MBAPL - M B Agro Prod.
📢 Recent Corporate Announcements
Madhya Bharat Agro Products Limited (MBAPL) has signed a Memorandum of Understanding (MoU) with Yara Fertilisers India Private Limited for a domestic marketing arrangement. This strategic tie-up enables MBAPL to sell its agri-inputs through Yara's established distribution network across India. The company anticipates a meaningful contribution to its revenue through this partnership. No upfront financial consideration was involved, making it a capital-efficient strategy to expand market reach.
- Strategic MoU signed with Yara Fertilisers India Private Limited for marketing and selling agri-inputs.
- Leverages Yara's extensive domestic distribution network to enhance market penetration.
- Management expects a meaningful revenue contribution from this agreement.
- No upfront payment or consideration involved in the signing of the agreement.
- Aims to provide customers with assured supply while expanding the company's geographic presence.
CRISIL Ratings has upgraded the long-term credit rating of Madhya Bharat Agro Products Limited (MBAPL) to CRISIL A+/Stable from CRISIL A/Stable. The rating action covers total bank loan facilities of Rs. 885 crore, including significant term loans and working capital limits. The short-term rating was reaffirmed at CRISIL A1, indicating a very strong degree of safety regarding timely payment of financial obligations. This upgrade reflects the company's strengthening credit profile and improved financial stability.
- Long-term rating upgraded to CRISIL A+/Stable from CRISIL A/Stable
- Short-term rating reaffirmed at CRISIL A1 for bank facilities
- Total bank loan facilities rated amount to Rs. 885 crore
- Major term loans include Rs. 174 crore from Federal Bank and Rs. 150.64 crore from HDFC Bank
- The upgrade signifies improved creditworthiness and potential for lower borrowing costs in the future
Madhya Bharat Agro Products Limited (MBAPL) reported a robust Q3 FY26 with revenue jumping 115.9% YoY to ₹612.4 crore and PAT rising 77.7% to ₹31.8 crore. The company achieved record production volumes of 1,34,355 MT, with NPK/DAP plants operating at an exceptional 115% capacity utilization. While overall EBITDA margins saw some compression due to a higher mix of low-margin imported fertilizers (2.5-3% margin), margins on self-manufactured products remained stable at 13-14%. Management is focused on massive capacity expansions at Dhule and Sagar to drive future growth and backward integration.
- Quarterly revenue reached an all-time high of ₹612.4 crore, up 115.9% YoY.
- 9M FY26 PAT doubled to ₹90.4 crore, representing a 109.3% increase over the previous year.
- NPK/DAP and SSP plants operated at peak efficiencies of 115% and 109% utilization respectively.
- Major integrated complex at Dhule (3.3 LMT DAP NPK capacity) is on track for H1 FY27 commissioning.
- Subsidy receivables remain healthy with all claims up to the fourth week of November 2025 already received.
Madhya Bharat Agro Products Limited (MBAPL) has officially released the audio recording of its Q3 FY26 earnings conference call held on January 12, 2026. The call followed the company's financial results for the quarter ended December 31, 2025. This disclosure is part of the company's regulatory compliance under SEBI LODR regulations to ensure transparency for all shareholders. Investors can now access management's detailed commentary on the company's quarterly performance and future outlook via the provided web link.
- Earnings conference call for Q3 FY26 concluded on January 12, 2026, at 4:00 PM IST.
- Audio recording is now publicly available on the company's official website.
- Compliance maintained with Regulation 30 and 46 of SEBI (Listing Obligations and Disclosure Requirements).
- The recording provides insights into the financial performance for the period ended December 31, 2025.
Madhya Bharat Agro Products Limited (MBAPL) delivered a robust Q3 FY26 performance, with revenue doubling to ₹612.4 crore and PAT rising 77.7% YoY to ₹31.8 crore. The company is operating at over 100% capacity utilization for its core fertilizer products, SSP and NPK/DAP. A major expansion is underway to triple NPK/DAP capacity to 990k MT and significantly increase backward integration in acid production. These initiatives aim to position MBAPL as India's 4th largest private phosphatic fertilizer player by FY28.
- Q3 FY26 Revenue increased 115.9% YoY to ₹612.4 crore, driven by strong demand and operational efficiency.
