{"id":73804,"date":"2026-04-20T11:03:13","date_gmt":"2026-04-20T05:33:13","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=73804"},"modified":"2026-04-20T11:03:15","modified_gmt":"2026-04-20T05:33:15","slug":"madhya-bharat-agro-products-q4-fy26-results-pat-319-percent-60-crore","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/madhya-bharat-agro-products-q4-fy26-results-pat-319-percent-60-crore\/","title":{"rendered":"Madhya Bharat Agro Products Q4 FY26 Results: Net Profit Surges 319% to \u20b959.76 Crore, FY26 Revenue \u20b91,867 Crore (+76%), Dividend \u20b90.50\/Share Declared"},"content":{"rendered":"<p>Madhya Bharat Agro Products Limited \u2014 one of India&#8217;s fastest-growing phosphatic fertilizer manufacturers \u2014 delivered a blockbuster Q4 FY26 performance. Standalone net profit surged 319.4% year-on-year to \u20b959.76 crore, compared to \u20b914.25 crore in Q4 FY25. Revenue from operations grew 32.99% to \u20b9394.71 crore. The sharp PAT jump, while partly reflecting the low base of Q4 FY25, also demonstrates the strong operating leverage the company has built through capacity expansion and volume scale-up.<\/p><p>For the full financial year FY26, the numbers are equally impressive: revenue reached \u20b91,866.98 crore \u2014 up 76.3% from \u20b91,059.17 crore in FY25 \u2014 and net profit grew 161.3% to \u20b9150.18 crore from \u20b957.48 crore. The board recommended a final dividend of \u20b90.50 per equity share (5% on face value) for FY26. As of March 31, 2026, the company added 90,000 MTPA of new capacity, taking total capacity to 3,30,000 MTPA \u2014 a foundational step toward the ambitious expansion targets that management has set.<\/p><p>Track MBAPL and get fertilizer sector research on <a href=\"https:\/\/univest.in\/user\/log-in\">Univest<\/a>.<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/madhya-bharat-agro-products-q4-fy26-results-pat-319-percent-60-crore\/#Madhya_Bharat_Agro_Products_Q4_FY26_Financial_Results\" title=\"Madhya Bharat Agro Products Q4 FY26 Financial Results\">Madhya Bharat Agro Products Q4 FY26 Financial Results<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/madhya-bharat-agro-products-q4-fy26-results-pat-319-percent-60-crore\/#Growth_Drivers_Volume_Capacity_and_Subsidy_Tailwinds\" title=\"Growth Drivers: Volume, Capacity, and Subsidy Tailwinds\">Growth Drivers: Volume, Capacity, and Subsidy Tailwinds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/madhya-bharat-agro-products-q4-fy26-results-pat-319-percent-60-crore\/#The_Dhule_Plant_The_Next_Growth_Catalyst\" title=\"The Dhule Plant: The Next Growth Catalyst\">The Dhule Plant: The Next Growth Catalyst<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/madhya-bharat-agro-products-q4-fy26-results-pat-319-percent-60-crore\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/madhya-bharat-agro-products-q4-fy26-results-pat-319-percent-60-crore\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/madhya-bharat-agro-products-q4-fy26-results-pat-319-percent-60-crore\/#1_What_was_Madhya_Bharat_Agro_Products_Q4_FY26_net_profit\" title=\"1. What was Madhya Bharat Agro Products&#8217; Q4 FY26 net profit?\">1. What was Madhya Bharat Agro Products&#8217; Q4 FY26 net profit?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/madhya-bharat-agro-products-q4-fy26-results-pat-319-percent-60-crore\/#2_What_was_MBAPLs_FY26_full-year_revenue_and_profit\" title=\"2. What was MBAPL&#8217;s FY26 full-year revenue and profit?\">2. What was MBAPL&#8217;s FY26 full-year revenue and profit?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/madhya-bharat-agro-products-q4-fy26-results-pat-319-percent-60-crore\/#3_What_dividend_did_MBAPL_declare_for_FY26\" title=\"3. What dividend did MBAPL declare for FY26?\">3. What dividend did MBAPL declare for FY26?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/madhya-bharat-agro-products-q4-fy26-results-pat-319-percent-60-crore\/#4_What_is_the_Dhule_plant_project_update\" title=\"4. What is the Dhule plant project update?\">4. What is the Dhule plant project update?