### **Company Overview** UPL Limited is a globally recognized leader in sustainable agriculture, delivering integrated solutions across the agrifood value chain. With annual revenue exceeding **$5 billion**, UPL operates in **over 140 countries**, serving millions of farmers through a diverse portfolio that spans **crop protection, seeds, specialty chemicals, post-harvest solutions, and digital agriculture services**. The company operates under the **OpenAg®** philosophy, aiming to transform the global food system by promoting sustainability, innovation, and inclusivity. UPL is organized into **four strategic business platforms**, enabling focused growth and operational agility: 1. **UPL Corporation Ltd.** – Global crop protection business. 2. **UPL Sustainable Agri Solutions Limited (UPL SAS)** – India-focused crop protection. 3. **Advanta Enterprises Limited** – Global hybrid seeds platform. 4. **Superform Chemistries Limited** – Specialty chemicals, including non-agricultural applications. --- ### **Corporate Structure & Global Footprint** UPL has built a **complex, decentralized international corporate structure** supported by more than **200 subsidiaries, associates, and joint ventures** across the Americas, Europe, Africa, Asia, and Oceania. The group’s global presence is anchored by key holding entities including: - **UPL Corporation Ltd (Cayman)** - **UPL Corporation Limited (Mauritius)** - **UPL Holdings BV / Cooperatief U.A. / SA (Pty) Ltd** (holding structures in Netherlands, Hungary, South Africa) - **UPL Global Limited** (Thailand strategic partner vehicle) - **Decco Worldwide Post-Harvest Holdings Cooperatief U.A.** (100% owned, post-harvest focus) The company maintains **significant ownership stakes** across key geographies: - **78%** in crop protection subsidiaries in the **U.S., South Africa, Spain, Vietnam, Sri Lanka, and the Netherlands** - **75%** in Advanta Holdings in **U.S., Netherlands, South Africa, and Mexico** - **100% ownership** of core post-harvest assets such as **Decco Iberica Postcosecha (Spain)** and **Decco Worldwide Post-Harvest Holdings (Netherlands)** --- ### **Core Business Segments & Strategic Platforms** #### **1. UPL Corporation Limited – Global Crop Protection** - Generates **₹34,381 crore (~$4.1 billion)** in revenue (FY25) - Serves **140+ countries** with over **15,000 global product registrations** - Offers comprehensive portfolio: herbicides, fungicides, insecticides, biocontrols, seed treatments, adjuvants, fumigants - Key brands: **Feroce®**, **Evolution®**, **Shenzi®**, **Winger®**, **Nuvita®**, **Gaxy®** - Outperformed global market in FY25 with strong volume growth, supply chain agility, and customer engagement - Revenue from new product launches: **$93 million in FY25**, expected **$130 million+ in FY26** - Natural Plant Protection (NPP) segment (biologicals, biocontrols) accounts for **11% of UPL Corp’s revenue**, growing faster than traditional products - Differentiated & sustainable products: **38% of total portfolio**, up 300 bps YoY; margins expanding due to higher-value product mix #### **2. UPL Sustainable Agri Solutions Limited (India Crop Protection)** - India-focused platform generating **₹3,230 crore in FY25 revenue**, up **13% YoY** - EBITDA margin expanded **900 basis points to 13.7%**, supported by volume growth and cost optimization - Operates via **25,000+ dealers, 300,000 indirect retailers, 60 depots** - 5,000 field staff supported by brands like **Unimart**, serving as retail hubs - Key products: **Centurion®, Canora®, Iris®, Patela®, Sweep Power®, Ferio®** - Growing emphasis on **sustainable solutions (NPP)** amid rising farmer demand #### **3. Advanta Enterprises Limited – Global Hybrid Seeds Platform** - Ranked **10th globally in seeds**, generating **₹4,633 crore (~$501 million)** in FY25 - Operates in **80+ countries** with 25+ commercial presence countries and **30+ production sites** - **12.5% stake sold to Alpha Wave Global** for **$350 million**, valuing Advanta at **$2.8 billion** – reinforcing investor confidence - Offers **850+ hybrid/inbred seed varieties** across **60+ crops**, including corn, sorghum, sunflower, canola, paddy, and vegetables - R&D: **31 research centers**, **70+ plant scientists**, over **850 seed hybrids in pipeline** - Leadership in **tropical field corn and grain sorghum in Americas**, powered by proprietary **'igrowth'** and **'aphix'** technologies - Key brands: **Advanta, Alta, Pacific Seeds, Empyr**, featuring virus-resistant and climate-resilient traits #### **4. Superform Chemistries Limited – Specialty & Industrial Chemicals** - Formerly UPL Speciality Chemicals, now rebranded as an **independent growth platform** - Leveraging **50+ years of expertise** in **phosphorus, sulphur, phosgene, and cyanation** technologies - India’s **largest player** in **cyanation and phosgenation**, sole producer of **acrolein** - Vertically integrated with **backward integration** into key feedstocks: HCN, Na2S, NaSH, PCL5 - Expanding into **battery chemicals, flame