Fortune India 500 2025 edition
Rank#61- Total income
- ₹47,123 Cr
- Profit
- ₹897 Cr
Last year #62
Upl Limited - agriculture in Valsad, Gujarat, India. FY 2026 financials & compliance.
Active Listed - NSE: UPL · BSE: 512070 Public Limited Company agriculture Fortune India 500 · #61 Nifty 500
Market Cap
₹43,385 Cr
UPL · NSE
Share Price
₹508.65
-1.06% today
Revenue
₹51,839 Cr
FY 2025-26 · +11.2% YoY
EBITDA
₹8,888 Cr
Margin 17.1%
Net Profit
₹1,785 Cr
FY 2025-26 · +100.6% YoY
P/E (TTM)
21.9x
P/B 1.3x
ROE
7.0%
ROCE 11.6%
Debt / Equity
0.76
Interest cover 60.3x
About Upl Limited
Data last updated:
Upl Limited is a public limited company based in Valsad, Gujarat, India. It operates in the crop protection segment of the agriculture sector. It was incorporated on 02 January 1985 and has been in existence for over 41 years.
Upl is ranked #61 on the Fortune India 500 (2025). It is part of the Nifty 500 and BSE 500 indices.
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN L24219GJ1985PLC025132. Its GSTIN is 03AABCS1698G1ZF (Punjab). The company holds 21 GST registrations, of which 17 are active. It is a listed company as per MCA records. Its shares are listed on BSE: 512070 and NSE: UPL.
The company has an authorised share capital of ₹477 Cr and a paid-up capital of ₹168.89 Cr. It was formerly known as Vishwanath Commercials Limited and United Phosphorus Limited. It is led by directors including Raj Kumar Tiwari (Whole-Time Director) and Hardeep Singh.
Its last annual general meeting (AGM) was held on 25 July 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at 3 – 11 G.I.D.C. Vapi, Valsad, Gujarat, India – 396195.
As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹51,839 Cr, a growth of 11.2% compared to the previous year. For the same year it recorded a net profit of ₹1,784.93 Cr (net margin 3.4%) and EBITDA of ₹8,888 Cr (EBITDA margin 17.1%). The net worth stands at ₹34,696 Cr (up 18.8% YoY). Total assets are valued at ₹65,391 Cr (up 3.3% YoY).
The company has about 4,125 employees on its provident fund (EPFO) records.
The company is associated with 3 brands: Stimuplant, UPL and Kudos Chemie Limited. As per MCA filings, the company has open charges of ₹3,345.17 Cr and satisfied charges of ₹1,265.41 Cr on record. Court records list 2,797 cases involving the company, including 2,367 filed by the company and 431 filed against it; 608 cases are pending. The company has 68 deals on record (45 market trades, 16 funding rounds, 4 secondary share transfers), with disclosed funding of ₹5,213.39 Cr; the latest was in August 2025. Its 5 peer companies in the Agriculture industry (Pesticides, Seeds), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products) are compared by revenue, 5 smaller; the largest is Coromandel International Limited with revenue of ₹24,444 Cr. The company has 6 MSME Form 1 returns on record between 2022 and 2023, listing 1,651 overdue payments to 281 micro and small suppliers.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website upl-ltd.com.
Company details
CIN L24219GJ1985PLC025132
Registration Number 025132
Incorporation Date 02 January 1985
ROC Ahmedabad
Listing Status Listed - Listed on NSE (UPL); Listed on BSE (512070)
Company Status Active
Date of Last AGM 25 July 2025
Date of Balance Sheet 31 March 2026
Compliance Status Active Compliant
Name history
Upl has undergone 3 name changes throughout its history. The company was previously known as Vishwanath Commercials Limited, United Phosphorus Limited, and Search Chem Industries Limited. The current legal name is Upl Limited.
| Company Name | Status |
|---|---|
| Upl Limited | Current |
| Vishwanath Commercials Limited | Previous |
| United Phosphorus Limited | Previous |
| Search Chem Industries Limited | Previous |
Key People
Raj Kumar Tiwari Whole-Time Director Hardeep Singh Director Jaidev Rajnikant Shroff Director Recognitions & Rankings of Upl
India's Most Valuable Companies 2024 edition · Source: Hurun India
Rank#151- Valuation
- ₹41,710 Cr
2023 #116 2022 #70 2021 #77
Stock market indices
Nifty 500 BSE 500
Contact details
Upl Limited's registered office is in Valsad, Gujarat. Its website is upl-ltd.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered Address3 – 11 G.I.D.C. Vapi, Valsad, Gujarat, India – 396195
- IndustryAgriculture, Crop Protection
To see the full contact details of Upl Limited, buy the company report.
Comprehensive company report
Upl Limited - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
₹799 ₹999 20% off excluding 18% GST
Secure checkout · GST invoice included
Brands
Upl operates multiple associated brands including Stimuplant, UPL, and Kudos Chemie Limited. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Offers bacteria inoculation and growth promoters for improved crop yield and plant health. | stimuplant.co.za | |
| Sustainable agriculture technologies and solutions are provided to farmers globally. | upl-ltd.com | |
| Specialty chemicals are manufactured for beverage and pharmaceutical ingredients. | kudoschemie.com |
Business activity
The main business activities of Upl are manufacturing and trade. In detail, this covers chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products and wholesale trading. 2 activity segments are registered with the MCA.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C6 | Chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products | |
| G | Trade | G1 | Wholesale Trading |
To see the full business activity and turnover split of Upl Limited, buy the company report.
