Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
UPL Limited
Physical assets are 24.8% of total assets, a light footprint. Capex is 0.51x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. EBITDA after capex covers debt service by 0.82x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 4.75x.
Physical asset ratio
24.8%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 109.13BpropertyPlantAndEquipmentNetInventoryINR 126.76BinventoryTotal assetsINR 952.05BtotalAssetsResult 24.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.75xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueINR 518.39BtotalRevenueNet PP&EINR 109.13BpropertyPlantAndEquipmentNetResult 4.75x
Revenue per dollar of the physical asset base.
Capex / D&A
0.51xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexINR 16.66BcapitalExpendituresD&AINR 32.44BdepreciationAndAmortizationResult 0.51x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
INR 79.92Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 952.05BtotalAssetsGoodwillINR 229.54BgoodWillIntangiblesINR 114.33BintangibleAssetsLiabilitiesINR 539.36BtotalLiabTangible bookINR 68.82BShares861,111,000commonStockSharesOutstandingResult INR 79.92
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
6.78xPrice / tangible bookPrice / tangible book per sharePriceINR 541.95Latest quoteTangible book / shareINR 79.922026-03-31Result 6.78x
Price INR 541.95.
Fixed-charge coverage
0.82xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 98.02BebitdaCapexINR 16.66BcapitalExpendituresInterestINR 34.01BinterestExpenseShort-term debtINR 65.11BshortLongTermDebtEBITDA − capexINR 81.36BPrincipal due is the current portion of debt.Result 0.82x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
9.0%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flowINR 40.97BfreeCashFlowMarket capINR 453.41BMarketCapitalizationResult 9.0%
Latest free cash flow divided by current market cap (INR 453.41B).
ROIC
9.7%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 70.94BoperatingIncomeTax expenseINR 9.37BincomeTaxExpensePretax incomeINR 31.57BincomeBeforeTaxTax rate29.7%EquityINR 346.96BtotalStockholderEquityDebtINR 235.76BshortLongTermDebtTotalCashINR 67.20BcashAndShortTermInvestmentsInvested capitalINR 515.52BResult 9.7%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.65x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 24.0%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 58.56BpropertyPlantEquipmentInventoryINR 92.69BinventoryTotal assetsINR 630.48BtotalAssetsResult 24.0% | 3.69xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenueINR 216.21BtotalRevenueNet PP&EINR 58.56BpropertyPlantEquipmentResult 3.69x | 1.79xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapexINR 15.75BcapitalExpendituresD&AINR 8.80BdepreciationAndAmortizationResult 1.79x | -INR 129.04Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 630.48BtotalAssetsGoodwillINR 150.50BgoodWillIntangiblesINR 128.13BintangibleAssetsLiabilitiesINR 450.45BtotalLiabTangible book-INR 98.60BShares764,094,909commonStockSharesOutstandingResult -INR 129.04 | 0.55xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 35.49BebitdaCapexINR 15.75BcapitalExpendituresInterestINR 8.32BinterestExpenseShort-term debtINR 27.53BshortLongTermDebtEBITDA − capexINR 19.74BPrincipal due is the current portion of debt.Result 0.55x | INR 7.81BFree cash flow · 2019-03-31Reported free cash flowOperating cash flowINR 23.56BtotalCashFromOperatingActivitiesCapexINR 15.75BcapitalExpendituresFree cash flowINR 7.81BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 7.81B | 7.0%ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 31.94BoperatingIncomeTax expenseINR 1.98BincomeTaxExpensePretax incomeINR 17.73BincomeBeforeTaxTax rate11.2%EquityINR 146.45BtotalStockholderEquityDebtINR 291.40BshortLongTermDebtTotalCashINR 29.65BcashAndShortTermInvestmentsInvested capitalINR 408.20BResult 7.0% | 0.55xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating incomeINR 31.94BoperatingIncomeNet PP&EINR 58.56BpropertyPlantEquipmentResult 0.55x |
