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

• Market Cap: ₹39.70B
• Dividend Yield: 0.12%
• Average Volume (3M): 196.85K
• Price to Earnings (P/E): 29.1
• Beta (1Y): 0.48
• 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: ₹471.00 ▲(7.76% 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

Revenue Growth

Very strong top-line expansion over multiple years demonstrates sustained product demand and market penetration in the Agricultural Inputs segment. Durable revenue growth creates scope for operating leverage, funds reinvestment in distribution and product development, and supports medium-term cash generation if maintained.

Margin Sustainability

Improving gross margins alongside healthy EBIT and EBITDA margins indicate durable cost control and structural operating efficiency. This operating profitability provides resilience to input-price swings, supports reinvestment capacity, and underpins sustainable cash flows and returns across business cycles.

Balance Sheet / ROE

A stable equity ratio with positive ROE signals a solid asset base and effective use of shareholders' funds. This balance-sheet strength enhances financial resilience, supports access to financing for growth capex, and reduces vulnerability to cyclical shocks in the agricultural sector over the medium term.

Negative Factors

Rising Leverage

An increasing debt-to-equity ratio raises fixed interest obligations and refinancing risk, which can constrain strategic flexibility. Against a backdrop of volatile cash flows, higher leverage magnifies downside risk, may increase funding costs, and limits the company's ability to absorb industry cyclicality over the coming months.

Cash Flow Volatility / Negative FCF

Volatile operating cash flow and recent negative free cash flow driven by elevated capex indicate cash-conversion and liquidity challenges. If negative FCF persists, the firm will need external financing or must slow investment, increasing refinancing, dilution, or funding-cost risks that weigh on durable financial health.

Net Income / Margin Pressure

A decline in net income and compressed net margins points to profitability volatility. When combined with higher leverage and capex-driven cash strain, weaker net income can hinder the firm's ability to self-fund growth and sustain returns, raising medium-term execution and financial stability risks.

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

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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 459.08, below the 50-day MA of 440.42, and above the 200-day MA of 419.83, indicating a neutral trend. The MACD of 0.37 indicates Positive momentum. The RSI at 50.19 is Neutral, neither overbought nor oversold. The STOCH value of 32.08 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	₹53.54B	17.02	―	―	34.34%	45.32%
GOODLUCK	69 Neutral	₹34.16B	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	₹20.48B	35.75	―	1.38%	-1.54%	10.30%
MBAPL	58 Neutral	₹39.70B	29.10	―	0.12%	65.92%	224.35%
GLOBUSSPR	56 Neutral	₹25.15B	25.16	―	0.28%	2.36%	-26.16%