Financials of Upl Limited
FY 2025-26 filings availableUpl Limited reported revenue of ₹51,839 Cr (up 11.2% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · ConsolidatedRevenue
₹51,839 Cr
+11.2% YoY
EBITDA
₹8,888 Cr
+32.3% YoY
Profit After Tax
₹1,785 Cr
+100.6% YoY
Net Worth
₹34,696 Cr
+18.8% YoY
Total Assets
₹65,391 Cr
+3.3% YoY
Total Debt
₹23,576 Cr
-6.1% YoY
Revenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 51,839 | 46,637 | 43,098 | 53,576 | 46,240 | 38,694 | 35,756 |
| Revenue growth | +11.2% | +8.2% | -19.6% | +15.9% | +19.5% | +8.2% | - |
| EBITDA | 8,888 | 6,720 | 4,045 | 10,026 | 9,205 | 8,114 | 6,150 |
| EBITDA margin | +17.2% | +14.4% | +9.4% | +18.7% | +19.9% | +21.0% | +17.2% |
| Profit before tax | 3,157 | 829 | (2,087) | 5,150 | 4,966 | 4,181 | 2,764 |
| Net profit | 1,785 | 890 | (1,054) | 3,674 | 3,848 | 3,050 | 2,221 |
| Net profit margin | +3.4% | +1.9% | -2.5% | +6.9% | +8.3% | +7.9% | +6.2% |
| EPS (₹) | 22.75 | 11.28 | (16.00) | 47.60 | 47.40 | 37.53 | 23.22 |
| Balance sheet | |||||||
| Total assets | 65,391 | 63,286 | 63,065 | 60,198 | 56,523 | 49,935 | 52,051 |
| Net worth | 34,696 | 29,213 | 24,807 | 26,858 | 24,661 | 20,887 | 19,282 |
| Total debt | 23,576 | 25,099 | 29,754 | 23,939 | 26,746 | 24,519 | 29,388 |
| Cash & bank | 6,086 | 9,537 | 6,036 | 6,097 | 6,120 | 4,853 | 6,752 |
| Net working capital | 13,800 | 16,571 | 16,963 | 16,025 | 15,207 | 12,199 | 13,986 |
| Cash flow | |||||||
| Cash from operations | 7,855 | 10,151 | 2,321 | 7,751 | 6,496 | 7,212 | 8,739 |
| Cash from investing | (1,475) | (1,823) | (2,509) | (1,354) | (3,575) | (2,426) | (2,666) |
| Cash from financing | (9,883) | (4,793) | 164 | (6,227) | (1,921) | (6,713) | (2,175) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10,181 | 18,335 | 12,269 | 12,019 | 9,216 | 15,573 | 10,907 | 11,090 |
| Revenue growth (YoY) | +10.5% | +17.7% | +12.5% | +8.4% | +1.6% | - | - | - |
| Other income | 217 | 178 | 92.00 | 392 | 161 | 107 | 170 | 111 |
| EBITDA | 1,358 | 3,465 | 2,180 | 1,947 | 1,387 | 2,889 | 1,602 | 1,209 |
| EBITDA margin | +13.3% | +18.9% | +17.8% | +16.2% | +15.0% | +18.6% | +14.7% | +10.9% |
| Depreciation | 832 | 915 | 827 | 771 | 731 | 705 | 688 | 697 |
| Interest | 852 | 836 | 774 | 784 | 1,007 | 914 | 730 | 1,070 |
| Profit before tax | (109) | 1,892 | 671 | 784 | (190) | 1,377 | 354 | (447) |
| Tax | (36.00) | 598 | 181 | 172 | (14.00) | 298 | (499) | 138 |
| Net profit | (73.00) | 1,294 | 490 | 612 | (176) | 1,079 | 853 | (585) |
| EPS (₹) | 0.12 | 12.57 | 4.69 | 6.74 | (1.94) | 11.15 | 9.70 | (5.68) |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 5,748 | 5,330 | 5,398 | 9,032 | 16,449 | 11,345 | 9,641 |
| Revenue growth | +7.8% | -1.3% | -40.2% | -45.1% | +45.0% | +17.7% | - |
| EBITDA | 358 | 152 | 401 | 852 | 2,051 | 1,605 | 1,195 |
| EBITDA margin | +6.2% | +2.9% | +7.4% | +9.4% | +12.5% | +14.2% | +12.4% |
| Profit before tax | 1,013 | 2,341 | 1,248 | 1,083 | 1,261 | 434 | 538 |
| Net profit | 835 | 802 | 1,209 | 951 | 1,180 | 228 | 470 |
| Net profit margin | +14.5% | +15.1% | +22.4% | +10.5% | +7.2% | +2.0% | +4.9% |
| EPS (₹) | 9.29 | 36.97 | 16.11 | 13.00 | 15.37 | 2.88 | 6.03 |
| Balance sheet | |||||||
| Total assets | 15,590 | 14,089 | 14,477 | 9,702 | 11,194 | 9,118 | 9,139 |
| Net worth | 14,036 | 12,021 | 7,530 | 7,068 | 8,201 | 7,786 | 8,024 |
| Total debt | 869 | 597 | 1,852 | 617 | 1,778 | 1,329 | 1,112 |
| Cash & bank | 108 | 137 | 192 | 739 | 825 | 334 | 163 |
| Net working capital | 5,501 | 3,273 | 1,134 | 1,161 | 2,304 | 1,323 | 1,162 |
