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Input cost volatility from geopolitical tensions
View Risks →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.
bullish
high
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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.
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Fertilizer Production (Q4)
1,16,281 MT
+?% YoY
Q4 production volume; SSP utilization at 99%, NPK at 95%.
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.
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Guidance and risk preview
Management expects 50-60% revenue growth in FY27 driven by partial commissioning of Doulay phase 1.
Rising sulfur, ammonia, and natural gas prices due to Middle East disruptions could compress margins if MRP hikes and subsidy adjustments are insuf...
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