Madhya Bharat Agro Products Ltd. · NSE:MBAPL
Madhya Bharat Agro Products — Q3 FY26 Earnings Presentation
37 slides from Madhya Bharat Agro Products's earnings presentation, Jan 8, 2026
Slide 1: Regulation 30 filing cover letter to NSE
Date: 08.01.2026 National Stock Exchange of India Limited Exchange Plaza Bandra Kurla Complex, Bandra (East) Mumbai-400 051 Company Code: MBAPL Dear Sir/Madam, Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015,
Slide 2: Madhya Bharat Agro Products Ltd Q3 & 9M FY26 Financial Results Presentation
Madhya Bharat Agro Products Ltd (MBAPL) (A Unit of Ostwal Group of Industries) Q3 & 9M FY26 Financial Results presentation
Slide 3: Safe Harbor
Safe Harbor This presentation may contain forward-looking statements regarding future business developments and economic performance. These statements related to Madhya Bharat Agro Products Ltd (MBAPL) are based on current expectations and projections that involve a number of risks and uncertainties
Slide 4: Index
Index Sr no. Title Pg no. 1 OVERVIEW 1-6 2 FINANCIAL & OPERATIONAL PERFORMANCE 7-12 3 COMPANY JOURNEY 13-14 4 GROWTH AHEAD 15-16 5 MARKET OUTLOOK 17-21 6 INVESTMENT CASE 22 7 ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) 23-26
Slide 5: Strengthening Scale Through Capacity Expansion beyond 200%
Strengthening Scale Through Capacity Expansion beyond 200% Fertiliser Capacities in 000’ MTPA Backward Integration Capacities in 000’ MTPA 66 330 234 396 330 990 99 168 660 198 924 330 165 69 528 69 330 90 165 240 330 570 570 189 189 189 189 240 240 99 FY26 FY27 FY28 Total of FY28 BRP Sulphuric Acid
Slide 6: MBAPL Overview
MBAPL Overview Acquired in 2004, transformed from loss making into a powerhouse. Key Metrics ❑ MBAPL, India`s 4th largest Private sector Phosphatic Fertiliser company with proposed capacities expansion from 5 lakh MTPA to ~16 lakh MTPA. A+ 19% 9% ❑ Led by Result oriented Experienced Team– ICRA Chhat
Slide 7: Key Strengths
Key Strengths • Part of OGI which is the 2nd largest SSP fertiliser • Record of turning around sick units into producer in India and exclusive producer of complex cash- generating valuable assets fertiliser in Central India • Continuous expansions to drive growth • India`s 4th largest Private sector
Slide 8: Leading the Industry Through Unmatched Performance and Scale Expansion
Leading the Industry Through Unmatched Performance and Scale Expansion OGI is India’s #2 SSP producer India’s Only Private Low-Grade Rock Our Returns vs. Industry Average* consistently Beneficiator (5 Year CAGR) Co # 1, MBAPL INDUSTRY 15% AVERAGE LOW GRADE HIGH GRADE Revenue Growth 58% 12% OGI, 9% E
Slide 9: India's only manufacturer with extensively backward-integrated operations
India’s only manufacturer with extensively backward-integrated operations Beneficiated Rock Sulphuric Acid & Single Super SSP Powder & Granular form Phosphate Water Phosphate Annual capacity : 240,000 MT Beneficiation of Low In house Sulphuric grade rock to High acid plant with Phosphoric Acid grade
Slide 10: Strategic Location with continuous expansions
Strategic Location with continuous expansions Fertiliser Capacities (in’000 MT) 60 240 360 480 570 1560 1230 1560 SSP 330 NPK/DAP SSP (Proposed) 330 990 NPK/DAP (Proposed) 660 330 90 Uttar 330 Pradesh 120 240 240 60 570 570 Dahej Seaport 240 240 240 240 240 Gujarat Madhya 2004 2017 2021 2023 2026 20
Slide 11: Q3 & 9M FY26 Performance
Q3 & 9M FY26 PERFORMANCE
Slide 12: Q3 FY26 Financial Performance
