{"id":181654,"date":"2026-04-21T13:09:22","date_gmt":"2026-04-21T17:09:22","guid":{"rendered":"https:\/\/alphastreet.com\/india\/madhya-bharat-agro-products-limited-mbapl-q3-2026-earnings-call-transcript\/"},"modified":"2026-04-21T13:09:22","modified_gmt":"2026-04-21T17:09:22","slug":"madhya-bharat-agro-products-limited-mbapl-q3-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/madhya-bharat-agro-products-limited-mbapl-q3-2026-earnings-call-transcript\/","title":{"rendered":"Madhya Bharat Agro Products Limited (MBAPL) Q3 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Madhya Bharat Agro Products Limited (NSE: MBAPL) Q3 2026 Earnings Call dated Jan. 12, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Rishi Mehta<\/strong> \u2014 Individual Investor<\/em><\/p>\n

Pukhraj Kanther<\/strong> \u2014 Project and Financial Advisor<\/em><\/p>\n

Lalit Kumar Sharma<\/strong> \u2014 Individual Investor<\/em><\/p>\n

Pankaj Ostwal<\/strong> \u2014 Promoter & Director<\/em><\/p>\n

Aman Goval<\/strong> \u2014 Individual Investor<\/em><\/p>\n

Rakesh Verma<\/strong><\/p>\n

Bhaskar Kannad<\/strong><\/p>\n

Analysts:<\/h2>\n

Nitin Kaushik<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Jainam Ghelani<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Good afternoon ladies and gentlemen, a very warm welcome to the Q3 and 9M FY26 earnings conference call of Madhya Bharat Agro Products Limited<\/p>\n

Rishi Mehta<\/strong> \u2014 Individual Investor<\/em><\/p>\n

From<\/p>\n

Operator<\/strong><\/p>\n

The senior management we have with us today Mr. Pankaj Oswald, promoter and director Mr. Kukraj Kantar, groove Financial Advisor. As a reminder, all participant lines will remain in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal the operator by pressing star 10 on your touchstone phone. Please note that this conference is being recorded. I will now hand the conference over to Mr.<\/p>\n

Pokarajkanto. Thank you. And over to you sir.<\/p>\n

Pukhraj Kanther<\/strong> \u2014 Project and Financial Advisor<\/em><\/p>\n

Good afternoon. Thank you everyone and welcome to the earning call for Bathyabhas Agro Products Limited. Before we begin the earning call, I would like to mention that some of the statements made during the call might be forward looking in nature and it may involve risk and uncertainties including those related to the future financial and<\/p>\n

Lalit Kumar Sharma<\/strong> \u2014 Individual Investor<\/em><\/p>\n

Operating performance.<\/p>\n

Pukhraj Kanther<\/strong> \u2014 Project and Financial Advisor<\/em><\/p>\n

Please bear with us. If there is a call drop during the course of the conference call, we would ensure the call is reconnected the soonest. I would like to hand over the conference to Mr. Pankaj Oswal, Managing Director. Over to Pankaj.<\/p>\n

Pankaj Ostwal<\/strong> \u2014 Promoter & Director<\/em><\/p>\n

Good afternoon everyone and thank you for joining. For the quarter ended December 25th, 2025. During the quarter, company continued to progress on its capacity expansion and backward integration plans. At Dule, Maharashtra, the company is setting up an integrated complex fertilizer plant with 3.3 lakh metric ton VAC NPK fertilizer capacity, 3.3 lakh metric ton SSP fertilizer capacity and backward integration through phosphoric acid and and sulfuric assets with Commissioning planned in first half year FY27 in addition to present capacity at Banda Sagar, Madhya Pradesh Company is expanding DAP and PK fertilizer capacity by 90,000 metric tonnes along with its sulfuric acid capacity commission expected in first quarter.<\/p>\n

These expectations will scale up company operations. Improve cost efficiency, supply reliability and strengthen its position across key fertilizer markets. I will now begin with a brief. Overview of macro and agriculture environment, policy development and industry trends followed by an update on the company’s performance and outlook. Thereafter, we will be happy to take your questions. Agriculture and Monsoon Scenario the agriculture environment remained supportive during the quarter. Rabies sowing has shown.<\/p>\n

Rabies sowing has shown strong progress aided. By favorable monsoon performance and comfortable reservoir levels. Total rabi Crop coverage has exceeded 614. Lakh hectares reflecting an increase of nearly 7 lakh hectares over last year, reflecting. Healthy farmer confidence for the season. Reservoir levels across the country remain higher than the last year and above long term averages supporting irrigation availability and crop productivity, particularly in central, northern and western India. First Advanced estimates for KHARIF 202526 projects.<\/p>\n

Record food grain production further reinforces the. Positive agri backdrop heading into the Ruby season and supporting balanced fertilizer consumption Policy, Environment and Government Initiatives on the policy front, several developments during the quarter are supportive for agriculture and fertilizer<\/p>\n

