MBAPL Q4 FY26 Results: Revenue Up 33% to ₹394.7 Cr, PAT Soars 318% YoY
MBAPL reported Q4 FY26 revenue of ₹394.7 Cr, up 33% YoY, and PAT of ₹59.8 Cr, up 318% YoY. Full-year FY26 revenue reached ₹1867 Cr (up 76% YoY) and PAT ₹150 Cr (up 161% YoY). The company is expanding capacities with its Dhule facility's DAP/NPK plant targeted for October 2026 and aims for ~1.56 million MTPA capacity by FY28. A 10-year green ammonia procurement agreement is in place.
The announcement details substantial financial growth, record performance metrics, significant capacity expansions with clear timelines, and strategic initiatives like green ammonia procurement. These factors are highly material and will likely influence investor perception and the company's future trajectory.
The company reported strong year-on-year growth in revenue, EBITDA, and profit after tax for both Q4 FY26 and the full year FY26. Significant capacity expansions, strategic green ammonia procurement, and credit rating upgrades further contribute to a positive outlook.
Madhya Bharat Agro Products Limited (MBAPL) announced its Q4 and Full-Year FY26 financial results, highlighting significant growth and strategic advancements.
For the fourth quarter of FY26, MBAPL reported a resilient performance with revenue from operations standing at ₹394.7 crore, marking a 33% year-on-year increase. This growth was attributed to healthy volumes driven by robust Rabi season demand and stable product realization. EBITDA for the quarter was ₹41.2 crore, up 14% YoY, demonstrating disciplined cost management despite intensified feedstock costs in the latter half of the quarter. Profit after tax surged by 318.2% YoY to ₹59.8 crore, with earnings per share at ₹6.82.
For the full fiscal year FY26, the company achieved record performance across key metrics. Revenue from operations reached an all-time high of ₹1867 crore, a 76% increase YoY, fueled by volume growth and steady demand. EBITDA stood at ₹227 crore, up 55% YoY, reflecting operational efficiency, a favorable product mix, and backward integration advantages. Profit after tax was a record ₹150 crore, up 161% YoY, with Earnings per Share at ₹17.14, benefiting from tax advantages and improved operational efficiency.
Operationally, in Q4 FY26, fertilizer production was 1,16,281 metric tons, with sales at 99,146 metric tons. SSP utilization was 99%, and NPK utilization was 95%. For the full year FY26, production reached a record 4,75,154 metric tons, and sales were 4,72,270 metric tons. SSP utilization was a record 98%, and NPK-DAP fertilizer operated at peak capacity utilization of 100%.
Strategically, MBAPL is expanding its Dhule Integrated Manufacturing Platform in Maharashtra. The SSP fertilizer capacity of 3,30,000 MTPA and sulfuric acid capacity of 1,98,000 MTPA have been commercialized. The integrated DAP/NPK facility (3,30,000 MTPA DAP/NPK and 99,000 MTPA phosphoric acid) is targeted for commissioning before October 2026. A next phase of expansion, targeting an additional 3,30,000 MTPA of DAP/NPK, 66,000 MTPA of phosphoric acid, and 3,96,000 MTPA of sulphuric acid, is planned for commissioning by October 2027. The Sagar facility in Madhya Pradesh saw its 90,000 MTPA DAP/NPK and 1,65,000 MTPA sulphuric acid capacities commissioned in March 2026. Overall, total fertilizer capacity is targeted to reach approximately 1.56 million MTPA by FY28.
In sustainability, MBAPL has entered a long-term green ammonia procurement agreement for 1,30,000 metric tons per annum under the National Green Hydrogen Mission, securing input for 10 years at a fixed price capped at ₹53,000 per metric ton, with supplies expected to begin from April 2029. CRISIL and ICRA have upgraded MBAPL's credit rating to A+ (Stable).
Looking ahead to FY27, the company expects approximately 100% revenue growth from the partially commissioned Dhule facility and completed Sagar expansion, with further upside from the next phase of expansion by October 2027. MBAPL aims to become India's third-largest private-sector phosphatic fertilizer company.
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Madhya Bharat Agro Products Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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