Q3 FY26 Financial Performance REVENUE (Rs. Cr) EBIDTA (excl. Other inc.) (Rs. Cr) & Margins (%) PAT (Rs. Cr) & Margins (%) 13.9% 13.7% 10.9% 6.3% 6.8% 5.2% 612.4 61.9 66.5 30.5 31.8 450.2 39.5 17.9 283.7 Q3FY25 Q2FY26 Q3FY26 Q3FY25 Q2FY26 Q3FY26 Q3FY25 Q2FY26 Q3FY26 Key Financial highlights: The Com
Slide 13: Q3 FY26 Operational Performance
Q3 FY26 Operational Performance Fertilizers Capacities Utilization (in tons) Integrations Capacities Utilization (in tons) SSP NPK/DAP BRP (Crushing) Sulphuric Acid Phosphoric Acid 61% 104% 109% 85% 94% 115% 50% 96% 67% 117% 90% 94% 64% 50% 50% 62,334 65,340 69,015 45,263 48,181 56,207 37,100 38,823
Slide 14: 9M FY26 Performance Summary
9M FY26 Performance Summary EBITDA PAT EPS NPK Sales SSP Sales Revenue (in tons) (₹ Cr) (₹ Cr) (₹) (in tons) (₹ Cr) 9MFY26 1,472 185 90 10.3 1,64,252 1,65,411 38% 15% 93% 69% 109% 109% 9MFY25 762 109 43 4.9 1,19,302 1,43,306 Financial highlights: The Company achieved its best-ever nine months perfor
Slide 15: Financials Summary
Financials Summary Rs. In Crore Particulars Q3FY26 Q3 FY25 YoY% Q2 FY26 QoQ% 9M FY26 9M FY25 YoY% Revenue from operations 612.4 283.7 115.9 450.2 36.0 1,472.3 762.4 93.1 Other income 2.9 1.6 81.3 1.7 70.6 7.7 4.9 57.1 Total income(I+II) 615.3 285.3 115.7 451.9 36.2 1,480.0 767.3 92.9 Expenses Cost o
Slide 16: Financial Metrics & Operational Metrics - 5 Years
Financial Metrics & Operational Metrics- 5 Years Financial Performance Trend Revenue (₹ in Cr) EBIDTA (excl. Other income) (Rs. RoE & RoCE (%) PAT (₹ in Cr) & EPS (₹ ) Cr) & Margins (%) 186 492 982 817 1,059 ROE ROCE 22% 21% 12% 2.31 6.51 14.17 2.84 6.56 SSP 22% 14% 165 125 48.72% NPK/DAP 73 CAGR ~1
Slide 17: Chairman's Quote
Chairman’s Quote Commenting on the results for Q3 & 9M FY26, Mr. MK Ostwal- Promoter, Chairman & Director said, “Shaping MBAPL’s Next Growth Phase & building sustainable value” MBAPL delivered a resilient performance, reflecting the strength of its integrated business model and disciplined execution
Slide 18: MBAPL Journey
MBAPL JOURNEY
Slide 19: Journey So Far
Journey So Far Incorporated in 1997 Commenced was taken over by OGI 2004 2012 Beneficiated Rock with its 60,000 MT SSP Phosphate (BRP) plant in 2004. production Began SSP & Sulphuric Commenced GSSP and 2016 2017 Acid & got listing on Organic Fertilizers NSE SME Emerge. Started DAP/NPK/APS* Migrated
Slide 20: Product Portfolio Mix
Product Portfolio Mix CORE PRODUCTS NEW LAUNCHED PRODUCTS Annadata Super 6 Bharat Urea SSP Annadata Zibo • Represents the backbone of our business. • High-efficacy, premium segment • Ensures predictable, high-volume sales and strong brand recall. • Addresses key soil deficiencies • Products (SSP/DAP
Slide 21: Growth Ahead
GROWTH AHEAD
Slide 22: Progress on Expansion Plans
Progress on Expansion Plans Commissioning Project in Progress Project Cost Capacities date (expected) Status & details Phase I Integrated NPK/DAP ▪ DAP/NPK: 3,30,000 MT Plant at Dhule, Maharashtra. ▪ Phosphoric Acid: 99,000 MT ▪ Rs.202cr- Term Loan sanctioned by SBI, Axis & Federal (Including WC) Rs
Slide 23: The Road Ahead – 5 Pillars of Focus
The Road Ahead – 5 Pillars of Focus Capacity Expansion & Scaling up Self Green Initiative Product Diversification Optimal Capex & Market Presence Sufficiency & Innovation Value Creation • India continues to depend on • 10-year long-term contracts • Expanding the product • Exploring acquisition of •
Slide 24: Market Outlook
MARKET OUTLOOK
Slide 25: Favourable Industry Dynamics Driving Growth
Favourable Industry Dynamics Driving Growth ▪ India continues to depend on ▪ Continued subsidy and freight ▪ Rising population and limited ▪ Strong demand for NPK/DAP imports for complex fertilizer support under the Nutrient Based cultivable land are driving higher fertilizers driven by their balanc