Pukhraj Kanther<\/strong> \u2014 Project and Financial Advisor<\/em><\/p>\n

Demand.<\/p>\n

Pankaj Ostwal<\/strong> \u2014 Promoter & Director<\/em><\/p>\n

The government approved nutrient based subsidy rates. For 2526 effective from 1st October 2025 with an overall subsidy outlay increase of about 2%, ensuring continued affordability and and smooth availability of phosphatic and potassic fertilizers including DAP and NPK grades. The government also approved the nutrient pulses mission targeting a sharp increase in pulses production by 203031 through assured procurement, MSP support seed distribution and area expansion. This initiative is expected to structurally support fertilizer consumption in pulses growing regions.<\/p>\n

In parallel, the cabinet approved MSP hikes. For rabi crops, ensuring returns of up to 1.5 times the crop of production. MSP increase across wheat, gram, lentils, mustard and other rabi crops are expected to improve farm income and enhance spending capacity on agri inputs. At the same time, the government undertook large scale enforcement actions to curb diversion, hoarding and black marketing of fertilizers under the SCO and Essential Commodities Act. This has strengthened distribution discipline and ensured timely availability of fertilizers to genuine farmers.<\/p>\n

The government continues to promote balanced and judicious nutrient use supported by soil health guards, organic and biofertilizers nano fertilizers and advisory led interventions shaping long term fertilizer consumption patterns. Industry Trends from an industry perspective, phosphatic fertilizer demand continues to remain strong amid. Varying DAP availability conditions. Farmers continue to increase adoption of NPK. And SSP grades reflecting a shift towards balanced nutrition practice. Industry data indicates a continued shift towards balanced fertilization with higher preference for complex and fortified products.<\/p>\n

SSC consumption also showed growth during the. Quarter and is expected to continue supported by improved crop economics and availability. Raw material markets remained largely stable for rock phosphate during this period. Phosphoric acid prices witnessed a gradual upward. Trend across the quarter, while sulfur and sulfuric acid saw some firmness due to global demand. Overall input cost trends remained manageable. Overall, we remain confident about the outlook. For the remainder of FY26 supported by favorable agriculture fundamentals, stable policy support, balanced nutrition adoption and disciplined execution of our expansion and integration initiatives.<\/p>\n

Now. Now let’s shift our focus on third quarterly financial performance. Our quarterly revenue was highest at Rupees 612.4 crores. Showing extraordinary growth of 11. Year on year. Our EBITDA was also highest at all. Times of rupees 66.5 crore up by 68.4%. YOY our profitability was has grown by 77.7% at rupees 31.8 crore. Our EPS is rupees 3.62 which was rupees 2.04 in Q3FY25. Our operational performance has shown our excellence. Recorded highest fertilizer Production volumes at 1.34,355 metric ton.<\/p>\n

Fertilizer sales volume were at 94,958 metric ton. Our SSP plant has operated at a peak capacity at 65,340 metric ton with 109% utilization. Our NPK DAP operations were also at peak at 69,015 matric ton with 115% utilization. Our backward integration utilization for BRP brushing at 67%, sulfuric acid at 94% and phosphoric acid production at 50%. Let us now come to companies nine months performance which was best ever setting new records across all key financial matrixes. Revenue was highest ever at Rs.1472.3 crore up by 93.17%.<\/p>\n

Driven by strong fertiliser demand and higher sales volume enabled by improved plant utilization. EBITDA was also at highest ever rupees of 185.4 crore up 69.5%. Supported by operating leverages from higher volumes and operational efficiency. PAT doubled to rupees 90.4 crore from rupees 43 crore up by 109%. EPS also doubled to rupees 10.32 from rupees 4.9 up 109% driven by higher profitability. Thank you all for your continued support. And interest in Madhya Bharat Agro Products Ltd. We look forward to your interaction and let us move forward to question and answer session.<\/p>\n

Thank you. Thank you very much.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use their handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We take the first question from the line of Nitin Kaushik from Asin Capital Private Limited.<\/p>\n

Please go ahead.<\/p>\n

Nitin Kaushik<\/strong><\/p>\n

Good evening, sir. Good evening, sir. Thank you for the opportunity. My first question was regarding the working capital. So sir, it would be really helpful if you could give us some guidance on working capital in terms of percentage of revenue or in terms of pace<\/p>\n

Pukhraj Kanther<\/strong><\/p>\n

Capital. What do you want to know?<\/p>\n

Nitin Kaushik<\/strong><\/p>\n

Sir, if you could give us the bifurcation in terms of like revenue days, inventory days, table dates.<\/p>\n

Pukhraj Kanther<\/strong><\/p>\n

Look, look. We have always been maintained, consistently maintaining that whatever our revenue, a yearly revenue almost 45% of the revenue is by way of current authors. And that trend has not altered even during this current quarter. So we are maintaining and we propose to improve it slightly. But sometimes what happens we know because of the bulk import of the raw material this position goes little bit gets deviated. But then on the whole we are maintaining the working capital cycle as we planned.<\/p>\n

Nitin Kaushik<\/strong><\/p>\n

Okay, sir. Also sir, in terms of subsidy. So would the subsidy provided by government affect your receivable days and by how much does it affect you receivable days?<\/p>\n

