Company Valuation: UPL Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 588,003 538,523 342,164 537,229 479,385 491,307 - -
Change - -8.41% -36.46% 57.01% -10.77% 2.49% - -
Enterprise Value (EV) 1 770,143 716,483 559,254 671,539 628,715 647,789 611,488 577,634
Change - -6.97% -21.94% 20.08% -6.38% 3.03% -5.6% -5.54%
P/E 16.8x 15.7x -25.6x 66.1x 25.4x 15.6x 12.4x 11.1x
PBR 2.72x 2x 1.38x 1.73x 1.38x 1.31x 1.2x 1.1x
PEG - -90.02x 0x -0x 0x 0.2x 0.5x 1x
Capitalization / Revenue 1.27x 1.01x 0.79x 1.15x 0.92x 0.87x 0.8x 0.74x
EV / Revenue 1.67x 1.34x 1.3x 1.44x 1.21x 1.14x 1x 0.87x
EV / EBITDA 8.08x 6.42x 12.3x 8.84x 6.78x 6.02x 5.16x 4.44x
EV / EBIT 10.7x 9.37x 31.5x 13.8x 9.91x 8.77x 7.42x 6.3x
EV / FCF 17.2x 11.8x 84.4x 7.25x 10.2x 15x 9.68x 8.49x
FCF Yield 5.81% 8.48% 1.19% 13.8% 9.84% 6.67% 10.3% 11.8%
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% 1.53% 1.71% 1.72%
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 73,890 82,442 91,660
Net income 1 36,260 35,700 -12,000 8,970 19,220 30,453 38,532 44,087
Net Debt 1 182,140 177,960 217,090 134,310 149,330 156,483 120,182 86,327
Reference price 2 769.70 717.45 455.85 636.20 567.70 582.00 582.00 582.00
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.($)
34.19x3.2x13.75x0.84% 58.62B
10.42x1.26x6.26x4.92% 8.36B
15.61x1.14x6.02x1.53% 5.2B
30.23x4.65x19.78x0.59% 3.98B
Average 22.61x 2.56x 11.45x 1.97% 19.04B
Weighted average by Cap. 30.10x 2.92x 12.71x 1.33%

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