MBAPL Q1 FY27 earnings call.
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Revenue
₹416 Cr
verification pending
Revenue YoY
1.6%
reported change
EBITDA
₹66 Cr
latest reported figure
Source
manual review required
record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Madhya Bharat Agro Products delivered resilient Q1 FY27 results with revenue flat at ₹416 crore (+1.6% YoY) due to supply-side disruptions from delayed monsoon and West Asia geopolitical tensions, while EBITDA grew 16% to ₹66 crore and PAT rose 17% to ₹33 crore thanks to lower-cost raw material inventory carried from Q4 FY26. The company maintained SSP utilization at 79% and NPK/DAP at 66%, with sales exceeding production at 101,583 MT vs 99,224 MT. The Dule Maharashtra expansion Phase 2 (330,000 MT DAP/NPK capacity) remains on track for October 2026 commissioning, while Phase 3 is targeted for October 2027. Management guided for over 50% revenue growth in coming quarters with existing plant utilization expected to reach 90% and Phase 2 running at 60% utilization. The three-year target of ₹3,500 crore revenue and 15.6 lakh MT capacity by FY28 was reiterated. Key risks include ammonia/rock phosphate price volatility, monsoon dependency, and Phase 3 financing still being finalized with equity dilution not ruled out.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- 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 adding 330,000 MT DAP/NPK capacity, 99,000 MT phosphoric acid, and 396,000 MT sulfuric acid on schedule for October 2026 commissioning.
- 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%.
Risks flagged
- Management admitted Phase 3 expansion (October 2027) funding is still under discussion with pure equity, debt-plus-equity, or internal accruals options being considered; equity dilution not ruled out but not finalized.
- While ammonia prices have started declining, rock phosphate prices remain elevated at same levels. Management acknowledged raw material price volatility continues as a challenge despite recent procurement normalization.
- Conflict around Hormuz Strait continues to create uncertainty across global fertilizer supply chains despite company sourcing from Egypt and Jordan which follow different routes; freight costs and vessel delays remain risks.
- Q1 margin expansion was driven by carried-over low-cost raw material from Q4 FY26 which has now been exhausted; future profitability will depend on managing higher input costs and MRP revisions.
Key quotes
- We procured raw material in the last quarter of March when prices were on the process of rising. So that benefit of low raw material procurement got in this first quarter. That is the precise reason for the better EBITDA and better PAT.
- We expect at least more than 50% increase in the turnover in coming months. We hope government will also be positive and may take some corrective actions for October, March fixing nutrient base subsidy.
- Whatever revenue forecast or guidance we have given, I'm sure we will be able to perform better than what it has been given.
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