MBAPL Q1 FY27: Margin Expansion Holds Firm as Dhule Scale-Up Nears

Revenue from operations was 416.3 crore, EBITDA (excluding other income) was 65.9 crore, and reported PAT was 33.0 crore, as per the results presentation.

Management stated EBITDA and PAT benefited from lower-cost raw material inventory procured in the prior quarter, which supported margins during Q1 FY27.

The company disclosed Phase I targeted for October 2026 (adding 330,000 MTPA DAP NPK and 99,000 MTPA phosphoric acid) and Phase II targeted for October 2027 (adding 330,000 MTPA DAP NPK, 66,000 MTPA phosphoric acid and 396,000 MTPA sulphuric acid).

On the concall, management indicated a target of around 60% capacity utilisation for the new Dhule NPK/DAP plant and around 90% utilisation for existing facilities going forward.

The presentation states MBAPL entered a 10-year arrangement with SECI to source 130,000 MTPA green ammonia under the National Green Hydrogen Mission; the concall stated supplies are expected to commence from April 1, 2029.

Management stated it introduced 15:15:15, 9:24:24, and 16:20:0:13 grades to complement the existing product portfolio.