs 434 cr, up Rs 140 cr from Q1 FY26.^[5]
UPL Corp's pipeline is expected to deliver risk-adjusted annual peak sales of ~$1.5 Bn by FY30, out of a total pipeline of ~$4.4 Bn at peak.^[4]
UPL Corp targets an innovation rate of ~18% by the end of FY27 and above 20% by FY30.^[4]

Corporate reorganisation and recent developments

On February 20, 2026, the Board approved a scheme to combine the India and international crop protection businesses into UPL Global Sustainable Agri Solutions Limited, which is proposed to be listed separately.^[1]
The CCI approved the reorganisation on 2 June 2026. BSE and NSE issued no-adverse-observation letters on 29 July 2026.^[5]
SEBI approved the Advanta IPO on 3 June 2026.^[5]
S&P, Fitch and Moody's all moved UPL's outlook to stable during FY26, the last being Moody's in August 2025.^[6]
Net debt was $2,498 Mn at Q1 FY27. Net debt to TTM EBITDA was 2.4x, compared with 2.6x a year earlier.^[5]

Market Cap

₹42,745 Cr

High / Low

₹812 / 477

Stock P/E

21.4

Price / Book

1.3

Book Value

₹411

EPS

₹22.8

No. of Shares

84.42 Cr

ROCE

10.2%

ROE

6.0%

OPM

12.7%

Debt / Equity

0.64

Sales

₹51,839 Cr

Net Profit

₹2,220 Cr

Promoter holding

33.5%

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UPL Ltd(UPL)

About

Business segments

Products and brands

Operations and R&D

Key operating numbers

Customers and distribution

Pipeline and expansion

Corporate reorganisation and recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

Product Segments

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