Motilal Oswal reiterated a Neutral rating on UPL Limited with a target price of Rs 558 after visiting its Jhagadia and Dahej plants, highlighting Superform's 20-23% revenue CAGR target, phosphorus and cyanide-led growth, battery chemicals foray, and forecasted 7%/9%/28% revenue/EBITDA/adjusted PAT CAGR over FY26-28E.