Madhya Bharat Agro Products Limited (MBAPL)
₹167.10 -2.15% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Madhya Bharat's revenue was ₹416 Cr (+1.6% year on year, +5.5% on the previous quarter), and net profit ₹33.0 Cr (+16.9% year on year); the operating margin was 15.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹416 | +1.6% | +5.5% |
| Operating profit | ₹65.9 | +15.7% | +59.8% |
| Net profit | ₹33.0 | +16.9% | -44.8% |
| EPS (₹) | 0.75 | +16.5% | -45.0% |
| Operating margin | 15.8% | — | — |
EPS restated for the ₹10 to ₹2 split of Jul 2026: Q4 FY26 ₹6.82 to ₹1.36; Q1 FY26 ₹3.22 to ₹0.64.
MBAPL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 54.5% of the MBAPL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 51.88%. That is close to its usual level.
Delivery in the last 5 sessions: 43.8% · 64.4% · 50.9% · 49.8% · 54.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
CRISIL Ratings has reaffirmed Madhya Bharat Agro Products Limited's bank loan ratings at 'CRISIL A+/Stable' for long-term and 'CRISIL A1' for short-term facilities, covering total bank limits of Rs 2,006.6 crore. Crucially, the ratings were removed from 'Rating Watch with Developing Implications', signaling normalized credit surveillance. The total rated facilities of Rs 2,006.6 crore exceed MBAPL's current balance sheet debt of Rs 856 crore and represent ~107% of TTM revenue (Rs 1,874 crore). This reflects substantial sanctioned headroom supporting ongoing capex initiatives, such as the Dhule project.
- Total bank loan facilities rated stand at Rs 2,006.6 crore across multiple consortium banks.
- Long-term rating reaffirmed at 'CRISIL A+/Stable' and short-term rating reaffirmed at 'CRISIL A1'.
- Ratings successfully removed from 'Rating Watch with Developing Implications'.
- Facilities include term loans totaling Rs 606.77 crore and cash credit limits across 9 banks.
Madhya Bharat Agro Products Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. As per the certificate issued by Bigshare Services Private Limited, no dematerialisation requests were received for the equity shares between July 1, 2026, and September 30, 2026. This is a routine quarterly compliance filing and has no operational or financial impact on the company.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended September 30, 2026
- RTA Bigshare Services confirmed zero demat requests received from July 1, 2026, to September 30, 2026
- Filing pertains to equity shares under ISIN INE900L01028 with new face value of Rs 2
Madhya Bharat Agro Products Ltd has commenced commercial production at its 300 tonnes per day (TPD) Phosphoric Acid plant located at Dhule, Maharashtra. This operational launch on September 28, 2026, aligns with the company's broader ₹800 Cr capacity expansion program targeting the Maharashtra market and DAP/NPK import substitution. Phosphoric acid serves as a crucial intermediate input for the production of phosphatic fertilizers like DAP and NPK, enhancing backward integration.
- Successfully commenced commercial production on September 28, 2026
- Plant capacity stands at 300 TPD of Phosphoric Acid (PA)
- Facility is located at Dhule, Maharashtra
Madhya Bharat Agro Products Limited (MBAPL) has restructured the utilization of proceeds from its preferential equity issue following undersubscription by certain proposed allottees. The total proceeds have been reduced by ₹16.99 Cr, from the original ₹317.48 Cr to ₹300.48 Cr. Consequently, the capex allocation for plant, machinery, and civil construction at the Dhule, Maharashtra manufacturing facility has been curtailed from ₹50.00 Cr to ₹33.01 Cr. Allocations for working capital (₹192.48 Cr) and general corporate purposes (₹75.00 Cr) remain unchanged.
- Total issue proceeds down by ₹16.99 Cr to ₹300,48,35,000 from ₹317,47,75,000 due to undersubscription
- Dhule facility capex allocation reduced from ₹50,00,00,000 to ₹33,00,60,000
- Working capital requirement allocation maintained at ₹192,47,75,000
- General corporate purposes allocation unchanged at ₹75,00,00,000
Madhya Bharat Agro Products Limited (MBAPL) has approved the allotment of 2,07,23,000 equity shares of face value Rs 2 each at an issue price of Rs 145 per share, raising Rs 300.48 Cr on a preferential basis to 14 non-promoter investors. This fundraise represents ~17.8% of the company's current market cap of Rs 1,684 Cr and ~54.6% of its net worth (Rs 550 Cr). The originally planned issue size was Rs 317.48 Cr, which was slightly undersubscribed. Consequent to this allotment, total paid-up equity shares increase from 43,81,34,700 to 45,88,57,700, resulting in an equity dilution of ~4.5%.
