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Swing Capital

Madhya Bharat Agro Products Ltd

NSE: MBAPLChemicals

Madhya Bharat Agro Products Ltd, part of Ostwal Group, is engaged in the business of manufacturing fertiliser and chemical products. [1]

₹526
52W: ₹276 — ₹585
PE 30.7 · Book ₹62.7 · +739% vs book
Market Cap₹4,605 Cr
Stock P/E30.7Price to Earnings
ROCE19.4%Return on Capital
ROE31.5%Return on Equity
Div. Yield0.09%Face Value ₹10

Strengths

  • +Company is expected to give good quarter
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 19.5%
  • +Company's median sales growth is 28.0% of last 10 years

Weaknesses

  • −Stock is trading at 8.44 times its book value
  • −Tax rate seems low
  • −Company might be capitalizing the interest cost

Shareholding Pattern

Promoters74.76%
FIIs0.46%
DIIs0%
Public24.78%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters74.43%74.51%▲0.174.56%▲0.074.56%74.56%74.63%▲0.174.76%▲0.174.76%
FIIs0%0%0%0.03%▲0.00.11%▲0.10.43%▲0.30.19%▼0.20.46%▲0.3
DIIs0%0%0%0%0%0%0%0%
Public25.57%25.49%▼0.125.44%▼0.025.41%▼0.025.34%▼0.124.95%▼0.425.06%▲0.124.78%▼0.3

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales244146200278284297410450612395
Expenses226132167242244261353388546353
Operating Profit18143436393657626641
OPM %7%10%17%13%14%12%14%14%11%10%
Net Profit111114181428303260
EPS ₹0.150.161.311.582.041.633.223.483.626.82

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,867Cr, up 76.5% YoY. OPM at 12%.

Debt Position

Borrowings at ₹856Cr. Debt-to-equity ratio: 1.85x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹277Cr (64% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 0% (+0.00pp change). FIIs: 0.46% (+0.46pp change). Promoters hold 74.76%.

Margin & Efficiency

ROCE improving from 12% (Mar 2015) to 19% (Mar 2026). Working capital days: 49.

Valuation

PE 30.7x with 19.4% ROCE. Price is 739% above book value of ₹62.7. Dividend yield: 0.09%.

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