MBAPL Q3 FY26: Revenue Surges 115.9% YoY to ₹612.4 Cr, Best Ever Performance
Madhya Bharat Agro Products Limited reported record Q3 FY26 revenue of ₹612.4 Cr, up 115.9% YoY, and highest-ever EBITDA of ₹66.5 Cr. Nine-month revenue reached ₹1,472.3 Cr. Capacity expansions are underway at Dhule and Sagar, with commissioning expected in H1 FY27 and Q1 FY27 respectively. Management expects to maintain EBITDA margins of 13-14% on own production.
The announcement includes strong financial results with substantial YoY growth in revenue and profit, alongside details of significant capacity expansions which are material to the company's future growth and market position.
The company reported record revenues and profits, significant year-on-year growth, and provided positive outlooks for future expansions and market demand. Operational performance metrics were also strong.
Madhya Bharat Agro Products Limited (MBAPL) announced its Q3 FY26 results, reporting a record revenue of ₹612.4 crore, a significant year-on-year increase of 115.9%. The company also achieved its highest-ever EBITDA at ₹66.5 crore, up 68.4% YoY, and a profit after tax (PAT) of ₹31.8 crore, marking a 77.7% increase. Earnings per share (EPS) stood at ₹3.62, up from ₹2.04 in Q3 FY25.
Operational highlights for the quarter included record fertilizer production volumes of 1,34,355 MT and sales volumes of 94,958 MT. The SSP plant operated at 109% utilization, producing 65,340 MT, while NPK/DAP operations ran at 115% utilization, producing 69,015 MT. Backward integration for BRP Crushing, Sulphuric Acid, and Phosphoric Acid was at 67%, 94%, and 50% utilization, respectively.
For the nine months ended December 2025 (9M FY26), MBAPL recorded its best-ever performance with revenue reaching ₹1,472.3 crore, up 93.1% YoY. EBITDA was ₹185.4 crore, a 69.5% increase, and PAT doubled to ₹90.4 crore, with EPS also doubling to ₹10.32.
The company is progressing with its capacity expansion plans. An integrated complex fertilizer plant at Dhule, Maharashtra, with capacities for DAP/NPK and SSP, along with backward integration, is slated for commissioning in the first half of FY27. Expansion of DAP/NPK and sulfuric acid capacity at Banda, Sagar, Madhya Pradesh, is expected in Q1 FY27.
Management noted that while margins on imported fertilizers are around 2.5-3%, their own manufactured products yield EBITDA margins of 13-14%. They expect to maintain these margins for their own production going forward. The company is also working to reach the top tier of phosphatic fertilizer manufacturers in India.
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