Madhya Bharat Agro Products Ltd.
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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 GENERATEDChemicals
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.
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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| COROMANDEL | 1961.35 | 31.59 | 57871.77 | 0.56 | 381.56 | -23.93 | 8164.77 | 15.94 | 23.92 | 9.26 |
| FACT | 785.95 | 1818.91 | 50856.62 | 0.00 | -67.90 | -948.75 | 1567.84 | 65.14 | 11.30 | -2.73 |
| CHAMBLFERT | 415.70 | 8.64 | 16655.12 | 2.65 | 523.60 | -4.61 | 5027.02 | -11.77 | 25.50 | 16.42 |
| PARADEEP | 158.05 | 15.31 | 16413.81 | 0.95 | 392.54 | 53.43 | 6124.25 | 63.14 | 15.09 | 11.76 |
| MBAPL | 162.03 | 45.82 | 7099.10 | 0.06 | 329.62 | 1068.62 | 4163.01 | 916.15 | 19.41 | 15.83 |
| GSFC | 160.05 | 9.21 | 6377.63 | 3.12 | 158.54 | 14.39 | 3583.15 | 64.03 | 7.17 | 6.58 |
| RCF | 112.65 | 13.92 | 6214.77 | 1.19 | 73.53 | 35.09 | 3585.71 | 6.38 | 10.81 | 6.11 |
| KRISHANA | 181.93 | 28.60 | 5624.15 | 0.06 | 47.09 | 54.01 | 532.31 | 34.58 | 27.26 | 16.71 |
| NFL | 69.99 | 9.42 | 3433.56 | 1.49 | 113.38 | 387.47 | 4500.39 | 27.34 | 9.16 | 6.87 |
| SPIC | 70.12 | 6.97 | 1427.93 | 2.85 | 60.18 | -9.79 | 848.81 | 9.22 | 16.82 | 9.27 |
| MADRASFERT | 63.13 | 14.33 | 1017.03 | 0.00 | 34.59 | -21.49 | 814.01 | 21.07 | 27.70 | 6.46 |
| ZUARI | 225.95 | 1.01 | 950.30 | 0.00 | 118.70 | -90.68 | 615.21 | -50.63 | 50.40 | 25.25 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 149 | 278 | 244 | 146 | 200 | 278 | 284 | 297 | 410 | 450 | 612 | 395 | 416 | |
| 125 | 238 | 226 | 132 | 167 | 242 | 244 | 261 | 353 | 388 | 546 | 353 | 377 | |
| Operating Profit | 24 | 40 | 18 | 14 | 34 | 36 | 39 | 36 | 57 | 62 | 66 | 41 | 39 |
| 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% |
| 1 | 1 | 0 | 9 | 2 | 2 | 2 | 6 | 3 | 2 | 3 | 9 | 5 | |
| Interest | 6 | 8 | 4 | 8 | 9 | 7 | 5 | 7 | 7 | 6 | 9 | 11 | 15 |
| Depreciation | 7 | 7 | 7 | 7 | 9 | 9 | 9 | 8 | 9 | 9 | 9 | 9 | 12 |
| Profit before Tax | 12 | 26 | 7 | 8 | 18 | 23 | 27 | 27 | 44 | 49 | 51 | 31 | 44 |
| 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 Profit | 7 | 15 | 1 | 1 | 11 | 14 | 18 | 14 | 28 | 30 | 32 | 60 | 33 |
| 0.83 | 1.70 | 0.15 | 0.16 | 1.31 | 1.58 | 2.04 | 1.63 | 0.64 | 3.48 | 3.62 | 6.82 | 0.75 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 82 | 90 | 116 | 131 | 186 | 491 | 982 | 817 | 1,059 | 1,867 | 1,874 | |
| 60 | 69 | 87 | 96 | 144 | 385 | 772 | 721 | 914 | 1,640 | 1,665 | |
| Operating Profit | 21 | 21 | 29 | 35 | 42 | 107 | 210 | 96 | 145 | 227 | 208 |
| OPM % | 26.10% | 22.82% | 25.42% | 26.53% | 22.40% | 21.69% | 21.36% | 11.77% | 13.73% | 12.13% | 11.12% |
| 4 | 0 | 0 | 0 | 0 | 0 | 5 | 11 | 11 | 17 | 19 | |
| Interest | 5 | 5 | 4 | 3 | 4 | 8 | 16 | 26 | 28 | 32 | 41 |
| Depreciation | 7 | 8 | 10 | 10 | 9 | 18 | 22 | 29 | 34 | 37 | 40 |
| Profit before Tax | 13 | 7 | 16 | 21 | 29 | 81 | 176 | 52 | 95 | 174 | 174 |
| Tax % | 11.52% | 29.75% | 27.42% | 30.88% | 29.16% | 29.76% | 29.50% | 52.47% | 39.26% | 13.71% | 11.04% |
| Net Profit | 12 | 5 | 11 | 15 | 20 | 57 | 124 | 25 | 57 | 150 | 155 |
| EPS | 0.00 | 0.00 | 0.00 | 6.77 | 9.24 | 13.01 | 14.17 | 2.84 | 6.56 | 17.14 | — |
| 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
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 22 | 22 | 22 | 22 | 22 | 22 | 44 | 88 | 88 | 88 |
| 80 | 84 | 95 | 108 | 127 | 183 | 285 | 263 | 316 | 462 | |
| 30 | 33 | 24 | 40 | 70 | 173 | 343 | 293 | 336 | 855 | |
| Trade Payables | 7 | 5 | 5 | 6 | 22 | 36 | 14 | 62 | 94 | 134 |
| 8 | 7 | 13 | 13 | 23 | 25 | 58 | 99 | 112 | 144 | |
| Total Liabilities | 146 | 151 | 159 | 189 | 264 | 439 | 743 | 804 | 946 | 1,682 |
| 94 | 102 | 93 | 83 | 85 | 153 | 203 | 265 | 279 | 436 | |
| Capital Work in Progress | 9 | 9 | 9 | 31 | 75 | 2 | 0 | 14 | 74 | 277 |
| 18 | 14 | 21 | 33 | 53 | 157 | 214 | 207 | 167 | 360 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 186 | 256 | 426 | |
| Cash & Bank | 0 | 0 | 0 | 1 | 0 | 8 | 21 | 12 | 12 | 25 |
| 25 | 25 | 36 | 41 | 51 | 118 | 304 | 120 | 157 | 157 | |
| Total Assets | 146 | 151 | 159 | 189 | 264 | 439 | 743 | 804 | 946 | 1,682 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 10 | 21 | 18 | 19 | 35 | -57 | -39 | 148 | 96 | -127 | |
| Cash from Investing | -17 | -16 | -1 | -22 | -56 | -13 | -65 | -92 | -92 | -373 |
| Cash from Financing | 8 | -3 | -14 | 9 | 25 | 85 | 141 | -61 | -4 | 501 |
| -0 | -0 | 0 | 1 | -1 | -0 | 6 | -6 | 0 | -0 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - Madhya Bharat Agro Products Limited has informed the Exchange regarding Outcome of Board Meeting held on September 10, 2026.
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 - Madhya Bharat Agro Products Limited has informed the Exchange regarding Proceedings of Extraordinary General Meeting held on August 28, 2026
2026-08-20 - Madhya Bharat Agro Products Limited has informed the Exchange about Copy of Newspaper Publication
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 - Madhya Bharat Agro Products Limited has informed the Exchange about Copy of Newspaper Publication
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 - Madhya Bharat Agro Products Limited has informed the Exchange about Copy of Newspaper Publication
News
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