Company Valuation: UPL Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 490,670 588,003 538,523 342,164 537,229 513,965 - -
Change - 19.84% -8.41% -36.46% 57.01% -4.33% - -
Enterprise Value (EV) 1 678,610 770,143 716,483 559,254 671,539 628,715 662,689 626,637
Change - 13.49% -6.97% -21.94% 20.08% -6.38% -0.59% -5.44%
P/E 17.6x 16.8x 15.7x -25.6x 66.1x 25.4x 15.5x 12.3x
PBR 2.74x 2.72x 2x 1.38x 1.73x 1.38x 1.39x 1.28x
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 0.91x 0.84x
EV / Revenue 1.75x 1.67x 1.34x 1.3x 1.44x 1.21x 1.17x 1.03x
EV / EBITDA 7.93x 8.08x 6.42x 12.3x 8.84x 6.08x 6.14x 5.25x
EV / EBIT 11x 10.7x 9.37x 31.5x 13.8x 9.91x 8.92x 7.56x
EV / FCF 12.1x 17.2x 11.8x 84.4x 7.25x 10.2x 13.1x 9.52x
FCF Yield 8.24% 5.81% 8.48% 1.19% 13.8% 9.84% 7.63% 10.5%
Dividend per Share 2 10 10 10 2 2 6 8.282 9.417
Rate of return 1.56% 1.3% 1.39% 0.44% 0.31% 1.06% 1.36% 1.55%
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% 21.1% 19.1%
Net sales 1 386,940 462,400 535,760 430,980 466,370 518,390 565,491 609,733
EBITDA 1 85,590 95,290 111,600 45,390 76,000 103,380 107,883 119,254
EBIT 1 61,790 71,700 76,490 17,760 48,500 63,440 74,265 82,882
Net income 1 28,710 36,260 35,700 -12,000 8,970 19,220 30,999 39,125
Net Debt 1 187,940 182,140 177,960 217,090 134,310 149,330 148,724 112,673
Reference price 2 642.20 769.70 717.45 455.85 636.20 608.65 608.65 608.65
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.($)
20.98x1.33x7.23x1.41% 5.39B
31.38x3.13x13.69x0.86% 57.78B
10.39x1.18x6.19x5.46% 8.13B
28.29x5.12x19.5x0.53% 4.26B
21.59x1.81x10.19x4% 3.9B
Average 22.53x 2.51x 11.36x 2.45% 15.89B
Weighted average by Cap. 27.88x 2.85x 12.63x 1.51%

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