UPL Ltd: Global Agrochemical Powerhouse Grappling with Margin Compression — A Deep-Dive Equity Research
--- UPL Ltd, formerly known as United Phosphorus Limited, is the largest agrochemical company in India and ranks among the top five crop protection chemical companies globally. Incorporated in **1969** and headquartered in **Mumbai**, the company has built a sprawling global enterprise with operations spanning across **138+ countries**, supported by a robust manufacturing footprint of **43+ plants** spread across India, Europe, North America, Latin America, and Asia-Pacific. UPL manufactures and