Agrochemicals Historical case study · data as of 20 Jul 2026 · published 23 Oct 2026 (95 days later)

UPL — 100-point case study

How UPL looked on 50 technical and 50 fundamental measures on 20 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: UPL · BSE: 512070
Close on 20 Jul 2026	₹606.05
Market cap then	₹51,155 crore
Valuation	P/E 23.0× · P/B 1.47×
Momentum	RSI (14) 51 · 1-year return -11.8%
Next 3 months	-15.2% vs Nifty 50 -6.4% (to 22 Oct 2026)

Scorecard

Technical — 50 points

7 bullish · 24 neutral · 1 caution · 17 bearish — the picture leaned negative.

Fundamental — 50 points

7 bullish · 33 neutral · 5 caution · 4 bearish — the picture was mixed.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Data note: UPL's consolidated Net Profit on Screener includes the share belonging to minority investors in its subsidiaries (UPL SAS, UPL Corp, Advanta), while EPS counts only UPL's own shareholders — so the two can differ sharply (e.g. Jun 2026 quarter). Prices are for fully-paid UPL shares only; partly-paid rights shares (UPLPP) traded separately. A group restructuring (UPL Global) was pending and had not taken effect by publication.

Technical analysis — 50 points

Calculated by code from daily prices up to 20 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope +0.17%/day	Bullish	Over the last 20 sessions the regression line of closing prices was rising about 0.17% a day — a short-term uptrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return -8.8%	Bearish	The 100-session trend line was down (-0.07%/day) and the stock was -8.8% over three months, so the medium-term picture was bearish. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return -11.8%	Bearish	Compared with a year earlier the price was -11.8%. A weak year for the stock. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 614.83 / 30W 656.33	Bearish	On the weekly chart the stock showed a weekly close below the 10-week average, which sat below the 30-week. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 614.15→614.15; lows 592.25→563.15	Bearish	The two most recent swing points showed lower swing highs and lower swing lows — classic downtrend structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	18.2	Neutral	ADX at 18.2 signals a weak or absent trend (below 20) — range-bound conditions. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 27.2 / –DI 20.0	Bullish	+DI was above –DI: upward price pressure outweighed downward pressure. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	594.57 (+1.9%)	Bullish	Close of 606.05 was 1.9% above the 20-day SMA — the short-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	617.03 (-1.8%)	Bearish	Close of 606.05 was 1.8% below the 50-day SMA — the medium-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	680.17 (-10.9%)	Bearish	Close of 606.05 was 10.9% below the 200-day SMA — the long-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 603.59 / 21E 602.24	Bullish	The 9-day EMA was above the 21-day EMA; the last crossover happened on 17 Jul 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	no cross in data window	Bearish	The 50-day average was 9.3% below the 200-day. No 50/200 crossover occurred in the data window. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	-3.3% in 20 sessions	Bearish	The 50-day average fell 3.3% over the past month — declining. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	595 / 617 / 626 / 680	Bearish	The 20/50/100/200-day averages were perfectly stacked bearish (20 < 50 < 100 < 200). Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	597.78 (+1.4%)	Bullish	Anchored to the start of July, the volume-weighted average price was 597.78; the close was above it — buyers that month were on average in profit. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	50.8	Neutral	RSI at 50.8 was in the neutral 45–55 zone. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	none	Neutral	Comparing the last 20 sessions with the 20 before: no divergence — RSI moved in line with price. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD -1.79 / signal -6.07	Bullish	MACD was above its signal line — momentum turning or staying positive. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	1.81 → 4.29	Bullish	The histogram rose over the last five sessions, meaning momentum was improving. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	-1.79	Bearish	MACD below zero means the 12-day EMA was below the 26-day EMA — a negative momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 80.5 / %D 78.4	Caution	Slow stochastic at 80.5 was in overbought territory (>80). Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-34.9	Neutral	%R of -34.9 put the close in the middle of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	78	Neutral	CCI at 78 was within the normal ±100 band. Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	-0.4%	Neutral	Price changed -0.4% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.68 (bands 563.31–625.83)	Neutral	%B of 0.68 — inside the bands, upper half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 10.5% (36th pct of 6M)	Neutral	Band width was at the 36th percentile of the last six months, a normal level. How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹16.89 (2.8% of price)	Neutral	A typical day's range was about ₹16.89, or 2.8% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	32.4% vs 1Y 33.3%	Neutral	Annualised 30-day volatility was 32.4%, close to the one-year level of 33.3%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	567.88–636.13	Neutral	The close was inside the channel, so no volatility breakout. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	1.32	Neutral	A beta of 1.32 means the stock tended to move more than the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 0.63× / 5-day 0.91×	Neutral	The final session traded 0.63× its 20-day average volume and the last five sessions averaged 0.91× — normal participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 0.91	Neutral	Average volume on up days was 0.91× that on down days — balanced. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV falling	Bearish	OBV fell over the month while price fell — volume confirmed the price move. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	falling (20d)	Bearish	The A/D line fell, meaning closes tended to be in the lower part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	-0.20	Bearish	CMF at -0.20 indicated net outflows. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	51.8	Neutral	MFI, a volume-weighted RSI, was 51.8. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹164 cr/day	Neutral	About ₹164 crore changed hands per day on average over 20 sessions — liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	598.35 / 575.50 / 564.15	Neutral	Nearest support (prior swing lows) sat at 598.35, 1.3% below the close, then 575.50, 564.15. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	614.15 / 635.80 / 646.25	Neutral	Nearest resistance (prior swing highs) sat at 614.15, 1.3% above the close, then 635.80, 646.25. How to read: Information only.
40	Monthly pivot points (for next month)	P 599.40 \| R1 635.65 \| S1 569.80	Neutral	Classic pivots from July's high/low/close gave a pivot of 599.40; the close was above it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 619 \| 38.2% 654 \| 50.0% 682 \| 61.8% 710	Neutral	Measuring the 6-month fall from 800.05 to 563.15, the close was nearest the 23.6% retracement at 619.06. How to read: Information only.
