UPL Limited (UPL) Fair Value & Analysis
Basic Materials · IN · Market cap ₹481B
Strengths
Risks
Fair value as of: Aug 24, 2026
From 24 valuation models · updated today
Share price −6.4% over the past month.
A solid business, but screening 32% overvalued on our models.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (₹483.82). The favourable scenario is already priced in.
- Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 24, 2026.
How to read this chart
60‑month range ₹424.92 – ₹797.73 · fair‑value band ₹290.29 – ₹483.82 · the ₹569.60 price screens above the ₹387.06 fair value. Dashed = 300-day average. As of Aug 24, 2026.
Analysis
UPL Limited (UPL) currently trades at ₹569.60, while our model-based Fair Value estimate is ₹387.06, implying the stock looks roughly 32.1% overvalued today. The Quality Score stands at 55/100 (solid quality), in the Basic Materials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).
Over the trailing twelve months, UPL Limited generated revenue of ₹528B at a net margin of 3.8%. Revenue grew 10.5% year over year. It earns a return on equity of 5.6%. Net debt stands at ₹161B. Fundamentals as of Aug 24, 2026
Our scenario range runs from ₹290.29 (bear case) to ₹483.82 (bull case); at ₹569.60, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 29% below its 52-week high and 2% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at 4% fair-value upside, at -32%, UPL screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 24 models by family
Widest divergence: DCF Models (₹1,067) versus Earnings-Based (₹241.34). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 24, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 54 · Market factors (momentum, volatility) 36
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
UPL Limited, together with its subsidiaries, engages in the provision of sustainable agriculture products and solutions in India, Europe, North America, Latin America, and internationally. It operates through three segments: Crop Protection, Seeds Business, and Non-Agro.
Full company description
UPL Limited, together with its subsidiaries, engages in the provision of sustainable agriculture products and solutions in India, Europe, North America, Latin America, and internationally. It operates through three segments: Crop Protection, Seeds Business, and Non-Agro. The Crop Protection segment provides herbicides, fungicides, insecticides, acaricides, seed treatment products, adjuvants, bio-solutions, public health products, fumigants, and post-harvest solutions, as well as ProNutiva, a solution for crop protection. The segment also operates nurture.farm, a Nurture AgTech platform, that provides booking options for farmers in accessing mechanized spraying, harvesting, farm advisory, and soil testing services digitally via a mobile application; and nurture.farm retail, a platform that serves as an agricultural input e-commerce marketplace. The Seeds Business segment offers various hybrid seeds of grain, forage sorghum, corn, canola, sunflower, and vegetables under Advanta, Alta, Pacific Seeds, and Empyr brands. The Non-Agro segment provides phosphorus derivatives, sulphur derivatives, bitterant, phosgene derivatives, chlorination, cyanation chemistry, phosphodiesterase inhibiting bronchodilator, and CNS stimulant products for pharma, agchem, paints, flame retardants, mining, chemical intermediate markets. It also offers Decco FullCover, an electrostatic application system that allows minimal fruit coating volumes; DeccoNaturCover, a formula, which features natural extracts to prevent fruit dehydration and preserve its natural appearance; DeccoArcAqua, a technology, that enables ozone release in water-based solutions; and Zeba, a solution n for soil and water management. The company was formerly known as United Phosphorus Limited and changed its name to UPL Limited in October 2013. UPL Limited was founded in 1969 and is headquartered in Mumbai, India.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
UPL Limited reported revenue of ₹513B in FY2026 versus ₹462B in FY2022, a compound +2.6%/yr. Reported net income was ₹19.2B in FY2026, compounding −14.7%/yr from FY2022.
UPL screens 32% overvalued. Compare with Corteva, Inc →
Peer Group
Agricultural Inputs · 175 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Agricultural Inputs median · lower = cheaper
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Agricultural Inputs stocks, each showing price versus our Fair Value estimate (as of Aug 24, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Corteva, Inc CTVA | $78.57 | $27.81 | -65% |
| Nutrien Ltd NTR | C$93.60 | C$81.69 | -13% |
| Qinghai Salt Lake Industry Co 000792 | ¥27.65 | ¥21.26 | -23% |
| CF Industries Holdings CF | $120.01 | $161.00 | +34% |
| SABIC Agri-Nutrients Company 2020 | 122.90 SAR | 127.31 SAR | +4% |
| Yara International ASA YAR | kr 437.20 | kr 630.39 | +44% |
| Yunnan Yuntianhua Co 600096 | ¥29.82 | ¥42.12 | +41% |
| The Mosaic Company MOS | $22.60 | $28.68 | +27% |
| Asia-potash International Investment (Guangzhou)Co.,Ltd., 000893 | ¥45.86 | ¥38.01 | -17% |
| ICL Group ICL | $5.47 | $2.98 | -46% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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