Fertilizer Production (Q4)
1,16,281 MT
+?% YoY
Q4 production volume; SSP utilization at 99%, NPK at 95%.
MADHYABHARATAGROPRODUCTS
Other
2026-04-??
Madhya Bharat Agro products Ltd — Q4 FY26
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.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Fertilizer Sales (FY26)
4,72,270 MT
+?% YoY
Record full-year sales volume; SSP utilization 98%, NPK/DAP 100%.
Total Fertilizer Capacity (FY26)
9,00,000 MTPA
+?% YoY
Current capacity; targeting 1.56 MMT by FY28.
Green Ammonia Contract Volume
1,30,000 MTPA
New
10-year fixed-price agreement at ₹53,000/MT, supply from April 2029.
Management Guidance
FY27 revenue growth of 50-60%
Management expects 50-60% revenue growth in FY27 driven by partial commissioning of Doulay phase 1.
revenueFY28 revenue growth >200% vs FY26
Full benefit of Doulay expansion expected by FY28, leading to over 200% revenue growth from FY26 baseline.
revenueDAP/NPK EBITDA per ton ~₹6,000
Management guided EBITDA per ton for NPK/DAP at ~₹6,000 and SSP at ~₹1,800 for FY27.
marginsDoulay DAP/NPK commissioning before Oct 2026
The integrated DAP/NPK facility at Doulay is progressing and expected to commission ahead of the October 2026 target.
expansionKey Risks
Input cost volatility from geopolitical tensions
Rising sulfur, ammonia, and natural gas prices due to Middle East disruptions could compress margins if MRP hikes and subsidy adjustments are insufficient.
high · management_commentarySubsidy disbursement delays
Delays in government subsidy payments could strain working capital, though management expressed confidence in policy support.
medium · analyst_questionExecution risk on Doulay phase 2 timeline
Phase 2 expansion (target Oct 2027) is still under planning; financial closure and detailed capex not yet finalized.
medium · analyst_questionMonsoon variability impacting demand
A weak monsoon could reduce fertilizer offtake in the Kharif season, affecting volume growth.
low · management_commentaryNotable 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.