42	52-week high / low	H 812.20 / L 563.15	Neutral	The close was 25.4% below the 52-week high and 7.6% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	1 open; latest gap-down 23 Feb at 744.60	Neutral	There was 1 unfilled gap(s). The latest, a gap-down on 23 Feb 2026, left an open level at 744.60 that price had not revisited. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	counter-trend bounce inside a larger downtrend	Neutral	Rule-based pattern scan: counter-trend bounce inside a larger downtrend. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 563.15–629.00	Neutral	The close was inside the prior 20-day range of 563.15–629.00. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Bearish marubozu-type candle	Bearish	On 20 Jul the candle opened 613.50, ranged 605.00–613.85 and closed 606.05: Bearish marubozu-type candle. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 623.88–630.67; Tenkan 602.25 / Kijun 596.08	Bearish	Price was below the cloud and the Tenkan line was above the Kijun line — a bearish Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M -1.1% / 3M -8.4%	Bearish	The stock underperformed the Nifty 50 by 8.4 points over three months and underperformed by 1.1 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M -15.8%	Bearish	No sector index in today's data set, so we show the 6-month comparison instead: 15.8 points behind the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	7 bullish · 17 bearish · 24 neutral · 1 caution	Bearish	Across the 49 readings the technical picture leaned negative. Levels that mattered: support 598.35, resistance 614.15. This is a description of the chart on 20 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 20 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 20 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	23.0×	Neutral	At ₹606.05 the market valued the company at about ₹51,155 crore, or 23.0× the ₹2,220 crore profit of the four quarters to Mar 2026. That is a moderate multiple. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	1.47×	Neutral	Market cap was 1.47× the Mar 2026 book value (equity + reserves) of ₹34,696 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	0.99×	Neutral	The company was valued at 0.99× its trailing-12-month sales of ₹51,839 crore. How to read: Information only.
4	EV / EBITDA (approx.)	8.2×	Neutral	Enterprise value (market cap + ₹23,576 cr borrowings; cash not netted) was 8.2× trailing operating profit of ₹9,060 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	4.3%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹4.3 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	n/m	Neutral	PEG is not meaningful because 3-year profit growth was -20.5%. Note: the Sep 2025 quarter carried unusual other income of ₹392 crore — a one-off that distorts year-on-year profit comparisons. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	0.99%	Neutral	Dividends with ex-dates in the 12 months to the snapshot totalled ₹6 a share, a 0.99% yield on the ₹606.05 price. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹51,155 cr	Neutral	At about ₹0.51 lakh crore the company was a mid-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹493.21 vs ₹606.05	Neutral	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹493.21; the price was 23% above it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+11.2%	Bullish	Revenue for FY26 was ₹51,839 crore, +11.2% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+17.7%	Bullish	The Jan–Mar 2026 quarter brought ₹18,335 crore of revenue, +17.7% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	+170.7%	Caution	FY26 net profit was ₹2,220 crore, +170.7% on FY25's ₹820 crore. Note: the Sep 2025 quarter carried unusual other income of ₹392 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	+19.9%	Caution	Quarterly profit was ₹1,294 crore versus ₹1,079 crore a year earlier (+19.9%). Note: the Sep 2025 quarter carried unusual other income of ₹392 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	-1.1%	Bearish	Revenue compounded at -1.1% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	-20.5%	Caution	Net profit compounded at -20.5% a year from FY23 to FY26. Note: the Sep 2025 quarter carried unusual other income of ₹392 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	6.0%	Neutral	Over five years (FY21–FY26) revenue compounded at 6.0% a year. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	+114.5%	Caution	Reported EPS went from ₹10.62 to ₹22.78 (+114.5%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Note: the Sep 2025 quarter carried unusual other income of ₹392 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	18%	Neutral	Operating profit (EBITDA) was 18% of sales in FY26 versus 15% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	15% → 16% → 18% → 19%	Bullish	Quarterly margins moved from 15% to 19% over the last four quarters — expanding. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	4.3%	Neutral	₹4.3 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	6.9%	Bearish	FY26 profit was 6.9% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	10%	Neutral	Return on capital employed (debt + equity) was 10% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	2.38%	Neutral	Net profit was 2.38% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	30%	Neutral	The company paid about 30% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	23%	Neutral	Non-operating 'other income' of ₹724 crore made up 23% of pre-tax profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.68	Neutral	Borrowings of ₹23,576 crore were 0.68× equity — moderate leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	2.60×	Neutral	Debt equalled 2.60 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	1.9×	Bearish	Earnings before interest and tax covered interest cost 1.9 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+18.8%	Bullish	Shareholders' equity grew +18.8% from ₹29,213 crore to ₹34,696 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹3,147 cr (7% of fixed assets)	Neutral	Projects under construction (CWIP) were 7% of fixed assets — a modest pipeline. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	5 days	Neutral	Working capital tied up equalled 5 days of sales (FY25: 9). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	135 days	Neutral	It took 135 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	126 (FY25 121)	Neutral	Customers took 126 days on average to pay, versus 121 a year earlier. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹7,855 cr	Neutral	The business generated ₹7,855 crore of operating cash in FY26 versus ₹10,151 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	n/a	Neutral	Free cash flow line not available on source page. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	3.54×	Bullish	Operating cash flow was 3.54× reported profit — profits were well backed by cash. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	n/a	Neutral	Not available. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	n/a	Neutral	Not available. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	n/a	Neutral	Not available. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	26%	Neutral	The company paid out about 26% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	-6% / 53% / 26%	Neutral	Payout ratios for FY24 / FY25 / FY26 — dividends were irregular. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+6.3%	Caution	Paid-up equity capital changed +6.3% (₹159 cr → ₹169 cr). A fall indicates a buyback; a rise indicates new shares were issued. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	33.50% (+0.00 pts YoY)	Neutral	Promoters owned 33.50% at Mar 2026 versus 33.50% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	41.78% (+7.56 pts YoY)	Bullish	FIIs held 41.78% at Mar 2026, up from 34.22% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	14.63% (-3.93 pts YoY)	Bearish	Mutual funds, insurers and other DIIs held 14.63%, down from 18.56%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	2.8 lakh (-14.5% YoY)	Neutral	The shareholder count moved from 3.2 lakh to 2.8 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	7/8	Bullish	Passed: positive profit, positive operating cash flow, CFO > net profit, leverage fell, operating margin improved, ROA improved, asset turnover improved. Failed: no meaningful dilution (<3%). Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	1 strength(s) · 3 weakness(es)	Neutral	Strengths: Company has been maintaining a healthy dividend payout of 24.4%. Weaknesses: Company has low interest coverage ratio; The company has delivered a poor sales growth of 6.02% over past five years; Company has a low return on equity of 1.87% over last 3 years. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	7 bullish · 4 bearish · 33 neutral · 5 caution	Neutral	On the numbers published by 20 Jul 2026 the fundamental picture was mixed. Valuation: P/E 23.0×, P/B 1.47×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 20 Apr 2026 – 20 Jul 2026 that an investor could have known on the snapshot date.

