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Last Updated: April 2, 2026, 3:16 am
Author: Getaka|Social: XLinkedIn

Madhya Bharat Agro Products Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹269.28Overvalued by 46.68%vs CMP ₹505.00

P/E (42.3) × ROE (15.2%) × BV (₹52.30) × DY (0.10%)

₹145.19Overvalued by 71.25%vs CMP ₹505.00
MoS: -247.8% (Negative)Confidence: 70/100 (High)Models: All 10: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹304.0720%Over (-39.8%)
Graham NumberEarnings₹118.5815%Over (-76.5%)
Earnings PowerEarnings₹24.1610%Over (-95.2%)
DCFCash Flow₹188.1412%Over (-62.7%)
Net Asset ValueAssets₹52.417%Over (-89.6%)
EV/EBITDAEnterprise₹127.888%Over (-74.7%)
Dividend DiscountDividends₹27.508%Over (-94.6%)
Earnings YieldEarnings₹119.507%Over (-76.3%)
ROCE CapitalReturns₹121.118%Over (-76%)
Revenue MultipleRevenue₹120.805%Over (-76.1%)
Consensus (10 models)₹145.19100%Overvalued
Key Drivers: Wide model spread (₹24–₹304) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 12.9%

*Investments are subject to market risks

Investment Snapshot

72
Madhya Bharat Agro Products Ltd scores 72/100 (Strong)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health69/100 · Strong
ROCE 18.0% GoodROE 15.2% GoodD/E 0.41 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money60/100 · Moderate
FII holding up 0.16% (6mo) Slight increasePromoter holding at 74.8% Stable
Earnings Quality50/100 · Moderate
OPM contracting (22% → 13%) DecliningWorking capital: 51 days (improving) Efficient
Quarterly Momentum90/100 · Strong
Revenue (4Q): +95% YoY AcceleratingProfit (4Q): +136% YoY Strong
Industry Rank100/100 · Strong
P/E 42.3 vs industry 192.6 Cheaper than peersROCE 18.0% vs industry 13.0% Above peersROE 15.2% vs industry 10.6% Above peers3Y sales CAGR: 29% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Madhya Bharat Agro Products Ltd Investor Signals

Computed from valuation, cash flow, balance sheet, ownership and quarterly trend data already available in this stock page.

Value Trap Score
30/100
Low
Derived from: Cheapness + weak quality + weak cash support
Current data: P/E 42.3 vs Ind 192.6 | ROCE 18.0% | ROE 15.2% | CFO/NP N/A
Balance Sheet Stress
0/100
Comfortable
Derived from: Leverage + debt servicing + liquidity + debt trend
Current data: D/E 0.41x | IntCov 0.0x | Current 1.50x | Borrow/Reserve 0.84x
Cash Flow Reliability
43/100
Mixed
Derived from: Cash backing of earnings + working capital pressure
Current data: CFO ₹0 Cr | NP ₹57 Cr | CFO/NP N/A
Ownership Accumulation
0
Neutral
Derived from: FII + DII + promoter direction, adjusted by crowding
Current data: FII -0.24 pp | DII N/A | Prom +0.13 pp
Business Momentum
+32
Watch closely
Derived from: Latest quarter sales + profit + OPM change
Current data: Q Sales +36.0% | Q NP +6.7% | Q OPM -3.0 pp
Derived FieldValueHow it is derived
Valuation Gap %-71.2%((Fair Value - CMP) / CMP) × 100
Borrowings / Reserves0.84xLatest borrowings divided by latest reserves
CFO / Net ProfitN/ALatest operating cash flow divided by latest net profit
FII Change-0.24 ppLatest FII% minus previous FII%
DII ChangeN/ALatest DII% minus previous DII%
Promoter Change+0.13 ppLatest promoter% minus previous promoter%
Shareholder Count Change+802Latest shareholder count minus previous count
Quarterly Sales Change+36.0%Latest quarter sales vs previous quarter sales
Quarterly Profit Change+6.7%Latest quarter net profit vs previous quarter net profit
Quarterly OPM Change-3.0 ppLatest quarter OPM minus previous quarter OPM