- Allotted 2,07,23,000 equity shares at an issue price of Rs 145 per share (face value Rs 2, premium Rs 143)
- Total capital raised stands at Rs 300,48,35,000 across 14 non-promoter investors
- Targeted issue size was Rs 317,47,75,000; total proceeds received are Rs 300.48 Cr due to partial subscription
- Paid-up share capital increased from Rs 87.63 Cr (43,81,34,700 shares) to Rs 91.77 Cr (45,88,57,700 shares)
Madhya Bharat Agro Products Limited (MBAPL) has announced the voting results for its Extraordinary General Meeting (EGM) held on August 28, 2026. Shareholders approved two special resolutions with over 99.99% majority: the issuance of equity shares to non-promoters on a preferential basis, and an amendment to the Main Object Clause of the Memorandum of Association. Total votes polled stood at 374.48 million shares (85.47% of outstanding capital), reflecting unanimous promoter support and 99.99% approval among voting public shareholders.
- Preferential equity share issuance to non-promoters passed with 99.9999% approval (374,483,117 votes in favor out of 374,483,618 polled).
- Amendment to the Main Object Clause of the Memorandum of Association approved with 99.9999% majority.
- Total voting turnout reached 85.47% across 15,249 shareholders on the record date of August 21, 2026.
- Public non-promoter category polled 47,493,393 votes (42.95% category turnout), with 99.9989% voting in favor.
Madhya Bharat Agro Products Limited held its Extra Ordinary General Meeting (EGM) on August 28, 2026. Shareholders voted on two special resolutions: the issuance of equity shares to non-promoter category investors on a preferential basis and amendments to the Main Object Clause of the Memorandum of Association. The virtual meeting commenced at 11:00 AM and concluded at 11:24 AM IST. Consolidated scrutinizer voting results will be submitted to the stock exchanges within two working days.
- EGM conducted virtually on August 28, 2026, concluding at 11:24 AM IST.
- Special Resolution proposed for issuance of equity shares to non-promoter category on a preferential basis.
- Special Resolution proposed for amendment in the Main Object Clause of the Memorandum of Association.
- Scrutinizer's consolidated voting report to be submitted within two working days.
Madhya Bharat Agro Products Limited (MBAPL) has issued a corrigendum to its EGM notice for a preferential issue of 2,18,95,000 equity shares to raise ₹317.48 Cr. Following feedback from NSE and in compliance with SEBI ICDR norms, Suruchi Foods Private Limited was replaced by Paras Giri Ventures Private Limited, with no change to the overall issue size or pricing. Out of the ₹317.48 Cr proceeds, ₹192.48 Cr is allocated to working capital, ₹50.00 Cr to capex for the upcoming Dhule (Maharashtra) plant, and ₹75.00 Cr for general corporate purposes.
- Proposed preferential issue of 2,18,95,000 equity shares to raise ₹317.48 Cr.
- Fundraise proceeds allocated to working capital (₹192.48 Cr), Dhule plant capex (₹50.00 Cr), and general corporate purposes (₹75.00 Cr).
- Suruchi Foods removed from allottees per SEBI ICDR Reg 159(1); shares re-allocated to Paras Giri Ventures Private Limited.
- EGM scheduled for August 28, 2026, with remote e-voting active from August 24 to August 27, 2026.
Madhya Bharat Agro Products Limited (MBAPL) has called an Extraordinary General Meeting (EGM) on August 28, 2026, to seek approval for a Rs 317.48 crore fundraise. The company plans to issue 2.19 crore equity shares at Rs 145 per share to 17 non-promoter entities. This capital infusion represents approximately 22.6% of the current market capitalization and is significant given the company's existing debt of Rs 856 crore. Additionally, the company is seeking to amend its Memorandum of Association to allow for future business diversification.
- Preferential allotment of 2,18,95,000 equity shares at an issue price of Rs 145 per share
- Total fundraise amount of Rs 317.48 crore from 17 non-promoter allottees
- Issue price of Rs 145 represents a 9.5% discount to the current market price of Rs 160.2
- Largest individual allottee is Anurag Choudhary, subscribing to 55,00,000 shares (Rs 79.75 crore)
- Fundraise represents ~57.7% of the company's current net worth of Rs 550 crore
Madhya Bharat Agro Products Limited (MBAPL) has announced an Extra Ordinary General Meeting (EGM) to be held on August 28, 2026, via video conferencing. The cut-off date for determining shareholder eligibility for e-voting is August 21, 2026. While the specific agenda was not disclosed in this preliminary intimation, the meeting follows a period of significant growth, with FY26 revenue reaching ₹1,867 Cr. Investors should monitor for the detailed EGM notice to understand the specific corporate actions being proposed.
- Extra Ordinary General Meeting (EGM) scheduled for August 28, 2026, at 11:00 AM
- Cut-off date for determining e-voting rights is August 21, 2026
- Remote e-voting period set from August 24, 2026, to August 27, 2026
- Cut-off date for circulation of the EGM notice was July 24, 2026
- Company is currently executing a ₹800 Cr capacity expansion project
MBAPL has approved a significant fundraise of ₹317.48 Cr through the preferential allotment of 2.19 crore equity shares to 17 non-promoter investors. The issue price of ₹145 per share is at an 11.7% discount to the current market price of ₹164.3. This capital infusion is substantial, representing approximately 22% of the company's current market capitalization and 58% of its reported net worth. Additionally, the company is amending its Memorandum of Association to expand into logistics and the trading of ammonia, fuels, and chemicals.
