Upl Limited

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Ratios

Working-Capital Days

Number of days
0100200300FY22FY23FY24FY25FY26FY2022 — Debtor Days: 121 daysFY2023 — Debtor Days: 124 daysFY2024 — Debtor Days: 138 daysFY2025 — Debtor Days: 121 daysFY2026 — Debtor Days: 126 daysFY2022 — Inventory Days: 216 daysFY2023 — Inventory Days: 187 daysFY2024 — Inventory Days: 198 daysFY2025 — Inventory Days: 155 daysFY2026 — Inventory Days: 179 daysFY2022 — Days Payable: 274 daysFY2023 — Days Payable: 236 daysFY2024 — Days Payable: 196 daysFY2025 — Days Payable: 164 daysFY2026 — Days Payable: 169 days
Debtor DaysInventory DaysDays Payable

How to read this: these lines track how the company manages day-to-day cash. Debtor days is how long customers take to pay; inventory days is how long stock sits before selling; days payable is how long the company takes to pay its own suppliers. Fewer debtor and inventory days generally means cash comes in faster; more days payable means the company holds its cash longer. The right level varies a lot by industry, so the trend over time matters more than any single number.

Return on Capital Employed

ROCE, in %
0%5%10%15%FY2022 — 14%14%FY2023 — 14%14%FY2024 — 3%3%FY2025 — 8%8%FY2026 — 10%10%FY22FY23FY24FY25FY26

How to read this: return on capital employed (ROCE) shows how much operating profit the company earns from every unit of capital it uses, as a percentage. A higher, steady line over the years suggests the business uses its capital efficiently. As with most ratios, the multi-year trend tells you more than any single year.

PeriodDebtor DaysInventory DaysDays PayableCash Conversion CycleWorking Capital DaysROCE %
FY2015115178195984521
FY20161332042131244819
FY2017127194228938422
FY2018127204255769421
FY201919530633017112710
FY2020121153199755910
FY2021115180244515213
FY2022121216274643614
FY2023124187236764614
FY2024138198196141523
FY202512115516411398
FY2026126179169135510

Understanding these terms

Plain-English explanations of each figure in the table above, and what a beginner typically looks at. These are educational descriptions only, not advice.

Debtor Days
The average number of days the company takes to collect payment from its customers after a sale.How a beginner reads it: A beginner reads fewer days as cash coming in faster. A rising trend can mean customers are taking longer to pay, which ties up cash; readers compare it to the company's own past and to peers.
Inventory Days
The average number of days goods sit as inventory before being sold.How a beginner reads it: A beginner reads lower inventory days as stock moving quickly. A rising trend can signal slowing sales or overstocking; the right level varies a lot by industry, so comparison matters.
Days Payable
The average number of days the company takes to pay its own suppliers.How a beginner reads it: A beginner reads more days as the company holding onto cash longer — useful, within reason. Reading it next to debtor days shows whether the company collects from customers faster than it pays suppliers.
Cash Conversion Cycle
The number of days it takes to turn money spent on inventory back into cash from customers: inventory days plus debtor days minus days payable.How a beginner reads it: A beginner reads a shorter cycle as cash being tied up for less time. A negative cycle — paying suppliers after collecting from customers — is generally a sign of strong working-capital efficiency.
Working Capital Days
How many days of sales are tied up in the day-to-day running of the business (receivables and inventory, net of payables).How a beginner reads it: A beginner watches the trend: fewer days means less cash locked into operations. A steadily rising figure can mean growth is consuming more and more cash to sustain.
ROCE %
Return on Capital Employed — operating profit as a percentage of the total capital (equity plus debt) the business uses. It measures how efficiently the company turns all its capital into operating profit.How a beginner reads it: A beginner uses ROCE to judge how well a company uses every rupee of capital, regardless of how it is financed. Consistency over many years often matters more to readers than a single high year.
Educational data only. Not a recommendation to buy, sell or hold any security.