Madhya Bharat Agro Products Ltd

- **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.

- 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.

- 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.

- 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.

- 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.