Is UPL overvalued or undervalued?

As of 7 November 2025, the valuation grade for UPL has moved from fair to attractive, indicating a positive shift in its market perception. The company is currently considered undervalued, especially when looking at its key ratios: a PE ratio of 26.52, an EV to EBITDA ratio of 17.74, and a PEG ratio of 0.12, which suggests strong growth potential relative to its price.
In comparison to its peers, UPL's valuation stands out; for instance, P I Industries has a significantly higher PE ratio of 35.49, while Bayer CropScience is at 34.92, both categorizing them as very expensive. Meanwhile, BASF India, which is also attractive, has a much higher PE ratio of 46.66. UPL's recent stock performance has outpaced the Sensex, with a year-to-date return of 48.98% compared to the Sensex's 6.50%, reinforcing its undervalued status in the current market.