Madhya Bharat Agro Products Limited has informed the Exchange about Transcript
MBAPL · price
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Madhya Bharat Agro Products (MBAPL) reported record FY26 results with revenue at ₹1,867 crore (+76% YoY), EBITDA at ₹227 crore (+55% YoY), and PAT at ₹150 crore (+161% YoY). Q4 FY26 saw revenue of ₹394.7 crore (+33% YoY) and PAT of ₹59.8 crore (+318% YoY). The company is scaling capacity from ~900,000 MTPA to 1.56 million MTPA by FY28, targeting ₹4,000 crore revenue (200%+ growth over FY26 base) and aiming to become India's third-largest private phosphatic fertilizer company. The Dhule Phase-I SSP and sulfuric acid plants are already commissioned ahead of schedule, with DAP/NPK facility targeted before October 2026. Management guided for FY27 utilization at 50-60% of new capacity (75-80% thereafter), EBITDA per MT of ₹6,000 for NPK and ₹1,800 for SSP in FY27. Recent margin pressure from elevated input costs (ammonia up ₹45,000/MT, sulphur from $100 to $700/MT) was largely addressed through 50% MRP increase and higher NBS subsidy. The company also secured a 10-year green ammonia offtake agreement for 130,000 MTPA at ₹53,000/MT ceiling (supply from April 2029) and received CRISIL/ICRA rating upgrade to A+ (Stable).
MBAPL is executing a major capacity expansion while maintaining strong financial metrics; however, recent margin softness from input cost inflation and management's reluctance to provide specific margin guidance suggest investors should monitor quarterly performance as new capacities ramp up through FY27-28.