Company Valuation: UPL Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 490,670 588,003 538,523 342,164 537,229 482,425 - -
Change - 19.84% -8.41% -36.46% 57.01% -10.2% - -
Enterprise Value (EV) 1 678,610 770,143 716,483 559,254 671,539 628,715 631,149 595,097
Change - 13.49% -6.97% -21.94% 20.08% -6.38% -0.62% -5.71%
P/E 17.6x 16.8x 15.7x -25.6x 66.1x 25.4x 14.5x 11.6x
PBR 2.74x 2.72x 2x 1.38x 1.73x 1.38x 1.3x 1.2x
PEG - 0.6x -90.02x 0x -0x 0x 0.4x 0.5x
Capitalization / Revenue 1.27x 1.27x 1.01x 0.79x 1.15x 0.92x 0.86x 0.79x
EV / Revenue 1.75x 1.67x 1.34x 1.3x 1.44x 1.21x 1.12x 0.98x
EV / EBITDA 7.93x 8.08x 6.42x 12.3x 8.84x 6.08x 5.85x 5x
EV / EBIT 11x 10.7x 9.37x 31.5x 13.8x 9.91x 8.5x 7.21x
EV / FCF 12.1x 17.2x 11.8x 84.4x 7.25x 10.2x 12.9x 8.98x
FCF Yield 8.24% 5.81% 8.48% 1.19% 13.8% 9.84% 7.74% 11.1%
Dividend per Share 2 10 10 10 2 2 6 8.489 9.728
Rate of return 1.56% 1.3% 1.39% 0.44% 0.31% 1.06% 1.49% 1.7%
EPS 2 36.4 45.87 45.79 -17.8 9.62 22.32 39.32 49.29
Distribution rate 27.5% 21.8% 21.8% -11.2% 20.8% 26.9% 21.6% 19.7%
Net sales 1 386,940 462,400 535,760 430,980 466,370 518,390 563,614 607,673
EBITDA 1 85,590 95,290 111,600 45,390 76,000 103,380 107,883 119,090
EBIT 1 61,790 71,700 76,490 17,760 48,500 63,440 74,265 82,591
Net income 1 28,710 36,260 35,700 -12,000 8,970 19,220 30,999 39,358
Net Debt 1 187,940 182,140 177,960 217,090 134,310 149,330 148,724 112,673
Reference price 2 642.20 769.70 717.45 455.85 636.20 571.30 571.30 571.30
Nbr of stocks (in thousands) 764,045 763,938 750,608 750,608 844,434 844,434 - -
Announcement Date 5/12/21 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.($)
19.6x1.27x6.86x1.51% 5.08B
31.28x3.02x13.21x0.89% 55.76B
10.96x1.24x6.51x5.17% 8.57B
27.06x4.87x18.54x0.55% 4.11B
21.79x1.82x10.25x3.96% 3.94B
Average 22.14x 2.44x 11.08x 2.42% 15.49B
Weighted average by Cap. 27.56x 2.74x 12.18x 1.55%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield