UPL vs PI Industries: share price, P/E, ROE and financials compared
UPL
PI Industries
UPL and PI Industries at a glance
UPL and PI Industries are both listed in Chemicals. UPL is the larger by market cap, at ₹45,214 Cr against ₹26,321 Cr for PI Industries (1.7 times as large). On valuation, UPL has the lower P/E (23.9× against 30.0×) and the lower price-to-book (1.30× against 2.30×). On returns and margins, PI Industries has the higher ROCE (14.7% against 9.9%), the higher ROE (7.9% against 5.5%) and the higher operating margin (24.2% against 20.0%). Over three years, PI Industries has faster 3-year sales growth (+1.1% against −1.2% a year) and faster 3-year profit growth (+2.4% against −18.6% a year). PI Industries carries less debt for its equity, with a debt-to-equity of 0.03× against 0.83×.
Key metrics, side by side
| Metric | UPLUPL | PI IndustriesPIIND |
|---|---|---|
| Price (₹) | 534.90 | 1,735.00 |
| Market cap (₹ Cr) | 45,214 | 26,321 |
| P/E | 23.9× (the lower figure, shaded) | 30.0× |
| P/B | 1.30× (the lower figure, shaded) | 2.30× |
| Dividend yield, trailing | 1.12% (the higher figure, shaded) | 0.86% |
| ROE | 5.5% | 7.9% (the higher figure, shaded) |
| ROCE | 9.9% | 14.7% (the higher figure, shaded) |
| Operating margin (OPM) | 20.0% | 24.2% (the higher figure, shaded) |
| Net margin (NPM) | 3.6% | 13.9% (the higher figure, shaded) |
| Sales CAGR 3Y | −1.2% | +1.1% (the higher figure, shaded) |
| Profit CAGR 3Y | −18.6% | +2.4% (the higher figure, shaded) |
| Debt to equity | 0.83× | 0.03× (the lower figure, shaded) |
| Interest cover | 2.1× | 104.4× (the higher figure, shaded) |
| Net profit TTM (₹ Cr) | 1,888 | 1,165 |
| 1Y return | −28.0% (the higher figure, shaded) | −51.9% |
| Promoter holding | 33.51% | 46.09% |
UPL vs PI Industries: common questions
Which is bigger, UPL or PI Industries?
By market cap, UPL is bigger at ₹45,214 Cr, against ₹26,321 Cr for PI Industries (prices as of 6 Nov 2026). Net profit over the last twelve months was ₹1,888 Cr for UPL and ₹1,165 Cr for PI Industries.
Which has a lower P/E ratio, UPL or PI Industries?
UPL trades at a P/E of 23.9× and PI Industries at 30.0×. UPL has the lower P/E. P/E is the share price divided by earnings per share; it varies a lot between industries and with growth, so it says little on its own.
Which has a higher ROE, UPL or PI Industries?
UPL reports a return on equity of 5.5% and PI Industries 7.9%. PI Industries has the higher ROE. ROE is net profit as a share of shareholders’ equity.
Which is growing faster, UPL or PI Industries?
Over the last three years: Sales grew −1.2% a year at UPL and +1.1% at PI Industries, so PI Industries grew sales faster; profit grew −18.6% a year at UPL and +2.4% at PI Industries, so PI Industries grew profit faster. Past growth doesn’t predict future growth.