MBAPL closes FY26 with record earnings as capacity adds set up the next growth leg

FY26 revenue from operations was INR 1,867 crore, EBITDA (excluding other income) INR 226.5 crore, PAT INR 150.2 crore and EPS INR 17.14, as per the presentation.

Q4 FY26 revenue from operations was INR 394.7 crore, EBITDA (excluding other income) INR 41.2 crore and PAT INR 59.8 crore, as per the financials summary table.

The company stated commissioning in March 2026 of SSP 330,000 MTPA at Dhule, NPK/DAP expansion of 90,000 MTPA at Sagar, sulphuric acid 198,000 MTPA at Dhule and 165,000 MTPA at Sagar.

Management stated the Dhule integrated DAP/NPK (330,000 MTPA) with phosphoric acid (99,000 MTPA) is targeted for commissioning before October 2026, and management indicated they are aiming to start earlier than that timeline.

MBAPL stated it has an offtake arrangement via SECI for about 130,000 tons per annum for 10 years (extendable), with supplies expected to begin around April 2029 and no capex from MBAPL.

Management said utilization of the added capacity is expected to be around 50-60% in the current year, increasing to around 75-80% in the following year.

Management indicated EBITDA per metric ton for FY27 in the range of about INR 6,000 for NPK and about INR 1,800 for SSP.