| Cash flow | |||||||
| Cash from operations | (2,243) | (923) | (411) | 1,667 | 2,349 | 1,820 | 1,773 |
| Cash from investing | 783 | 843 | (462) | 1,210 | (1,481) | (1,175) | (435) |
| Cash from financing | 1,385 | 38.00 | 325 | (2,689) | (643) | (502) | (1,277) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,397 | 1,186 | 1,390 | 1,512 | 1,660 | 2,011 | 1,427 | 1,090 |
| Revenue growth (YoY) | -15.8% | -41.0% | -2.6% | +38.7% | +107.0% | - | - | - |
| Other income | 123 | 417 | 74.00 | 321 | 94.00 | 1,867 | 378 | 232 |
| Total expenses | 1,350 | 1,081 | 1,339 | 1,403 | 1,567 | 2,081 | 1,291 | 1,064 |
| EBITDA | 47.00 | 105 | 51.00 | 109 | 93.00 | (70.00) | 136 | 26.00 |
| EBITDA margin | +3.4% | +8.9% | +3.7% | +7.2% | +5.6% | -3.5% | +9.5% | +2.4% |
| Depreciation | 25.00 | 28.00 | 32.00 | 32.00 | 33.00 | 34.00 | 39.00 | 28.00 |
| Interest | 25.00 | 29.00 | 32.00 | 43.00 | 22.00 | 51.00 | 56.00 | 80.00 |
| Profit before tax | 120 | 465 | 61.00 | 355 | 132 | 1,712 | 419 | 150 |
| Tax | 31.00 | 106 | 29.00 | 83.00 | 10.00 | (27.00) | (573) | 3.00 |
Financial Statements
Figures in ₹ Cr; negatives in brackets. Updated 25 Oct 2026
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10,181 | 18,335 | 12,269 | 12,019 | 9,216 | 15,573 | 10,907 | 11,090 |
| Revenue growth (YoY) | +10.5% | +17.7% | +12.5% | +8.4% | +1.6% | - | - | - |
| Other income | 217 | 178 | 92.00 | 392 | 161 | 107 | 170 | 111 |
| EBITDA | 1,358 | 3,465 | 2,180 | 1,947 | 1,387 | 2,889 | 1,602 | 1,209 |
| EBITDA margin | +13.3% | +18.9% | +17.8% | +16.2% | +15.0% | +18.6% | +14.7% | +10.9% |
| Depreciation | 832 | 915 | 827 | 771 | 731 | 705 | 688 | 697 |
| Interest | 852 | 836 | 774 | 784 | 1,007 | 914 | 730 | 1,070 |
| Profit before tax | (109) | 1,892 | 671 | 784 | (190) | 1,377 | 354 | (447) |
| Tax | (36.00) | 598 | 181 | 172 | (14.00) | 298 | (499) | 138 |
| Net profit | (73.00) | 1,294 | 490 | 612 | (176) | 1,079 | 853 | (585) |
| EPS (₹) | 0.12 | 12.57 | 4.69 | 6.74 | (1.94) | 11.15 | 9.70 | (5.68) |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 51,839 | 46,637 | 43,098 | 53,576 | 46,240 | 38,694 | 35,756 |
| Revenue growth | +11.2% | +8.2% | -19.6% | +15.9% | +19.5% | +8.2% | - |
| Other income | 914 | 486 | 483 | 634 | 415 | 300 | 107 |
| Total expenses | 42,951 | 39,917 | 39,053 | 43,550 | 37,035 | 30,580 | 29,606 |
| Employee cost | 5,807 | 5,309 | 4,682 | 5,056 | 4,622 | 3,712 | 3,391 |
| EBITDA | 8,888 | 6,720 | 4,045 | 10,026 | 9,205 | 8,114 | 6,150 |
| EBITDA margin | +17.2% | +14.4% | +9.4% | +18.7% | +19.9% | +21.0% | +17.2% |
| Depreciation | 3,244 | 2,750 | 2,763 | 2,547 | 2,359 | 2,173 | 2,012 |
| Interest | 3,401 | 3,627 | 3,852 | 2,963 | 2,295 | 2,060 | 1,481 |
| Profit before tax | 3,157 | 829 | (2,087) | 5,150 | 4,966 | 4,181 | 2,764 |
| Tax | 937 | 9.00 | (209) | 736 | 529 | 686 | 586 |
| Net profit | 1,785 | 890 | (1,054) | 3,674 | 3,848 | 3,050 | 2,221 |
| Net profit margin | +3.4% | +1.9% | -2.5% | +6.9% | +8.3% | +7.9% | +6.2% |
| EPS (₹) | 22.75 | 11.28 | (16.00) | 47.60 | 47.40 | 37.53 | 23.22 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 169 | 159 | 150 | 150 | 153 | 153 | 153 |
| Reserves & surplus | 34,527 | 29,054 | 24,657 | 26,708 | 24,508 | 20,734 | 19,129 |
| Shareholders' funds (net worth) | 34,696 | 29,213 | 24,807 | 26,858 | 24,661 | 20,887 | 19,282 |
| Minority interest | 6,573 | 8,613 | 7,899 | 8,571 | 4,647 | 3,693 | 3,312 |
| Secured loans | 205 | 198 | 418 | 83.00 | 364 | 302 | 335 |
