Company Valuation: UPL Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 5,88,003 5,38,523 3,42,164 5,37,229 4,79,385 4,52,053 - -
Change - -8.41% -36.46% 57.01% -10.77% -5.7% - -
Enterprise Value (EV) 1 7,70,143 7,16,483 5,59,254 6,71,539 6,28,715 6,07,773 5,71,672 5,37,918
Change - -6.97% -21.94% 20.08% -6.38% -3.33% -5.94% -5.9%
P/E 16.8x 15.7x -25.6x 66.1x 25.4x 14.4x 11.4x 10x
PBR 2.72x 2x 1.38x 1.73x 1.38x 1.21x 1.11x 1.01x
PEG - -90.02x 0x -0x 0x 0.2x 0.4x 0.7x
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 0.93x 0.81x
EV / EBITDA 8.08x 6.42x 12.3x 8.84x 6.78x 5.66x 4.83x 4.11x
EV / EBIT 10.7x 9.37x 31.5x 13.8x 9.91x 8.22x 6.94x 5.86x
EV / FCF 17.2x 11.8x 84.4x 7.25x 10.2x 14x 9.23x 8.86x
FCF Yield 5.81% 8.48% 1.19% 13.8% 9.84% 7.14% 10.8% 11.3%
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% 1.66% 1.85% 1.87%
EPS 2 45.87 45.79 -17.8 9.62 22.32 37.07 46.91 53.55
Distribution rate 21.8% 21.8% -11.2% 20.8% 26.9% 24% 21.2% 18.7%
Net sales 1 4,62,400 5,35,760 4,30,980 4,66,370 5,18,390 5,64,605 6,11,700 6,66,756
EBITDA 1 95,290 1,11,600 45,390 76,000 92,720 1,07,369 1,18,419 1,30,830
EBIT 1 71,700 76,490 17,760 48,500 63,440 73,962 82,432 91,796
Net income 1 36,260 35,700 -12,000 8,970 19,220 30,292 38,454 45,139
Net Debt 1 1,82,140 1,77,960 2,17,090 1,34,310 1,49,330 1,55,721 1,19,620 85,865
Reference price 2 769.70 717.45 455.85 636.20 567.70 535.50 535.50 535.50
Nbr of stocks (in thousands) 7,63,938 7,50,608 7,50,608 8,44,434 8,44,434 8,44,169 - -
Announcement Date 09/05/22 08/05/23 13/05/24 12/05/25 11/05/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.96x1.05x5.52x1.72% 459.97Cr
14.95x1.56x6.89x3.16% 3.31TCr
7.84x2.27x4.8x1.78% 1.82TCr
9.87x3.07x5.28x3.65% 1.76TCr
19.8x3.87x13.43x6.14% 1.48TCr
8.4x0.82x4.55x6.14% 1.09TCr
14.18x0.91x4.48x - 775.95Cr
Average 12.71x 1.93x 6.42x 3.77% 1.53TCr
Weighted average by Cap. 12.80x 2.10x 6.70x 3.7%

Y-o-Y evolution of P/E

Valuation ratios - P/E - UPL Limited

Historical PBR trend

Valuation ratios - PBR - UPL Limited

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - UPL Limited

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - UPL Limited


Year-on-year evolution of the Yield

Valuation ratios - Yield - UPL Limited