| 2020 | 21.8%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 74.01BpropertyPlantAndEquipmentNetInventoryINR 78.50BinventoryTotal assetsINR 700.83BtotalAssetsResult 21.8% | 4.79xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenueINR 354.78BtotalRevenueNet PP&EINR 74.01BpropertyPlantAndEquipmentNetResult 4.79x | 0.98xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapexINR 19.80BcapitalExpendituresD&AINR 20.12BdepreciationAndAmortizationResult 0.98x | -INR 98.23Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 700.83BtotalAssetsGoodwillINR 182.41BgoodWillIntangiblesINR 118.57BintangibleAssetsLiabilitiesINR 474.90BtotalLiabTangible book-INR 75.05BShares764,029,000commonStockSharesOutstandingResult -INR 98.23 | 1.51xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 63.16BebitdaCapexINR 19.80BcapitalExpendituresInterestINR 15.40BinterestExpenseShort-term debtINR 13.31BshortLongTermDebtEBITDA − capexINR 43.36BPrincipal due is the current portion of debt.Result 1.51x | INR 67.59BFree cash flow · 2020-03-31Reported free cash flowOperating cash flowINR 87.39BtotalCashFromOperatingActivitiesCapexINR 19.80BcapitalExpendituresFree cash flowINR 67.59BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 67.59B | 9.7%ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 51.64BoperatingIncomeTax expenseINR 5.86BincomeTaxExpensePretax incomeINR 27.64BincomeBeforeTaxTax rate21.2%EquityINR 192.81BtotalStockholderEquityDebtINR 293.86BshortLongTermDebtTotalCashINR 67.92BcashAndShortTermInvestmentsInvested capitalINR 418.75BResult 9.7% | 0.70xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating incomeINR 51.64BoperatingIncomeNet PP&EINR 74.01BpropertyPlantAndEquipmentNetResult 0.70x |
| 2021 | 24.9%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 80.93BpropertyPlantAndEquipmentNetInventoryINR 94.22BinventoryTotal assetsINR 704.31BtotalAssetsResult 24.9% | 4.75xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenueINR 384.18BtotalRevenueNet PP&EINR 80.93BpropertyPlantAndEquipmentNetResult 4.75x | 0.98xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapexINR 21.22BcapitalExpendituresD&AINR 21.73BdepreciationAndAmortizationResult 0.98x | -INR 55.72Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 704.31BtotalAssetsGoodwillINR 176.89BgoodWillIntangiblesINR 111.48BintangibleAssetsLiabilitiesINR 458.51BtotalLiabTangible book-INR 42.57BShares764,045,000commonStockSharesOutstandingResult -INR 55.72 | 1.87xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 79.14BebitdaCapexINR 21.22BcapitalExpendituresInterestINR 16.88BinterestExpenseShort-term debtINR 14.14BshortLongTermDebtEBITDA − capexINR 57.92BPrincipal due is the current portion of debt.Result 1.87x | INR 50.90BFree cash flow · 2021-03-31Reported free cash flowOperating cash flowINR 72.12BtotalCashFromOperatingActivitiesCapexINR 21.22BcapitalExpendituresFree cash flowINR 50.90BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 50.90B | 13.3%ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 64.71BoperatingIncomeTax expenseINR 6.86BincomeTaxExpensePretax incomeINR 41.81BincomeBeforeTaxTax rate16.4%EquityINR 208.86BtotalStockholderEquityDebtINR 245.11BshortLongTermDebtTotalCashINR 48.67BcashAndShortTermInvestmentsInvested capitalINR 405.30BResult 13.3% | 0.80xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating incomeINR 64.71BoperatingIncomeNet PP&EINR 80.93BpropertyPlantAndEquipmentNetResult 0.80x |
| 2022 | 27.0%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 92.62BpropertyPlantEquipmentInventoryINR 130.78BinventoryTotal assetsINR 826.79BtotalAssetsResult 27.0% | 4.96xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenueINR 459.71BtotalRevenueNet PP&EINR 92.62BpropertyPlantEquipmentResult 4.96x | 1.14xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapexINR 26.88BcapitalExpendituresD&AINR 23.59BdepreciationAndAmortizationResult 1.14x | -INR 1.60Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 826.79BtotalAssetsGoodwillINR 183.64BgoodWillIntangiblesINR 110.66BintangibleAssetsLiabilitiesINR 533.71BtotalLiabTangible book-INR 1.22BShares764,045,000commonStockSharesOutstandingResult -INR 1.60 | 1.09xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 91.00BebitdaCapexINR 26.88BcapitalExpendituresInterestINR 