About
Madhya Bharat Agro Products Limited manufactures and sells phosphatic fertilizers and industrial chemicals in India. The company offers single super phosphate (SSP); nitrogen, phosphate, and potassium (NPK) and di-ammonium phosphate (DAP) complex fertilizers; beneficiated rock phosphate; secondary nutrients, including casma products; supplements and organic products; sulphuric and phosphoric acid; granulated, boronated, zincated boronated magnesium, ZIBO, zincated, and urea SSP; muriate of potash and zincated APS; and sulphur bentonite, potash, and PROM products. It sells its products under the Bharat and Annadata brands. The company was incorporated in 1997 and is based in Bhilwara, India. Madhya Bharat Agro Products Limited is a subsidiary of Ostwal Phoschem (India) Limited.
Key Metrics
as of Sep 2026Market Cap7,278 Cr
P/E47.00
Div Yield0.06 %
Book Value₹12.60
52w High₹175.00
52w Low₹74.60
Face Value₹2.00
Quarterly Results
Rs. Crores · hover row for definition| Metric | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sep 2023 | Jun 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 416.00 | 395.00 | 612.00 | 450.00 | 410.00 | 297.00 | 284.00 | 278.00 | 200.00 | 146.00 | 244.00 | 278.00 | 149.00 |
| Expenses | 350.00 | 353.00 | 546.00 | 388.00 | 353.00 | 261.00 | 244.00 | 242.00 | 167.00 | 132.00 | 226.00 | 238.00 | 125.00 |
| Operating Profit | 66.00 | 41.00 | 66.00 | 62.00 | 57.00 | 36.00 | 39.00 | 36.00 | 34.00 | 14.00 | 18.00 | 40.00 | 24.00 |
| OPM % | 16.00 | 10.00 | 11.00 | 14.00 | 14.00 | 12.00 | 14.00 | 13.00 | 17.00 | 10.00 | 7.00 | 15.00 | 16.00 |
| Other Income | 5.00 | 9.00 | 3.00 | 2.00 | 3.00 | 6.00 | 2.00 | 2.00 | 2.00 | 9.00 | 0.00 | 1.00 | 1.00 |
| Depreciation | 12.00 | 9.00 | 9.00 | 9.00 | 9.00 | 8.00 | 9.00 | 9.00 | 9.00 | 7.00 | 7.00 | 7.00 | 7.00 |
| Interest | 15.00 | 11.00 | 9.00 | 6.00 | 7.00 | 7.00 | 5.00 | 7.00 | 9.00 | 8.00 | 4.00 | 8.00 | 6.00 |
| Profit before tax | 44.00 | 31.00 | 51.00 | 49.00 | 44.00 | 27.00 | 27.00 | 23.00 | 18.00 | 8.00 | 7.00 | 26.00 | 12.00 |
| Tax % | 26.00 | -95.00 | 37.00 | 37.00 | 36.00 | 47.00 | 34.00 | 39.00 | 36.00 | 82.00 | 80.00 | 42.00 | 42.00 |
| Net Profit | 33.00 | 60.00 | 32.00 | 30.00 | 28.00 | 14.00 | 18.00 | 14.00 | 11.00 | 1.00 | 1.00 | 15.00 | 7.00 |
| EPS in Rs | 0.75 | 1.36 | 0.72 | 0.70 | 0.64 | 0.33 | 0.41 | 0.32 | 0.26 | 0.03 | 0.03 | 0.34 | 0.17 |
Profit & Loss
Annual · Rs. Crores| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,866.00 | 1,058.00 | 815.00 | 981.00 | 490.00 | 185.00 | 129.00 | 107.00 | 90.00 | 82.00 | 65.00 | 62.00 |