Pukhraj Kanther<\/strong><\/p>\n

Look, this subsidy as we have been. Telling in prospecting fertilizer. This depends on the season, season and off season. As you know, the subsidy is claimed by the company once the fertilizer is purchased by farmer. And he puts his thumb impression as token of purchase. And the same is reflected in fertilizer management system at Ministry of Fertilizer and also at our computer. And every Saturday we lose the claim. Now during the season this is very fast. Therefore during that period our subsidy including the receivable which is.<\/p>\n

Which is the sale to the wholesaler remains in the range of two months. But during off season it goes up to four months. And I wish to give you an information that whatever claim was entitled. Fourth week of November we have received the subsidy from government of India.<\/p>\n

Nitin Kaushik<\/strong><\/p>\n

Okay, sir, the next question was regarding the M. Since you are expanding at such a rapid scale. If you could explain what it is would it have on your margins for the next like three to four years period.<\/p>\n

Pukhraj Kanther<\/strong><\/p>\n

Look, the margin appears little squeezed during this quarter primarily because of the import of fertilizer. Look, we. We are manufacturing NPK of only one grade. That is which is popular ssd. We are manufacturing. But then with the government directives and with the education coming into the farmer, the customized NPK demand is also coming in the market. And to fulfill the demand as the demand for our own product we are unable to fulfill. So we Thought to make a bouquet available to all the farmers.<\/p>\n

Let us import other variant of the NPK and make available to the farmers. And as you know, the imported fertilizer gives a return of only 2 to 3% whereas our own sales, the EBITDA percentage is own production. Our ebitda percentage is 13 to 14% therefore during the quarter you will find it is free and we hope in the coming years, coming quarter we will be able to maintain as far as manufacturing production is concerned an ebitda percentage of 13 to 14%.<\/p>\n

Nitin Kaushik<\/strong><\/p>\n

Okay, so sir, in the next coming years you are expecting a margin of 30 to 40%.<\/p>\n

Pukhraj Kanther<\/strong><\/p>\n

Absolutely. As far as our own production is concerned.<\/p>\n

Nitin Kaushik<\/strong><\/p>\n

Okay, thank you sir, thank you for my congratulations.<\/p>\n

Pukhraj Kanther<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you Ladies and gentlemen, if you wish to ask a question, please press start at 1. We take the next question from the line of Aman Goval who is an individual investor. Please go ahead.<\/p>\n

Aman Goval<\/strong><\/p>\n

Thank you very much for giving. Sorry. I’m audible.<\/p>\n

Pankaj Ostwal<\/strong><\/p>\n

Yes.<\/p>\n

Aman Goval<\/strong><\/p>\n

Yes. Thank you very much for giving me a opportunity for asking the question Put my question. My question is about earlier content about margin compression. EBITDA margin is getting down I think last three quarter in group in downside quarter three shows almost 320bps down. How do the management look at it? Will it move in the same direction?<\/p>\n

Pukhraj Kanther<\/strong><\/p>\n

But import Cooper margin. And unfortunately we are clubbing the import as well as our own production in one specialization only because everywhere it is treated as one part only we are not. That is why you may see some aberration But I assure you our own production we are maintaining an EBITDA of 13 14% and we will continue to maintain the same in time program. Overall. In absolute terms, in absolute terms overall EBITA is increasing.<\/p>\n

Aman Goval<\/strong><\/p>\n

So can we expect in quarter four. Next quarter ETA will improve<\/p>\n

Pukhraj Kanther<\/strong><\/p>\n

If the import opportunity comes and if we import on that turnover turnover is added. Import turnover is added. Obviously the EBITDA margin will be squeezed. But if we do not import, it depends on opportunity. Look, if we get an order for. The other variant of NPK we import it. If you are not getting an order. We do not import. But<\/p>\n

Rakesh Verma<\/strong><\/p>\n

As far as our own production. Is concerned<\/p>\n

Pukhraj Kanther<\/strong><\/p>\n

We keep on getting order and we keep on supplying. So it depends on the opportunity that how it will move. But again I reiterate as far as one production is concerned our EBITDA margin will remain consistent.<\/p>\n

Aman Goval<\/strong><\/p>\n

My next question if you will guide material cost is at most it jumps up to 200 yy 200 point y y.<\/p>\n

Pukhraj Kanther<\/strong><\/p>\n

Percentage 95% hair revenue car joki quarter 2 on may 1991%. Or is. Revenue 612 crore is against 450. Revenue? Gay.<\/p>\n

Aman Goval<\/strong><\/p>\n

Yes. So you mean to say.<\/p>\n

Pukhraj Kanther<\/strong><\/p>\n

Except sulfur. Because overall on the whole we are able to manage it. So prices.<\/p>\n

Aman Goval<\/strong><\/p>\n

Okay sir. Thank you. If you can light on it. So I mean March 26th major production. Commencement.<\/p>\n

Pankaj Ostwal<\/strong><\/p>\n

First quarter commencement, operation.<\/p>\n

Pukhraj Kanther<\/strong><\/p>\n

Or everything. So our attempt. Our attempt will be to start it on first week of April.<\/p>\n

Aman Goval<\/strong><\/p>\n

Okay sir. Thank you. This is from my side only.<\/p>\n

Lalit Kumar Sharma<\/strong><\/p>\n

Thank you. Thank you<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Very much.<\/p>\n

