Operating Leverage Inflection
Expected: CurrentHIGH confidence
What: Capacity Utilization: 115% for NPK/DAP
“Our NPK/DAP Operations were also at Peak at 69,015 MT with 115% utilisation.”
Madhya Bharat Agro Products Ltd: Why Is It Outperforming Nifty 500?
ActiveRS +31.2%Average12w Streak
In , Madhya Bharat Agro Products Ltd (Fertilisers) is outperforming Nifty 500 with +31.2% relative strength. Fundamentals: Average. On a 12-week streak.
Madhya Bharat Agro Products Ltd Key Facts
- PE Ratio
- 33.5x
- Market Cap
- ₹5,032 Cr
- PAT Growth YoY
- +329%
- Revenue Growth YoY
- +33%
- OPM
- 10.0%
- RS vs Nifty 500
- +31.2%
PE: Mid ContractionStrong Opportunity
What's Happening
💎PE falling while earnings hold — value emerging
💪Debt reduced 64% YoY — balance sheet strengthening
💰Trading 29% below estimated fair value
Earnings Acceleration Triggers
1. Operating Leverage Inflection
CurrentHIGH
2. Geographical Expansion
October 2026HIGH
3. Value Added Product Mix Shift
FY26MEDIUM
Key Risks
1. Phosphoric acid prices witnessed a gradual upward trend, while sulphur and sulph
MEDIUM2. Finished goods inventories increased due to logistics issues and competition for
LOW3. Subsidy receivables can extend up to four months during the off-season
LOWSector-Specific Signals
NPK/DAP Capacity Utilisation115%+58%
SSP Capacity Utilisation109%+30%
Manufacturing EBITDA Margin13-15%Not Given
Imported/Trading EBITDA Margin2.5-3%Not Given
Key Numbers
PAT Growth YoY
+329%
Stable
Revenue YoY
+33%
Stable
Operating Margin
10.0%
-200 bps YoY
PE Ratio
33.5
Current Price
₹574
Dividend Yield
0.09%
Fundamental Score
52/100
Average
3Y PAT CAGR
+7%
Market Cap
5.0K Cr
Valuation
Undervalued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
Why Are Madhya Bharat Agro Products Ltd's Earnings Accelerating?
Based on Q4 FY26 earnings • Updated Apr 18, 2026
Geographical Expansion
Expected: October 2026HIGH confidence
What: New Plant Revenue Potential: ₹2,000 Cr+
Impact: 50% revenue growth in FY27
“The new plant itself has the potential to add revenue of more than ₹2,000 crore.”
Value Added Product Mix Shift
Expected: FY26MEDIUM confidence
What: NPK Sales Volume: 2,60,773 tons
Impact: 68% YoY growth
“NPK Sales (in tons) 2,60,773... 68% [growth].”
Regulatory Approval Or License Win
Expected: Rabi 2025-26MEDIUM confidence
What: Subsidy Support: ₹41,534 crore
Impact: 12% YoY increase
“Rabi 2025–26 P&K subsidy announced at ~₹41,534 crore (~12% YoY increase).”
Mandatory Industry Norms
Expected: 10 yearsMEDIUM confidence
What: NGHM Contract: 130K MTPA
Impact: ~108% cost advantage
“MBAPL Phoschem enters a 10-year with SECI to source 1,30,000 MTPA green ammonia under NGHM.”
Full year revenue of ₹1,867 Cr vs guidance of ~₹860 Cr.
HIGH confidence
What: Full year revenue of ₹1,867 Cr vs guidance of ~₹860 Cr.
“Our revenue for the nine months from April to December stands at ₹1,479 crore, which includes both imported and manufactured fertilizers.”
What Are the Key Risks for Madhya Bharat Agro Products Ltd?
Earnings deceleration risks from management commentary
Phosphoric acid prices witnessed a gradual upward trend, while sulphur and sulph
MEDIUMTrigger: Global demand and market dynamics are driving input cost firmness.
Management view: Management stated input cost trends remained manageable and are partially offset by subsidy-linked protection.
Monitor: commodity
Finished goods inventories increased due to logistics issues and competition for
LOWTrigger: Railway transportation was being used largely for agriculture crop movement, delaying fertilizer dispatch.
Management view: Management expects these issues to be resolved within the quarter.
Monitor: logistics
Subsidy receivables can extend up to four months during the off-season
LOWTrigger: The subsidy process depends on farmer confirmation of purchase in the Fertilizer Management System.
Management view: Claims are submitted every Saturday; all claims up to November have been received.
Monitor: regulatory
What Is Madhya Bharat Agro Products Ltd's Management Saying?