16.06BinterestExpenseShort-term debtINR 42.61BshortLongTermDebtEBITDA − capexINR 64.12BPrincipal due is the current portion of debt.Result 1.09x | INR 38.08BFree cash flow · 2022-03-31Reported free cash flowOperating cash flowINR 64.96BtotalCashFromOperatingActivitiesCapexINR 26.88BcapitalExpendituresFree cash flowINR 38.08BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 38.08B | 15.7%ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 78.02BoperatingIncomeTax expenseINR 5.29BincomeTaxExpensePretax incomeINR 49.66BincomeBeforeTaxTax rate10.7%EquityINR 246.61BtotalStockholderEquityDebtINR 267.09BshortLongTermDebtTotalCashINR 69.47BcashAndShortTermInvestmentsInvested capitalINR 444.23BResult 15.7% | 0.84xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating incomeINR 78.02BoperatingIncomeNet PP&EINR 92.62BpropertyPlantEquipmentResult 0.84x |
| 2023 | 27.4%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 102.67BpropertyPlantEquipmentInventoryINR 139.85BinventoryTotal assetsINR 885.77BtotalAssetsResult 27.4% | 5.18xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenueINR 531.34BtotalRevenueNet PP&EINR 102.67BpropertyPlantEquipmentResult 5.18x | 0.93xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapexINR 23.60BcapitalExpendituresD&AINR 25.47BdepreciationAndAmortizationResult 0.93x | INR 54.61Tangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 885.77BtotalAssetsGoodwillINR 198.98BgoodWillIntangiblesINR 113.66BintangibleAssetsLiabilitiesINR 531.48BtotalLiabTangible bookINR 41.65BShares762,736,000commonStockSharesOutstandingResult INR 54.61 | 1.54xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 106.81BebitdaCapexINR 23.60BcapitalExpendituresInterestINR 25.48BinterestExpenseShort-term debtINR 28.55BshortLongTermDebtEBITDA − capexINR 83.21BPrincipal due is the current portion of debt.Result 1.54x | INR 53.91BFree cash flow · 2023-03-31Reported free cash flowOperating cash flowINR 77.51BtotalCashFromOperatingActivitiesCapexINR 23.60BcapitalExpendituresFree cash flowINR 53.91BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 53.91B | 15.8%ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 87.50BoperatingIncomeTax expenseINR 7.36BincomeTaxExpensePretax incomeINR 51.50BincomeBeforeTaxTax rate14.3%EquityINR 298.44BtotalStockholderEquityDebtINR 239.39BshortLongTermDebtTotalCashINR 61.73BcashAndShortTermInvestmentsInvested capitalINR 476.10BResult 15.8% | 0.85xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating incomeINR 87.50BoperatingIncomeNet PP&EINR 102.67BpropertyPlantEquipmentResult 0.85x |
| 2024 | 26.9%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 108.14BpropertyPlantEquipmentInventoryINR 127.76BinventoryTotal assetsINR 875.46BtotalAssetsResult 26.9% | 3.94xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenueINR 425.99BtotalRevenueNet PP&EINR 108.14BpropertyPlantEquipmentResult 3.94x | 0.42xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapexINR 11.59BcapitalExpendituresD&AINR 27.63BdepreciationAndAmortizationResult 0.42x | INR 19.97Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 875.46BtotalAssetsGoodwillINR 201.84BgoodWillIntangiblesINR 110.23BintangibleAssetsLiabilitiesINR 548.40BtotalLiabTangible bookINR 14.99BShares750,608,000commonStockSharesOutstandingResult INR 19.97 | 0.39xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 40.54BebitdaCapexINR 11.59BcapitalExpendituresInterestINR 30.91BinterestExpenseShort-term debtINR 44.28BshortLongTermDebtEBITDA − capexINR 28.95BPrincipal due is the current portion of debt.Result 0.39x | -INR 23.94BFree cash flow · 2024-03-31Reported free cash flowOperating cash flowINR 18.22BtotalCashFromOperatingActivitiesCapexINR 11.59BcapitalExpendituresFree cash flow-INR 23.94BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -INR 23.94B | —ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 28.48BoperatingIncomeTax expense-INR 2.09BincomeTaxExpensePretax income-INR 20.87BincomeBeforeTaxTax rate—EquityINR 248.07BtotalStockholderEquityDebtINR 297.54BshortLongTermDebtTotalCashINR 63.56BcashAndShortTermInvestmentsInvested capitalINR 482.05BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.26xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating incomeINR 28.48BoperatingIncomeNet PP&EINR 108.14BpropertyPlantEquipmentResult 0.26x |