Rishi Mehta<\/strong><\/p>\n

Thank you. Ladies and gentlemen, if you wish to ask a question, Please press star and 1. We take the next question from the line of Rishi Mehta who is an individual investor. Please go ahead.<\/p>\n

Bhaskar Kannad<\/strong><\/p>\n

What are the sources of funding of your Maharashtra project?<\/p>\n

Pukhraj Kanther<\/strong><\/p>\n

Maharashtra project is a mix of internal accruals and some loan from the banks.<\/p>\n

Bhaskar Kannad<\/strong><\/p>\n

Okay. And what is the outlook for NPK and DAP demand?<\/p>\n

Pankaj Ostwal<\/strong><\/p>\n

See, the demand for complex fertilizers including DAP and NPK remains always very positive in India. Indian manufacturing has reached to almost around 60% for complex fertilizers. And another 40% is being imported. So there is no issue for demand of complex fertilizers in the country. And Indian government is also working<\/p>\n

Lalit Kumar Sharma<\/strong><\/p>\n

Very hard<\/p>\n

Pankaj Ostwal<\/strong><\/p>\n

To improve the productivity of agriculture crops in the country. In terms of expansion of areas and good quality of seeds, fertilizers and agriculture extension activities. So fertilizer remains a very positive business in coming years in India. Hello.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Rishi,<\/p>\n

Rishi Mehta<\/strong><\/p>\n

Are you there?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Could you. Could you hear our response?<\/p>\n

Operator<\/strong><\/p>\n

Rishi, are you there? Since there is no response we will move on to the next question which is from the line of Jainam Gilani who is an individual investor. Please go ahead.<\/p>\n

Jainam Ghelani<\/strong><\/p>\n

Hi sir. Thanks for this opportunity. So what was the portion of our revenue that is from 610 crores. What was the total amount that we were trading.<\/p>\n

Pankaj Ostwal<\/strong><\/p>\n

In quarter? In quarter? 615 crores was the total revenue against which the Import was 280 and. And manufacturing was 292.<\/p>\n

Lalit Kumar Sharma<\/strong><\/p>\n

330. Did you hear?<\/p>\n

Operator<\/strong><\/p>\n

Please unmute your line and proceed with your next question. Since there is no response. Ladies and gentlemen, if you wish to ask a question please press star at once.<\/p>\n

Rishi Mehta<\/strong><\/p>\n

Once again a reminder ladies and gentlemen. If you wish to ask a question. Please press star and 1. We take the next question from the line of Lalit Kumar Sharma who is an individual investor. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

First of all I would like to say my big congratulation to Matthew Products. Management for tremendous results. And my question is about to like commencement of the new project. How the Confident you are in meeting. The duly phase first commencement by the October 26th.<\/p>\n

Pukhraj Kanther<\/strong><\/p>\n

We are fully confident and we hope that trial production will start sometimes in July. So the final product commercial production will start from October. There is no confusion on this or no hesitation in confirming that we will start the project by October 26th.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay sir, this the question from my side only. Thank you sir. All the best. Thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Rakesh Verma from Rakesh Verma and associates. Please go ahead.<\/p>\n

Rakesh Verma<\/strong><\/p>\n

Hello. Hi. Good evening. So my question is what is your plan to reach a top among all prospective fertilizer manufacturers in India? And whatever the rotational behind this.<\/p>\n

Pankaj Ostwal<\/strong><\/p>\n

See. After this mule expansion we will. Be at fourth number in the country to manufacture complex fertilizers or cosmetic fertilizers. So we are already working very hard to move in the industry and working hard to expand our capacities at various locations. So let’s see. In coming years we can plan it out at a group level to reach in the top in the industry.<\/p>\n

Lalit Kumar Sharma<\/strong><\/p>\n

Okay.<\/p>\n

Operator<\/strong><\/p>\n

Okay.<\/p>\n

Lalit Kumar Sharma<\/strong><\/p>\n

Thank you sir. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Shaurya Punyani from Arjav Partners. Please go ahead.<\/p>\n

Jainam Ghelani<\/strong><\/p>\n

Hi, I’m audible.<\/p>\n

Lalit Kumar Sharma<\/strong><\/p>\n

Yes,<\/p>\n

Jainam Ghelani<\/strong><\/p>\n

Sir. I wanted to know. So given such good numbers. So what kind of revenue we expect. This year and next year?<\/p>\n

Pukhraj Kanther<\/strong><\/p>\n

Look, as I told you. But for this import. Import will be based on the demand from the market. As far as our own production is concerned. Till September 26 we expect to maintain the tempo. And from October 26 our doula project will start producing. So the next year we hope to see a jump of Almost more than 50% in revenue. 26, 27.<\/p>\n

Bhaskar Kannad<\/strong><\/p>\n

Okay. Okay. Thank you so much.<\/p>\n

Pankaj Ostwal<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and 1. We take the next question from the line of JM Gilani from Small investment. Please go ahead.<\/p>\n

Jainam Ghelani<\/strong><\/p>\n

Hi sir, sorry to repeat the question but I got disconnected the last time. So far Q3 revenue of 610 crores. How much was it through trading and how much was it from our own manufacturing?<\/p>\n

Pankaj Ostwal<\/strong><\/p>\n

Yeah, from import it was 280 crores. And from manufacturing it was 339 crores.<\/p>\n

