UPL Limited

UPL.BO

Agricultural Inputs · Basic Materials

Price

₹569.60

-1.20 (-0.21%)

Market Cap

₹479.25B

Exchange

Bombay Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Strong

Cash Flow

Weak

Stability

Good

Valuation

Strong

Dividends

Weak

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Share count rising — dilution

+12.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 764.0M (2022) → 861.1M (2026)

Winston Score History

The full picture

UPL Limited is an Indian company that makes products used in farming, such as pesticides, herbicides, fungicides, and seed treatments. These products help farmers protect their crops from insects, weeds, and diseases. UPL is one of the largest agrochemical companies in the world and sells to farmers and agricultural distributors across more than 130 countries.

The company earns money primarily by selling crop protection chemicals and related agricultural inputs, with a mix of branded and generic products. UPL operates globally, with significant revenue coming from Latin America, North America, Europe, and India, making it one of the few truly global players in this space. Its broad geographic reach and wide product portfolio give it some protection against regional downturns, but the company carries a heavy debt load from its 2019 acquisition of Arysta LifeScience, and managing that debt while navigating volatile agrochemical demand remains its most significant ongoing challenge.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+20.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+16.4% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

₹0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (3%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

33.7%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹0 cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

UPL Limited is a rare growth stock that's already generating positive cash flow while growing at 21%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

34.4%

Modest — 34.4% gross margin

Profit after running costs

Operating Margin

7.6%

Modest — 7.6% operating margin

Return on the money invested

ROCE

12.4%

Good — 12.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+13.8%

Fast-growing sales (+13.8% YoY)

Profit growth

EPS YoY

+70.0%

Earnings growing fast (+70.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

-238%

Weak — only -238% of profit becomes cash

Spare cash per sale

FCF Margin

-10.6%

Burning cash (-10.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.65

Moderate — manageable debt (0.65)

Covers its interest

Interest Cover

2.31x

Tight — interest eats into profit (2.3x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

23.8x

Growth-priced — P/E 23.8

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+8.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (23.8 → 15.1)

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Dividends

Dividend

Dividend Yield

1.07%

Small dividend — 1.07% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-39.0%

Dividend cut (-39.0% YoY) — warning sign

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