| Unsecured loans | 23,371 | 24,901 | 29,336 | 23,856 | 26,382 | 24,217 | 29,053 |
| Total debt | 23,576 | 25,099 | 29,754 | 23,939 | 26,746 | 24,519 | 29,388 |
| Total liabilities | 65,391 | 63,286 | 63,065 | 60,198 | 56,523 | 49,935 | 52,051 |
| Assets | |||||||
| Gross block | 66,450 | 59,097 | 57,189 | 54,768 | 49,848 | 47,040 | 45,704 |
| Net block | 42,153 | 39,084 | 39,056 | 38,713 | 36,193 | 34,765 | 35,321 |
| Capital work in progress | 3,147 | 2,546 | 2,965 | 2,818 | 2,501 | 2,117 | 2,073 |
| Investments | 2,666 | 2,328 | 2,154 | 1,615 | 1,922 | 618 | 558 |
| Inventories | 12,676 | 10,316 | 12,776 | 13,985 | 13,078 | 9,422 | 7,850 |
| Sundry debtors | 17,874 | 15,505 | 16,354 | 18,224 | 15,328 | 12,145 | 11,867 |
| Cash & bank balances | 6,086 | 9,537 | 6,036 | 6,097 | 6,120 | 4,853 | 6,752 |
| Loans & advances | 4,892 | 3,939 | 3,872 | 3,636 | 4,362 | 3,613 | 2,772 |
| Total current assets | 41,528 | 39,297 | 39,038 | 41,942 | 38,888 | 30,033 | 29,241 |
| Total current liabilities | 27,728 | 22,726 | 22,075 | 25,917 | 23,681 | 17,834 | 15,255 |
| Net working capital | 13,800 | 16,571 | 16,963 | 16,025 | 15,207 | 12,199 | 13,986 |
| Total assets | 65,391 | 63,286 | 63,065 | 60,198 | 56,523 | 49,935 | 52,051 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 9,478 | 5,943 | 5,967 | 5,797 | 4,797 | 6,724 | 2,826 |
| Net cash from operating activities | 7,855 | 10,151 | 2,321 | 7,751 | 6,496 | 7,212 | 8,739 |
| Net cash from investing activities | (1,475) | (1,823) | (2,509) | (1,354) | (3,575) | (2,426) | (2,666) |
| Net cash from financing activities | (9,883) | (4,793) | 164 | (6,227) | (1,921) | (6,713) | (2,175) |
| Net change in cash | (3,503) | 3,535 | (24.00) | 170 | 1,000 | (1,927) | 3,898 |
| Closing cash | 6,086 | 9,537 | 6,036 | 6,097 | 6,120 | 4,853 | 6,752 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +11.2% | +8.2% | -19.6% | +15.9% | +19.5% | +8.2% | - |
| EBITDA growth | +32.3% | +66.1% | -59.7% | +8.9% | +13.5% | +31.9% | - |
| PBT growth | +280.8% | +9998.0% | - | +3.7% | +18.8% | +51.3% | +55.9% |
| Net income growth | +100.6% | +184.4% | -128.7% | -4.5% | +26.2% | +37.3% | - |
| Revenue CAGR (3Y) | -1.1% | +0.3% | +3.7% | +14.4% | +28.4% | +30.6% | +29.9% |
| EBITDA CAGR (3Y) | -3.9% | -10.0% | -20.7% | +17.7% | +39.9% | +34.3% | +29.1% |
| Profitability & leverage | |||||||
| Net income margin | +4.3% | +1.8% | -4.4% | +8.2% | +9.6% | +9.0% | +6.1% |
| Return on capital employed | +11.6% | +8.7% | +3.8% | +15.7% | +14.8% | +13.1% | +10.5% |
| Return on net worth | +7.0% | +3.0% | -6.7% | +17.1% | +19.5% | +17.4% | +15.4% |
| Debt / equity | 0.76 | 1.02 | 1.04 | 0.98 | 1.13 | 1.34 | 1.72 |
| Long-term debt / equity | 0.56 | 0.82 | 0.90 | 0.85 | 0.99 | 1.26 | 1.60 |
| Interest cover | 60.26 | 91.36 | 300.47 | 39.62 | 33.52 | 34.67 | 35.79 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 0.83 | 0.80 | 0.77 | 1.02 | 0.95 | 0.83 | 0.82 |
| Inventory turnover | 4.51 | 4.04 | 3.22 | 3.96 | 4.11 | 4.48 | 4.21 |
| Debtors turnover | 3.11 | 2.93 | 2.49 | 3.19 | 3.37 | 3.22 | 3.04 |
| EPS (₹) | 22.75 | 11.28 | (16.00) | 47.60 | 47.40 | 37.53 | 23.22 |
| Dividend per share (₹) | 6.00 | 6.00 | 1.00 | 10.00 | 10.00 | 10.00 | 6.00 |
| Book value per share (₹) | 410.60 | 367.46 | 330.76 | 358.11 | 322.37 | 273.03 | 252.05 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,397 | 1,186 | 1,390 | 1,512 | 1,660 | 2,011 | 1,427 | 1,090 |
| Revenue growth (YoY) | -15.8% | -41.0% | -2.6% | +38.7% | +107.0% | - | - | - |
| Other income | 123 | 417 | 74.00 | 321 | 94.00 | 1,867 | 378 | 232 |