- 9M FY26 PAT more than doubled to ₹90.4 crore, representing a 109.3% growth compared to the previous year.
- Total fertilizer capacity is projected to grow from 5 lakh MTPA to ~16 lakh MTPA through greenfield and brownfield projects.
- Sulphuric acid capacity to rise 460% to 924k MT, enhancing raw material security and cost efficiency.
- Achieved record production volumes of 1,34,355 MT in Q3 FY26 with NPK/DAP utilization at 115%.
Madhya Bharat Agro Products Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The report, issued by Bigshare Services Private Ltd, covers the period from October 1, 2025, to December 31, 2025. It confirms that no dematerialization requests for equity shares were received by the Registrar and Share Transfer Agent during this timeframe. This is a standard administrative filing required for all listed entities to ensure share registry accuracy.
- Compliance certificate submitted for the quarter ended December 31, 2025.
- Registrar Bigshare Services Pvt. Ltd. confirmed zero dematerialization requests received during the period.
- The reporting period spanned from October 1, 2025, to December 31, 2025.
- Filing is in accordance with SEBI (Depositories and Participants) Regulations, 2018.
Madhya Bharat Agro Products Limited (MBAPL) has announced a major integrated expansion at its Dhule, Maharashtra site with an estimated investment of Rs 450 crores. The project includes a 3,30,000 TPY DAP/NPK plant, supported by 66,000 TPY Phosphoric Acid and 3,96,000 TPY Sulphuric Acid units. This move aims to capitalize on the high demand for phosphatic fertilizers and is expected to commence commercial production in FY 2027-28. The company is also integrating green ammonia sourcing through the SECI SIGHT scheme to enhance long-term sustainability and cost-efficiency.
- Board approved Rs 450 crore investment for integrated fertilizer capacity addition at Dhule, Maharashtra.
- New capacity includes 3,30,000 TPY DAP/NPK, 66,000 TPY Phosphoric Acid, and 3,96,000 TPY Sulphuric Acid.
- Commercial production for the new units is targeted for the 2027-28 period subject to approvals.
- Existing Sagar DAP/NPK plant is operating at 102% utilization as of December 31, 2025.
- Company identified as a preferred buyer for green ammonia under the SECI SIGHT Scheme.
Madhya Bharat Agro Products Limited (MBAPL) reported a stellar performance for Q3 FY26, with revenue from operations surging 115.8% YoY to ₹612.39 crore. Net profit for the quarter rose by 77.4% YoY to ₹31.76 crore, while the nine-month PAT of ₹90.43 crore has already significantly surpassed the previous full year's profit. Alongside the results, the board approved a massive expansion in Dhule, Maharashtra, including a 3.3 lakh TPY DAP/NPK plant and integrated acid plants. The company maintains a strong credit profile with ratings of CRISIL 'A/Stable' and ICRA 'A+(Stable)'.
- Revenue from operations grew 115.8% YoY to ₹612.39 crore in Q3 FY26.
- Net profit (PAT) increased by 77.4% YoY to ₹31.76 crore from ₹17.90 crore.
- 9-month FY26 PAT reached ₹90.43 crore, exceeding the total FY25 PAT of ₹57.48 crore.
- Approved expansion of 3,30,000 TPY DAP/NPK plant with 66,000 TPY Phosphoric Acid and 3,96,000 TPY Sulphuric Acid units.
- Earnings Per Share (EPS) for the quarter rose to ₹3.62 from ₹2.04 in the year-ago period.
Madhya Bharat Agro Products Limited (MBAPL) has announced the rescheduling of its earnings conference call for the third quarter and nine months ended December 31, 2025. Originally slated for January 9, 2026, the call will now be held on Monday, January 12, 2026, at 4:00 PM IST. The management, including the Managing Director and CFO, will discuss the company's financial performance and operational updates. This is a standard administrative update regarding investor relations activities.
- Earnings call for Q3 & 9M FY26 rescheduled from January 9 to January 12, 2026.
- The virtual group meeting is scheduled to commence at 4:00 PM IST.
- Key participants include Promoter & MD Mr. Pankaj Ostwal and CFO Mr. Sourabh Gupta.
