Madhya Bharat Agro Products Ltd. (MBAPL) AI Stock Analysis

• Market Cap: ₹39.45B
• Dividend Yield: 0.12%
• Average Volume (3M): 196.85K
• Price to Earnings (P/E): 29.1
• Beta (1Y): 0.51
• Revenue Growth: 65.92%
• EPS Growth: 224.35%
• Country: IN
• Employees: 308
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Agricultural Inputs
• EPS (TTM): 3.62
• Shares Outstanding: 87,626,940
• 10 Day Avg. Volume: 263,431
• 30 Day Avg. Volume: 196,853
• PEG Ratio: 0.34
• Price to Book (P/B): 6.24
• Price to Sales (P/S): 2.38
• P/FCF Ratio: -213.22
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 58 Neutral
• Price Target: ₹480.00 ▲(9.81% Upside)
• Action: Reiterated Date: 10/25/25
• Date: Action: Reiterated 10/25/25

The overall stock score of 58 reflects strong financial performance with growth potential, but is tempered by high valuation and bearish technical indicators. The company's leverage and cash flow volatility are key risks, while the lack of earnings call data and corporate events limits additional insights.

Positive Factors

Strong revenue growth

Sustained high revenue growth through 2022–2025 indicates expanding market traction and product demand in agricultural inputs. Over a 2–6 month horizon, such top-line momentum supports ongoing capacity utilization, pricing power and the ability to fund strategic investments without relying solely on external financing.

Improving margins and operational efficiency

Improving gross margins and solid EBIT/EBITDA margins reflect durable operational improvements and cost discipline. Margin expansion supports sustainable cash generation, resilience to raw-material swings common in agriculture, and provides buffer to invest in distribution, R&D or withstand cyclical pressures.

Stable equity base and positive ROE

A stable equity ratio and positive ROE show the company maintains a solid asset base and has historically generated returns on shareholders' capital. This underpins long-term solvency and the capacity to absorb operational shocks while continuing to support reinvestment and growth initiatives.

Negative Factors

Rising leverage

Increasing debt-to-equity raises financial risk and reduces flexibility to fund growth organically. Higher leverage can increase interest burden, constrain capital allocation, and make the firm more vulnerable to rate increases or demand downturns over the medium term, limiting strategic optionality.

Volatile and negative free cash flow

Persistent free cash flow variability and recent negative FCF reflect heavy capex and uneven cash conversion. This challenges the firm's ability to self-fund expansion, pay down debt, or return capital, increasing reliance on external financing and elevating execution risk over the coming months.

Net income dip and profit margin pressure

A decline in net income and compressed net margins signals potential volatility in core profitability despite revenue gains. If persistent, this can erode retained earnings, limit reinvestment capacity, and pressure stakeholder returns, making consistent earnings recovery a medium-term priority.

Madhya Bharat Agro Products Ltd. Business Overview & Revenue Model

Company Description

Madhya Bharat Agro Products Limited manufactures and sells fertilizers and chemicals in India. It offers beneficiated rock phosphate, sulphuric acid, single super phosphate, granulated single super phosphate, sulphur bentonite, and phosphate rich organic manure, as well as oleum products. 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.

How the Company Makes Money

MBAPL generates revenue through multiple streams, primarily from the sale of its agricultural products, including grains, pulses, and fertilizers. The company employs a direct sales model, distributing its products to farmers, cooperatives, and agricultural businesses, which enables it to maintain strong market penetration. Additionally, MBAPL engages in export activities, tapping into international markets for its products, which enhances its revenue base. Strategic partnerships with local farmers and agricultural organizations play a crucial role in ensuring a steady supply chain and customer loyalty, further contributing to the company's earnings. The company's focus on innovation and sustainability also positions it favorably in the growing organic market segment, allowing it to attract premium pricing for its organic products.

Madhya Bharat Agro Products Ltd. Financial Statement Overview

Summary

Madhya Bharat Agro Products Ltd. shows strong revenue growth and operational efficiency, but increased leverage and volatile cash flows pose risks. The company's investment in growth opportunities may pay off, but careful cash management is recommended.

Income Statement

Madhya Bharat Agro Products Ltd. has shown strong revenue growth over the years, particularly between 2022 and 2025. The gross profit margin has generally improved, indicating efficient cost management. However, there was a dip in net income in 2025 compared to 2023, impacting the net profit margin. The company maintains healthy EBIT and EBITDA margins, signalling robust operational performance.

Balance Sheet

The company's debt-to-equity ratio has increased over time, suggesting higher leverage. However, the equity ratio is stable, indicating a strong asset base relative to liabilities. Return on equity has been positive, reflecting effective use of shareholders' funds despite the increased debt levels.

Cash Flow

Cash flows have been volatile, with negative free cash flow in recent years due to high capital expenditures. This indicates potential investment in growth but also highlights cash flow management challenges. The operating cash flow to net income ratio shows variability, suggesting fluctuations in converting profits into cash.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	14.40B	10.59B	4.93B	5.08B	2.83B	1.31B
Gross Profit	4.07B	3.39B	-1.25B	-2.23B	-780.05M	23.65M
EBITDA	2.07B	1.57B	1.08B	2.13B	1.07B	416.21M
Net Income	908.18M	574.76M	248.45M	1.24B	570.20M	202.42M
Balance Sheet
Total Assets	12.07B	9.46B	8.04B	7.43B	4.39B	2.64B
Cash, Cash Equivalents and Short-Term Investments	250.52M	206.09M	118.75M	212.68M	82.37M	4.69M
Total Debt	3.12B	3.18B	2.90B	3.23B	1.64B	703.22M
Total Liabilities	7.49B	5.42B	4.53B	4.14B	2.34B	1.15B
Stockholders Equity	4.58B	4.04B	3.51B	3.28B	2.05B	1.49B
Cash Flow
Free Cash Flow	0.00	-118.12M	437.99M	-1.40B	-851.74M	-262.15M
Operating Cash Flow	0.00	962.07M	1.49B	-700.40M	-719.30M	297.59M
Investing Cash Flow	0.00	-919.77M	-936.48M	-653.14M	-130.62M	-559.94M
Financing Cash Flow	0.00	-42.25M	-613.63M	1.41B	848.20M	254.68M

Madhya Bharat Agro Products Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 437.10
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MBAPL, the sentiment is Positive. The current price of 437.1 is below the 20-day moving average (MA) of 460.23, above the 50-day MA of 431.94, and above the 200-day MA of 411.20, indicating a bullish trend. The MACD of 9.97 indicates Positive momentum. The RSI at 55.38 is Neutral, neither overbought nor oversold. The STOCH value of 32.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:MBAPL.

Madhya Bharat Agro Products Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GOKULAGRO	78 Outperform	₹47.46B	17.02	―	―	34.34%	45.32%
GOODLUCK	69 Neutral	₹36.14B	20.71	―	0.38%	9.57%	3.24%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
HONDAPOWER	61 Neutral	₹20.58B	35.75	―	1.38%	-1.54%	10.30%
MBAPL	58 Neutral	₹39.45B	29.10	―	0.12%	65.92%	224.35%
GLOBUSSPR	56 Neutral	₹24.81B	25.16	―	0.28%	2.36%	-26.16%

Madhya Bharat Agro Products Ltd. Corporate Events

Madhya Bharat Agro Products Ltd. Enters Strategic Marketing Agreement

Madhya Bharat Agro Products Ltd. has announced a strategic selling and marketing agreement with Green Agrevolution Private Limited, aimed at distributing agri-inputs through DeHaat’s network. This agreement is expected to significantly contribute to the company’s revenue and expand its market presence, benefiting customers with an assured supply.