UPL Limited

NSEI:UPL Stock Report

Market Cap: ₹378.6b

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 (₹504.5) is trading below our estimate of fair value (₹837.39)

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 Ratio0.9x
Sales₹441.22b
Market Cap₹378.61b

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 Average7.8x
SUMICHEM Sumitomo Chemical India
8.6x16.8%₹263.1b
506285 Bayer CropScience
5x10.4%₹255.7b
COROMANDEL Coromandel International
2.5x10.0%₹546.6b
FACT Fertilisers and Chemicals Travancore
14.9xn/a₹626.5b
UPL UPL
0.9x8.3%₹378.6b

Price-To-Sales vs Peers: UPL is good value based on its Price-To-Sales Ratio (0.9x) compared to the peer average (7.8x).

Price to Sales Ratio vs Industry

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

27 CompaniesPrice / SalesEstimated GrowthMarket Cap
500339 Rain Industries
0.4xn/aUS$682.17m
523630 National Fertilizers
0.3xn/aUS$670.91m
ZUARI Zuari Agro Chemicals
0.2xn/aUS$109.96m
JAYAGROGN Jayant Agro-Organics
0.4xn/aUS$100.24m
UPL 0.9xIndustry Avg. 1.7xNo. of Companies53PS01.63.24.86.48+
27 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: UPL is good value based on its Price-To-Sales Ratio (0.9x) 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 Ratio0.9x
Fair PS Ratio2.5x

Price-To-Sales vs Fair Ratio: UPL is good value based on its Price-To-Sales Ratio (0.9x) compared to the estimated Fair Price-To-Sales Ratio (2.5x).

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₹504.50
₹606.83
+20.3%
19.7%₹1,000.00₹406.00n/a22
Dec ’25₹545.00
₹606.83
+11.3%
19.7%₹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
₹575.43
+2.7%
22.9%₹1,000.00₹380.00n/a23
Jul ’25₹573.45
₹576.40
+0.5%
22.2%₹1,000.00₹380.00n/a25
Jun ’25₹508.80
₹571.62
+12.3%
21.1%₹1,000.00₹380.00n/a26
May ’25₹507.15
₹567.16
+11.8%
21.8%₹1,000.00₹390.00n/a25
Apr ’25₹466.20
₹579.16
+24.2%
22.7%₹1,000.00₹390.00n/a25
Mar ’25₹474.55
₹582.58
+22.8%
22.3%₹1,000.00₹390.00n/a26
Feb ’25₹530.05
₹679.96
+28.3%
14.9%₹1,000.00₹539.00n/a27
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₹550.00₹545.0025
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

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/24 18:32
End of Day Share Price 2024/12/24 00:00
Earnings2024/09/30
Annual Earnings2024/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

UPL Limited is covered by 46 analysts. 23 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Himanshu BinaniAnand Rathi Shares and Stock Brokers Limited
null nullAnand Rathi Shares and Stock Brokers Limited
Sageraj BariyaAngel Broking Private Limited