| Total expenses | 1,350 | 1,081 | 1,339 | 1,403 | 1,567 | 2,081 | 1,291 | 1,064 |
| EBITDA | 47.00 | 105 | 51.00 | 109 | 93.00 | (70.00) | 136 | 26.00 |
| EBITDA margin | +3.4% | +8.9% | +3.7% | +7.2% | +5.6% | -3.5% | +9.5% | +2.4% |
| Depreciation | 25.00 | 28.00 | 32.00 | 32.00 | 33.00 | 34.00 | 39.00 | 28.00 |
| Interest | 25.00 | 29.00 | 32.00 | 43.00 | 22.00 | 51.00 | 56.00 | 80.00 |
| Profit before tax | 120 | 465 | 61.00 | 355 | 132 | 1,712 | 419 | 150 |
| Tax | 31.00 | 106 | 29.00 | 83.00 | 10.00 | (27.00) | (573) | 3.00 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 5,748 | 5,330 | 5,398 | 9,032 | 16,449 | 11,345 | 9,641 |
| Revenue growth | +7.8% | -1.3% | -40.2% | -45.1% | +45.0% | +17.7% | - |
| Other income | 906 | 2,555 | 1,121 | 850 | 631 | 113 | 506 |
| Total expenses | 5,390 | 5,178 | 4,997 | 8,180 | 14,398 | 9,740 | 8,446 |
| Employee cost | 238 | 189 | 115 | 369 | 767 | 685 | 646 |
| EBITDA | 358 | 152 | 401 | 852 | 2,051 | 1,605 | 1,195 |
| EBITDA margin | +6.2% | +2.9% | +7.4% | +9.4% | +12.5% | +14.2% | +12.4% |
| Depreciation | 125 | 135 | 130 | 431 | 1,044 | 977 | 891 |
| Interest | 126 | 231 | 144 | 188 | 377 | 307 | 272 |
| Profit before tax | 1,013 | 2,341 | 1,248 | 1,083 | 1,261 | 434 | 538 |
| Tax | 228 | (598) | 40.00 | 108 | 85.00 | 214 | 77.00 |
| Net profit | 835 | 802 | 1,209 | 951 | 1,180 | 228 | 470 |
| Net profit margin | +14.5% | +15.1% | +22.4% | +10.5% | +7.2% | +2.0% | +4.9% |
| EPS (₹) | 9.29 | 36.97 | 16.11 | 13.00 | 15.37 | 2.88 | 6.03 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 169 | 159 | 150 | 150 | 153 | 153 | 153 |
| Reserves & surplus | 13,867 | 11,862 | 7,380 | 6,918 | 8,048 | 7,633 | 7,871 |
| Shareholders' funds (net worth) | 14,036 | 12,021 | 7,530 | 7,068 | 8,201 | 7,786 | 8,024 |
| Secured loans | 0.00 | 0.00 | 0.00 | 85.00 | 363 | 301 | 251 |
| Unsecured loans | 869 | 597 | 1,852 | 532 | 1,415 | 1,028 | 861 |
| Total debt | 869 | 597 | 1,852 | 617 | 1,778 | 1,329 | 1,112 |
| Total liabilities | 15,590 | 14,089 | 14,477 | 9,702 | 11,194 | 9,118 | 9,139 |
| Assets | |||||||
| Gross block | 2,322 | 2,210 | 2,080 | 8,828 | 12,078 | 11,227 | 10,094 |
| Net block | 791 | 749 | 738 | 4,319 | 5,477 | 5,598 | 5,354 |
| Capital work in progress | 40.00 | 128 | 118 | 867 | 909 | 722 | 886 |
| Investments | 5,967 | 5,533 | 3,687 | 3,208 | 2,374 | 1,441 | 1,406 |
| Inventories | 485 | 440 | 346 | 1,677 | 2,929 | 1,943 | 1,316 |
| Sundry debtors | 3,313 | 3,694 | 2,249 | 5,713 | 5,567 | 4,046 | 3,161 |
| Cash & bank balances | 108 | 137 | 192 | 739 | 825 | 334 | 163 |
| Loans & advances | 3,956 | 2,854 | 783 | 1,187 | 1,325 | 934 | 1,046 |
| Total current assets | 7,862 | 7,125 | 3,570 | 9,316 | 10,646 | 7,257 | 5,686 |
| Total current liabilities | 2,361 | 3,852 | 2,436 | 8,155 | 8,342 | 5,934 | 4,524 |
| Net working capital | 5,501 | 3,273 | 1,134 | 1,161 | 2,304 | 1,323 | 1,162 |
| Total assets | 15,590 | 14,089 | 14,477 | 9,702 | 11,194 | 9,118 | 9,139 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 104 | 146 | 694 | 506 | 281 | 138 | 77.00 |
| Net cash from operating activities | (2,243) | (923) | (411) | 1,667 | 2,349 | 1,820 | 1,773 |
| Net cash from investing activities | 783 | 843 | (462) | 1,210 | (1,481) | (1,175) | (435) |
| Net cash from financing activities | 1,385 | 38.00 | 325 | (2,689) | (643) | (502) | (1,277) |
| Net change in cash | (75.00) | (42.00) | (548) | 188 | 225 | 143 | 61.00 |
