MBAPL
Madhya Bharat Agro Products share price & financials
- Price
- ₹136.2
- Market cap
- ₹6.4k Cr
- Sector
- Chemicals
- Calls analysed
- 5
Madhya Bharat Agro Products Limited Q1 FY27
What went well
- Quarterly revenue from operations stood at ₹416 crore, supported by healthy demand and a favorable product mix.
- Quarterly EBITDA stood at ₹66 crore, growing 16% year-on-year driven by disciplined cost management despite raw material price volatility.
- Quarterly Profit after Tax stood at ₹33 crore, an increase of 17% year-on-year driven by higher operating profitability and improved margins.
What to watch
- Challenging operating environment in the fertilizer industry with elevated raw material prices, supply chain disruptions, and delayed onset of Southwest Monsoon.
- Temporary supply-side constraint due to geopolitical developments in West Asia impacting raw material availability and production schedules.
What Madhya Bharat Agro Products Limited does
Madhya Bharat Agro Products Limited (MBAPL), a unit of the Ostwal Group of Industries, manufactures and markets phosphatic fertilisers - Single Super Phosphate (SSP) under the 'Annadata' brand and NPK/DAP complex fertilisers under the 'Bharat' brand - for Indian farmers. It is backward-integrated into beneficiated rock phosphate (BRP), sulphuric acid and phosphoric acid, which are used captively as raw materials for its own fertiliser production. The company operates manufacturing units in Sagar (Madhya Pradesh) and Dhule (Maharashtra), and sells through a wholesaler-dealer-retailer network spread across multiple Indian states.
Segments
- Fertilisers (SSP, NPK/DAP)
- Chemicals/Intermediates (BRP, Sulphuric Acid, Phosphoric Acid)
- Manufacturing units
- 2 (Sagar, Madhya Pradesh; Dhule, Maharashtra)
- Installed fertiliser capacity
- ~16 lakh MTPA (post-expansion, including 6.6 lakh MTPA in progress)
- States covered
- 11 (targeting 15 post-expansion)
- Wholesalers/dealers
- 3,000+
- Retailers
- 40,000+
- Marketing professionals
- 170+
Guidance record · Q1 FY27
what the last two calls moved 16 tracked 2 delivered 6 missed 8 open- Sagar Plant Commissioning delivered said Q2 FY26 Promised: The plant is expected to be commissioned by March 2026. Q1 FY27: No new update. Promise previously achieved.
- Effective Tax Rate went quiet said Q1 FY26 Promised: ~35% for FY26-28 Q1 FY27: No update provided on the effective tax rate.
- Total Revenue by FY28 at risk said Q4 FY26 Promised: Almost ₹4,000 crores by FY28 Q1 FY27: Management did not correct an analyst's reference to a lower ₹3,500 crore target, instead stating confidence in outperforming 'the revenue guidance we have provided', creating ambiguity around the original ₹4,000 crore goal.
All 16 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 1.5%, net profit up 17.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 278 | 284 | 297 | 410 | 450 +62% | 612 +115% | 395 +33% | 416 +1% |
| EBITDA | 36 | 39 | 36 | 57 | 62 +72% | 66 +69% | 41 +14% | 66 +16% |
| Net profit | 14 | 18 | 14 | 28 | 30 +114% | 32 +78% | 60 +329% | 33 +18% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −60.8% 1Y
1Y: ₹410.4 on 10 Sept 2025 → ₹160.87. High ₹576.7 (7 May 2026), low ₹110.09 (23 Jun 2026).
