UPL Limited (UPL.NS) stock analysis

In our weekly check, UPL Limited is graded C (A to F). Of 25 checks on debt, profit, cash flow and trend: 13 pass, warnings: 6, red flags: 6.

About UPL Limited

UPL Limited is a Basic Materials company (Agricultural Inputs) based in India, listed on NSE as UPL.NS.

What our checks show for UPL.NS

Red flags

• The net margin fell by 4.1 points over 5 years, to 3.8%: the company keeps less of each sale as profit.
• The gross margin fell by 14.2 points, to 37.1%: costs are rising faster than prices.
• Revenue fell 0.2% a year over the last 3 years.
• The net margin is only 3.8%: little room if costs rise.
• The stock has fallen as much as 66% from a peak. Would you have held through that?
• Return on capital (ROCE) is zero or negative: the business does not earn on the money put into it.

Warning signs

• Operating profit covers interest only 2.3 times: a weak year could make the payments hard.
• Earnings per share fell 18.3% a year over the last 3 years.
• Net profit fell 17.3% a year over the last 3 years.
• The price swings a lot: 36.3% annual volatility. Expect large ups and downs.
• Recovering from its deepest fall took about 1.9 years.
• The share count grew by 14.7% in 2 years: each shareholder owns a smaller slice.

Strengths

• Debt is low: 0x equity.
• Operating cash flow is 2.85x net profit: the profit arrives as real cash.
• Analysts expect earnings per share to grow about 34.8% a year over the next years.
• Analysts expect the net margin to improve by 3.2 points from today's 3.8%.
• The dividend takes 24% of profit: there is a cushion.
• Beta 0.56: the stock usually moves less than the market.

Next earnings report: 2026-11-02

Similar companies

COROMANDEL.NS · PIIND.NS · YAR.OL · 2020.SR

Questions

What grade does UPL Limited (UPL.NS) have?

In our weekly check, UPL Limited is graded C (A to F). Of 25 checks on debt, profit, cash flow and trend: 13 pass, warnings: 6, red flags: 6. The grade is a risk check, not a buy or sell recommendation.

What are the main risks of UPL.NS stock?

This week's biggest flags for UPL Limited: Margins falling, Gross margin falling, Weak revenue growth. In total 12 of 25 checks show a warning or a red flag.

What does UPL Limited do?

UPL Limited is a Basic Materials company (Agricultural Inputs) based in India, listed on NSE as UPL.NS.

When does UPL Limited report earnings next?

The next earnings report is expected on 2026-11-02. We re-run the checks every week, so the grade can change after it.

The grade is a risk check, not a price forecast, and not investment advice. In our 10-year test (S&P 500, 2016-2026), stocks we graded A or B fell more than 30% 2-3 times less often than D or F, without a lower average return.

Updated 2026-10-31

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