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/madhya-bharat-agro-products-q4-fy26-results-pat-319-percent-60-crore\/#5_What_is_MBAPLs_current_manufacturing_capacity\" title=\"5. What is MBAPL&#8217;s current manufacturing capacity?\">5. What is MBAPL&#8217;s current manufacturing capacity?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/madhya-bharat-agro-products-q4-fy26-results-pat-319-percent-60-crore\/#6_What_products_does_Madhya_Bharat_Agro_Products_manufacture\" title=\"6. What products does Madhya Bharat Agro Products manufacture?\">6. What products does Madhya Bharat Agro Products manufacture?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/madhya-bharat-agro-products-q4-fy26-results-pat-319-percent-60-crore\/#7_When_do_TCS_announce_Q4_results_2026\" title=\"7. When do TCS announce Q4 results 2026?\">7. When do TCS announce Q4 results 2026?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/madhya-bharat-agro-products-q4-fy26-results-pat-319-percent-60-crore\/#8_Is_MBAPL_a_good_investment_after_Q4_results\" title=\"8. Is MBAPL a good investment after Q4 results?\">8. Is MBAPL a good investment after Q4 results?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/madhya-bharat-agro-products-q4-fy26-results-pat-319-percent-60-crore\/#Recent_Article\" title=\"Recent Article\">Recent Article<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Madhya_Bharat_Agro_Products_Q4_FY26_Financial_Results\"><\/span><strong>Madhya Bharat Agro Products Q4 FY26 Financial Results<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Metric<\/strong><\/td><td><strong>Q3 FY26<\/strong><\/td><td><strong>Q4 FY25 (Base)<\/strong><\/td><td><strong>Q4 FY26 (Actual)<\/strong><\/td><\/tr><tr><td>Revenue (Standalone)<\/td><td>\u20b9612.39 Cr<\/td><td>\u20b9296.79 Cr<\/td><td>\u20b9394.71 Cr (+33% YoY)<\/td><\/tr><tr><td>Profit Before Tax<\/td><td>\u20b940 Cr<\/td><td>\u20b926.96 Cr<\/td><td>\u20b930.64 Cr (+13.7% YoY)<\/td><\/tr><tr><td>Net Profit (PAT)<\/td><td>\u20b931.76 Cr<\/td><td>\u20b914.25 Cr<\/td><td>\u20b959.76 Cr (+319.4% YoY)<\/td><\/tr><tr><td>FY26 Revenue<\/td><td>\u2014<\/td><td>\u20b91,059.17 Cr (FY25)<\/td><td>\u20b91,866.98 Cr (+76.3% YoY)<\/td><\/tr><tr><td>FY26 Net Profit<\/td><td>\u2014<\/td><td>\u20b957.48 Cr (FY25)<\/td><td>\u20b9150.18 Cr (+161.3% YoY)<\/td><\/tr><tr><td>Capacity (Mar 2026)<\/td><td>\u2014<\/td><td>\u2014<\/td><td>3,30,000 MTPA (new 90k added)<\/td><\/tr><tr><td>Final Dividend<\/td><td>\u2014<\/td><td>\u2014<\/td><td>\u20b90.50\/share (5% on FV)<\/td><\/tr><\/tbody><\/table><\/figure><p>Source: MBAPL audited financial results, Axis Direct, Screener.in, board outcome filing April 17, 2026.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Growth_Drivers_Volume_Capacity_and_Subsidy_Tailwinds\"><\/span><strong>Growth Drivers: Volume, Capacity, and Subsidy Tailwinds<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>MBAPL&#8217;s revenue growth has been driven by three concurrent forces. First, significant capacity additions \u2014 from approximately 1.5 lakh MTPA to 3.3 lakh MTPA over two years \u2014 have enabled higher production volumes of SSP (Single Super Phosphate), DAP\/NPK complexes, sulphuric acid, and phosphoric acid. Second, the SSP subsidy from the government was increased 42% to \u20b97,263 per ton effective April 2025, directly improving price realisation without requiring MBAPL to raise market prices. Third, the commercialisation of NPK production \u2014 where EBITDA per ton is approximately \u20b96,000 versus \u20b92,500 for SSP \u2014 has improved product mix economics.<\/p><p>Q4 is typically a seasonally active quarter for fertilizer companies as Rabi crop requirements and channel stocking ahead of the Kharif season drive demand. The Q4 FY26 revenue of \u20b9394.71 crore, while below Q3&#8217;s \u20b9612.39 crore, reflects normal seasonal patterns \u2014 Q3 is typically the peak quarter for this sector.<\/p><p>Screen MBAPL historical financials on <a href=\"https:\/\/univest.in\/screeners\">Univest Screener<\/a>.