UPL Limited (UPL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+40.8%

₹719.49

vs ₹511.00 price

Levered DCF

₹695.72

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.2

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	25.45×	64.44×	-25.63×	15.67×	16.78×	17.63×	13.47×	30.61×
P/B	1.41×	1.64×	1.35×	1.76×	2.29×	2.25×	1.24×	3.1×
P/S	0.94×	1.14×	0.79×	0.99×	1.23×	1.22×	0.67×	2.11×
EV / EBITDA	6.77×	10.03×	14.15×	6.6×	8.5×	8.43×	7.38×	20.28×
Gross margin	32.6%	47.0%	41.9%	48.0%	51.3%	49.4%	61.0%	63.5%
Operating margin	13.7%	12.1%	6.7%	16.5%	17.0%	16.8%	14.6%	14.8%
Net margin	3.7%	1.9%	-2.8%	6.7%	7.9%	7.5%	5.0%	6.9%
Current ratio	1.21×	1.39×	1.46×	1.45×	1.42×	1.53×	1.75×	1.66×
Debt / equity	0.68×	0.78×	1.2×	0.8×	1.08×	1.17×	1.52×	1.98×
Interest coverage	2.09×	1.81×	0.92×	3.43×	4.86×	3.83×	3.35×	3.84×
Dividend yield	1.0%	0.1%	2.2%	1.4%	1.4%	1.0%	1.7%	0.9%
Payout ratio	24.9%	8.6%	-62.4%	21.0%	21.1%	16.0%	22.9%	27.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	5.5%	2.8%	-4.8%	12.0%	14.7%	13.7%	9.2%	10.1%
Return on invested capital	7.4%	8.5%	3.9%	12.0%	11.8%	10.3%	7.4%	5.7%
Return on assets	2.0%	1.0%	-1.4%	4.0%	4.4%	4.1%	2.5%	2.4%
Free cash flow yield	8.4%	16.1%	-7.1%	10.3%	6.8%	10.8%	28.2%	1.7%
Earnings yield	3.9%	1.7%	-3.6%	6.8%	6.4%	6.1%	7.4%	3.3%
Enterprise value	₹664B	₹682.8B	₹573.8B	₹704.8B	₹773.1B	₹667.5B	₹465.9B	₹719.6B
Net debt / EBITDA	1.78×	2.29×	5.87×	1.68×	2.3×	2.49×	3.59×	7.41×
Cash conversion cycle (days)	134	58	119	94	65	74	75	164