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Madhya Bharat Agro Products Ltd.

•
mbapl.comBSE: -NSE: MBAPL
Market Cap₹ 7,099 Cr.
Current Price
High / Low₹ 175 / 75
Stock P/E45.8
Book Value₹ 13
Price to Book7.34
Dividend Yield0.06 %
ROCE19.4 %
ROE31.5 %
Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2022 • Manufacturing of Fertilisers: 93.4% • Manufacturing of Chemicals: 6.6%

AI Sector View

AI GENERATED

Chemicals

Hold

The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.

Confidence
55%
View full sector analysis →

PROS

  • Company has delivered good profit growth of 49.3% CAGR over last 5 years
  • Company has delivered good sales growth of 58.7% CAGR over last 5 years
  • Company generates healthy free cash flow
  • Company has a consistent dividend-paying track record
  • Company comfortably covers its interest (6.4x coverage)

CONS

  • Company has a high debt-to-equity of 1.56x
  • Operating cash flow has been negative in recent years
  • Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.50x)
  • Total debt has risen sharply - up 169.1% year on year
  • Operating margins have contracted to 12.1% from 21.9%
  • Stock is trading at 7.3x its book value

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ChemicalsChemicalsFertilizers
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.COROMANDEL1961.3531.5957871.770.56381.56-23.938164.7715.9423.929.26
2.FACT785.951818.9150856.620.00-67.90-948.751567.8465.1411.30-2.73
3.CHAMBLFERT415.708.6416655.122.65523.60-4.615027.02-11.7725.5016.42
4.PARADEEP158.0515.3116413.810.95392.5453.436124.2563.1415.0911.76
5.MBAPL162.0345.827099.100.06329.621068.624163.01916.1519.4115.83
6.GSFC160.059.216377.633.12158.5414.393583.1564.037.176.58
7.RCF112.6513.926214.771.1973.5335.093585.716.3810.816.11
8.KRISHANA181.9328.605624.150.0647.0954.01532.3134.5827.2616.71
9.NFL69.999.423433.561.49113.38387.474500.3927.349.166.87
10.SPIC70.126.971427.932.8560.18-9.79848.819.2216.829.27
11.MADRASFERT63.1314.331017.030.0034.59-21.49814.0121.0727.706.46
12.ZUARI225.951.01950.300.00118.70-90.68615.21-50.6350.4025.25
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
149278244146200278284297410450612395416
125238226132167242244261353388546353377
Operating Profit24401814343639365762664139
OPM %16.19%14.52%7.38%9.60%16.80%13.04%13.89%12.16%13.91%13.74%10.85%10.45%9.32%
1109222632395
Interest684897577691115
Depreciation77779998999912
Profit before Tax122678182327274449513144
Tax %41.75%41.75%80.03%82.21%36.02%39.22%33.56%47.14%36.11%37.25%37.40%-94.98%25.52%
Net Profit71511111418142830326033
0.831.700.150.161.311.582.041.630.643.483.626.820.75

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
82901161311864919828171,0591,8671,874
606987961443857727219141,6401,665
Operating Profit212129354210721096145227208
OPM %26.10%22.82%25.42%26.53%22.40%21.69%21.36%11.77%13.73%12.13%11.12%
400000511111719
Interest5543481626283241
Depreciation7810109182229343740
Profit before Tax137162129811765295174174
Tax %11.52%29.75%27.42%30.88%29.16%29.76%29.50%52.47%39.26%13.71%11.04%
Net Profit125111520571242557150155
EPS0.000.000.006.779.2413.0114.172.846.5617.14—
Dividend Payout %9.34%21.42%9.58%7.38%5.41%1.92%1.76%17.63%7.62%2.92%—

COMPOUNDED SALES GROWTH

10 Years:
40%
5 Years:
59%
3 Years:
24%

COMPOUNDED PROFIT GROWTH

10 Years:
32%
5 Years:
49%
3 Years:
7%

STOCK PRICE CAGR

10 Years:
60%
5 Years:
76%
3 Years:
37%
1 Year:
96%

RETURN ON EQUITY

10 Years:
19%
5 Years:
27%
3 Years:
18%
Last Year:
31%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions

2023

Oct 20

1:1

2022

Oct 18

1:1

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital22222222222244888888
808495108127183285263316462
3033244070173343293336855
Trade Payables75562236146294134
87131323255899112144
Total Liabilities1461511591892644397438049461,682
94102938385153203265279436
Capital Work in Progress9993175201474277
1814213353157214207167360
0000000186256426
Cash & Bank00010821121225
2525364151118304120157157
Total Assets1461511591892644397438049461,682

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
1021181935-57-3914896-127
Cash from Investing-17-16-1-22-56-13-65-92-92-373
Cash from Financing8-3-1492585141-61-4501
-0-001-1-06-60-0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
74.4374.5374.5674.5674.5674.6374.7674.7674.76
0.000.000.000.030.110.430.180.450.67
0.000.000.000.000.000.000.000.000.01
Government0.000.000.000.000.000.000.000.000.00
25.5725.4725.4425.4125.3424.9525.0624.7824.57

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10
Updates

2026-09-10 - Madhya Bharat Agro Products Limited has informed the Exchange regarding 'Restructuring the utilisation of proceeds from the Preferential Issue of Equity Shares '.

2026-09-10
Outcome of Board Meeting

2026-09-10 - Madhya Bharat Agro Products Limited has informed the Exchange regarding Outcome of Board Meeting held on September 10, 2026.

2026-08-29
Shareholders meeting

2026-08-29 - Madhya Bharat Agro Products Limited has submitted the Exchange a copy Srutinizers report of Extraordinary General Meeting held on August 28, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-28
Shareholders meeting

2026-08-28 - Madhya Bharat Agro Products Limited has informed the Exchange regarding Proceedings of Extraordinary General Meeting held on August 28, 2026

2026-08-20
Copy of Newspaper Publication

2026-08-20 - Madhya Bharat Agro Products Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-19
Corrigendum

2026-08-19 - Madhya Bharat Agro Products Limited has informed the Exchange regarding Corrigendum to Notice of Extra Ordinary General Meeting to be held on August 28, 2026

2026-08-03
Copy of Newspaper Publication

2026-08-03 - Madhya Bharat Agro Products Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-01
Shareholders meeting

2026-08-01 - Madhya Bharat Agro Products Limited has informed the Exchange regarding Notice of Extraordinary General Meeting to be held on August 28, 2026

2026-07-31
Copy of Newspaper Publication

2026-07-31 - Madhya Bharat Agro Products Limited has informed the Exchange about Copy of Newspaper Publication

News

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