| Closing cash | 108 | 137 | 192 | 739 | 825 | 334 | 163 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +7.8% | -1.3% | -40.2% | -45.1% | +45.0% | +17.7% | - |
| EBITDA growth | +135.5% | -62.1% | -52.9% | -58.5% | +27.8% | +34.3% | - |
| PBT growth | -56.7% | +87.6% | +15.2% | -14.1% | +190.6% | -19.3% | +10.7% |
| Net income growth | +4.1% | -33.7% | +27.2% | -19.4% | +418.5% | -51.5% | - |
| Revenue CAGR (3Y) | -14.0% | -31.3% | -21.9% | -2.2% | +23.8% | +16.0% | +11.6% |
| EBITDA CAGR (3Y) | -25.1% | -58.0% | -37.0% | -10.7% | +34.9% | +19.4% | +10.0% |
| Profitability & leverage | |||||||
| Net income margin | +13.7% | +55.1% | +22.4% | +10.8% | +7.2% | +1.9% | +4.8% |
| Return on capital employed | +7.7% | +1.0% | +9.1% | +8.1% | +16.1% | +8.1% | +8.6% |
| Return on net worth | +6.0% | +8.2% | +16.6% | +12.5% | +14.7% | +2.8% | +5.8% |
| Debt / equity | 0.06 | 0.13 | 0.17 | 0.16 | 0.19 | 0.15 | 0.17 |
| Long-term debt / equity | 0.00 | 0.00 | 0.00 | 0.01 | 0.03 | 0.06 | 0.06 |
| Interest cover | 54.08 | 1,358.82 | 53.14 | 44.66 | 37.44 | 48.89 | 89.47 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 2.54 | 2.48 | 0.99 | 0.86 | 1.41 | 1.06 | 1.01 |
| Inventory turnover | 12.43 | 13.56 | 5.34 | 3.92 | 6.75 | 6.96 | 6.06 |
| Debtors turnover | 1.64 | 1.79 | 1.36 | 1.60 | 3.42 | 3.15 | 3.27 |
| EPS (₹) | 9.29 | 36.97 | 16.11 | 13.00 | 15.37 | 2.88 | 6.03 |
| Dividend per share (₹) | 6.00 | 6.00 | 1.00 | 10.00 | 10.00 | 10.00 | 6.00 |
| Book value per share (₹) | 166.11 | 151.21 | 100.40 | 94.24 | 107.20 | 101.78 | 104.89 |
To see the full year-wise statements and ratios of Upl Limited, buy the company report.
Board of directors of Upl Limited
Upl has 9 current directors and 18 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Hardeep Singh | Director | 02 Feb 2015 | 11 Years 8 Months | Current |
| Jaidev Rajnikant Shroff Also directs: Superform Chemistries Limited, Uniphos Enterprises Limited, Nivi Trading Limited and 5 more | Director | 01 Oct 1992 | 34 Years 0 Months | Current |
| Vikram Rajnikant Shroff Also directs: Superform Chemistries Limited, Advanta Enterprises Limited, Upl Sustainable Agri Solutions Limited and 5 more | Director | 22 Apr 2006 | 20 Years 6 Months | Current |
| Suresh Kumar Also directs: Superform Chemistries Limited, Vardhman Textiles Limited, Nimbua Greenfield (Punjab) Association and 1 more | Director | 20 Oct 2022 | 4 Years 0 Months | Current |
| Naina Lal Kidwai | Director | 01 Oct 2021 | 5 Years 0 Months | Current |
| Raj Kumar Tiwari Also directs: Superform Chemistries Limited, Upl Global Business Services Limited, Upl Agri Science Limited and 4 more | Whole-Time Director | 01 Nov 2022 | 3 Years 11 Months | Current |
Showing 6 of 9 current directors. View all directors
Peer comparison
Upl Limited is compared with the 5 companies closest to it by revenue in the Agriculture industry (Pesticides, Seeds), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Upl Limitedthis company | ₹51,839 Cr (FY 2026) | ₹1,784.93 Cr | 3.4% | 11.2% | 4,125 | Valsad, Gujarat, India |
| Coromandel International Limited | ₹24,444 Cr (FY 2025) | 10.0% | Telangana, India | |||
| National Fertilizers Limited | ₹19,890 Cr (FY 2025) | -16.0% | New Delhi, Delhi, India | |||
| Chambal Fertilisers and Chemicals Limited | ₹16,861 Cr (FY 2025) | -7.0% | Kota, Rajasthan, India | |||
| Indorama India Private Limited | ₹10,575 Cr (FY 2025) | 11.0% | Kolkata, West Bengal, India | |||
| Pi Industries Limited | ₹8,322 Cr (FY 2025) | 6.0% | Udaipur, Rajasthan, India |
To see the full peer comparison of Upl Limited, buy the company report.
