UPL Limited

NSEI:UPL Stock Report

Market Cap: ₹424.9b

UPL Valuation

Is UPL undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of UPL when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: UPL (₹566.4) is trading below our estimate of fair value (₹848.43)

Significantly Below Fair Value: UPL is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for UPL?

Key metric: As UPL is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for UPL. This is calculated by dividing UPL's market cap by their current revenue.
What is UPL's PS Ratio?
PS Ratio1x
Sales₹441.22b
Market Cap₹424.92b

Price to Sales Ratio vs Peers

How does UPL's PS Ratio compare to its peers?

The above table shows the PS ratio for UPL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average7.2x
COROMANDEL Coromandel International
2.5x9.7%₹532.2b
FACT Fertilisers and Chemicals Travancore
12.7xn/a₹536.3b
SUMICHEM Sumitomo Chemical India
8.4x16.8%₹257.0b
506285 Bayer CropScience
5x10.5%₹257.4b
UPL UPL
1x8.3%₹424.9b

Price-To-Sales vs Peers: UPL is good value based on its Price-To-Sales Ratio (1x) compared to the peer average (7.2x).

Price to Sales Ratio vs Industry

How does UPL's PS Ratio compare vs other companies in the IN Chemicals Industry?

29 CompaniesPrice / SalesEstimated GrowthMarket Cap
523630 National Fertilizers
0.2xn/aUS$628.87m
500339 Rain Industries
0.3xn/aUS$590.33m
ZUARI Zuari Agro Chemicals
0.2xn/aUS$108.75m
JAYAGROGN Jayant Agro-Organics
0.4xn/aUS$99.39m
UPL 1.0xIndustry Avg. 1.7xNo. of Companies57PS01.63.24.86.48+
29 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: UPL is good value based on its Price-To-Sales Ratio (1x) compared to the Indian Chemicals industry average (1.7x).

Price to Sales Ratio vs Fair Ratio

What is UPL's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

UPL PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1x
Fair PS Ratio2.6x

Price-To-Sales vs Fair Ratio: UPL is good value based on its Price-To-Sales Ratio (1x) compared to the estimated Fair Price-To-Sales Ratio (2.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst UPL forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current₹566.40
₹606.09
+7.0%
19.8%₹1,000.00₹406.00n/a22
Nov ’25₹558.40
₹591.23
+5.9%
22.5%₹1,000.00₹380.00n/a22
Oct ’25₹621.20
₹585.30
-5.8%
22.1%₹1,000.00₹380.00n/a23
Sep ’25₹598.35
₹583.35
-2.5%
21.9%₹1,000.00₹380.00n/a23
Aug ’25₹560.45
₹575.54
+2.7%
22.4%₹1,000.00₹380.00n/a24
Jul ’25₹573.45
₹576.46
+0.5%
21.8%₹1,000.00₹380.00n/a26
Jun ’25₹508.80
₹571.85
+12.4%
20.7%₹1,000.00₹380.00n/a27
May ’25₹507.15
₹567.58
+11.9%
21.3%₹1,000.00₹390.00n/a26
Apr ’25₹466.20
₹579.12
+24.2%
22.3%₹1,000.00₹390.00n/a26
Mar ’25₹474.55
₹582.41
+22.7%
21.9%₹1,000.00₹390.00n/a27
Feb ’25₹530.05
₹676.32
+27.6%
15.0%₹1,000.00₹539.00n/a28
Jan ’25₹592.70
₹681.26
+14.9%
14.9%₹1,000.00₹550.00n/a27
Dec ’24₹575.15
₹680.36
+18.3%
15.5%₹1,000.00₹550.00n/a25
Nov ’24₹532.05
₹683.72
+28.5%
15.3%₹1,000.00₹550.00₹558.4025
Oct ’24₹616.25
₹766.28
+24.3%
13.2%₹1,000.00₹643.00₹621.2025
Sep ’24₹603.00
₹761.08
+26.2%
13.7%₹1,000.00₹643.00₹598.3525
Aug ’24₹625.70
₹774.42
+23.8%
13.9%₹1,000.00₹650.00₹560.4524
Jul ’24₹687.55
₹911.26
+32.5%
14.1%₹1,300.00₹690.00₹573.4523
Jun ’24₹677.95
₹910.70
+34.3%
14.0%₹1,300.00₹690.00₹508.8023
May ’24₹740.30
₹989.35
+33.6%
12.7%₹1,300.00₹760.00₹507.1523
Apr ’24₹717.65
₹1,005.23
+40.1%
11.7%₹1,300.00₹800.00₹466.2022
Mar ’24₹713.30
₹1,000.54
+40.3%
11.4%₹1,300.00₹800.00₹474.5524
Feb ’24₹742.15
₹1,003.17
+35.2%
11.7%₹1,300.00₹800.00₹530.0524
Jan ’24₹716.15
₹1,008.63
+40.8%
12.8%₹1,300.00₹780.00₹592.7024
Dec ’23₹778.85
₹1,005.48
+29.1%
12.7%₹1,300.00₹780.00₹575.1525
Nov ’23₹717.00
₹977.00
+36.3%
11.7%₹1,186.00₹740.00₹532.0525

Analyst Forecast: Target price is less than 20% higher than the current share price.

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