Madhya Bharat Agro Products Limited (MBAPL) announced its Q3 FY26 results, reporting a record revenue of ₹612.4 crore, a significant year-on-year increase of 115.9%. The company also achieved its highest-ever EBITDA at ₹66.5 crore, up 68.4% YoY, and a profit after tax (PAT) of ₹31.8 crore, marking a 77.7% increase. Earnings per share (EPS) stood at ₹3.62, up from ₹2.04 in Q3 FY25.

Operational highlights for the quarter included record fertilizer production volumes of 1,34,355 MT and sales volumes of 94,958 MT. The SSP plant operated at 109% utilization, producing 65,340 MT, while NPK/DAP operations ran at 115% utilization, producing 69,015 MT. Backward integration for BRP Crushing, Sulphuric Acid, and Phosphoric Acid was at 67%, 94%, and 50% utilization, respectively.

For the nine months ended December 2025 (9M FY26), MBAPL recorded its best-ever performance with revenue reaching ₹1,472.3 crore, up 93.1% YoY. EBITDA was ₹185.4 crore, a 69.5% increase, and PAT doubled to ₹90.4 crore, with EPS also doubling to ₹10.32.

The company is progressing with its capacity expansion plans. An integrated complex fertilizer plant at Dhule, Maharashtra, with capacities for DAP/NPK and SSP, along with backward integration, is slated for commissioning in the first half of FY27. Expansion of DAP/NPK and sulfuric acid capacity at Banda, Sagar, Madhya Pradesh, is expected in Q1 FY27.

Management noted that while margins on imported fertilizers are around 2.5-3%, their own manufactured products yield EBITDA margins of 13-14%. They expect to maintain these margins for their own production going forward. The company is also working to reach the top tier of phosphatic fertilizer manufacturers in India.