MBAPL

Madhya Bharat Agro Products Limited

Phosphatic fertilizers under ANNADATA and BHARAT brands

Commodities›Chemicals›Fertilizers & Agrochemicals›Fertilizers

mbapl.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹167.10
Market cap
7,668 Cr
Stock P/E
47.4
P/B
13.32
Dividend yield
0.1%
ROE (FY26)
27.3%
ROCE (FY26)
14.7%
Operating margin (FY26)
10.2%
Debt / equity (FY26)
1.56
OCF / EBITDA (FY26)
-56.2%
OCF / EBITDA (3Y)
25.2%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

MBAPL (Madhya Bharat Agro Products) makes phosphatic fertilizers for Indian agriculture, including single super phosphate (SSP) and NPK/DAP complex fertilizers, and also sells imported fertilizers.

Company snapshot

5thBy market cap

Ranked among 19 companies in Fertilizers.

Segment mix

Reportable segments as of 2022-03-31 (Standalone). Revenue share = segment revenue ÷ total revenue.

Largest segment: 25.5% of revenue

SegmentRevenue shareRevenuePBTAssets
Chemicals
25.5%
125 Cr21 Cr—
Fertilisers
25.5%
125 Cr21 Cr—

What we see

Positives
  • ✓Return on equity of 27.3% — the company generates strong returns on shareholders' money.
Concerns
  • ✗Only 25% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.

Statement tables · Standalone

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Standalone only

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales278 Cr244 Cr146 Cr200 Cr278 Cr284 Cr297 Cr410 Cr450 Cr612 Cr395 Cr416 Cr
Operating expenses (approx.)238 Cr226 Cr132 Cr167 Cr242 Cr244 Cr261 Cr353 Cr388 Cr546 Cr353 Cr350 Cr
EBITDA40 Cr18 Cr14 Cr34 Cr36 Cr39 Cr36 Cr57 Cr62 Cr66 Cr41 Cr66 Cr
OPM %14.5%7.4%9.6%16.8%13.0%13.9%12.2%13.9%13.7%10.9%10.4%15.8%
Other income0.76 Cr0.36 Cr9 Cr2 Cr2 Cr2 Cr6 Cr3 Cr2 Cr3 Cr9 Cr5 Cr
Interest8 Cr4 Cr8 Cr9 Cr7 Cr5 Cr7 Cr7 Cr6 Cr9 Cr11 Cr15 Cr
Depreciation7 Cr7 Cr7 Cr9 Cr9 Cr9 Cr8 Cr9 Cr9 Cr9 Cr9 Cr12 Cr
Profit before tax26 Cr7 Cr8 Cr18 Cr23 Cr27 Cr27 Cr44 Cr49 Cr51 Cr31 Cr44 Cr
Tax %41.7%80.0%82.1%36.0%39.2%33.6%47.1%36.1%37.2%37.4%-95.0%25.5%
Net profit15 Cr1 Cr1 Cr11 Cr14 Cr18 Cr14 Cr28 Cr30 Cr32 Cr60 Cr33 Cr
EPS (₹)₹3.41₹0.15₹0.16₹1.31₹1.58₹2.04₹1.63₹3.22₹3.48₹3.62₹6.82₹0.75