Key quotes from recent conference calls
“In the last conference call, you had mentioned that revenue for the year would be close to H1 levels, around ₹860 crore. [Previous Revenue guidance]”
“MBAPL Phoschem enters a 10-year with SECI to source 1,30,000 MTPA green ammonia under NGHM. [Initiative: Green Ammonia Sourcing]”
“The Dhule project will start production. Accordingly, in FY 2026–27, we expect revenue to increase by more than 50%. [Initiative: Dhule Integrated Expansion]”
“Phosphoric acid prices witnessed a gradual upward trend across the quarters, while sulphur and sulphuric acid saw some firmness. [Risk (commodity): MEDIUM]”
What Did Madhya Bharat Agro Products Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
₹394.7 Cr
YoY +33%QoQ -35.5%
Why: Growth was driven by strong NPK demand with SSP as a steady contributor, though revenue declined sequentially from Q3 peaks.
The company achieved significant year-on-year growth despite the sequential drop from the record Q3 performance.
EBITDA
₹41.2 Cr
YoY +14.1%Margin 10.4%
Why: EBITDA grew due to volume growth and operating leverage, though margins were impacted by a higher mix of low-margin imported fertilizers.
EBITDA margins of 10.4% in Q4 were lower than the 12.2% in Q4FY25 due to the trading/import component.
PAT
₹59.8 Cr
YoY +318.2%QoQ +88.1%
Why: Profitability was significantly boosted by tax benefits alongside improved operational efficiency during the quarter.
The massive PAT jump was primarily a result of tax-related adjustments rather than pure operating performance.
Other Highlights
• Full year FY26 revenue reached a record ₹1,867 Cr, up 76% YoY.
• Full year PAT reached ₹150 Cr, an all-time high for the company.
• EPS for FY26 stood at ₹17.14, a record high compared to ₹6.56 in FY25.
What Sector Metrics Matter for Madhya Bharat Agro Products Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
NPK/DAP Capacity Utilisation
115%
YoY +58%QoQ 0%
Why: Operations were at peak to meet strong market demand for complex fertilizers.
SSP Capacity Utilisation
109%
YoY +30%QoQ 0%
Why: The SSP plant operated at peak efficiency during the quarter.
Manufacturing EBITDA Margin
13-15%
YoY Not GivenQoQ 0%
Why: Management maintains a steady margin profile for in-house production.
Imported/Trading EBITDA Margin
2.5-3%
YoY Not GivenQoQ Not Given
Why: Imported fertilizers typically yield lower returns compared to manufactured products.
Subsidy Receivable Cycle
60-120 days
YoY Not GivenQoQ Not Given
Why: Receivables remain around two months in-season but extend to four months off-season.
National SSP Market Share
9%
YoY Not GivenQoQ Not Given
Why: The company maintains a leading position in the Indian SSP sector.
Total Production Volume
1,34,355 MT
YoY Not GivenQoQ Not Given
Why: Recorded highest ever production volumes during the quarter.
Total Sales Volume
94,958 MT
YoY Not GivenQoQ Not Given
Why: Sales volumes were healthy but lower than production due to logistics-driven inventory build-up.
What Is Madhya Bharat Agro Products Ltd's Management Guidance?
Forward-looking targets from management for FY2026-27
Revenue Growth Target
50%
OPM Guidance
13–15%
Revenue Outlook
50%+
Margin Outlook
Targeting EBITDA margins of 13% to 15% for manufactured products.
Volume
New plant has potential to add revenue of more than ₹2,000 crore.
Management Tone: BULLISH
Guidance Changes
LOWERED
Sagar Expansion Timeline: March 2026 → Q1 FY27
How Fast Is Madhya Bharat Agro Products Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +33% | +24% | Stable |
| PAT (Net Profit) | +329% | +7% | Stable |
| OPM | 10.0% | -200 bps | Stable |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
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Frequently Asked Questions: Madhya Bharat Agro Products Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Madhya Bharat Agro Products Ltd's latest quarterly results?
Madhya Bharat Agro Products Ltd's latest quarterly results (Mar 2026) show
- PAT Growth YoY: +328.6% (stable)
- Revenue Growth YoY: +33.0%
- Operating Margin: 10.0% (stable)
Is Madhya Bharat Agro Products Ltd's profit growing or declining?
Madhya Bharat Agro Products Ltd's profit is growing with an stable trend.
- PAT Growth YoY: +328.6% (latest quarter)
- PAT Growth QoQ: +87.5% (sequential)
- 3-Year PAT CAGR: +6.5%
- Trend: Stable — consistent growth pattern
What is Madhya Bharat Agro Products Ltd's revenue growth trend?
