Company Valuation: UPL Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 490,670 588,003 538,523 342,164 537,229 498,638 - -
Change - 19.84% -8.41% -36.46% 57.01% -7.18% - -
Enterprise Value (EV) 1 678,610 770,143 716,483 559,254 671,539 628,715 647,362 611,311
Change - 13.49% -6.97% -21.94% 20.08% -6.38% -0.6% -5.57%
P/E 17.6x 16.8x 15.7x -25.6x 66.1x 25.4x 15x 12x
PBR 2.74x 2.72x 2x 1.38x 1.73x 1.38x 1.35x 1.24x
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 0.88x 0.82x
EV / Revenue 1.75x 1.67x 1.34x 1.3x 1.44x 1.21x 1.15x 1.01x
EV / EBITDA 7.93x 8.08x 6.42x 12.3x 8.84x 6.08x 6x 5.13x
EV / EBIT 11x 10.7x 9.37x 31.5x 13.8x 9.91x 8.72x 7.4x
EV / FCF 12.1x 17.2x 11.8x 84.4x 7.25x 10.2x 13.3x 9.22x
FCF Yield 8.24% 5.81% 8.48% 1.19% 13.8% 9.84% 7.55% 10.8%
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% 1.44% 1.65%
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 2 642.20 769.70 717.45 455.85 636.20 590.50 590.50 590.50
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
20.36x1.3x7.06x1.46% 5.28B
30.63x2.95x12.93x0.91% 54.59B
11.49x1.3x6.81x4.94% 8.99B
28.36x5.13x19.55x0.53% 4.32B
22.32x1.85x10.41x3.87% 4.03B
Average 22.63x 2.51x 11.35x 2.34% 15.44B
Weighted average by Cap. 27.14x 2.71x 12.05x 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