The company has issued more shares over this period, which dilutes each existing shareholder’s stake.
Diluted shares outstanding: 764.0M (2022) → 861.1M (2026)
UPL Limited offers sustainable agricultural products and solutions, serving both the Indian and international markets. The company's activities are organized into two primary segments: Agro Activity and Non-Agro Activity. Its extensive product range includes various seeds such as sorghum, forages, corn, canola, sunflower, numerous vegetable varieties, rice, wheat, soya, pearl millet, oats, alfalfa, bio-fumigants, and mustard. In terms of crop protection, UPL provides herbicides, fungicides, insecticides, acaricides, seed treatment products, and adjuvants, along with its proprietary ProNutiva solution. The firm also develops solutions for plant stress and stimulation. Its post-harvest offerings encompass coatings, cleaners, sanitisers, fungicides, growth regulators, and anti-scald treatments. Additionally, UPL delivers soil and water technologies, aquatic treatment solutions, and offers advisory, educational, and general farm services to farmers. Beyond its agricultural focus, UPL manufactures and sells industrial chemicals, chemical intermediates, specialty chemicals, and other non-agricultural products. The company maintains a strategic partnership with Chr. Hansen Holding A/S to advance the development of microbial-based biosolutions. Formerly known as United Phosphorus Limited, the company adopted the name UPL Limited in October 2013. UPL Limited was founded in 1969 and has its corporate headquarters in Mumbai, India.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
+10.5% YoY
YoY Growth Rate
Steady revenue growth
+111.5% YoY
YoY Growth Rate
Strong earnings growth
$0/ year
↓ Declining (-100% vs prior year)
0.0% of revenue
Below sector average (3%)
R&D spend declining — could signal cost-cutting or efficiency
Cash flow positive
$92.2B cash & investments
Company generates more cash than it spends — no dilution risk from fundraising
UPL Limited is a rare growth stock that's already generating positive cash flow while growing at 10%. The Winston Score doesn't fully credit this transition from "burner" to "earner."
The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.
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ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.
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Earnings growing 25%+ a year. The compounder zone.
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Free cash flow is negative. They are burning cash, not generating it.
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Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.
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P/E above the market average. People are paying up for expected growth.
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Modest yield. The bulk of any return needs to come from price appreciation.
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