Madhya Bharat Agro Products Ltd's revenue growth trend is stable.
- Revenue Growth YoY: +33.0%
- Revenue Growth QoQ: -35.5% (sequential)
- 3-Year Revenue CAGR: +23.9%
How is Madhya Bharat Agro Products Ltd's operating margin trending?
Madhya Bharat Agro Products Ltd's operating margin is stable.
- Current OPM: 10.0%
- OPM Change YoY: -2.0% basis points
- OPM Change QoQ: -1.0% basis points
What is Madhya Bharat Agro Products Ltd's 3-year profit and revenue CAGR?
Madhya Bharat Agro Products Ltd's long-term compounding rates
- 3-Year Profit CAGR: +6.5%
- 3-Year Revenue CAGR: +23.9%
Is Madhya Bharat Agro Products Ltd's growth accelerating or decelerating?
Madhya Bharat Agro Products Ltd's earnings growth is stable with positive momentum on a sequential basis.
- YoY Acceleration: +22.2% bps
- Sequential Acceleration: +43.3% bps
What is Madhya Bharat Agro Products Ltd's trailing twelve month (TTM) performance?
Madhya Bharat Agro Products Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹150 Cr
- TTM PAT Growth: +100.0% YoY
- TTM Revenue: ₹2,000 Cr
- TTM Revenue Growth: +76.3% YoY
- TTM Operating Margin: 12.2%
Is Madhya Bharat Agro Products Ltd overvalued or undervalued?
Madhya Bharat Agro Products Ltd appears undervalued based on our fair value analysis.
- Valuation Signal: Undervalued
- Current PE: 33.5x
- Price-to-Book: 9.2x
What is Madhya Bharat Agro Products Ltd's current PE ratio?
Madhya Bharat Agro Products Ltd's current PE ratio is 33.5x.
- Current PE: 33.5x
- Market Cap: 5.0K Cr
- Dividend Yield: 0.09%
How does Madhya Bharat Agro Products Ltd's valuation compare to its history?
Madhya Bharat Agro Products Ltd's current PE is 33.5x.
- Current PE: 33.5x
- Valuation Assessment: Undervalued
What is Madhya Bharat Agro Products Ltd's price-to-book ratio?
Madhya Bharat Agro Products Ltd's price-to-book ratio is 9.2x.
- Price-to-Book (P/B): 9.2x
- Book Value per Share: ₹63
- Current Price: ₹574
Is Madhya Bharat Agro Products Ltd a fundamentally strong company?
Madhya Bharat Agro Products Ltd is rated Average with a fundamental score of 52/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: +33.0% (10% weight)
- PAT Growth YoY: +328.6% (10% weight)
- PAT Growth QoQ: +87.5% (10% weight)
- Margins stable (10% weight)
Is Madhya Bharat Agro Products Ltd debt free?
Madhya Bharat Agro Products Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹856 Cr
What is Madhya Bharat Agro Products Ltd's return on equity (ROE) and ROCE?
Madhya Bharat Agro Products Ltd's return ratios over recent years
- FY2024: ROCE 12.0%
- FY2025: ROCE 18.0%
- FY2026: ROCE 19.0%
Is Madhya Bharat Agro Products Ltd's cash flow positive?
Madhya Bharat Agro Products Ltd's operating cash flow is negative (FY2026).
- Cash from Operations (CFO): ₹-127 Cr
- Free Cash Flow (FCF): ₹-500 Cr
- CFO/PAT Ratio: -85% (weak cash conversion)
What is Madhya Bharat Agro Products Ltd's dividend yield?
Madhya Bharat Agro Products Ltd's current dividend yield is 0.09%.
- Dividend Yield: 0.09%
- Current Price: ₹574
Who holds Madhya Bharat Agro Products Ltd shares — promoters, FII, DII?
Madhya Bharat Agro Products Ltd's shareholding pattern (Mar 2026)
- Promoters: 74.8%
- FII (Foreign): 0.5%
- Public: 24.8%
Is promoter holding increasing or decreasing in Madhya Bharat Agro Products Ltd?
Madhya Bharat Agro Products Ltd's promoter holding has remained stable recently.
- Current Promoter Holding: 74.8% (Mar 2026)
- Previous Quarter: 74.8% (Dec 2025)
- Change: 0.00% (stable)
How long has Madhya Bharat Agro Products Ltd been outperforming Nifty 500?
Madhya Bharat Agro Products Ltd has been outperforming Nifty 500 for 12 consecutive weeks, indicating strong sustained outperformance.