retardants, paints, polymers, fragrances, and pharmaceuticals** - Entering high-growth markets: energy storage (via PCL5), mining, and pharmaceutical intermediates - Joint ventures underway for **3,4-DCPI**, with plans to produce **IPDI, 2-EHCF** --- ### **Strategic Developments & Realignment** - **FY22-23 restructuring** established **pure-play platforms** to enhance agility and unlock long-term value - **DECCO (post-harvest solutions)** being integrated into **Advanta Mauritius Limited** to drive synergies in sustainability, technology (AI, joint R&D), and distribution - DECCO operates under **Decco Holdings UK Limited**, offering technologies for **shelf-life extension, produce preservation, and food waste reduction** - **Advanta’s grower network** to accelerate adoption of DECCO’s near-harvest coating technologies - **Superform’s separation** enables capital-raising: attracted investments from **ADIA, TPG, KKR, Brookfield (Woodhall), Alpha Wave** --- ### **Innovation & Technology** - **R&D Powerhouse**: 57 global facilities, **1,000+ researchers**, 10+ new technologies in sustainable pipeline - 26 new molecules and 17 solution platforms in development - Over **2,700 patents**; 30% of portfolio IP-protected - **Innovation rate**: **14% in crop protection**, ~30% in seeds - **$100+ million** revenue from new launches in FY25; pipeline targeting **$1.5B annual risk-adjusted sales by FY30** - Key innovations: **Flow Chemistry** adoption for agrochemical intermediates; **continuous processes**, **solvent recovery**, **catalyst optimization** - Digital platforms: - **Nurture.farm** – Farm advisory, mechanization, soil testing - **nurture.farm retail** – B2B e-commerce for rural retailers - **Farmily** – Farmer engagement and insights - **SONAR** – Enterprise analytics for real-time decision making - **AI Demand Forecasting Engine** – Inventory optimization - **Swift Squad & Distributor 360** – Sales performance tools - **OpenIntel** – Generative AI and digital learning for employees --- ### **Sustainability & ESG Leadership** - **#1 Global Agrochemical Company in ESG** – **Dow Jones Sustainability Index (DJSI)** 2024 - Member of **DJSI World Index** - TRFR (Total Recordable Frequency Rate): **0.22**, with all safety metrics improving YoY - Committed to renewable energy (wind, solar) - **38% of revenue** from differentiated and sustainable products; targeting **45–50% by FY27** - Aiming for **~13% CAGR** in sustainable portfolio from FY25–FY30 - Focus on **biocontrols, microbials, pheromones, enzyme-based solutions**, and **ProNutiva®** expansion into new crops (e.g., corn, LATAM) --- ### **Global Manufacturing & Supply Chain** - **43 advanced manufacturing facilities** globally, **26 formulation plants** - High backward integration in **key chemistries** (phosphorus, phosgene, cyanation) - Proprietary **Flow Chemistry** for efficient, safe synthesis - Cost of Goods Manufactured (COGM) reduced via **process intensification**, **batch-to-continuous shift**, and **“3R” strategy** (Recover, Recycle, Reuse) - **Debottlenecking initiatives** led by **70+ engineers and 30+ data scientists** improving cost efficiency - Supply chain recalibrated in FY24–FY25 due to Chinese overcapacity; internal manufacturing utilization expected to rise with portfolio expansion --- ### **M&A and Strategic Partnerships** - Over **60 acquisitions in 50+ years**; integration enhances R&D, regulatory, and market access - **Recent acquisition**: K-Adriatica’s corn assets (temperate germplasm) to strengthen Advanta’s **European breeding program** - **Divestment of Serra Bonita** to strengthen strategic alliance with **Roquetto Group (Brazil)**; ongoing use of UPL technologies in their farming network - **Joint venture with Baka (Thailand)** – UPL Global Limited combines global expertise with local reach for accelerated growth - **MoUs in place** for **contract manufacturing** with peak revenue potential of **₹15–20 billion** --- ### **Geographic & Market Strategy** - **>85% revenue from outside India**, with major operations in: - **Americas**: Brazil, U.S., Argentina, Canada, Mexico - **Europe**: UK, Netherlands, Spain, Italy, Germany, Ukraine, Romania - **Asia-Pacific**: India, Thailand, Vietnam, Australia, New Zealand - **Africa**: South Africa, Tanzania, Mozambique, Zambia - **DECCO** operates in **40+ countries**; bundled offerings with Advanta enhancing market access - Strategic priority: **$700 million+ sales ex-India by FY27** - Expanding in **Argentina, Europe, India, Australia** via new launches and label extensions --- ### **Leadership & Corporate Vision** - **Mr. Varun Shroff** leading digitization and post-harvest integration: IoT, remote monitoring, and farmer-centric digital tools - Group CEO oversees strategy through **UPL Corp**, which contributes majority of consolidated EBITDA - **Financial discipline** prioritized: deleveraging, cash flow improvement, margin expansion - Strategic FY26 focus: **innovation acceleration, profitable growth, operational excellence, digital transformation**