Auditor
Upl Limited is audited by B S R & Co. LLP for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| B S R & Co. LLP | FY 2023 | 101248W/W-100022 |
Shareholding
Shareholding for the quarter ended Sep 2026: promoters hold 33.50%, foreign institutional investors hold 42.40%, domestic institutional investors hold 15.60% and retail and other public shareholders hold 8.50%.
Sep 2026
QUARTER
33.50% Promoters
15.60% DII (Domestic Institutional)
42.40% FII (Foreign Institutional)
8.50% Retail & Others
Promoter holding - history
Now 33.50% · Sep 2026High 33.50% · Dec 2025Low 33.50% · Dec 2025
Shareholding trend - last 6 quarters
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | |
|---|---|---|---|---|
| Promoters | 33.50% | 33.50% | 33.50% | 33.50% |
| Public | 66.50% | 66.50% | 66.50% | 66.50% |
Charges & borrowings
Open charges
₹3,345.17 Cr
Satisfied charges
₹1,265.41 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 27 Aug 2012 | 10392596 | Idbi Trusteeship Services Limited | ₹300 Cr | Open | |
| 07 Sep 2011 | 10314745 | Idbi Trusteeship Services Limited | ₹250 Cr | Open | |
| 24 Dec 2010 | 10261587 | Idbi Trusteeship Services Limited | ₹300 Cr | Open | |
| 21 Jun 2010 | 10227852 | Idbi Trusteeship Services Limited | ₹300 Cr | Open | |
| 09 Apr 2010 | 10220148 | Idbi Trusteeship Services Limited | ₹250 Cr | Open |
To see the full charge records of Upl Limited, buy the company report.
Total charge records: 24 View all charges
Deals & funding
Upl Limited has 68 deals on record (45 market trades, 16 funding rounds, 4 secondary share transfers), with disclosed funding of ₹5,213.39 Cr; the latest was in August 2025.
Total deals
68
Market trades
45
Funding rounds
16
Secondary share transfers
4
Rights issues
2
Disclosed funding
₹5,213.39 Cr
Deals on record (5 of 68)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Aug 2025 | Market trade | ₹70.86 Cr | Buyer: Nerka Chemicals Private Limited Seller: Uniphos Enterprises Limited |
| Jul 2025 | Market trade | ₹82.24 Cr | Buyer: Morgan Stanley Investment Management Seller: Rajasthan Global Securities Private Limited , an individual |
| Jul 2025 | Market trade | ₹83.92 Cr | Buyer: Morgan Stanley Investment Management, Marwadi Shares and Finance Limited Seller: Necta Bloom Vcc - Regal Fund, Marwadi Shares and Finance Limited |
| Jul 2025 | Market trade | ₹32.27 Cr | Buyer: Morgan Stanley Investment Management Seller: Marwadi Shares and Finance Limited |
| Feb 2025 | Market trade | ₹50 Cr | Buyer: Nerka Chemicals Private Limited Seller: Uniphos Enterprises Limited |
To see the full deal history of Upl Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Upl Limited has 2,797 court cases on record: 2,367 filed by Upl, 431 filed against it. 608 cases are pending and 2,189 are disposed.
Total cases
2,797
Filed by the company
2,367
Filed against the company
431
Pending
608
Disposed
2,189
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 2,354 | 282 | 512 |
| High courts | 404 | 125 | 85 |
| Supreme Court | 18 | 9 | 4 |
| NCLAT | 15 | 10 | 5 |
| NCLT | 6 | 5 | 2 |
Cases on record (5 of 2,797)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court of Delhi | Court case (C.O.(COMM.IPD-PAT)) | Filed against the company by Sahib Pesticides Private Limited | Pending |
| Bombay High Court | Court case (LPETN) | Filed by the company against RM Remedies Private Limited and 2 others | Pending |
| District court, RAJKOT, Gujarat | Commercial matter | Filed by the company against Upl Sustainable Agri Solutions Ltd and 1 other | Pending |
| District court, Bhopal, Madhya Pradesh | Court case (COMMS) | Filed by the company against Unikil Pesticides Pvt. Ltd. | Pending |
| District court, RAJKOT, Gujarat | Commercial matter | Filed by the company against Adicon Pesticides Pvt Ltd | Pending |
To see the full case history of Upl Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
Credit ratings & regulatory alerts
Upl Limited was last rated by Care on 13 Jul 2022.
| Rating agency | Rated on | Rating |
|---|---|---|
| Care | 13 Jul 2022 |
To see the full credit ratings and regulatory alerts of Upl Limited, buy the company report.