| Expenses | 1,639.00 | 912.00 | 719.00 | 772.00 | 384.00 | 143.00 | 94.00 | 78.00 | 69.00 | 60.00 | 52.00 | 56.00 |
| Operating Profit | 227.00 | 145.00 | 96.00 | 210.00 | 107.00 | 42.00 | 35.00 | 29.00 | 21.00 | 21.00 | 12.00 | 6.00 |
| OPM % | 12.00 | 14.00 | 12.00 | 21.00 | 22.00 | 23.00 | 27.00 | 28.00 | 23.00 | 26.00 | 19.00 | 10.00 |
| Other Income | 17.00 | 11.00 | 11.00 | 5.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4.00 | 0.00 | 6.00 |
| Interest | 32.00 | 28.00 | 26.00 | 16.00 | 8.00 | 4.00 | 3.00 | 4.00 | 5.00 | 5.00 | 3.00 | 3.00 |
| Depreciation | 37.00 | 34.00 | 29.00 | 22.00 | 18.00 | 9.00 | 10.00 | 10.00 | 8.00 | 7.00 | 4.00 | 3.00 |
| Profit before tax | 174.00 | 95.00 | 52.00 | 176.00 | 81.00 | 29.00 | 21.00 | 16.00 | 7.00 | 13.00 | 6.00 | 6.00 |
| Tax % | 14.00 | 39.00 | 52.00 | 29.00 | 30.00 | 29.00 | 31.00 | 27.00 | 30.00 | 11.00 | -55.00 | 32.00 |
| Net Profit | 150.00 | 57.00 | 25.00 | 124.00 | 57.00 | 20.00 | 15.00 | 11.00 | 5.00 | 12.00 | 9.00 | 4.00 |
| EPS in Rs | 3.43 | 1.31 | 0.57 | 2.83 | 1.30 | 0.46 | 0.34 | 0.26 | 0.12 | 0.27 | 0.21 | 0.11 |
| Dividend Payout % | 3.00 | 8.00 | 18.00 | 2.00 | 2.00 | 5.00 | 7.00 | 10.00 | 21.00 | 9.00 | 0.00 | 0.00 |
Balance Sheet
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 88.00 | 88.00 | 88.00 | 44.00 | 22.00 | 22.00 | 22.00 | 22.00 | 22.00 | 22.00 | 22.00 | 18.00 |
| Reserves | 462.00 | 316.00 | 263.00 | 285.00 | 183.00 | 127.00 | 108.00 | 95.00 | 84.00 | 80.00 | 69.00 | 54.00 |
| Borrowings | 856.00 | 318.00 | 290.00 | 323.00 | 164.00 | 70.00 | 40.00 | 26.00 | 36.00 | 34.00 | 18.00 | 9.00 |
| Other Liabilities | 277.00 | 223.00 | 163.00 | 92.00 | 70.00 | 45.00 | 19.00 | 16.00 | 11.00 | 14.00 | 4.00 | 13.00 |
| Total Liabilities | 1,682.00 | 946.00 | 804.00 | 743.00 | 439.00 | 264.00 | 189.00 | 160.00 | 153.00 | 149.00 | 113.00 | 94.00 |
| Fixed Assets | 436.00 | 279.00 | 265.00 | 203.00 | 153.00 | 85.00 | 83.00 | 93.00 | 102.00 | 94.00 | 88.00 | 59.00 |
| CWIP | 277.00 | 74.00 | 14.00 | 0.00 | 2.00 | 75.00 | 31.00 | 9.00 | 9.00 | 9.00 | 0.00 | 6.00 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.00 | 1.00 |
| Other Assets | 968.00 | 592.00 | 525.00 | 540.00 | 283.00 | 104.00 | 75.00 | 58.00 | 42.00 | 46.00 | 24.00 | 27.00 |
| Total Assets | 1,682.00 | 946.00 | 804.00 | 743.00 | 439.00 | 264.00 | 189.00 | 160.00 | 153.00 | 149.00 | 113.00 | 94.00 |
Cash Flows