11 May 2026 UPL reports Q4 FY26 results: revenue Rs 18,335 crore, up 18% YoY; Rs 6 final dividend recommended — Q4 FY26 revenue rose 18% YoY to Rs 18,335 crore and EBITDA rose 13% to Rs 3,646 crore. FY26 revenue was Rs 51,839 crore (+11%) and EBITDA Rs 9,588 crore (+18%). Net debt fell to $1.6 billion (net debt/EBITDA 1.6x). The board recommended a Rs 6 per share dividend. Shares closed up 3.56% at Rs 669 on the NSE that day. source
02 Jun 2026 CCI approves UPL group restructuring to consolidate India and global crop protection businesses — The Competition Commission of India approved the proposed combination that places UPL's India crop protection business (UPL Sustainable Agri Solutions) and global crop protection business (UPL Crop Protection Holdings) under UPL Global Sustainable Agri Solutions. TPG, ADIA (Platinum Jasmine) and Brookfield (Woodhall) entities are parties to the deal. source
03 Jun 2026 SEBI clears IPO of UPL seeds subsidiary Advanta Enterprises — Advanta Enterprises, UPL's seeds subsidiary, received SEBI approval on 3 June 2026 for its IPO. The draft papers were filed on 22 January 2026. The issue is an offer for sale of 3,61,05,578 shares. Dates and price band had not been announced. source
25 Jun 2026 UPL fixes 17 July 2026 as record date for Rs 6 final dividend; AGM on 6 August — In a stock exchange filing, UPL set Friday 17 July 2026 as the record date for the FY2025-26 final dividend of Rs 6 per equity share of Rs 2 (300%), subject to approval at the AGM on 6 August 2026. source

