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Revenue
₹394.7 Cr
verified against source
Revenue YoY
33%
reported change
EBITDA
₹41.2 Cr
latest reported figure
Source
nse announcements
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Madhya Bharat Agro delivered a strong Q4 FY26 with revenue of ₹394.7 Cr (+33% YoY) and PAT of ₹59.8 Cr (+318% YoY), driven by robust Rabi season demand and operational leverage. Full-year revenue hit a record ₹1,867 Cr (+76% YoY) with EBITDA of ₹227 Cr (+55% YoY). The company is executing a major capacity expansion at Doulay and Sagar, targeting total fertilizer capacity of 1.56 MMT by FY28, which management expects to drive 200% revenue growth from FY26 baseline. Backward integration into phosphoric and sulfuric acid provides cost advantages. A long-term green ammonia agreement (1.3 lakh MT at ₹53,000/MT) enhances input security. Key risk: input cost volatility from geopolitical disruptions could pressure margins if MRP hikes and subsidy adjustments lag.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects 50-60% revenue growth in FY27 driven by partial commissioning of Doulay phase 1.
- Full benefit of Doulay expansion expected by FY28, leading to over 200% revenue growth from FY26 baseline.
- Management guided EBITDA per ton for NPK/DAP at ~₹6,000 and SSP at ~₹1,800 for FY27.
- The integrated DAP/NPK facility at Doulay is progressing and expected to commission ahead of the October 2026 target.
Risks flagged
- Rising sulfur, ammonia, and natural gas prices due to Middle East disruptions could compress margins if MRP hikes and subsidy adjustments are insufficient.
- Delays in government subsidy payments could strain working capital, though management expressed confidence in policy support.
- Phase 2 expansion (target Oct 2027) is still under planning; financial closure and detailed capex not yet finalized.
- A weak monsoon could reduce fertilizer offtake in the Kharif season, affecting volume growth.
Key quotes
- These phase integrated expansions is expected to generate 100% revenue growth over the current baseline.
- We hope that the this whatever situation we have seen in the past or the war situation it will be a blessing in disguise.
- We are building an integrated phosphoric manufacturing complex that will be structurally insulated from import dependency.
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