How the price took the results
close before → close after
- Q1 FY27
- +6.9%
- 20 Jul
- Q4 FY26
- +2.1%
- 20 Apr
- Q3 FY26
- +0.8%
- 12 Jan
- Q2 FY26
- −0.3%
- 9 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 23.9% a year over 3 years, FY23 to FY26. Operating margin narrowed to 12.1%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹982 Cr | ₹817 Cr | ₹1.1k Cr | ₹1.9k Cr |
| Operating profit | ₹211 Cr | ₹96 Cr | ₹145 Cr | ₹226 Cr |
| Operating margin | 21.5% | 11.8% | 13.7% | 12.1% |
| Interest | ₹16 Cr | ₹26 Cr | ₹28 Cr | ₹33 Cr |
| Depreciation | ₹23 Cr | ₹28 Cr | ₹35 Cr | ₹36 Cr |
| Net profit | ₹125 Cr | ₹24 Cr | ₹57 Cr | ₹150 Cr |
| Net margin | 12.7% | 2.9% | 5.4% | 8.0% |
| ROCE | 38.0% | 12.0% | 18.0% | 19.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹22 Cr | ₹22 Cr | ₹44 Cr | ₹88 Cr | ₹88 Cr | ₹88 Cr |
| Reserves | ₹127 Cr | ₹183 Cr | ₹285 Cr | ₹263 Cr | ₹371 Cr | ₹462 Cr |
| Borrowings | ₹70 Cr | ₹164 Cr | ₹323 Cr | ₹290 Cr | ₹312 Cr | ₹856 Cr |
| Other liabilities | ₹45 Cr | ₹70 Cr | ₹92 Cr | ₹163 Cr | ₹436 Cr | ₹277 Cr |
| Total liabilities | ₹264 Cr | ₹439 Cr | ₹743 Cr | ₹804 Cr | ₹1.2k Cr | ₹1.7k Cr |
| Fixed assets | ₹85 Cr | ₹153 Cr | ₹203 Cr | ₹265 Cr | ₹262 Cr | ₹436 Cr |
| Capital work in progress | ₹75 Cr | ₹2 Cr | ₹0 Cr | ₹14 Cr | ₹178 Cr | ₹277 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹104 Cr | ₹283 Cr | ₹540 Cr | ₹525 Cr | ₹768 Cr | ₹968 Cr |
| Total assets | ₹264 Cr | ₹439 Cr | ₹743 Cr | ₹804 Cr | ₹1.2k Cr | ₹1.7k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −0.77 pp while FIIs added +0.56 pp. The shareholder count grew 4% to 12,260.
- Promoters
- 74.8%
- FIIs
- 0.7%
- DIIs
- 0.0%
- Public
- 24.6%
Since Jun 2025
- Public −0.77 pp
- FIIs +0.56 pp
- Promoters +0.20 pp
How it drifted, 12 quarters
Over this window the public fell from 25.7% to 24.6% — −1.2 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 74.3%, Public 25.7%.Dec '23: Promoters 74.5%, Public 25.5%.Mar '24: Promoters 74.5%, Public 25.5%.Jun '24: Promoters 74.4%, Public 25.6%.Sep '24: Promoters 74.5%, Public 25.5%.Dec '24: Promoters 74.6%, Public 25.4%.Mar '25: Promoters 74.6%, FIIs 0.0%, Public 25.4%.Jun '25: Promoters 74.6%, FIIs 0.1%, Public 25.3%.Sep '25: Promoters 74.6%, FIIs 0.4%, Public 24.9%.Dec '25: Promoters 74.8%, FIIs 0.2%, Public 25.1%.Mar '26: Promoters 74.8%, FIIs 0.5%, Public 24.8%.Jun '26: Promoters 74.8%, FIIs 0.7%, DIIs 0.0%, Public 24.6%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Madhya Bharat Agro Products Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Ostwal Phoschem (India) Limited | 65.23% | unchanged |
| Visualize Tradecom Private Limited | 3.98% | unchanged |
| Nirmala Realinfrastructure Private Limited | 3.25% | unchanged |
| Ekta Jain | 3.02% | unchanged |
| Suswani Textile Pvt Ltd | 2.85% | unchanged |
| Praveen Ostwal | 1.52% | unchanged |
| Swastik Clothtex Private Limited | 1.42% | −0.64 pp |
| Mahendra Garg | 1.24% | unchanged |
| Shashi Ashok Jain | 1.04% | unchanged |
| Pankaj Ostwal | 0.94% | unchanged |
| Pankaj Ostwal Huf . | 0.30% | unchanged |
| Mahendra Kumar Ostwal | 0.26% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse Madhya Bharat Agro Products Limited
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