Jainam Ghelani<\/strong><\/p>\n

Okay. And so what is our EBITDA per ton target? Over 27. And how do we wish to. How do we see it improving over 28?<\/p>\n

Pankaj Ostwal<\/strong><\/p>\n

In manufacturing EBITDA we are maintaining in. The range of 13 to 15%. And we will try our best to maintain in the range of 13 to 15%.<\/p>\n

Jainam Ghelani<\/strong><\/p>\n

Okay. And so any particular reason that why our training income was particularly high during this quarter? Like do we see a trend of almost 800 to 1000 crores annually going ahead or it’s just this particular quarter was one off?<\/p>\n

Pankaj Ostwal<\/strong><\/p>\n

No, no, no. See as you are already aware that we are expanding our business in Dhule also. And then the market will be<\/p>\n

Lalit Kumar Sharma<\/strong><\/p>\n

Developed in southern India also.<\/p>\n

Pankaj Ostwal<\/strong><\/p>\n

So we are working on it. Working on the imported fertilizers as well. Because right now we are. We are manufacturing only one single product. That<\/p>\n

Lalit Kumar Sharma<\/strong><\/p>\n

Is 2020013<\/p>\n

Pankaj Ostwal<\/strong><\/p>\n

With SSP. So now since we are exploring the opportunities of imports and there is a market in India to sell the. Sell the fertilizers. So we will keep. Continue. Keep going importing the. Importing the fertilizers and continue to<\/p>\n

Lalit Kumar Sharma<\/strong><\/p>\n

Market these imported fertilizers in the country.<\/p>\n

Pukhraj Kanther<\/strong><\/p>\n

I have already explained earlier that we are producing 2020013 and the demand is such high that we are not in a position to produce any other variant of npt. But there exists good demand of other variants. And to make available that product to the farmers, we are resorting to import which will help us in expanding our market. It will be a seeding operation in the south south India market. So once we come out with dule and if we intend to diversify from other product, the market will be ready to welcome us.<\/p>\n

Rishi Mehta<\/strong><\/p>\n

Our<\/p>\n

Pukhraj Kanther<\/strong><\/p>\n

Plant is running at 100% capacity utilization. We are unable to meet the demand.<\/p>\n

Jainam Ghelani<\/strong><\/p>\n

Got it, sir. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen. If you wish to ask a question, please press star and 1. We take the next question from the line of Rishi Mehta who is an individual investor. Please go ahead.<\/p>\n

Bhaskar Kannad<\/strong><\/p>\n

Hello.<\/p>\n

Pukhraj Kanther<\/strong><\/p>\n

Yes<\/p>\n

Bhaskar Kannad<\/strong><\/p>\n

Please. My second question is pending. Second question is what is the outlook for NPK and DAP demand? Ahmed. Import substitution.<\/p>\n

Pankaj Ostwal<\/strong><\/p>\n

See. Okay. At that time. So I would like to tell you again that there is a huge scope of PAP NPK complex fertilizers in the country.<\/p>\n

Lalit Kumar Sharma<\/strong><\/p>\n

Government of India is already<\/p>\n

Pankaj Ostwal<\/strong><\/p>\n

Working on to expand the agricultural land banks by applying good quality seeds fertilizers across the country. And farmers are also working hard to increase the productivity of various crops in the country. So the demand of complex fertilizers will keep on increasing in coming times. Definitely there is a shift in NPK fertilizers due to the Nutri balance nutrition. Application across the country in the soils. So there is no issue of demand of complex fertilizers in the country. And. And the demand demand will be on the positive side in coming years in the country.<\/p>\n

Bhaskar Kannad<\/strong><\/p>\n

Okay. Thank You. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Shravan, who is an individual investor. Please go ahead.<\/p>\n

Lalit Kumar Sharma<\/strong><\/p>\n

Hi sir, can you hear me? Yes, good evening. And congratulations on the great set of numbers. In the last phone call you told that the H2 revenues will be close to what we have seen in the H1. That is equivalent, I think 860 or something around that. And. But in Q3 we have done around 600 crores. Do we expect a higher revenue for FY26 closing along with the numbers or do you feel you can make only 800? My one more question is regarding to the editat you told. If you import more, so if your plants are already running at 100% capacity and if you want do more business in the future also you will be importing more, right?<\/p>\n

In this, in this scenario, then, then can we expect that EBITDA margins in the same levels as for Q3? Thank you.<\/p>\n

Pankaj Ostwal<\/strong><\/p>\n

See, your voice was talking. But what we could collect from the whole content of your speeches. We will just try to answer that part and then if you still find some.<\/p>\n

Lalit Kumar Sharma<\/strong><\/p>\n

Yes,<\/p>\n

Pankaj Ostwal<\/strong><\/p>\n

Yeah. Our revenue till this nine months, April to December is 1479.<\/p>\n

Lalit Kumar Sharma<\/strong><\/p>\n

Okay.<\/p>\n

Pankaj Ostwal<\/strong><\/p>\n

Which includes import and the manufactured fertilizers in the. In our plan. So it gives a broader outlook what has happened in nine months. And we continue to maintain the same momentum in this quarter also in January, February, March. So one part is this, the second. Part which you took about ebitda, we again would like to tell you is that our manufacturing site ebitda is around 13 to 15%. And the imported fertilizer EBITDA is around 3 to 3 to 4%. Sorry, EBITDA is 6%. EBITDA is 6%. And which we, and which we understand will continue in the coming quarters as well.<\/p>\n