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Dhule_Plant_The_Next_Growth_Catalyst\"><\/span><strong>The Dhule Plant: The Next Growth Catalyst<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>Madhya Bharat Agro&#8217;s most significant medium-term catalyst is the Dhule (Maharashtra) greenfield plant with 3,30,000 TPY DAP\/NPK capacity and integrated upstream. The total project cost is approximately \u20b9550 crore, with commissioning targeted for October 2026. When operational, the Dhule plant will more than double MBAPL&#8217;s total capacity and is expected to add over 50% to FY27 revenue. Management has described this guidance as &#8220;conservative.&#8221; The company commenced an additional 90,000 MTPA capacity at its Sagar facility from March 31, 2026, representing an investment of approximately \u20b9107 crore \u2014 a smaller but immediately productive step.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>Madhya Bharat Agro Products&#8217; Q4 FY26 results demonstrate the power of capacity-led growth in a government-supported sector. A 319% PAT jump and 161% full-year PAT growth confirm that the scaling strategy is translating to profits. At a market cap of approximately \u20b94,771 crore against FY26 PAT of \u20b9150 crore, the stock trades at approximately 32x trailing earnings \u2014 a premium that is conditional on the Dhule plant executing on schedule and delivering the projected revenue uplift from FY28. The earnings call on April 20 at 4 PM will be important for Dhule commissioning updates and FY27 production volume guidance.<\/p><p>For more Q4 FY26 results analysis, visit <a href=\"https:\/\/univest.in\/blogs\">Univest Blogs<\/a>.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_What_was_Madhya_Bharat_Agro_Products_Q4_FY26_net_profit\"><\/span><strong>1. What was Madhya Bharat Agro Products&#8217; Q4 FY26 net profit?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>MBAPL reported standalone Q4 FY26 net profit of \u20b959.76 crore \u2014 up 319.4% year-on-year from \u20b914.25 crore in Q4 FY25. The sharp growth reflects both volume expansion and the low base effect of Q4 FY25.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_What_was_MBAPLs_FY26_full-year_revenue_and_profit\"><\/span><strong>2. What was MBAPL&#8217;s FY26 full-year revenue and profit?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>MBAPL&#8217;s FY26 standalone revenue was \u20b91,866.98 crore (+76.3% YoY from \u20b91,059.17 crore). Net profit was \u20b9150.18 crore (+161.3% YoY from \u20b957.48 crore). The FY26 investor presentation reports record revenue of \u20b91,867 crore and PAT of \u20b9150 crore.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_What_dividend_did_MBAPL_declare_for_FY26\"><\/span><strong>3. What dividend did MBAPL declare for FY26?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>The board of directors recommended a final dividend of \u20b90.50 per equity share (5% on face value), subject to shareholder approval at the AGM. This is the first dividend recommendation of FY26.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_What_is_the_Dhule_plant_project_update\"><\/span><strong>4. What is the Dhule plant project update?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>The Dhule (Maharashtra) greenfield plant \u2014 with 3,30,000 TPY DAP\/NPK, 66,000 TPY phosphoric acid, and 3,96,000 TPY sulphuric acid \u2014 is targeted for commissioning in October 2026. Total project cost is approximately \u20b9550 crore. When operational, it is expected to add over 50% to FY27 revenue (management guidance described as &#8220;conservative&#8221;).<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_What_is_MBAPLs_current_manufacturing_capacity\"><\/span><strong>5. What is MBAPL&#8217;s current manufacturing capacity?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>As of March 31, 2026, MBAPL&#8217;s total capacity is 3,30,000 MTPA following the addition of 90,000 MTPA at the Sagar facility (\u20b9107 crore investment) commissioned March 31, 2026. Post-Dhule commissioning in October 2026, total group capacity will reach approximately 16 lakh MTPA across all products.