- Universal access dial-in numbers provided are +91 22 6280 1341 and +91 22 7115 8242.
Madhya Bharat Agro Products Limited (MBAPL) has scheduled its earnings conference call for Friday, January 9, 2026, at 4:00 PM IST. The call will focus on the company's financial performance for the third quarter and the nine-month period ending December 31, 2025. Senior management, including the Managing Director and Chief Financial Officer, will be present to discuss results and answer investor queries. This is a standard post-earnings engagement to provide transparency on operational and financial metrics.
- Earnings call scheduled for January 9, 2026, at 16:00 hrs IST.
- Discussion will cover financial results for Q3 FY26 and the 9-month period ended December 31, 2025.
- Management participants include Mr. Pankaj Ostwal (Promoter & MD) and Mr. Sourabh Gupta (WTD & CFO).
- Universal dial-in numbers provided are +91 22 6280 1341 and +91 22 7115 8242.
Madhya Bharat Agro Products Limited (MBAPL) has announced the closure of its trading window for all designated persons starting January 1, 2026. This move is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results. The window will remain closed until 48 hours after the announcement of the unaudited financial results for the quarter ending December 31, 2025. The specific date for the board meeting to approve these results will be communicated in due course.
- Trading window for designated persons to close effective January 1, 2026.
- Closure is in relation to the unaudited financial results for the quarter ending December 31, 2025.
- Trading window will reopen 48 hours after the financial results are officially announced.
- Compliance follows SEBI (Prohibition of Insider Trading) Regulations, 2015.
Madhya Bharat Agro Products Limited (MBAPL) held an analyst and investor meeting on December 03, 2025. The meeting, conducted virtually, involved a Q&A format with analysts and investors. According to the company, no presentations were made, and no Unpublished Price Sensitive Information (UPSI) was shared during the interactions. This announcement is a routine disclosure about the meeting as per SEBI regulations.
- Analyst/Investor meeting held on December 03, 2025 from 12:00 P.M. to 1:00 PM
- Meeting was conducted virtually.
- No presentation was made by the company officials.
- No Unpublished Price Sensitive Information (UPSI) was shared.
Financial Performance
Revenue Growth by Segment
Overall revenue grew 29.2% YoY to INR 1,064.9 Cr in FY2025 from INR 823.9 Cr in FY2024. Segment-wise split is not disclosed as the company operates as a single integrated fertilizer business, but growth was primarily driven by higher NPK/DAP sales volumes.
Geographic Revenue Split
Not explicitly disclosed in percentages; however, the company has a strong presence in Madhya Pradesh (Sagar plant) and is expanding into Maharashtra with a new plant in Dhule to capture western markets.
Profitability Margins
Operating Profit Margin improved to 11.59% in FY2025 from 9.61% in FY2024 (a 20.6% increase) due to higher government subsidies. Net Profit Margin rose to 5.43% from 3.04% (a 78.62% increase) driven by higher absolute profits.
EBITDA Margin
OPBDIT/OI margin was 14.4% in FY2025, up from 12.6% in FY2024. This improvement reflects better capacity utilization and the benefits of backward integration into phosphoric and sulphuric acid.
Capital Expenditure
MBAPL is planning a total capex of INR 800 Cr for setting up a new DAP/NPK and SSP plant in Dhule, Maharashtra, and expanding the Madhya Pradesh plant. INR 600-650 Cr is planned over the next three fiscals, funded in a 1:1 debt-to-equity ratio.
Credit Rating & Borrowing
Crisil A/Stable/Crisil A1 (factoring in parent OPIL linkages). Interest coverage ratio improved 46.15% to 4.37 in FY2025 due to higher profitability.
Operational Drivers
Raw Materials
Key raw materials include Rock Phosphate, Sulphuric Acid, and Phosphoric Acid. The company is backward integrated for Sulphuric Acid (165,000 MTPA) and Phosphoric Acid (69,000 MTPA), which reduces external cost dependency.
Import Sources
Rock Phosphate is primarily imported from Jordan and Egypt through long-term supply arrangements.
Key Suppliers
Not disclosed by specific company names, but sourced through a common procurement platform for the Ostwal Group from Jordan and Egypt.