Lalit Kumar Sharma<\/strong><\/p>\n

Hello. This<\/p>\n

Pankaj Ostwal<\/strong><\/p>\n

Is what you were asking or anything else?<\/p>\n

Lalit Kumar Sharma<\/strong><\/p>\n

Yeah, I was asking like we saw. Very, very. Because you are importing more because you have hit 100 capacities and you are not able to, you know, produce whatever farmers wanted. So it will be the same case. Going forward in Q4. Because we are already 100 utilized on the capacities what we have. So if the same momentum goes on to the Q4, can we expect the same level of margin that we have delivered in Q3 into the Q4?<\/p>\n

Pukhraj Kanther<\/strong><\/p>\n

Yes, yes, absolutely. Look, whatever. Even if, even if it is EBITDA margin is 6% in import in absolute terms. After all it is giving some addition.<\/p>\n

Lalit Kumar Sharma<\/strong><\/p>\n

But it’s impacting the overall EBITDA margin, right? From 14 to 11<\/p>\n

Pukhraj Kanther<\/strong><\/p>\n

Up margin. I agree Margin percentage by it is going down. But I think yeah, value will<\/p>\n

Lalit Kumar Sharma<\/strong><\/p>\n

Be increasing. Is. Yes,<\/p>\n

Pukhraj Kanther<\/strong><\/p>\n

Value terms. It is increasing.<\/p>\n

Lalit Kumar Sharma<\/strong><\/p>\n

Yeah. Revenue will increase. But the top line, the bottom line. Which should have been like with 14% margin will not be same with 11% margin. Right. So momentum will not be same as your business,<\/p>\n

Jainam Ghelani<\/strong><\/p>\n

Obviously. Okay.<\/p>\n

Lalit Kumar Sharma<\/strong><\/p>\n

Yeah. That’s it, sir. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Janam Galani from Swan Investments. Please go ahead.<\/p>\n

Jainam Ghelani<\/strong><\/p>\n

Hi sir, sorry, just one follow up from my side. We saw that there was a stark improvement in our EBITDA per ton for this quarter based on the sales volume of 95000 tons as mentioned in our presentation. So sir, what was the particular reason for such a stark improvement and is that EBITDA per ton sustainable going ahead?<\/p>\n

Lalit Kumar Sharma<\/strong><\/p>\n

It<\/p>\n

Pukhraj Kanther<\/strong><\/p>\n

Is. It is in line with past 10. We have not shown anything which is better. Very, extremely higher than what we have shown in the past.<\/p>\n

Jainam Ghelani<\/strong><\/p>\n

No, no. So because if we calculate, sir, based on our sales volume of 95,000 tons, our EBITDA per ton reaches almost 6,700 to 6,800. So that is pretty high compared to the industry standard. So any particular reason why it was this high this quarter.<\/p>\n

Pukhraj Kanther<\/strong><\/p>\n

That we have. Been maintaining in the past? Also<\/p>\n

Jainam Ghelani<\/strong><\/p>\n

Sir, previous quarter our EBITDA per ton was almost 4800 to 4900. No, no,<\/p>\n

Pukhraj Kanther<\/strong><\/p>\n

No. It can’t be that much difference. I think, I think we would like to. We will have to check and then we’ll get back to you. Sure. Okay.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Then.<\/p>\n

Pankaj Ostwal<\/strong><\/p>\n

We are having the figures.<\/p>\n

Lalit Kumar Sharma<\/strong><\/p>\n

See from April<\/p>\n

Pankaj Ostwal<\/strong><\/p>\n

To September.<\/p>\n

Lalit Kumar Sharma<\/strong><\/p>\n

6500<\/p>\n

Pankaj Ostwal<\/strong><\/p>\n

It. Was in NPK it was around 6000 and in SSP it was 2500. So whatever figures you are telling. If you can check it at your end or you can just mail us your exact question and then we can revert it.<\/p>\n

Jainam Ghelani<\/strong><\/p>\n

Okay. So we can connect also. Thank you.<\/p>\n

Pankaj Ostwal<\/strong><\/p>\n

Yeah.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Pramuk Gabra from Value Wise Advisory. Please go ahead.<\/p>\n

Pankaj Ostwal<\/strong><\/p>\n

Yeah, hi. Thanks for the opportunity and congratulations on the great set of numbers. My question was regarding the inventories of finished goods. So<\/p>\n

Lalit Kumar Sharma<\/strong><\/p>\n

There has been a very rap high increase in inventories. Could you shed some light on it?<\/p>\n

Pankaj Ostwal<\/strong><\/p>\n

Yes, definitely. In this quarter the inventories has gone up due to some logistic issues at our plant and but those logistic issues are going to be sorted out in quarter and we are confident that all the inventories will be dispatched in this quarter. So this inventory was of<\/p>\n

