Madhya Bharat Agro Products Ltd(MBAPL)

NSE: MBAPL

₹ 158.5-0.84%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 7,273 crWebsite: www.mbapl.comUpdated: 24 Oct 2026

About

Madhya Bharat Agro Products Ltd (MBAPL) is an Indian phosphatic fertilizer manufacturer producing Single Super Phosphate (SSP) and complex NPK/DAP fertilizers, with plants at Sagar and Dhule in central India. In FY26 the company posted revenue of ₹1,867 crore, up 76% year-on-year, with record production of 4,75,154 MT. MBAPL is expanding aggressively and targets total fertilizer capacity of 15.6 lakh MTPA by FY28, which it expects will place it among India's top private phosphatic fertilizer manufacturers.^[1][2]

Business segments and products

FY25 segment revenue: Fertilizers (P&K) under the Nutrient Based Subsidy scheme ₹894.19 crore; Others ₹505.81 crore.^[3]
MBAPL manufactures SSP and complex NPK/DAP fertilizers at its Sagar (Madhya Pradesh) and Dhule (Maharashtra) plants, and supplements own production with imported NPK variants to seed new markets.^[4]
In Q1 FY27 the company launched three new complex fertilizer grades - 15:15:15, 9:24:24 and 16:20:0:13.^[5]
In H1 FY26, NPK revenue was ~₹512 crore versus SSP at ~₹278 crore; NPK volumes grew 58% YoY versus SSP at 14% YoY.^[6]

Manufacturing capacity and utilisation

At Sagar, 90,000 MTPA DAP/NPK and 165,000 MTPA sulphuric acid capacity were commissioned in March 2026, ahead of the original Q1 FY27 target.^[1]
At Dhule, 330,000 MTPA SSP and 198,000 MTPA sulphuric acid were commissioned ahead of schedule in March 2026.^[1]
Phosphoric acid capacity was raised to 69,000 MT in March 2025, with utilisation at 39% in FY25.^[3]
Full-year FY26 utilisation: NPK/DAP at 100% and SSP at 98%, with record production of 4,75,154 MT.^[1]
In Q3 FY26 both plants ran above nameplate: SSP at 109% (65,340 MT) and NPK/DAP at 115% (69,015 MT).^[4]
Q1 FY27 utilisation fell to 45% for SSP and 43% for NPK/DAP due to raw material disruptions linked to West Asia geopolitical tensions.^[5]

Key operating numbers

Q1 FY27: fertilizer production 99,224 MT; sales 101,583 MT, despite a delayed monsoon and constrained raw material supply.^[5]
FY26 fertilizer sales volume: 4,72,270 MT.^[1]
Q2 FY26 EBITDA per tonne: ₹4,627 overall; NPK at ~₹6,000/MT and SSP at ~₹1,800/MT.^[6]
Industry SSP sales grew 28% YoY and NPK sales 33% YoY in April-May 2026 (FAI data), while SSP production fell 7% YoY and NPK production 28% YoY.^[5]

Backward integration and raw materials

New sulphuric acid capacity at Sagar (165,000 MTPA) and Dhule is dedicated entirely to captive consumption for fertilizer manufacturing.^[6]
A 300 TPD phosphoric acid plant at Dhule, Maharashtra commenced commercial production on 28 September 2026.^[7]
MBAPL signed a 10-year offtake agreement with SECI for 130,000 MTPA of green ammonia at a capped ₹53,000/MT, with supply expected from April 2029; no capex required from MBAPL.^[1]
Group companies in the same business buy and sell raw material among themselves for economies of scale (FY26 annual report).^[8]
The FY25 annual report cites sharply higher sulphur prices and subsidy payment delays as pressures on costs and working capital.^[3]

Distribution and customers

MBAPL operates across 11 states and imports NPK variants it does not make to pre-seed the South India market ahead of Dhule reaching full capacity.^[4]
A dedicated marketing office is planned to strengthen distribution reach in Southern India.^[1]

Expansion and capex

Dhule Phase I - 330,000 MTPA DAP/NPK and 99,000 MTPA phosphoric acid - is scheduled for commissioning by October 2026; the 300 TPD phosphoric acid unit started commercial production on 28 September 2026.^[5]
Dhule Phase II - 330,000 MTPA NPK/DAP, 66,000 MTPA phosphoric acid and 396,000 MTPA sulphuric acid - is targeted for October 2027 at a project cost of ₹450 crore.^[4]
Total Dhule and Sagar project cost is ~₹675 crore; ₹460 crore had been spent as of Q4 FY26, with ~₹215 crore remaining.^[1]
The Dhule (Nardana) project is funded by term loans from Axis Bank, SBI and Federal Bank (FY25 annual report).^[3]
In Q1 FY27 MBAPL acquired an additional 52,600 sq m of land at Dhule, taking its land bank to about 6.38 lakh sq m.^[5]
Total fertilizer capacity is targeted at 15.6 lakh MTPA by FY28, which the company targets will make it India's third-largest private phosphatic fertilizer maker.^[5]
Vision 2028 targets revenue potential of ₹3,500+ crore at full capacity across Phase I and II; FY27 revenue is guided to grow more than 50% over FY26.^[5]

Ownership and group

Holding company OPIL, itself a fertilizer and chemicals manufacturer, holds 65.23% of MBAPL's shares (FY26 annual report).^[8]
FY26 AGM seeks omnibus related-party transaction approvals per year of up to ₹1,400 crore with OPIL, ₹1,400 crore with Krishana Phoschem and ₹500 crore with Shri Ganpati Fertilizers.^[8]
As of Q2 FY26 management was examining a merger with group company Krishana Phoschem and was in discussion with regulators; no conclusion reported since.^[6]

Recent developments

28 September 2026: commercial production began at the 300 TPD phosphoric acid plant at Dhule, Maharashtra.^[7]
FY26 annual report: shareholder approval sought to raise the borrowing and charge-creation limit to ₹2,500 crore.^[8]
FY26 annual report: enabling approval sought to raise up to ₹1,000 crore (QIP etc.) for capex, debt repayment, working capital and investment in group companies.^[8]
FY26 annual report: approval sought for loans or guarantees of up to ₹300 crore to director-interested parties under Section 185.^[8]
3 July 2026: a 1:5 stock split took effect, cutting face value from ₹10 to ₹2 per share.^[5]
During FY26, CRISIL and ICRA both upgraded MBAPL's credit rating to A+ (Stable).^[1]

Market Cap

₹7,273 Cr

High / Low

₹175 / 77

Stock P/E

44.8

Price / Book

12.6

Book Value

₹13

EPS

₹3.4

No. of Shares

43.81 Cr

ROCE

19.3%

ROE

31.5%

OPM

11.0%

Debt / Equity

1.56

Sales

₹1,867 Cr

Net Profit

₹150 Cr

Promoter holding

71.4%

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Madhya Bharat Agro Products Ltd(MBAPL)

About

Business segments and products

Manufacturing capacity and utilisation

Key operating numbers

Backward integration and raw materials

Distribution and customers

Expansion and capex

Ownership and group

Recent developments

Signal history

The analysis Screener can't give you

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