M B Agro Prod. Q2 FY26 Results & Concall Highlights: Capex ₹400 Cr

Q2 FY26 earnings call analysis: revenue, margin, capex, fundraise and order book outlook from management commentary.

Published 8 Aug 2026 | Fertilizers & Agrochemicals | Market Cap: ₹7.4K Cr

H2 FY '26 is expected to have revenue similar to H1 FY '26 (~₹860 crore), not at the same high growth rate but maintaining production capacity utilization. H1 FY26 PAT increased by 132% YoY to ₹59 crore, with EPS doubling to ₹6.7, reflecting strong profitability.

From M B Agro Prod.'s Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Price

₹170

Market Cap

₹7.4K Cr

P/E Ratio

47.6

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M B Agro Prod. — Quarterly revenue & net profit

Revenue Net Profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹395 Cr, net profit ₹60 Cr.

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📊 Revenue & Sales Performance

→H2 FY '26 is expected to have revenue similar to H1 FY '26 (~₹860 crore), not at the same high growth rate but maintaining production capacity utilization.
→Total fertilizer production capacity will more than double to approximately 1.2 million tons by September 2026 due to expansions at Sagar (March ’26) and Dhule (September ’26).
→Strong sales growth expected from NPK fertilizers, which contribute higher EBITDA per ton (~₹6,000) compared to SSP (~₹1,800).
→SSP and NPK volumes sold in H1 FY '26 were 1,18,418 MT and 1,16,288 MT respectively, with strong demand projected to continue.
→Post capacity expansions, strong performance and volume growth anticipated over the coming years.
→New capacities expected to start contributing fully from FY '27, potentially increasing production and sales volume by about 150%.
→Prices for SSP and NPK expected to be stable or slightly increase in H2 FY '26.

📈 Profitability & Margins

→H1 FY26 PAT increased by 132% YoY to ₹59 crore, with EPS doubling to ₹6.7, reflecting strong profitability.
→Revenue and EBITDA grew 80% and 70% YoY respectively in H1 FY26, driven by higher volumes and operational efficiencies.
→New capacities at Sagar (commission by March 2026) and Dhule (starting September 2026) will more than double capacity (~1.2 million tons), expected to drive ~150% production increase.
→Production from new capacities will impact earnings substantially from FY27 onwards.
→Revenue for H2 FY26 expected to maintain similar absolute levels as H1 (around ₹850 crore), not at the same growth rate.
→Slight price increases anticipated due to raw material cost rise.
→EBITDA per ton expected to remain stable post-expansion—around ₹6,000 for NPK and ₹1,800 for SSP.
→Expansion and strategic supply management aim to sustain strong earnings growth and shareholder value enhancement.

See what M B Agro Prod. said on profitability & margins — free account, 30 seconds.

🏗️ Capital Expenditure Plans

→**Current CAPEX for FY '26:** Approximately ₹400 crore, focusing on ongoing capacity expansions.
→**Total CAPEX for Sagar and Dhule projects:** Around ₹700 crore in fixed assets; ₹200 crore already spent, ₹200 crore expected by March 2026, balance in first half of FY '27.
→**Funding:** Combination of debt (around ₹430 crore in term loans with most sanctions in place) and internal accruals.
→**Expansion projects:**
→ - **Sagar (Madhya Pradesh):** Capacity expansion of 90,000 MTPA DAP/NPK and 1,65,000 MTPA sulfuric acid, to be commissioned by March 2026.
→ - **Dhule (Maharashtra):** Integrated plant with 3,30,000 MTPA DAP/NPK capacity starting September 2026.
→**Strategic Investment:** Selected as preferred buyer for 1,30,000 MTPA Green Ammonia under SECI's SIGHT Scheme for 10 years, supporting sustainability and raw material security.

💰 Fundraising & Capital Structure

→The company plans a total CAPEX of around ₹700 crore for Sagar and Dhule projects.
→Funding for ₹700 crore CAPEX will be through a combination of debt and internal accruals.
→Approximately ₹430 crore is expected from term loans.
→Out of this, ₹202 crore has already been sanctioned; ₹230 crore has in-principle approval with final sanction expected within a month.
→Remaining CAPEX amount will be funded from internal accruals.
→No mention of any current or planned equity fundraising in the transcript.
→The company is examining a possible merger but has not disclosed any equity raising tied to that.
→Overall, fundraising appears limited to debt (term loans) aligned with ongoing capacity expansion plans.

See what M B Agro Prod. said on fundraising & capital structure — free account, 30 seconds.

📋 Order Book & Pipeline

→The transcript does not explicitly mention the current or expected order book or pending orders for Madhya Bharat Agro Products Limited.
→However, it indicates strong demand in the market driven by improved monsoon, increased water reservoir levels, MSP hikes, and supportive policy environment for the upcoming Rabi season.
→The company reported record fertilizer production and sales volumes, with robust operational performance.
→Expansion projects at Sagar and Dhule are progressing well, expected to increase capacity significantly from FY '26 onwards.
→The company expects steady sales and operational capacity utilization continuing into H2 FY '26 and beyond.
→Demand for NPK products is strong, with expected sustained volumes.
→No direct figures on order book or pending orders were disclosed in the provided transcript.

Key Metrics

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What Madhya Bharat Agro Products Ltd's management said in earlier quarters

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Frequently Asked Questions

What were M B Agro Prod. Q2 FY26 results?

What is M B Agro Prod. share price analysis?

M B Agro Prod. currently shows a neutral. The stock trades at a P/E of 47.6 with a market cap of ₹7,381 Cr. Investors should review the full earnings analysis for detailed insights.

Is M B Agro Prod. planning capital expenditure?

Current CAPEX for FY '26:** Approximately ₹400 crore, focusing on ongoing capacity expansions.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.