Lalit Kumar Sharma<\/strong><\/p>\n

Raw material or of the finished. Good finished<\/p>\n

Pankaj Ostwal<\/strong><\/p>\n

Goods? Finish<\/p>\n

Lalit Kumar Sharma<\/strong><\/p>\n

Okay. Yeah.<\/p>\n

Pankaj Ostwal<\/strong><\/p>\n

Outward. Outward movement was interrupted. Due to this. Agriculture crops. Agriculture. Food grains were also being taken out from the district. And transportation, railway transportation<\/p>\n

Lalit Kumar Sharma<\/strong><\/p>\n

Was being used largely for that<\/p>\n

Pankaj Ostwal<\/strong><\/p>\n

Agriculture crop movement. So some of the fertilizer were. The fertilizer movement was delayed. And that is why the inventories have piled up at the plants. But now it is smooth. And the fertilizer movement is growing. Going on. Okay. Okay. Yes. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen. If you wish to ask a question please press star and one. We take the next question from the line of Bhaskar Kannad from three head Capital. Please go ahead.<\/p>\n

Bhaskar Kannad<\/strong><\/p>\n

I am audible.<\/p>\n

Pankaj Ostwal<\/strong><\/p>\n

Yes.<\/p>\n

Bhaskar Kannad<\/strong><\/p>\n

Yes. Yes. Yes. Sir. I asked a 2, 3 question. You should guidance the revenue 50% for next year. And that is conservative basis. Or I assume 50% because your run rate is 100%. Sorry. If I can.<\/p>\n

Pukhraj Kanther<\/strong><\/p>\n

Will you. Will you repeat please?<\/p>\n

Bhaskar Kannad<\/strong><\/p>\n

Now is better.<\/p>\n

Pukhraj Kanther<\/strong><\/p>\n

Hello.<\/p>\n

Bhaskar Kannad<\/strong><\/p>\n

Yes. Yeah. Yes. I think that if I 27 you guided the revenue 50% goes. And I. That is conservative basis. Or I standard 50% you are looking for.<\/p>\n

Pukhraj Kanther<\/strong><\/p>\n

Our company has always been conservative. Look, when we start a new plant. We always keep in mind that there may be some teething problem. So we keep some conservative estimate. And if fortunately our plant starts operating at a better capacity utilization. And as we have already told problem for the demand. So the revenue can be better also. Look, the new plant had a capacity to add revenue of almost 2000. More than 2000 crore rupees.<\/p>\n

Bhaskar Kannad<\/strong><\/p>\n

Okay, sir. Thank you. Sir. My second question is your next status like FY27. You said in your pvt. That SSP proposal. NPK. Which time it is commercial? You can tell.<\/p>\n

Pukhraj Kanther<\/strong><\/p>\n

October 26th.<\/p>\n

Bhaskar Kannad<\/strong><\/p>\n

October 26th. Both plan will be commercial.<\/p>\n

Pukhraj Kanther<\/strong><\/p>\n

Yes. Yes. Yes.<\/p>\n

Bhaskar Kannad<\/strong><\/p>\n

Okay, sir. Thank you, sir. That is from my side. Thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Shravan who is an individual investor. Please go ahead.<\/p>\n

Lalit Kumar Sharma<\/strong><\/p>\n

Your audio is too low.<\/p>\n

Operator<\/strong><\/p>\n

Could you please speak up? Thank you.<\/p>\n

Lalit Kumar Sharma<\/strong><\/p>\n

Can you hear me now?<\/p>\n

Pankaj Ostwal<\/strong><\/p>\n

Yes. Yes. Hello. Yeah.<\/p>\n

Lalit Kumar Sharma<\/strong><\/p>\n

Yeah. I wish to confirm one thing. Last time that the H1 revenues were around 860. And now we have done 612 in the. In the Q3. So can we expect the same kind. Of 600 number figure in Q4? Because we have locked 100 growth for quarter on quarter. If the demand continues and the momentum goes on.<\/p>\n

Pukhraj Kanther<\/strong><\/p>\n

Obviously if demand continues opportunity for the imported fertilizer as exists. Because domestic there is no issue. Our production is not an issue. Then we will be able to maintain it.<\/p>\n

Lalit Kumar Sharma<\/strong><\/p>\n

Yeah. Okay.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you. Ladies and Gentlemen, if you wish to ask a question, please press star and 1. Once again, a reminder. Ladies and gentlemen, if you wish to ask a question, Please press star and 1. We take the next question from the line of Rahul Rajkar who is an individual investor. Please go ahead.<\/p>\n

Bhaskar Kannad<\/strong><\/p>\n

I want to know the revenue guidance. For us for overall revenue.<\/p>\n

Pukhraj Kanther<\/strong><\/p>\n

I think we have told that we will be able to maintain the tempo as far as our own production is concerned. So whatever has been the trend in the first three quarter, we shall maintain the same in the fourth quarter. And as far as imported fertilizer is concerned, depending upon the opportunity, we will refer to the import and supply.<\/p>\n

Bhaskar Kannad<\/strong><\/p>\n

Okay? Thanks a lot, sir.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you. Ladies and gentlemen, if you wish to ask a question, Please press star and 1. Ladies and gentlemen, a<\/p>\n

