Company Valuation: UPL Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 588,003 538,523 342,164 537,229 479,385 454,965 - -
Change - -8.41% -36.46% 57.01% -10.77% -5.09% - -
Enterprise Value (EV) 1 770,143 716,483 559,254 671,539 628,715 611,448 575,147 541,293
Change - -6.97% -21.94% 20.08% -6.38% -2.75% -5.94% -5.89%
P/E 16.8x 15.7x -25.6x 66.1x 25.4x 14.5x 11.5x 10.3x
PBR 2.72x 2x 1.38x 1.73x 1.38x 1.21x 1.11x 1.02x
PEG - -90.02x 0x -0x 0x 0.2x 0.4x 0.9x
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 0.94x 0.81x
EV / EBITDA 8.08x 6.42x 12.3x 8.84x 6.78x 5.68x 4.85x 4.17x
EV / EBIT 10.7x 9.37x 31.5x 13.8x 9.91x 8.27x 6.97x 5.9x
EV / FCF 17.2x 11.8x 84.4x 7.25x 10.2x 14.1x 9.1x 7.96x
FCF Yield 5.81% 8.48% 1.19% 13.8% 9.84% 7.07% 11% 12.6%
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% 1.65% 1.84% 1.85%
EPS 2 45.87 45.79 -17.8 9.62 22.32 37.29 47.01 52.22
Distribution rate 21.8% 21.8% -11.2% 20.8% 26.9% 23.9% 21.1% 19.1%
Net sales 1 462,400 535,760 430,980 466,370 518,390 566,072 612,307 665,587
EBITDA 1 95,290 111,600 45,390 76,000 92,720 107,583 118,519 129,954
EBIT 1 71,700 76,490 17,760 48,500 63,440 73,962 82,515 91,796
Net income 1 36,260 35,700 -12,000 8,970 19,220 30,452 38,518 44,090
Net Debt 1 182,140 177,960 217,090 134,310 149,330 156,483 120,182 86,327
Reference price 2 769.70 717.45 455.85 636.20 567.70 538.95 538.95 538.95
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.($)
31.31x2.81x12.09x0.96% 51.81B
15.05x1.57x6.95x3.12% 33.59B
10.57x3.37x5.81x3.41% 18.8B
7.53x2.18x4.63x1.86% 17.43B
16.13x3.77x9.93x6.1% 14.87B
7.75x0.83x4.2x6.63% 11.21B
Average 14.72x 2.42x 7.27x 3.68% 24.62B
Weighted average by Cap. 18.85x 2.47x 8.43x 2.82%

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