| 2025 | 23.1%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 100.46BpropertyPlantEquipmentInventoryINR 103.16BinventoryTotal assetsINR 880.02BtotalAssetsResult 23.1% | 4.61xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenueINR 462.62BtotalRevenueNet PP&EINR 100.46BpropertyPlantEquipmentResult 4.61x | 0.62xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapexINR 16.95BcapitalExpendituresD&AINR 27.50BdepreciationAndAmortizationResult 0.62x | INR 73.12Tangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 880.02BtotalAssetsGoodwillINR 206.75BgoodWillIntangiblesINR 109.09BintangibleAssetsLiabilitiesINR 501.76BtotalLiabTangible bookINR 62.42BShares853,608,000commonStockSharesOutstandingResult INR 73.12 | 0.60xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 68.11BebitdaCapexINR 16.95BcapitalExpendituresInterestINR 31.10BinterestExpenseShort-term debtINR 54.51BshortLongTermDebtEBITDA − capexINR 51.16BPrincipal due is the current portion of debt.Result 0.60x | INR 84.56BFree cash flow · 2025-03-31Reported free cash flowOperating cash flowINR 101.51BtotalCashFromOperatingActivitiesCapexINR 16.95BcapitalExpendituresFree cash flowINR 84.56BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 84.56B | 11.7%ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 56.20BoperatingIncomeTax expenseINR 90.00MincomeTaxExpensePretax incomeINR 8.29BincomeBeforeTaxTax rate1.1%EquityINR 321.99BtotalStockholderEquityDebtINR 250.99BshortLongTermDebtTotalCashINR 98.20BcashAndShortTermInvestmentsInvested capitalINR 474.78BResult 11.7% | 0.56xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating incomeINR 56.20BoperatingIncomeNet PP&EINR 100.46BpropertyPlantEquipmentResult 0.56x |
| 2026 | 24.8%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 109.13BpropertyPlantAndEquipmentNetInventoryINR 126.76BinventoryTotal assetsINR 952.05BtotalAssetsResult 24.8% | 4.75xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueINR 518.39BtotalRevenueNet PP&EINR 109.13BpropertyPlantAndEquipmentNetResult 4.75x | 0.51xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexINR 16.66BcapitalExpendituresD&AINR 32.44BdepreciationAndAmortizationResult 0.51x | INR 79.92Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 952.05BtotalAssetsGoodwillINR 229.54BgoodWillIntangiblesINR 114.33BintangibleAssetsLiabilitiesINR 539.36BtotalLiabTangible bookINR 68.82BShares861,111,000commonStockSharesOutstandingResult INR 79.92 | 0.82xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 98.02BebitdaCapexINR 16.66BcapitalExpendituresInterestINR 34.01BinterestExpenseShort-term debtINR 65.11BshortLongTermDebtEBITDA − capexINR 81.36BPrincipal due is the current portion of debt.Result 0.82x | INR 40.97BFree cash flow · 2026-03-31Reported free cash flowOperating cash flowINR 57.63BtotalCashFromOperatingActivitiesCapexINR 16.66BcapitalExpendituresFree cash flowINR 40.97BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 40.97B | 9.7%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 70.94BoperatingIncomeTax expenseINR 9.37BincomeTaxExpensePretax incomeINR 31.57BincomeBeforeTaxTax rate29.7%EquityINR 346.96BtotalStockholderEquityDebtINR 235.76BshortLongTermDebtTotalCashINR 67.20BcashAndShortTermInvestmentsInvested capitalINR 515.52BResult 9.7% | 0.65xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating incomeINR 70.94BoperatingIncomeNet PP&EINR 109.13BpropertyPlantAndEquipmentNetResult 0.65x |
- Receivables are larger than the physical asset base, so a finance or credit book may sit outside the physical ratio and inside the debt used for coverage.
- Principal due is the current portion of debt.
Latest year inputs (2026)
Net PP&E: INR 109.13B
Inventory: INR 126.76B
Total assets: INR 952.05B
Goodwill: INR 229.54B
Intangibles: INR 114.33B
Liabilities: INR 539.36B
Tangible book: INR 68.82B
Shares: 861,111,000
Revenue: INR 518.39B
Capex: INR 16.66B
D&A: INR 32.44B
EBITDA: INR 98.02B
Interest: INR 34.01B
Short-term debt: INR 65.11B
Free cash flow: INR 40.97B
Operating income: INR 70.94B
Invested capital: INR 515.52B
Tax rate: 29.7%