UPL Limited (UPL) - Net Assets
Based on the latest financial reports, UPL Limited (UPL) has net assets worth Rs377.10 Billion INR (≈ $4.08 Billion USD) as of September 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (Rs913.91 Billion ≈ $9.88 Billion USD) and total liabilities (Rs536.81 Billion ≈ $5.81 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check UPL asset liquidity ratio to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | Rs377.10 Billion |
| % of Total Assets | 41.26% |
| Annual Growth Rate | 21.32% |
| 5-Year Change | 53.89% |
| 10-Year Change | 453.57% |
| Growth Volatility | 21.96 |
UPL Limited - Net Assets Trend (2005–2025)
This chart illustrates how UPL Limited's net assets have evolved over time, based on quarterly financial data. Also explore UPL asset base for the complete picture of this company's asset base.
Annual Net Assets for UPL Limited (2005–2025)
The table below shows the annual net assets of UPL Limited from 2005 to 2025. For live valuation and market cap data, see market cap of UPL Limited.
| Year | Net Assets | Change |
|---|---|---|
| 2025-03-31 | Rs378.26 Billion ≈ $4.09 Billion |
+15.65% |
| 2024-03-31 | Rs327.06 Billion ≈ $3.54 Billion |
-7.69% |
| 2023-03-31 | Rs354.29 Billion ≈ $3.83 Billion |
+20.89% |
| 2022-03-31 | Rs293.08 Billion ≈ $3.17 Billion |
+19.24% |
| 2021-03-31 | Rs245.80 Billion ≈ $2.66 Billion |
+8.79% |
| 2020-03-31 | Rs225.93 Billion ≈ $2.44 Billion |
+25.50% |
| 2019-03-31 | Rs180.03 Billion ≈ $1.95 Billion |
+95.94% |
| 2018-03-31 | Rs91.88 Billion ≈ $993.65 Million |
+23.66% |
| 2017-03-31 | Rs74.30 Billion ≈ $803.53 Million |
+8.74% |
| 2016-03-31 | Rs68.33 Billion ≈ $738.97 Million |
+15.72% |
| 2015-03-31 | Rs59.05 Billion ≈ $638.57 Million |
+8.95% |
| 2014-03-31 | Rs54.19 Billion ≈ $586.10 Million |
+11.07% |
| 2013-03-31 | Rs48.79 Billion ≈ $527.69 Million |
+10.32% |
| 2012-03-31 | Rs44.23 Billion ≈ $478.33 Million |
+18.14% |
| 2011-03-31 | Rs37.44 Billion ≈ $404.90 Million |
+24.56% |
| 2010-03-31 | Rs30.06 Billion ≈ $325.07 Million |
+12.05% |
| 2009-03-31 | Rs26.82 Billion ≈ $290.10 Million |
+19.54% |
| 2008-03-31 | Rs22.44 Billion ≈ $242.67 Million |
+49.57% |
| 2007-03-31 | Rs15.00 Billion ≈ $162.25 Million |
+17.44% |
| 2006-03-31 | Rs12.78 Billion ≈ $138.16 Million |
+61.12% |
| 2005-03-31 | Rs7.93 Billion ≈ $85.75 Million |
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Equity Component Analysis
This analysis shows how different components contribute to UPL Limited's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 20868000000000.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (March 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | Rs208.68 Billion | 64.81% |
| Common Stock | Rs1.59 Billion | 0.49% |
| Other Components | Rs111.72 Billion | 34.70% |
| Total Equity | Rs321.99 Billion | 100.00% |
UPL Limited Competitors by Market Cap
The table below lists competitors of UPL Limited ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Churchill Downs Incorporated
NASDAQ:CHDN
|
$5.86 Billion |
|
Fortnox AB
ST:FNOX
|
$5.87 Billion |
|
Bank of Changsha Co Ltd
SHG:601577
|
$5.87 Billion |
|
Bank of Ayudhya Public Company Limited
F:NVAU
|
$5.87 Billion |
|
Compagnie du Cambodge
PA:CBDG
|
$5.86 Billion |
|
Cogent Biosciences Inc
NASDAQ:COGT
|
$5.86 Billion |
|
FREEDOM HLDG DL-001
F:DMW2
|
$5.85 Billion |
|
Jiangsu Financial Leasing Co Ltd Class A
SHG:600901
|
$5.85 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in UPL Limited's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 248,070,000,000 to 321,990,000,000, a change of 73,920,000,000 (29.8%).
- Net income of 8,970,000,000 contributed positively to equity growth.
- Dividend payments of 770,000,000 reduced retained earnings.
- New share issuances of 16,330,000,000 increased equity.
- Other comprehensive income decreased equity by 32,260,000,000.
