Company Valuation: UPL Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 588,003 538,523 342,164 537,229 479,385 452,053 - -
Change - -8.41% -36.46% 57.01% -10.77% -5.7% - -
Enterprise Value (EV) 1 770,143 716,483 559,254 671,539 628,715 607,773 571,672 537,918
Change - -6.97% -21.94% 20.08% -6.38% -3.33% -5.94% -5.9%
P/E 16.8x 15.7x -25.6x 66.1x 25.4x 14.4x 11.4x 10x
PBR 2.72x 2x 1.38x 1.73x 1.38x 1.21x 1.11x 1.01x
PEG - -90.02x 0x -0x 0x 0.2x 0.4x 0.7x
Capitalization / Revenue 1.27x 1.01x 0.79x 1.15x 0.92x 0.8x 0.74x 0.68x
EV / Revenue 1.67x 1.34x 1.3x 1.44x 1.21x 1.08x 0.93x 0.81x
EV / EBITDA 8.08x 6.42x 12.3x 8.84x 6.78x 5.66x 4.83x 4.11x
EV / EBIT 10.7x 9.37x 31.5x 13.8x 9.91x 8.22x 6.94x 5.86x
EV / FCF 17.2x 11.8x 84.4x 7.25x 10.2x 14x 9.23x 8.86x
FCF Yield 5.81% 8.48% 1.19% 13.8% 9.84% 7.14% 10.8% 11.3%
Dividend per Share 2 10 10 2 2 6 8.902 9.924 9.992
Rate of return 1.3% 1.39% 0.44% 0.31% 1.06% 1.66% 1.85% 1.87%
EPS 2 45.87 45.79 -17.8 9.62 22.32 37.07 46.91 53.55
Distribution rate 21.8% 21.8% -11.2% 20.8% 26.9% 24% 21.2% 18.7%
Net sales 1 462,400 535,760 430,980 466,370 518,390 564,605 611,700 666,756
EBITDA 1 95,290 111,600 45,390 76,000 92,720 107,369 118,419 130,830
EBIT 1 71,700 76,490 17,760 48,500 63,440 73,962 82,432 91,796
Net income 1 36,260 35,700 -12,000 8,970 19,220 30,292 38,454 45,139
Net Debt 1 182,140 177,960 217,090 134,310 149,330 155,721 119,620 85,865
Reference price 2 769.70 717.45 455.85 636.20 567.70 535.50 535.50 535.50
Nbr of stocks (in thousands) 763,938 750,608 750,608 844,434 844,434 844,169 - -
Announcement Date 5/9/22 5/8/23 5/13/24 5/12/25 5/11/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.95x1.56x6.89x3.16% 33.11B
7.84x2.27x4.8x1.78% 18.24B
9.87x3.07x5.28x3.65% 17.62B
19.8x3.87x13.43x6.14% 14.76B
8.4x0.82x4.55x6.14% 10.87B
14.18x0.91x4.48x - 7.76B
Average 12.51x 2.08x 6.57x 4.17% 17.06B
Weighted average by Cap. 12.75x 2.15x 6.75x 3.79%

Y-o-Y evolution of P/E

Valuation ratios - P/E - UPL Limited

Historical PBR trend

Valuation ratios - PBR - UPL Limited

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - UPL Limited

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - UPL Limited


Year-on-year evolution of the Yield

Valuation ratios - Yield - UPL Limited