Capacity Expansion
DAP/NPK capacity: 240,000 MTPA; SSP capacity: 240,000 MTPA. Phosphoric Acid capacity was increased 130% to 69,000 MTPA on March 30, 2025. A new Sulphuric Acid plant is expected by March 2026, and the Dhule plant is set for October 2026.
Raw Material Costs
Raw material costs are optimized through backward integration and common group sourcing. Operating margins increased 20.6% partly due to these efficiencies and favorable subsidy adjustments.
Manufacturing Efficiency
Revenue growth of 29% was driven by improved capacity utilization of phosphatic fertilizer plants. All units are ISO 9001:2015 certified with NABL-accredited labs.
Logistics & Distribution
The company utilizes a distribution network of 1,400 wholesalers and 15,000 dealers/retailers under the 'Annadata' brand.
Strategic Growth
Expected Growth Rate
58%
Growth Strategy
Growth will be achieved through a massive INR 800 Cr capacity expansion, including the new Dhule plant (Oct 2026) to enter Maharashtra markets, and a marketing agreement with National Fertilisers Ltd (NFL) to expand distribution reach.
Products & Services
Single Super Phosphate (SSP), Diammonium Phosphate (DAP), NPK fertilizers, Beneficiated Rock Phosphate (BRP), Sulphuric Acid, and Phosphoric Acid.
Brand Portfolio
Annadata
New Products/Services
Expansion into DAP/NPK import substitution is expected to be a major revenue contributor as new capacities in Dhule become operational.
Market Expansion
Targeting the Maharashtra market through the Dhule project and increasing national reach via the NFL marketing tie-up.
Market Share & Ranking
Ostwal Group (including MBAPL) is the 2nd largest SSP manufacturer in India with a ~9% national market share.
Strategic Alliances
Marketing agreement with National Fertilisers Ltd (NFL) to leverage their established distribution network.
External Factors
Industry Trends
The industry is seeing a shift toward NPK fertilizers and import substitution for DAP. While organic and nano-fertilizers are emerging, they currently pose only a long-term threat to traditional offtake.
Competitive Landscape
Competes with other large SSP and NPK manufacturers; market dynamics are heavily influenced by government subsidy policies.
Competitive Moat
Durable competitive advantage through being the only private Indian group with complete backward integration (BRP to Phosphoric Acid), providing significant cost leadership and a 9% SSP market share.
Macro Economic Sensitivity
Highly sensitive to agricultural sector health and monsoon patterns, which dictate fertilizer offtake.
Consumer Behavior
Farmers are increasingly adopting NPK over traditional fertilizers, a trend MBAPL is capturing through its 240,000 MTPA DAP/NPK capacity.
Geopolitical Risks
Trade barriers or instability in the Middle East (Jordan/Egypt) could disrupt the supply of critical rock phosphate.
Regulatory & Governance
Industry Regulations
Operations are governed by the Nutrient Based Subsidy (NBS) policy and government regulations on fertilizer pricing and subsidy disbursement.
Environmental Compliance
Focuses on reducing water, power, and raw material usage; all units are ISO certified for quality management.
Taxation Policy Impact
Not explicitly disclosed; however, fiscal policies regarding fertilizer subsidies are the primary regulatory driver.
Legal Contingencies
The company reported no pending litigations that would impact its financial position as of the 2024-25 Annual Report.
Risk Analysis
Key Uncertainties
Project execution risk for the INR 800 Cr capex program; delays in commissioning the Dhule plant (Oct 2026) could moderate credit metrics longer than expected.
Geographic Concentration Risk
Currently concentrated in Madhya Pradesh, but the Dhule project will diversify operations into Maharashtra.
Third Party Dependencies
High dependency on the Government of India for timely subsidy payments (INR 127.3 Cr pending) and on Middle Eastern suppliers for rock phosphate.
Technology Obsolescence Risk
Long-term risk from technological breakthroughs in organic or nano-fertilizers that could offer better productivity than traditional phosphatic fertilizers.
Credit & Counterparty Risk
Receivables quality is generally high as a large portion is government subsidy, though realization timing is a risk (Debtors turnover improved 43.75% to 5.52).