- Other factors increased equity by 81,650,000,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | Rs8.97 Billion | +2.79% |
| Dividends Paid | Rs770.00 Million | -0.24% |
| Share Issuances | Rs16.33 Billion | +5.07% |
| Other Comprehensive Income | Rs-32.26 Billion | -10.02% |
| Other Changes | Rs81.65 Billion | +25.36% |
| Total Change | Rs- | 29.80% |
Book Value vs Market Value Analysis
This analysis compares UPL Limited's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 1.70x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 38.05x to 1.70x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2005-03-31 | Rs16.87 | Rs641.85 | x |
| 2006-03-31 | Rs24.53 | Rs641.85 | x |
| 2007-03-31 | Rs24.81 | Rs641.85 | x |
| 2008-03-31 | Rs33.62 | Rs641.85 | x |
| 2009-03-31 | Rs38.51 | Rs641.85 | x |
| 2010-03-31 | Rs43.13 | Rs641.85 | x |
| 2011-03-31 | Rs55.48 | Rs641.85 | x |
| 2012-03-31 | Rs60.24 | Rs641.85 | x |
| 2013-03-31 | Rs68.46 | Rs641.85 | x |
| 2014-03-31 | Rs79.51 | Rs641.85 | x |
| 2015-03-31 | Rs91.15 | Rs641.85 | x |
| 2016-03-31 | Rs89.03 | Rs641.85 | x |
| 2017-03-31 | Rs96.82 | Rs641.85 | x |
| 2018-03-31 | Rs120.26 | Rs641.85 | x |
| 2019-03-31 | Rs191.66 | Rs641.85 | x |
| 2020-03-31 | Rs252.36 | Rs641.85 | x |
| 2021-03-31 | Rs273.36 | Rs641.85 | x |
| 2022-03-31 | Rs322.77 | Rs641.85 | x |
| 2023-03-31 | Rs391.28 | Rs641.85 | x |
| 2024-03-31 | Rs330.49 | Rs641.85 | x |
| 2025-03-31 | Rs377.21 | Rs641.85 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently UPL Limited utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 2.79%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 1.92%
- • Asset Turnover: 0.53x
- • Equity Multiplier: 2.73x
- Recent ROE (2.79%) is below the historical average (14.34%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2005 | 19.98% | 11.15% | 0.71x | 2.53x | Rs785.20 Million |
| 2006 | 17.06% | 12.23% | 0.53x | 2.65x | Rs901.84 Million |
| 2007 | 17.44% | 11.29% | 0.48x | 3.20x | Rs1.11 Billion |
| 2008 | 11.57% | 7.36% | 0.67x | 2.36x | Rs350.94 Million |
| 2009 | 17.40% | 9.69% | 0.74x | 2.42x | Rs1.98 Billion |
| 2010 | 17.16% | 9.70% | 0.76x | 2.33x | Rs2.14 Billion |
| 2011 | 15.59% | 10.28% | 0.68x | 2.22x | Rs2.08 Billion |
| 2012 | 14.27% | 7.85% | 0.73x | 2.48x | Rs1.78 Billion |
| 2013 | 15.98% | 8.19% | 0.73x | 2.68x | Rs2.78 Billion |
| 2014 | 18.10% | 8.92% | 0.83x | 2.45x | Rs4.25 Billion |
| 2015 | 19.52% | 9.55% | 0.84x | 2.44x | Rs5.58 Billion |
| 2016 | 13.84% | 6.78% | 0.82x | 2.51x | Rs2.61 Billion |
| 2017 | 23.35% | 10.71% | 0.79x | 2.76x | Rs9.87 Billion |
| 2018 | 22.05% | 11.80% | 0.74x | 2.51x | Rs11.05 Billion |
| 2019 | 10.18% | 6.83% | 0.35x | 4.31x | Rs265.00 Million |
| 2020 | 9.21% | 5.01% | 0.51x | 3.63x | Rs-1.52 Billion |
| 2021 | 13.75% | 7.47% | 0.55x | 3.37x | Rs7.82 Billion |
| 2022 | 14.70% | 7.89% | 0.56x | 3.35x | Rs11.60 Billion |
| 2023 | 11.96% | 6.72% | 0.60x | 2.97x | Rs5.86 Billion |
| 2024 | -4.84% | -2.82% | 0.49x | 3.53x | Rs-36.81 Billion |
| 2025 | 2.79% | 1.92% | 0.53x | 2.73x | Rs-23.23 Billion |
Industry Comparison
This section compares UPL Limited's net assets metrics with peer companies in the Agricultural Inputs industry.
Industry Context
- Industry: Agricultural Inputs
- Average net assets among peers: $13,370,134,277
- Average return on equity (ROE) among peers: 16.89%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| UPL Limited (UPL) | Rs377.10 Billion | 19.98% | 1.42x | $5.86 Billion |
| Agro Phos India Limited (AGROPHOS) | $469.69 Million | 12.41% | 0.80x | $6.93 Million |
| Astec LifeSciences Limited (ASTEC) | $2.03 Billion | 17.62% | 1.27x | $167.40 Million |
| Bayer Cropscience Limited (BAYERCROP) | $25.24 Billion | 25.56% | 0.72x | $2.32 Billion |
| Best Agrolife Limited (BESTAGRO) | $577.23 Million | 0.02% | 0.90x | $68.89 Million |
| Bhagiradha Chemicals & Industries Limited (BHAGCHEM) | $465.11 Million | 4.24% | 1.68x | $371.49 Million |
| Bharat Rasayan Limited (BHARATRAS) | $7.27 Billion | 22.53% | 0.25x | $248.90 Million |
| Bohra Industries Limited (BOHRAIND) | $340.42 Million | 12.70% | 2.21x | $2.15 Million |
| Bombay Super Hybrid Seeds Limited (BSHSL) | $563.36 Million | 29.79% | 1.36x | $111.73 Million |
| Chambal Fertilizers & Chemicals Limited (CHAMBLFERT) | $72.58 Billion | 17.58% | 0.59x | $1.90 Billion |
| Coromandel International Limited (COROMANDEL) | $24.16 Billion | 26.44% | 2.30x | $6.32 Billion |
About UPL Limited
UPL Limited, together with its subsidiaries, manufactures and sells pesticides, insecticides, and micronutrients in India, Brazil, the United States, the United Kingdom, and internationally. It operates in three segments: Crop Protection, Seeds, and Non-Agro. The company offers herbicides, fungicides, insecticides, acaricides, seed treatment, adjuvants, bio-solutions, public health products, fumi… Read more