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales116 Cr131 Cr186 Cr491 Cr982 Cr817 Cr1,059 Cr1,867 CrSign in free for the trailing twelve months
Operating expenses (approx.)87 Cr96 Cr144 Cr385 Cr772 Cr720 Cr914 Cr1,640 CrSign in free for the trailing twelve months
EBITDA29 Cr35 Cr42 Cr107 Cr210 Cr97 Cr145 Cr227 CrSign in free for the trailing twelve months
OPM %25.4%26.5%22.4%21.7%21.4%11.8%13.7%12.1%Sign in free for the trailing twelve months
Other income0.27 Cr0.22 Cr0.15 Cr0.26 Cr5 Cr11 Cr11 Cr17 CrSign in free for the trailing twelve months
Interest4 Cr3 Cr4 Cr8 Cr16 Cr26 Cr28 Cr32 CrSign in free for the trailing twelve months
Depreciation10 Cr10 Cr9 Cr18 Cr22 Cr29 Cr34 Cr37 CrSign in free for the trailing twelve months
Profit before tax16 Cr21 Cr29 Cr81 Cr176 Cr52 Cr95 Cr174 CrSign in free for the trailing twelve months
Tax %27.4%30.9%29.2%29.8%29.5%52.5%39.3%13.7%Sign in free for the trailing twelve months
Net profit11 Cr15 Cr20 Cr57 Cr124 Cr25 Cr57 Cr150 CrSign in free for the trailing twelve months
EPS (₹)₹5.22₹6.77₹9.24₹26.03₹28.35₹2.84₹6.56₹17.14Sign in free for the trailing twelve months
Dividend payout %——5.4%1.9%0.9%8.8%7.6%2.9%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital22 Cr22 Cr22 Cr22 Cr44 Cr88 Cr88 Cr88 Cr
Reserves95 Cr108 Cr127 Cr183 Cr285 Cr263 Cr316 Cr462 Cr
Borrowings24 Cr37 Cr70 Cr164 Cr323 Cr290 Cr318 Cr855 Cr
Other liabilities19 Cr22 Cr45 Cr70 Cr92 Cr164 Cr224 Cr277 Cr
Total liabilities160 Cr189 Cr264 Cr439 Cr743 Cr804 Cr946 Cr1,682 Cr
Fixed assets (net)93 Cr83 Cr85 Cr153 Cr203 Cr265 Cr279 Cr436 Cr
CWIP9 Cr31 Cr75 Cr2 Cr0 Cr14 Cr74 Cr277 Cr
Investments————0 Cr0 Cr0 Cr0 Cr
Loans & advances————15 Cr13 Cr0.06 Cr0.05 Cr
Inventories21 Cr33 Cr53 Cr157 Cr214 Cr207 Cr167 Cr360 Cr
Trade receivables22 Cr28 Cr27 Cr74 Cr199 Cr186 Cr256 Cr426 Cr
Cash & bank0.05 Cr0.95 Cr0.18 Cr0.01 Cr6 Cr0.04 Cr0.05 Cr0.04 Cr
Other assets15 Cr14 Cr23 Cr52 Cr106 Cr119 Cr169 Cr182 Cr
Total assets160 Cr189 Cr264 Cr439 Cr743 Cr804 Cr946 Cr1,682 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity15 Cr14 Cr30 Cr-72 Cr-70 Cr149 Cr96 Cr-127 Cr
Cash from investing-0.89 Cr-22 Cr-56 Cr-13 Cr-65 Cr-94 Cr-92 Cr-373 Cr
Cash from financing-14 Cr9 Cr25 Cr85 Cr141 Cr-61 Cr-4 Cr501 Cr
Net cash flow0.03 Cr0.90 Cr-0.48 Cr-0.17 Cr6 Cr-6 Cr0.0045 Cr-0.0050 Cr
Free cash flow (OCF − Capex)14 Cr-8 Cr-26 Cr-85 Cr-140 Cr44 Cr-12 Cr-526 Cr

Ratios

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %13.8%14.7%14.7%24.0%29.6%12.3%17.0%14.7%
ROE %9.8%11.4%13.6%27.8%37.8%7.1%14.2%27.3%
Debtor days7077535574838883
Inventory days14717920616711913586117
Days payable373184388404843
Cash conversion cycle181226175183185178126157
OCF / EBITDA %52.1%41.6%72.2%-67.5%-33.4%154.4%66.1%-56.2%
OCF / EBITDA % (3 years)——56.6%-15.0%-31.3%1.7%38.8%25.2%
Debt / equity0.200.280.470.800.980.830.791.56
Current ratio2.192.621.501.511.581.381.451.44
Net debt / EBITDA0.81———1.513.002.193.78