MSME payment delays
Upl Limited has 6 MSME Form 1 returns on record between 2022 and 2023, listing 1,651 overdue payments to 281 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 281)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier | |||
| United Instrument Services | |||
| an individual supplier | |||
| an individual supplier | |||
| Seta Engineers Private Limited |
To see the full MSME payment records of Upl Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Employees & EPFO
Upl Limited has a workforce of 4,125 employees on its EPFO records as of Sep 10, 2024, across 9 active EPFO establishments.
Employee count
4,125
Active EPFO establishments
9
Employee growth
-18.74%
GST
Upl has 21 GST registrations: 17 active and 4 cancelled or inactive. The first 4 active GSTINs are listed below.
Total GSTINs
21
Active
17
Cancelled / inactive
4
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 03AABCS1698G1ZF | Punjab | Active | 01 Jul 2017 |
| 05AABCS1698G2ZA | Uttarakhand | Active | 01 Jul 2017 |
| 07AABCS1698G1Z7 | Delhi | Active | 01 Jul 2017 |
| 08AABCS1698G1Z5 | Rajasthan | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Upl Limited, buy the company report.
Recent activity
Upl Limited has 41 board changes on record since 1992: 26 appointments and 15 cessations. The latest: Vasant Prakash Gandhi ceased to be Director on 22 Nov 2025.
Filing
Upl Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Ahmedabad.
Ceased
Vasant Prakash Gandhi ceased to be Director.
AGM
Upl Limited last Annual general meeting of members was held on 25 Jul 2025 as per latest MCA records.
Appointed
Bikash Prasad was appointed as CFO.
Ceased
Anand Kantilal Vora ceased to be CFO.
Appointed
Santosh Kumar Mohanty was appointed as Director.
Appointed
Bhanumathi Viswanathan Melattur was appointed as Director.
Ceased
Carlos Alberto De Paiva Pellicer ceased to be Director.
Appointed
Usha Rao Monari was appointed as Director.
Ceased
Arun Chandrasen Ashar ceased to be Whole-Time Director.
Ceased
Pradeep Vedprakash Goyal ceased to be Director.
Ceased
Rajnikant Devidas Shroff ceased to be Whole-Time Director.
78 earlier events are in the company report.
News
UPL: HSBC on UPL Maintains Buy, cuts Target Price to ₹670 from ₹880; the analyst meet highlighted growth opportunities in super-specialty chemicals, while lower valuation multiples and a holding-company discount temper the valuation.
UPL: Kotak Institutional Equities on UPL Upgrades to Add, Target Price ₹550; applies a 20% holding-company discount following the stock’s recent correction, while noting that changes to management’s reorganisation plan could drive upside to fair value.
From our blog
Frequently asked questions
Upl is an active public limited company based in Valsad, Gujarat, India. The company works in crop protection, within the agriculture industry. It was incorporated on 02 January 1985 (41+ years old) and is registered under CIN L24219GJ1985PLC025132. Listed on BSE: 512070 and NSE: UPL.
Upl reported revenue of ₹51,839 Cr for FY 2025-26 (up 11.2% YoY) based on consolidated financials.
Upl has 9 current directors:
- Raj Kumar Tiwari - Whole-Time Director
- Hardeep Singh - Director
- Jaidev Rajnikant Shroff - Director
- Vikram Rajnikant Shroff - Director
- Suresh Kumar - Director
- Naina Lal Kidwai - Director
- Bhanumathi Viswanathan Melattur - Director
- Santosh Kumar Mohanty - Director
- Usha Rao Monari - Director
The latest financial statements of Upl on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 25 July 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Upl is 03AABCS1698G1ZF, registered in Punjab. The company has 21 GST registrations in all, of which 17 are active and 4 are cancelled or inactive. Other active GSTINs include 05AABCS1698G2ZA (Uttarakhand), 07AABCS1698G1Z7 (Delhi), 08AABCS1698G1Z5 (Rajasthan).
The CIN (Corporate Identification Number) of Upl is L24219GJ1985PLC025132. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Upl is a listed company as per MCA records. Its shares are listed on both BSE (code: 512070) and NSE (symbol: UPL).
Upl has 2,797 court cases on record: 2,367 filed by the company and 431 filed against it. 608 are pending. Most are in the district courts.
Upl was incorporated on 02 January 1985, making it 41+ years old. It is registered with the Registrar of Companies, Ahmedabad.
Upl has 68 deals on record (45 market trades, 16 funding rounds, 4 secondary share transfers), with disclosed funding of ₹5,213.39 Cr; the latest was in August 2025.
The peers of Upl by revenue are Coromandel International Limited, National Fertilizers Limited, Chambal Fertilisers and Chemicals Limited, Indorama India Private Limited, Pi Industries Limited, all in the Agriculture industry (Pesticides, Seeds), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products).
Vasant Prakash Gandhi ceased to be Director on 22 Nov 2025. Bikash Prasad was appointed as CFO on 06 Jun 2025. Anand Kantilal Vora ceased to be CFO on 31 May 2025. Upl has 41 board changes on record in total.