Madhya Bharat Agro Products Ltd

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Madhya Bharat Agro Products Ltd

₹ 117 -6.71%
06 Jul 12:29 p.m.
mbapl.com NSE: MBAPL
About

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

Key Points

Business Overview[1]
MBAPL, part of the Ostwal Group of Industries, accquired in 2004 is India's 3rd largest Private sector Phosphatic Fertiliser company with ongoing capacities expansion from 9 lakh MTPA to ~16 lakh MTPA. Its key brands include ‘Annadata’ for SSP and ‘Bharat’ for NPK/DAP complexes. It holds a SSP market share of 19% in Chhattisgarh and 9% in Madhya Pradesh.

Website NSE
  • Market Cap ₹ 5,115 Cr.
  • Current Price ₹ 117
  • High / Low ₹ 127 / 74.6
  • Stock P/E 34.1
  • Book Value ₹ 12.6
  • Dividend Yield 0.09 %
  • ROCE 19.4 %
  • ROE 31.5 %
  • Face Value ₹ 2.00
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Pros

  • Company is expected to give good quarter
  • Company has a good return on equity (ROE) track record: 3 Years ROE 19.5%
  • Company's median sales growth is 28.0% of last 10 years

Cons

  • Stock is trading at 9.26 times its book value
  • Tax rate seems low
  • Company might be capitalizing the interest cost

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Commodities Chemicals Fertilizers & Agrochemicals Fertilizers

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Quarterly Results

Figures in Rs. Crores

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
234 149 278 244 146 200 278 284 297 410 450 612 395
189 125 238 226 132 167 242 244 261 353 388 546 353
Operating Profit 45 24 40 18 14 34 36 39 36 57 62 66 41
OPM % 19% 16% 15% 7% 10% 17% 13% 14% 12% 14% 14% 11% 10%
1 1 1 0 9 2 2 2 6 3 2 3 9
Interest 5 6 8 4 8 9 7 5 7 7 6 9 11
Depreciation 7 7 7 7 7 9 9 9 8 9 9 9 9
Profit before tax 34 12 26 7 8 18 23 27 27 44 49 51 31
Tax % 29% 42% 42% 80% 82% 36% 39% 34% 47% 36% 37% 37% -95%
24 7 15 1 1 11 14 18 14 28 30 32 60
EPS in Rs 0.55 0.17 0.34 0.03 0.03 0.26 0.32 0.41 0.33 0.64 0.70 0.72 1.36
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Profit & Loss

Figures in Rs. Crores

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
62 65 82 90 107 129 185 490 981 815 1,058 1,867
56 52 60 69 78 94 143 384 772 719 912 1,640
Operating Profit 6 12 21 21 29 35 42 107 210 96 145 227
OPM % 10% 19% 26% 23% 28% 27% 23% 22% 21% 12% 14% 12%
6 0 4 0 0 0 0 0 5 11 11 17
Interest 3 3 5 5 4 3 4 8 16 26 28 32
Depreciation 3 4 7 8 10 10 9 18 22 29 34 37
Profit before tax 6 6 13 7 16 21 29 81 176 52 95 174
Tax % 32% -55% 11% 30% 27% 31% 29% 30% 29% 52% 39% 14%
4 9 12 5 11 15 20 57 124 25 57 150
EPS in Rs 0.11 0.21 0.27 0.12 0.26 0.34 0.46 1.30 2.83 0.57 1.31 3.43
Dividend Payout % -0% -0% 9% 21% 10% 7% 5% 2% 2% 18% 8% 3%
Compounded Sales Growth
10 Years: 40%
5 Years: 59%
3 Years: 24%
TTM: 77%
Compounded Profit Growth
10 Years: 32%
5 Years: 49%
3 Years: 7%
TTM: 161%
Stock Price CAGR
10 Years: %
5 Years: 85%
3 Years: 26%
1 Year: 48%
Return on Equity
10 Years: 22%
5 Years: 25%
3 Years: 19%
Last Year: 32%

Balance Sheet

Figures in Rs. Crores

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 18 22 22 22 22 22 22 22 44 88 88 88
Reserves 54 69 80 84 95 108 127 183 285 263 316 462
9 18 34 36 26 40 70 164 323 290 318 856
13 4 14 11 16 19 45 70 92 163 223 277
Total Liabilities 94 113 149 153 160 189 264 439 743 804 946 1,682
59 88 94 102 93 83 85 153 203 265 279 436
CWIP 6 -0 9 9 9 31 75 2 -0 14 74 277
Investments 1 1 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
27 24 46 42 58 75 104 283 540 525 592 968
Total Assets 94 113 149 153 160 189 264 439 743 804 946 1,682

Cash Flows

Figures in Rs. Crores

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
6 11 8 19 15 14 30 -72 -70 148 96 -127
-3 -27 -17 -16 -1 -22 -56 -13 -65 -92 -92 -373
-3 16 8 -3 -14 9 25 85 141 -61 -4 501
Net Cash Flow -1 0 -0 -0 0 1 -1 -0 6 -6 -0 -0
Free Cash Flow 3 -16 -14 3 14 -8 -26 -85 -140 43 -12 -524
CFO/OP 104% 101% 48% 104% 62% 54% 83% -54% -19% 163% 77% -43%

Ratios

Figures in Rs. Crores

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 33 40 57 48 76 79 54 55 74 83 88 83
Inventory Days 74 58 204 130 159 210 214 200 125 136 85 96
Days Payable 59 17 80 47 39 37 88 46 8 40 48 36
Cash Conversion Cycle 48 80 180 131 195 252 181 210 191 178 125 144
Working Capital Days 65 87 74 45 103 123 67 65 61 54 51 49
ROCE % 12% 9% 15% 9% 14% 16% 17% 30% 38% 12% 18% 19%

Insights

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Mar 2020 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Fertilizer Production Volume
MT

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NPK/DAP Capacity Utilization
%
NPK/DAP Installed Capacity
MTPA
SSP Capacity Utilization
%
SSP Installed Capacity
MTPA
Retailers
count
Fertilizer Sales Volume
MT
Wholesalers/Dealers
count

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
74.26% 74.26% 74.54% 74.52% 74.43% 74.51% 74.56% 74.56% 74.56% 74.63% 74.76% 74.76%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.03% 0.11% 0.43% 0.19% 0.46%
25.74% 25.74% 25.46% 25.48% 25.57% 25.49% 25.44% 25.41% 25.34% 24.95% 25.06% 24.78%
No. of Shareholders 8,7068,83610,22710,12110,11110,4339,7188,96611,82212,54613,34812,758

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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