50%+ Revenue Growth Expected in Coming Months
Management expects over 50% revenue increase driven by capacity utilization improvement (existing plants to 90%, Phase 2 Dule project at 60%) and ramp-up of new DAP/NPK/SSP capacities from October 2026.
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Madhya Bharat Agro Products · forward-looking guidance across the available source record.
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FY28 Revenue Target of ₹3,500 Crore and 15.6 Lakh MT Capacity
Three-year outlook targets ₹3,500 crore revenue with 15.6 lakh MT capacity by FY28, with Phase 2 commissioning October 2026 and Phase 3 by October 2027.
Phase 2 Dule Expansion on Track for October 2026
Phase 2 adding 330,000 MT DAP/NPK capacity, 99,000 MT phosphoric acid, and 396,000 MT sulfuric acid on schedule for October 2026 commissioning.
Existing Plant Capacity Utilization to Reach 90%
With raw material supply issues resolved and gas supply restored to 100%, management targets existing plant utilization to increase from current 66-79% to 90%.
H2 FY26 revenue expected ~Rs 850 crore similar to H1
Management guided that H2 performance will mirror H1's Rs 860 crore, maintaining similar production capacity utilization levels with slight price improvement due to rising raw material costs.
FY26 capex guidance: ~Rs 400 crore
Total capital expenditure for FY26 estimated at Rs 400 crore, primarily funding the Dahej (Rs 202 crore sanctioned, Rs 199 crore spent) and Sagar expansion projects.
Dahej plant commissioning: October 2026
Fully integrated DAP/NPK/SSP plant at Dahej, Maharashtra with 330,000 MT DAP/NPK capacity, 198,000 MT phosphoric acid, and 330,000 MT SSP per annum on track for October 2026 commissioning.
Total capacity to double to 12 lakh MT by FY27
Post Dahej (Oct 2026) and Sagar (Mar 2026) expansions, total fertilizer capacity will reach 1.2 million MT (6.6 lakh MT DAP/NPK + 5.7 lakh MT SSP), more than doubling current capacity.