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Madhya Bharat Agro Products Q1 FY27 Share Price & Earnings Call Analysis

₹177.11+1.79% today
Market cap
₹8,127 Cr
P/E
52.46
ROE
31.33%
PEG
8.29
Price to sales
4.35
Debt to equity
1.56
52W high / low
₹604 / ₹113
Sales growth (5Y)
58.79%
EBITDA margin
12.57%
Net profit margin
8.00%
Promoter holding
71.38%
Sales (last year)
₹1,874 Cr

Madhya Bharat Agro Products Ltd, part of Ostwal Group, is engaged in the business of manufacturing fertiliser and chemical products. [1]

Guidance scorecard · Q1 FY27 call

What M B Agro Prod.'s management guided
and where it ranks in Fertilizers & Agrochemicals

#3of 23 in
Fertilizers & Agrochemicals
Revenue20–40%MarginsFlatCapexPlannedFundraisingPlannedOrder bookWhat management said

RevenueQ1 FY27 call

20–40%
  • The company is confident of strong performance in coming quarters supported by new products, ongoing developments, and strong fertilizer demand in India.
  • Revenue guidance for FY27 is expected to be met or outperformed despite current challenges.
  • Capacity expansion at Dhule project slated for commissioning in October 2026 will drive significant performance improvement.
  • Post-expansion, a more than 50% increase in turnover is anticipated.
  • Capacity utilization for the new Dhule NPK/DAP plant is targeted at around 60%, with existing facilities around 90%.
  • Revenue is expected to witness a quantum jump in the remaining quarters of FY27.
  • The company targets Rs 3,500 crore revenue and 15.6 lakh MT capacity by FY28.

2 more points from M B Agro Prod.'s call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

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

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Additional land acquisition at the Dhule complex (52,600 sqm) supports future expansion.
  • Funding for expansions is tied up with bankers and internal accruals; no immediate equity dilution planned, though future funding mix (debt/equity/internal accruals) remains under discussion.
  • Strategic focus includes strengthening backward integration, maximizing capacity utilization, and expanding distribution networks to support growth.
  • Entered Green Ammonia supply agreement, with expected supplies commencing April 1, 2029, supporting sustainability goals.
Full Q1 FY27 analysis

FundraisingQ1 FY27 call

Planned

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

Full Q1 FY27 analysis

Order bookQ1 FY27 call

  • Fertilizer demand is strong with sales exceeding production in Q1 FY27.
  • Market demand remained resilient despite supply-side constraints.
  • Company expects capacity utilization to improve in coming quarters.
  • New capacities from the Dhule expansion project (due Oct 2026 and Oct 2027) will support significant growth.
  • Product portfolio expansion and strengthened distribution network position the company well for future orders.

2 more points from M B Agro Prod.'s call on the order book

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Full Q1 FY27 analysis
Full Fertilizers & Agrochemicals ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Fertilizers & Agrochemicals
on management's own guidance

  1. Dharmaj CropGood growth
    2
  2. Anya Polytech &Good growth
    1
  3. This stockM B Agro Prod.Good growth
    3
See all potential multibaggersAll Fertilizers & Agrochemicals rankings

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Fertilizers & Agrochemicals companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
1Anya Polytech &20–40%Up 2%+₹209 Cr25.1
2Dharmaj Crop20–40%Up 0–2%₹882 Cr14.7
3M B Agro Prod.This stock20–40%Flat₹7,668 Cr49.5
420–40%Flat₹6,453 Cr32.8
510–20%Up 2%+₹1,226 Cr18.3
610–20%Flat₹51,882 Cr27.8

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Pro shows every company guiding 40%+ revenue growth →Full Fertilizers & Agrochemicals ranking

M B Agro Prod. announcements

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Financials of M B Agro Prod.

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of M B Agro Prod.

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +234149278244146200278284297410450612395
Expenses +189125238226132167242244261353388546353
Operating Profit45244018143436393657626641
OPM %19%16%15%7%10%17%13%14%12%14%14%11%10%
Other Income +1110922263239
Interest56848975776911
Depreciation7777799989999
Profit before tax341226781823272744495131
Tax %29%42%42%80%82%36%39%34%47%36%37%37%-95%
Net Profit +24715111114181428303260
EPS in Rs2.770.831.700.150.161.311.582.041.633.223.483.626.82

Financials of M B Agro Prod.

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +626582901071291854909818151,0581,867
Expenses +5652606978941433847727199121,640
Operating Profit612212129354210721096145227
OPM %10%19%26%23%28%27%23%22%21%12%14%12%
Other Income +604000005111117
Interest3355434816262832
Depreciation3478101091822293437
Profit before tax66137162129811765295174
Tax %32%-55%11%30%27%31%29%30%29%52%39%14%
Net Profit +49125111520571242557150
EPS in Rs0.561.051.340.581.301.692.316.5114.182.836.5617.14
Dividend Payout %0%0%9%21%10%7%5%2%2%18%8%3%

Financials of M B Agro Prod.

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital182222222222222244888888
Reserves5469808495108127183285263316462
Borrowings +9183436264070164323290318856
Other Liabilities +13414111619457092163223277
Total Liabilities941131491531601892644397438049461,682
Fixed Assets +598894102938385153203265279436
CWIP609993175201474277
Investments110000000000
Other Assets +272446425875104283540525592968
Total Assets941131491531601892644397438049461,682

Financials of M B Agro Prod.

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +611819151430-72-7014896-127
Cash from Investing Activity +-3-27-17-16-1-22-56-13-65-92-92-373
Cash from Financing Activity +-3168-3-1492585141-61-4501
Net Cash Flow-10-0-001-1-06-60-0
Free Cash Flow3-16-14314-8-26-85-14043-12-524
CFO/OP104%101%48%104%62%54%83%-54%-19%163%77%-43%

Financials of M B Agro Prod.

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days334057487679545574838883
Inventory Days74582041301592102142001251368596
Days Payable59178047393788468404836
Cash Conversion Cycle4880180131195252181210191178125144
Working Capital Days65877445103123676561545149
ROCE %12%9%15%9%14%16%17%30%38%12%18%19%

Guidance history

How M B Agro Prod.'s guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →20–40%FlatPlannedPlanned—
Q4 FY26 call →40%+FlatPlannedPlanned—
Q3 FY26 call →40%+Down 0–2%PlannedPlanned—
Q2 FY26 call →40%+FlatPlannedPlanned—

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

92out of 100

Momentum score · price trend

92 out of 100 — Strengthening

Over the past year its share price has done better than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+90.7%93%
Last 6 months+64.0%92%
Last 3 months+22.7%89%
How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For M B Agro Prod.: 0.4 × 93 + 0.4 × 92 + 0.2 × 89 = 92.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 16 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What M B Agro Prod.'s management said in earlier quarters

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    Revenue from operations for Q2 FY27 is ₹407 crore, reflecting a year-on-year decline of 21%. Key results statement takeaways from Best Agrolife Ltd's Q2 FY27 ea

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  • Sharda Cropchem Ltd (Q2 FY27)

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