- Raising up to ₹317,47,75,000 through the issuance of 2,18,95,000 equity shares.
- Issue price set at ₹145 per share, including a premium of ₹143 per share.
- Participation from 17 non-promoter investors, including Anurag Choudhary (55 lakh shares) and various corporates.
- Extraordinary General Meeting (EGM) scheduled for August 28, 2026, to seek shareholder approval.
- Crisil Rating Limited appointed as the Monitoring Agency as the issue size exceeds ₹100 Cr.
MBAPL reported a resilient Q1 FY27 with revenue of ₹416 Cr and PAT of ₹33 Cr (up 17% YoY), despite industry-wide production declines in SSP and NPK. The company is executing a massive ₹800 Cr expansion at its Dhule complex, with Phase 2 scheduled for October 2026 adding 3.3 lakh MTPA of DAP-NPK capacity. Management confirmed that funding is secured through debt and internal accruals, with no immediate plans for equity dilution. While current capacity utilization is low at ~43-45% due to raw material constraints, a ramp-up is expected as supply chains stabilize.
- Q1 FY27 PAT increased 17% YoY to ₹33 Cr, with EBITDA growing 16% to ₹66 Cr.
- Dhule Phase 2 expansion on track for October 2026, adding 3,30,000 MTPA DAP-NPK and 99,000 MTPA Phosphoric Acid capacity.
- Acquired 52,600 sq meters of additional land at Dhule, increasing the total land bank to 6.38 lakh sq meters.
- Management expects to avoid equity dilution for the current expansion phase, utilizing tied-up debt and internal accruals.
- Sales of 101,583 MT exceeded production of 99,224 MT in Q1, reflecting strong underlying demand.
Madhya Bharat Agro Products Limited (MBAPL) has made the audio recording of its Q1 FY27 earnings conference call available to the public following the session held on July 15, 2026. This filing is a routine regulatory requirement under SEBI LODR regulations. Investors should use this recording to gauge management's progress on the Rs 800 Cr capacity expansion and the upcoming Dhule plant scheduled for October 2026. The company currently maintains a TTM revenue of Rs 1,867 Cr with a significant debt-to-equity ratio of 1.56.
- Earnings conference call for Q1 FY27 was conducted on July 15, 2026, at 4:00 PM IST.
- Company is currently managing a TTM revenue of Rs 1,867 Cr and a PAT of Rs 150 Cr.
- Management is overseeing a major Rs 800 Cr capacity expansion, representing ~72% of current market cap.
- The new Dhule plant, critical for Maharashtra market entry, remains targeted for October 2026.
Madhya Bharat Agro Products Limited (MBAPL) has detailed its 'Vision 2028' roadmap, targeting a revenue potential of over ₹3,500 crore, nearly double its TTM revenue of ₹1,867 crore. The company is expanding its total fertilizer capacity from 9 lakh MTPA to approximately 16 lakh MTPA, with major commissioning at the Dhule plant scheduled for October 2026. To secure raw materials, it has signed India's largest green ammonia supply deal (130k MTPA) with SECI. A 1:5 stock split was also successfully completed on July 3, 2026, to improve retail accessibility.
- Total fertilizer capacity expanding from 9 lakh MTPA to ~16 lakh MTPA, a 77% increase.
- Targeting ₹3,500+ crore annual revenue at full capacity vs TTM revenue of ₹1,867 crore.
- Secured 130,000 MTPA Green Ammonia supply deal with SECI for a 10-year period.
- Dhule Phase I (3.3 lakh MT NPK/DAP) commissioning scheduled for October 2026.
- Completed 1:5 stock split effective July 3, 2026, reducing face value from ₹10 to ₹2.
Madhya Bharat Agro Products Limited (MBAPL) reported a steady Q1 FY27 with revenue from operations growing 1.6% YoY to ₹416.30 Cr. Net profit increased 16.8% YoY to ₹32.96 Cr, although it declined sequentially from ₹59.76 Cr in Q4 FY26 due to the absence of a large deferred tax credit. A significant concern is the 125% YoY surge in finance costs to ₹14.85 Cr, reflecting the company's high debt levels (D/E 1.56) used for expansion. The company also completed a 1:5 stock split during the quarter, resulting in an adjusted EPS of ₹0.75.
- Revenue from operations increased to ₹416.30 Cr from ₹409.69 Cr in Q1 FY26.
- Net Profit rose to ₹32.96 Cr compared to ₹28.21 Cr in the corresponding quarter of the previous year.
- Finance costs surged by 125.7% YoY to ₹14.85 Cr, up from ₹6.58 Cr.
- Depreciation and amortization expenses rose sharply to ₹12.24 Cr from a negligible base of ₹0.03 Cr YoY.
- Basic and Diluted EPS adjusted for the 1:5 stock split stood at ₹0.75 for the quarter.
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).