What happened next (20 Jul 2026 → 22 Oct 2026)

Price went from ₹606.05 to ₹514.10 by 22 Oct 2026 (-15.2%) while the Nifty 50 moved -6.4% — underperforming by 8.8 points.
Highest ₹622.60 on 03 Aug 2026; lowest ₹476.45 on 08 Oct 2026.
S1 598.35: broken on a closing basis on 04 Aug 2026.
S2 575.50: broken on a closing basis on 06 Aug 2026.
R1 614.15: cleared on a closing basis on 21 Jul 2026.
R2 635.80: not cleared on a closing basis.
200-day SMA: price was below it at the snapshot and stayed on the same side through the period.
Apr–Jun 2026 results (reported 03 Aug 2026): revenue ₹10,181 crore (+10.5% YoY), net profit ₹-73 crore (n/m — loss or no profit a year earlier YoY), operating margin 13% vs 15% a year earlier (Screener consolidated figures).

Later news

31 Jul 2026 UPL receives BSE and NSE observation letters for composite scheme of arrangement — UPL said BSE issued 'no adverse observations' and NSE a 'No Objection', in letters dated 29 July 2026, on the composite scheme involving UPL, UPL Sustainable Agri Solutions, UPL Global Sustainable Agri Solutions and UPL Crop Protection Holdings. The scheme, announced on 20 February 2026, still requires other regulatory approvals. source
03 Aug 2026 UPL Q1 FY27: total income up 11.1% YoY; consolidated net loss narrows to Rs 73 crore — For the quarter ended 30 June 2026, total income was Rs 10,398 crore (+11.1% YoY). The consolidated net loss was Rs 73 crore, compared with a Rs 176 crore loss a year earlier. UPL Corp, UPL SAS and Advanta all reported segment EBITDA growth. Shares closed up 2.6% at Rs 620. source
04 Aug 2026 UPL Corporation CEO Mike Frank resigns; Jai Shroff to oversee global crop protection — UPL said Mike Frank will step down as CEO of UPL Corporation effective 31 August 2026. Sameer Tandon (APAC, Africa, Europe) and Ashish Dobhal (Americas) were named regional presidents, reporting to Group Chairman and CEO Jai Shroff. source
04 Aug 2026 UPL shares fall after Q1 as brokerages weigh management change and volume trends — Q1 FY27 revenue rose 10.5% YoY, driven by pricing and forex, while volumes fell about 3%. Management reiterated FY27 guidance of 7-11% revenue growth and 10-14% operating profit growth. The stock fell about 6.9% intraday. Brokerage views were mixed. source
26 Aug 2026 UPL Group COO Toshan Tamhane to step down effective 31 August 2026 — UPL disclosed that Group COO Toshan Tamhane would leave on 31 August 2026 to pursue his own ventures. This is the second senior exit announced in August, after the UPL Corporation CEO. source

Educational summary. On 20 Jul 2026 the technical picture leaned negative and the fundamental picture was mixed. Over the next three months the stock moved -15.2% against -6.4% for the Nifty 50. Here the chart's message lined up with what followed. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold UPL today.

Method designed by our founder, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 23 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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