Madhya Bharat Agro Products Ltd. Q3 FY26 Results: Revenue Surges 116% YoY to ₹612.4 Cr, PAT Up 78%
Madhya Bharat Agro Products Ltd. reported record Q3 FY26 results with revenue surging 115.9% YoY to ₹612.4 crore and PAT up 77.7% YoY to ₹31.8 crore. For 9MFY26, revenue grew 93.1% to ₹1,472.3 crore, with PAT more than doubling to ₹90.4 crore. The company is undertaking significant capacity expansion, aiming to increase NPK/DAP capacity by 313% to 990k MT and SSP capacity by 138% to 570k MT by October 2026.
The strong financial results, coupled with substantial capacity expansion plans and strategic investments in new plants, are expected to have a significant positive impact on the company's future growth and market position.
The company reported record-breaking financial performance with significant year-on-year growth in revenue, EBITDA, and PAT, coupled with aggressive capacity expansion plans and positive commentary from the Chairman.
Madhya Bharat Agro Products Limited (MBAPL) announced its financial results for the third quarter and nine months ended December 31, 2025. The company reported a record-breaking financial performance, with Q3 FY26 revenue more than doubling to ₹612.4 crore, a 115.9% increase year-on-year (YoY) and a 36.0% rise quarter-on-quarter (QoQ). This growth was driven by strong utilization and operational efficiencies across its Single Super Phosphate (SSP) and NPK/DAP product lines.
EBITDA for the quarter reached a record high of ₹66.5 crore, up 68.4% YoY and 7.4% QoQ, attributed to volume growth, operating leverage, and process efficiencies. Profit After Tax (PAT) also saw significant growth, increasing by 77.7% YoY to ₹31.8 crore, with Earnings Per Share (EPS) rising to ₹3.62 from ₹2.04 in the same period last year.
For the first nine months of FY26 (9MFY26), MBAPL achieved its best-ever performance, with revenue reaching ₹1,472.3 crore, up 93.1% YoY. EBITDA for the nine months grew by 69.5% to ₹185.4 crore, and PAT more than doubled to ₹90.4 crore, with EPS reaching ₹10.32.
The company is aggressively expanding its production capacities, with plans to scale up SSP capacity from 240k MT to 570k MT by October 2026 (a 138% increase) and NPK/DAP capacity from 240k MT to 990k MT (a 313% expansion). Sulphuric acid capacity is set to rise by 460% to 924k MT, and phosphoric acid capacity by 239% to 234k MT. These expansions are expected to position MBAPL as India's fourth-largest private sector phosphatic fertilizer company.
Phase I of the integrated NPK/DAP plant at Dhule, Maharashtra, with a capacity of 330,000 MTPA for DAP/NPK, 99,000 MTPA for Phosphoric Acid, and 198,000 MTPA for Sulphuric Acid, is expected to be commissioned by October 2026. Phase II expansion at Dhule is planned for October 2027. Additionally, a new DAP/NPK and Sulphuric Acid plant at Sagar, Madhya Pradesh, with capacities of 90,000 MT and 165,000 MT respectively, is slated for March 2026.
The Chairman, Mr. M.K. Ostwal, highlighted the company's commitment to building sustainable value and advancing towards the next level of growth, mentioning the Phase-II expansion of 330,000 MTPA for NPK/DAP at the Dhule plant. The company is also focusing on green initiatives, including securing long-term supply of green ammonia and utilizing bio-coal and waste heat for power generation.
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