UPL Limited (UPL) — Tangible Net Worth Ratio
UPL Limited (UPL) has a Tangible Net Worth Ratio of 70.8% as of September 2025. This metric is calculated by deducting intangible assets (Rs110.17 Billion) from net assets (Rs377.10 Billion) and expressing it as a percentage of total net assets. A higher ratio means that more of the company's equity is backed by tangible, balance-sheet-verifiable assets rather than goodwill, patents, or brand value. See UPL working capital ratio to evaluate short-term liquidity relative to the company's equity base.
Tangible NW Ratio
Net Assets (Equity)
Intangible Assets
Total Assets
UPL Limited Tangible Net Worth Ratio (2005–2025)
This chart shows how UPL Limited's Tangible Net Worth Ratio has changed across 21 annual periods from 2005 to 2025. As of September 2025, the ratio stands at 70.8%, reflecting net assets of Rs377.10 Billion with intangible assets of Rs110.17 Billion INR. See UPL defensive interval ratio to measure how many days the company can operate on defensive assets alone.
Annual Tangible Net Worth Ratio for UPL Limited (2005–2025)
The table below presents the year-by-year Tangible Net Worth Ratio for UPL Limited from 2005 to 2025, covering 21 annual filings. Each row shows net assets, intangible assets, total assets, the tangible net worth ratio, and the change in percentage points versus the prior year. For the full company profile including market capitalisation, see UPL Limited market capitalisation.
| Year | Tangible NW Ratio | Net Assets (INR) | Intangible Assets | Total Assets | Change (pp) |
|---|---|---|---|---|---|
| 2025 | 71.2% | Rs378.26 Billion | Rs109.09 Billion | Rs880.02 Billion | ▲ +4.9 pp |
| 2024 | 66.3% | Rs327.06 Billion | Rs110.23 Billion | Rs875.46 Billion | ▼ -1.6 pp |
| 2023 | 67.9% | Rs354.29 Billion | Rs113.66 Billion | Rs885.77 Billion | ▲ +5.7 pp |
| 2022 | 62.2% | Rs293.08 Billion | Rs110.66 Billion | Rs826.79 Billion | ▲ +7.6 pp |
| 2021 | 54.6% | Rs245.80 Billion | Rs111.48 Billion | Rs704.31 Billion | ▲ +7.1 pp |
| 2020 | 47.5% | Rs225.93 Billion | Rs118.57 Billion | Rs700.83 Billion | ▲ +18.7 pp |
| 2019 | 28.8% | Rs180.03 Billion | Rs128.13 Billion | Rs630.48 Billion | ▼ -56.4 pp |
| 2018 | 85.2% | Rs91.88 Billion | Rs13.60 Billion | Rs230.43 Billion | ▲ +3.1 pp |
| 2017 | 82.1% | Rs74.30 Billion | Rs13.28 Billion | Rs203.81 Billion | ▼ -1.2 pp |
| 2016 | 83.3% | Rs68.33 Billion | Rs11.42 Billion | Rs170.12 Billion | ▼ -6.0 pp |
| 2015 | 89.3% | Rs59.05 Billion | Rs6.30 Billion | Rs143.05 Billion | ▲ +9.0 pp |
| 2014 | 80.3% | Rs54.19 Billion | Rs10.67 Billion | Rs128.58 Billion | ▲ +1.3 pp |
| 2013 | 79.0% | Rs48.79 Billion | Rs10.23 Billion | Rs124.53 Billion | ▲ +1.5 pp |
| 2012 | 77.6% | Rs44.23 Billion | Rs9.92 Billion | Rs103.53 Billion | ▼ -1.3 pp |
| 2011 | 78.8% | Rs37.44 Billion | Rs7.93 Billion | Rs82.82 Billion | ▼ -11.0 pp |
| 2010 | 89.9% | Rs30.06 Billion | Rs3.04 Billion | Rs69.65 Billion | ▲ +2.6 pp |
| 2009 | 87.3% | Rs26.82 Billion | Rs3.42 Billion | Rs64.76 Billion | ▲ +1.5 pp |
| 2008 | 85.8% | Rs22.44 Billion | Rs3.20 Billion | Rs52.71 Billion | ▲ +37.9 pp |
| 2007 | 47.9% | Rs15.00 Billion | Rs7.82 Billion | Rs47.84 Billion | ▼ -18.0 pp |
| 2006 | 65.9% | Rs12.78 Billion | Rs4.35 Billion | Rs33.83 Billion | ▲ +18.2 pp |
| 2005 | 47.8% | Rs7.93 Billion | Rs4.14 Billion | Rs19.89 Billion | — |