Is Madhya Bharat Agro Products Ltd a new momentum entry or an established outperformer?
Madhya Bharat Agro Products Ltd is an established outperformer with 12 weeks of consecutive Nifty 500 outperformance.
What are the growth catalysts for Madhya Bharat Agro Products Ltd?
Madhya Bharat Agro Products Ltd has 6 key growth catalysts identified from recent earnings analysis
- Operating Leverage Inflection — Existing plants are running above rated capacity, maximizing fixed cost absorption.
- Geographical Expansion — Entry into Maharashtra provides access to a high-demand market and reduces logistics costs.
- Value Added Product Mix Shift — Farmers are shifting from urea-heavy to balanced NPK farming.
- Regulatory Approval Or License Win — Government approval of nutrient-based subsidy rates ensures affordability and demand.
What are the key risks in Madhya Bharat Agro Products Ltd?
Madhya Bharat Agro Products Ltd has 3 key risks worth monitoring
- [MEDIUM] Phosphoric acid prices witnessed a gradual upward trend, while sulphur and sulph — Global demand and market dynamics are driving input cost firmness.
- [LOW] Finished goods inventories increased due to logistics issues and competition for — Railway transportation was being used largely for agriculture crop movement, delaying fertilizer dispatch.
- [LOW] Subsidy receivables can extend up to four months during the off-season — The subsidy process depends on farmer confirmation of purchase in the Fertilizer Management System.
What did Madhya Bharat Agro Products Ltd's management say in the latest earnings call?
In Q4 FY26, Madhya Bharat Agro Products Ltd's management highlighted
- "In the last conference call, you had mentioned that revenue for the year would be close to H1 levels, around ₹860 crore. [Previous Revenue guidance]"
- "MBAPL Phoschem enters a 10-year with SECI to source 1,30,000 MTPA green ammonia under NGHM. [Initiative: Green Ammonia Sourcing]"
- "The Dhule project will start production. Accordingly, in FY 2026–27, we expect revenue to increase by more than 50%. [Initiative: Dhule Integrated Ex..."
What is Madhya Bharat Agro Products Ltd's management guidance for growth?
Madhya Bharat Agro Products Ltd's management has provided the following forward guidance for FY2026-27
- Revenue growth target: 50%
- OPM guidance: 13–15%
- Capex plan: Not Given for Dhule Phase I and Phase II integrated expansion
- Management tone: bullish
- Milestone: [LOWERED] Sagar Expansion Timeline: March 2026 → Q1 FY27
What sector-specific metrics matter most for Madhya Bharat Agro Products Ltd?
Madhya Bharat Agro Products Ltd's most important sub-sector-specific KPIs from the latest concall
- NPK/DAP Capacity Utilisation: 115% (YoY +58%) (QoQ 0%) — Operations were at peak to meet strong market demand for complex fertilizers.
- SSP Capacity Utilisation: 109% (YoY +30%) (QoQ 0%) — The SSP plant operated at peak efficiency during the quarter.
- Manufacturing EBITDA Margin: 13-15% (YoY Not Given) (QoQ 0%) — Management maintains a steady margin profile for in-house production.
- Imported/Trading EBITDA Margin: 2.5-3% (YoY Not Given) (QoQ Not Given) — Imported fertilizers typically yield lower returns compared to manufactured products.
- Subsidy Receivable Cycle: 60-120 days (YoY Not Given) (QoQ Not Given) — Receivables remain around two months in-season but extend to four months off-season.
- National SSP Market Share: 9% (YoY Not Given) (QoQ Not Given) — The company maintains a leading position in the Indian SSP sector.
Is Madhya Bharat Agro Products Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Madhya Bharat Agro Products Ltd may be worth studying
- Earnings growing at +328.6% YoY
- Valuation: appears undervalued
What is the investment thesis for Madhya Bharat Agro Products Ltd?
Madhya Bharat Agro Products Ltd investment thesis summary:
Research Signals (Bull Case)
- Revenue growing at +33.0% YoY
- Appears undervalued
- Growth catalyst: Operating Leverage Inflection
Risk Factors (Bear Case)
- Key risk: Phosphoric acid prices witnessed a gradual upward trend, while sulphur and sulph
What is the future outlook for Madhya Bharat Agro Products Ltd?
Madhya Bharat Agro Products Ltd's forward outlook based on current data signals
- Earnings Trend: stable
- Revenue Trend: stable
- Margin Trend: stable
- Valuation: Undervalued
- Key Catalyst: Operating Leverage Inflection
- Key Risk: Phosphoric acid prices witnessed a gradual upward trend, while sulphur and sulph
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.