Madhya Bharat Agro Products Limited has informed the Exchange about Transcript
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Madhya Bharat Agro Products reported record-breaking Q1 FY26 results with revenue of ₹409.7 crore (up 104.5% YoY), EBITDA of ₹57 crore (up 71.1% YoY, margin at 13.9%), and PAT of ₹28.2 crore (up 145.5% YoY), driven by strong NPK volumes. The company achieved its highest-ever quarterly production of 114,773 MT and sales of 105,976 MT, with NPK/DAP capacity utilization at 98%. Management highlighted a major expansion at Dhule (Maharashtra) involving ₹600-650 crore CAPEX, including NPK/DAP, Phosphoric Acid, and Sulphuric Acid plants, expected to commence by September 2026. They guided 50% capacity utilization in FY27 and 70% in FY28. The company also benefits from an increase in SSP subsidy from ₹5,121 to ₹7,263 per tonne. Term loan cost is around 8.50%, and the effective tax rate is expected to remain around 35% under the MAT regime.
Strong Q1 performance and positive management commentary on margin sustainability and expansion plans should be supportive for the stock. The Dhule expansion and backward integration are expected to drive long-term growth, though benefits will only be visible from FY27. Investors should note management's confidence in maintaining 14-15% EBITDA margins going forward.