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | -127.00 | 96.00 | 148.00 | -70.00 | -72.00 | 30.00 | 14.00 | 15.00 | 19.00 | 8.00 | 11.00 | 6.00 |
| Cash from Investing Activity | -373.00 | -92.00 | -92.00 | -65.00 | -13.00 | -56.00 | -22.00 | -1.00 | -16.00 | -17.00 | -27.00 | -3.00 |
| Cash from Financing Activity | 501.00 | -4.00 | -61.00 | 141.00 | 85.00 | 25.00 | 9.00 | -14.00 | -3.00 | 8.00 | 16.00 | -3.00 |
| Net Cash Flow | 0.00 | 0.00 | -6.00 | 6.00 | 0.00 | -1.00 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | -1.00 |
| Free Cash Flow | -524.00 | -12.00 | 43.00 | -140.00 | -85.00 | -26.00 | -8.00 | 14.00 | 3.00 | -14.00 | -16.00 | 3.00 |
| CFO/OP % | -43.00 | 77.00 | 163.00 | -19.00 | -54.00 | 83.00 | 54.00 | 62.00 | 104.00 | 48.00 | 101.00 | 104.00 |
Ratios
Annual · Days / % — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 83.00 | 88.00 | 83.00 | 74.00 | 55.00 | 54.00 | 79.00 | 76.00 | 48.00 | 57.00 | 40.00 | 33.00 |
| Inventory Days | 96.00 | 85.00 | 136.00 | 125.00 | 200.00 | 214.00 | 210.00 | 159.00 | 130.00 | 204.00 | 58.00 | 74.00 |
| Days Payable | 36.00 | 48.00 | 40.00 | 8.00 | 46.00 | 88.00 | 37.00 | 39.00 | 47.00 | 80.00 | 17.00 | 59.00 |
| Cash Conversion Cycle | 144.00 | 125.00 | 178.00 | 191.00 | 210.00 | 181.00 | 252.00 | 195.00 | 131.00 | 180.00 | 80.00 | 48.00 |
| Working Capital Days | 49.00 | 51.00 | 54.00 | 61.00 | 65.00 | 67.00 | 123.00 | 103.00 | 45.00 | 74.00 | 87.00 | 65.00 |
| ROCE % | 19.00 | 18.00 | 12.00 | 38.00 | 30.00 | 17.00 | 16.00 | 14.00 | 9.00 | 15.00 | 9.00 | 12.00 |
Corporate Actions
11 records| Action | Ex Date | Record Date | Ratio | Amount (₹) | Notes |
|---|---|---|---|---|---|
| Split | 03 Jul 2026 | 03 Jul 2026 | 10:2 | — | |
| Dividend | 17 Jun 2026 | 17 Jun 2026 | — | 0.50 | |
| Dividend | 26 Aug 2025 | 26 Aug 2025 | — | 0.50 | |
| Dividend | 13 Sep 2024 | 13 Sep 2024 | — | 0.50 | |
| Bonus | 20 Oct 2023 | 20 Oct 2023 | 1:1 | — | |
| Dividend | 18 Sep 2023 | 19 Sep 2023 | — | 0.50 | |
| Bonus | 18 Oct 2022 | 19 Oct 2022 | 1:1 | — | |
| Dividend | 16 Sep 2022 | 19 Sep 2022 | — | 0.50 | |
| Dividend | 17 Sep 2021 | 20 Sep 2021 | — | 0.50 | |
| Dividend | 17 Sep 2020 | 18 Sep 2020 | — | 0.50 | |
| Dividend | 18 Sep 2019 | 19 Sep 2019 | — | 0.50 |
Announcements
5 filingsAnnual Reports
Credit Ratings
-
Rating update8 Jul from crisil
-
Rating update9 Apr from crisil
-
Rating update31 Mar from icra
-
Rating update17 Feb from crisil
-
Rating update26 Nov 2025 from icra
-
Rating update7 Jul 2025 from crisil