Operator<\/strong><\/p>\n

Reminder. If you wish to ask a question, please press star and 1. As there are no further questions. I will now hand the conference over to the management for their closing comments.<\/p>\n

Pukhraj Kanther<\/strong><\/p>\n

Thank you everyone for joining us. And still, if you have any query or any information you wish to see, please reach out to our investor recently and thank you once again and have a great day.<\/p>\n

Operator<\/strong><\/p>\n

Thank you sir. Thank you<\/p>\n

Pukhraj Kanther<\/strong><\/p>\n

Very much<\/p>\n

Operator<\/strong><\/p>\n

On behalf of. Madhya Bharat Agro Products limited. That concludes this conference call. Thank you for joining us. And you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Madhya Bharat Agro Products Limited (NSE: MBAPL) Q3 2026 Earnings Call dated Jan. 12, 2026 Corporate Participants: Rishi Mehta \u2014 Individual Investor Pukhraj Kanther \u2014 Project and Financial Advisor Lalit Kumar Sharma \u2014 Individual Investor […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-181654","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":173439,"url":"https:\/\/alphastreet.com\/india\/ice-make-refrigeration-ltd-icemake-q4-2025-earnings-call-transcript\/","url_meta":{"origin":181654,"position":0},"title":"Ice Make Refrigeration Ltd (ICEMAKE) Q4 2025 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"Ice Make Refrigeration Ltd (NSE: ICEMAKE) Q4 2025 Earnings Call dated May. 21, 2025 Corporate Participants: Aryan Rana \u2014 Investor Relations Chandrakant P Patel \u2014 Chairman and Managing Director Ankit Patel \u2014 Chief Financial Officer Nikhil Bhatt \u2014 Vice President Strategy Unidentified Speaker Analysts: Arnav Sakhuja \u2014 Analyst Shashi \u2014\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":181549,"url":"https:\/\/alphastreet.com\/india\/jeena-sikho-lifecare-ltd-jsll-q3-2026-earnings-call-transcript\/","url_meta":{"origin":181654,"position":1},"title":"Jeena Sikho Lifecare Ltd (JSLL) Q3 2026 Earnings Call Transcript","author":"News desk","date":"April 8, 2026","format":false,"excerpt":"Jeena Sikho Lifecare Ltd (NSE: JSLL) Q3 2026 Earnings Call dated Feb. 09, 2026 Corporate Participants: Manish Groverji \u2014 Managing Director Nanak Chand \u2014 Chief Financial Officer Analysts: Ranvir Singh \u2014 Analyst Priyanshu Jain \u2014 Analyst Akshay Kaila \u2014 Analyst Abhishek Sengupta \u2014 Analyst Akhilesh Rawat \u2014 Analyst Unidentified Participant\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":142292,"url":"https:\/\/alphastreet.com\/india\/kpr-mill-ltd-kprmill-q3-fy23-earnings-concall-transcript\/","url_meta":{"origin":181654,"position":2},"title":"KPR MILL LTD (KPRMILL) Q3 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"February 21, 2023","format":false,"excerpt":"KPR MILL LTD (NSE:KPRMILL) Q3 FY23 Earnings Concall dated Feb. 7, 2023. Corporate Participants: P L Murugappan\u00a0--\u00a0Chief Financial Officer Analysts: Abhishek Nigam\u00a0--\u00a0B&K SECURITIES -- Analyst Kapil Jagasia\u00a0--\u00a0Nuvama -- Analyst Muthu Kumar\u00a0--\u00a0Fidelity Ventures -- Analyst Unidentified Participant\u00a0--\u00a0-- Analyst Presentation: Operator Ladies and gentlemen, good day and welcome to the KPR Mill\u2026","rel":"","context":"In "Consumer"","block_context":{"text":"Consumer","link":"https:\/\/alphastreet.com\/india\/category\/consumer-stocks\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":180798,"url":"https:\/\/alphastreet.com\/india\/gala-precision-engineering-ltd-galaprec-q3-2026-earnings-call-transcript\/","url_meta":{"origin":181654,"position":3},"title":"Gala Precision Engineering Ltd (GALAPREC) Q3 2026 Earnings Call Transcript","author":"News desk","date":"February 13, 2026","format":false,"excerpt":"Gala Precision Engineering Ltd (NSE: GALAPREC) Q3 2026 Earnings Call dated Feb. 06, 2026 Corporate Participants: Unidentified Speaker Heena Khatri Srinivasan Giridhar \u2014 Chief Financial Officer Balkishan Jalan \u2014 Whole Time Director Analysts: Unidentified Participant Hiral \u2014 Analyst Darshan \u2014 Analyst Tuti Agarwal \u2014 Analyst Ajit Sethi \u2014 Analyst Presentation:\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":173440,"url":"https:\/\/alphastreet.com\/india\/ice-make-refrigeration-ltd-icemake-q3-2025-earnings-call-transcript\/","url_meta":{"origin":181654,"position":4},"title":"Ice Make Refrigeration Ltd (ICEMAKE) Q3 2025 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"Ice Make Refrigeration Ltd (NSE: ICEMAKE) Q3 2025 Earnings Call dated Feb. 12, 2025 Corporate Participants: Aryan Rana \u2014 Investor Relations Chandrakant P. 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