Slide 26: Market Positioning
Market Positioning Fertiliser Consumption (mn MT) FY25 NPKNPK/DAP fertiliserfertiliser consumption consumption across across Indianstates Indian states Raw Material Fluctuations 32 29 31 27 27 28 25 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25P (In ‘000 MT Urea Non Urea (Include SSP, DAP,
Slide 27: Balanced Nutrition: Shifting from Urea-Heavy to True NPK Farming
Balanced Nutrition: Shifting from Urea-Heavy to True NPK Farming India’s nutrient use is skewed to nitrogen – driving a structural push toward NPK & soil health solutions. NPK Ratio •Overuse of urea and underuse of P & K are linked to: •Soil nutrient mining & degradation •Declining marginal response
Slide 28: Food Security Tailwinds: Feeding 1.7 Billion Indians
Food Security Tailwinds: Feeding 1.7 Billion Indians Rising population & higher per-capita food demand = non-negotiable need for yield-enhancing, efficient fertiliser use. Macro & Demand Backdrop: • By 2030, India will need to feed ~1.7 billion people, sharply raising pressure on the food system. •
Slide 29: Policy Environment & Favourable Government Initiatives
Policy Environment & Favourable Government Initiatives Strong Subsidy Support Under NBS MSP Hikes Supporting Demand The Rabi 2025-26 P&K subsidy of ₹37,952 MSP increases across Rabi crops, coupled with crore,~10% higher than Kharif, along with improved reservoir levels, drives strong continued SSP f
Slide 30: Investment Case
INVESTMENT CASE
Slide 31: Investment Credentials
Investment Credentials EXPANDING BEYOND EXTENSIVELY RESULTS-DRIVEN BEST-IN-CLASS METRICS CLEAR PROFITABILITY CORE INTEGRATED LEADERSHIP TEAM ▪ Beyond 200% volume growth; ▪ Extensively backward integrated ▪ Experienced promoters with ▪ Healthy revenue & margin ▪ Strong operating margins & capacity re
Slide 32: Environmental, Social & Governance
ENVIRONMENTAL, SOCIAL & GOVERNANCE
Slide 33: Preserving Environment
Preserving Environment Using Bio Coal Adding Value to Waste ❑ We have proactively transitioned to bio-coal in place of traditional ❑ We capture waste heat from sulphuric acid production to fossil fuels across our key operations generate in-house power via turbine systems ❑▪ This move has significant
Slide 34: CSR Initiatives in FY26
CSR Initiatives in FY26 Organizing blood donation camp Driving sustainability through plantation Supporting specially challenged children initiatives Eye check-ups to full-body tests offered Promoting Sportsmanship through Organized medical camps offering in these medical camps Sports Events and Stu
Slide 35: Sustainability
Focus farmer connect and sustainability 01 Focus on quality fertilizer for enrichment of crop Sustainability Strong focus on farmer education and partnerships by MBAPL is committed to sustainable agriculture. The company’s fertilizers are designed to minimize the 02 conducting camps at villages for
Slide 36: Experienced Turnaround Specialist Promoters
Experienced Turnaround Specialist Promoters Mr. M.K. Ostwal Mr. Pankaj Ostwal Mr. Praveen Ostwal Promoter & Director Promoter & Director Promoter, Chairman & Director ▪ More than 4 decades of ▪ C.A. with 25 years of experience ▪ C.A. with 22 years of experience in setting up various in fertilizers,
Slide 37: Thank You
THANK YOU Investor Relation Team Email: ir@mbapl.com MADHYA BHARAT AGRO PRODUCTS LIMTED (A Unit of Ostwal Group of Industries) Corp. Off.: Ostwal Heights, Urban Forest, Atun, Bhilwara (Raj)- 311802 CIN: L24121RJ1997PLC029126
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