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"6_What_products_does_Madhya_Bharat_Agro_Products_manufacture\"><\/span><strong>6. What products does Madhya Bharat Agro Products manufacture?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>MBAPL manufactures Single Super Phosphate (SSP), DAP\/NPK complex fertilizers, sulphuric acid, phosphoric acid, and beneficiated rock phosphate. It is part of the Ostwal Group and operates primarily in Bhilwara, Rajasthan, and Sagar, Madhya Pradesh.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"7_When_do_TCS_announce_Q4_results_2026\"><\/span><strong>7. When do TCS announce Q4 results 2026?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p><a href=\"https:\/\/univest.in\/blogs\/tcs-q4-results-2026-date-preview\">TCS declared Q4 FY26 results on April 9, 2026<\/a>. <\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"8_Is_MBAPL_a_good_investment_after_Q4_results\"><\/span><strong>8. Is MBAPL a good investment after Q4 results?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>MBAPL&#8217;s growth trajectory is exceptional, but the stock at ~32x trailing earnings has already priced in significant execution expectations. The Dhule plant commissioning in October 2026 is the next major catalyst. Sector risks include raw material price volatility (sulphur, rock phosphate), monsoon-dependent demand, and subsidy policy changes. Consult a SEBI-registered financial advisor before investing.<\/p><p>Disclaimer: Investment in the share market is subject to risk. This article is for informational and educational purposes only and does not constitute investment advice. All financial data is sourced from publicly available NSE\/BSE filings and company investor relations pages. Verify all numbers before investing. Consult a SEBI-registered advisor before making investment decisions.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Recent_Article\"><\/span><strong>Recent Article<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p><a href=\"https:\/\/univest.in\/blogs\/natural-capsules-q4-results-2026\">Natural Capsules Q4 Results 2026: Date, Revenue, PAT &amp; Analyst Outlook<\/a><\/p><p><a href=\"https:\/\/univest.in\/blogs\/national-fertilizers-q4-results-2026\">National Fertilizers Q4 Results 2026: Date, Revenue, PAT &amp; Analyst Outlook<\/a><\/p><p><a href=\"https:\/\/univest.in\/blogs\/national-aluminium-company-q4-results-2026\">National Aluminium Company Q4 Results 2026: Date, Revenue, PAT and Analyst Outlook<\/a><\/p><p><a href=\"https:\/\/univest.in\/blogs\/nath-bio-genes-india-q4-results-2026\">Nath Bio-Genes (India) Q4 Results 2026: Date, Revenue, PAT &amp; Analyst Outlook<\/a><\/p><p><a href=\"https:\/\/univest.in\/blogs\/narmada-agrobase-q4-results-2026\">Narmada Agrobase Q4 Results 2026: Date, Revenue, PAT &amp; Analyst Outlook<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Madhya Bharat Agro Products Limited \u2014 one of India&#8217;s fastest-growing phosphatic fertilizer manufacturers \u2014 delivered a blockbuster Q4 FY26 performance. Standalone net profit surged 319.4% year-on-year to \u20b959.76 crore, compared to \u20b914.25 crore in Q4 FY25. Revenue from operations grew 32.99% to \u20b9394.71 crore. The sharp PAT jump, while partly reflecting the low base of<\/p>\n","protected":false},"author":23,"featured_media":73807,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[842],"tags":[4027],"class_list":["post-73804","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-q4-fy26-results"],"metadata":{"_edit_lock":["1776663224:23"],"_last_editor_used_jetpack":["block-editor"],"rank_math_internal_links_processed":["1"],"rank_math_primary_category":["842"],"rank_math_seo_score":["66"],"rank_math_robots":["a:2:{i:0;s:8:\"nofollow\";i:1;s:7:\"noindex\";}"],"rank_math_title":["Madhya Bharat Agro Products Q4 FY26 Results: PAT Jumps 319% to \u20b959.76 Crore, FY26 Revenue \u20b91,867 Crore, Dividend \u20b90.50"],"rank_math_description":["Madhya Bharat Agro Products Q4 FY26 results: PAT \u20b959.76 Cr (+319% YoY), revenue \u20b9394.71 Cr (+33%), FY26 PAT \u20b9150.18 Cr (+161%), revenue \u20b91,867 Cr (+76%). 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