What does the cryptic crossword clue "Peeling paint, profit slack, upset, in a state (10)" mean?

This cryptic clue uses wordplay to arrive at the answer. Visit the page for progressive hints — definition, wordplay type, and a full step-by-step explanation.

Peeling paint, profit slack, upset, in a state (10)

Guardian Cryptic #27247 | 12 Down | 2017-07-12 flower

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