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:16 am

Market Cap 4,423 Cr.
Current Price 505
Intrinsic Value₹145.19
High / Low 510/240
Stock P/E42.3
Book Value 52.3
Dividend Yield0.10 %
ROCE18.0 %
ROE15.2 %
Face Value 10.0
PEG Ratio3.27

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Madhya Bharat Agro Products Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Madhya Bharat Agro Products Ltd 4,423 Cr. 505 510/24042.3 52.30.10 %18.0 %15.2 % 10.0
Mangalore Chemicals & Fertilizers Ltd 3,659 Cr. 309 373/14722.7 89.80.49 %15.4 %14.9 % 10.0
National Fertilizer Ltd 3,407 Cr. 69.4 112/63.417.5 52.32.25 %7.57 %6.49 % 10.0
Gujarat Narmada Valley Fertilizers & Chemicals Ltd 5,749 Cr. 391 574/3659.35 5804.60 %9.70 %7.03 % 10.0
Krishana Phoschem Ltd 3,017 Cr. 498 619/21023.2 73.40.10 %21.7 %25.3 % 10.0
Industry Average9,736.35 Cr342.44192.60185.721.19%13.03%10.58%6.96

All Competitor Stocks of Madhya Bharat Agro Products Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 286234149278244146200278284297410450612
Expenses 224189125238226132167242244261353388546
Operating Profit 62452440181434363936576266
OPM % 22%19%16%15%7%10%17%13%14%12%14%14%11%
Other Income 4111092226323
Interest 4568489757769
Depreciation 6777779998999
Profit before tax 553412267818232727444951
Tax % 30%29%42%42%80%82%36%39%34%47%36%37%37%
Net Profit 39247151111141814283032
EPS in Rs 4.422.770.831.700.150.161.311.582.041.633.223.483.62

Last Updated: January 11, 2026, 1:58 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 10:16 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 59626582901071291854909818151,0581,769
Expenses 485652606978941433847727199121,548
Operating Profit 10612212129354210721096145221
OPM % 18%10%19%26%23%28%27%23%22%21%12%14%13%
Other Income 0604000005111114
Interest 33355434816262829
Depreciation 23478101091822293436
Profit before tax 566137162129811765295170
Tax % 33%32%-55%11%30%27%31%29%30%29%52%39%
Net Profit 449125111520571242557105
EPS in Rs 0.510.561.051.340.581.301.692.316.5114.182.836.5611.95
Dividend Payout % 0%0%0%9%21%10%7%5%2%2%18%8%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)0.00%125.00%33.33%-58.33%120.00%36.36%33.33%185.00%117.54%-79.84%128.00%
Change in YoY Net Profit Growth (%)0.00%125.00%-91.67%-91.67%178.33%-83.64%-3.03%151.67%-67.46%-197.38%207.84%

Madhya Bharat Agro Products Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:33%
5 Years:52%
3 Years:29%
TTM:46%
Compounded Profit Growth
10 Years:30%
5 Years:31%
3 Years:0%
TTM:155%
Stock Price CAGR
10 Years:%
5 Years:90%
3 Years:28%
1 Year:92%
Return on Equity
10 Years:18%
5 Years:22%
3 Years:21%
Last Year:15%

Last Updated: September 5, 2025, 10:05 am

Balance Sheet

Last Updated: January 7, 2026, 4:01 pm

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 18182222222222222244888888
Reserves 515469808495108127183285263316371
Borrowings 109183436264070164323290318312
Other Liabilities 1013414111619457092163223436
Total Liabilities 88941131491531601892644397438049461,207
Fixed Assets 63598894102938385153203265279262
CWIP 4609993175201474178
Investments 1110000000000
Other Assets 20272446425875104283540525592768
Total Assets 88941131491531601892644397438049461,207

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 14611819151430-72-7014896
Cash from Investing Activity + -6-3-27-17-16-1-22-56-13-65-92-92
Cash from Financing Activity + -9-3168-3-1492585141-61-4
Net Cash Flow -0-10-0-001-1-06-60
Free Cash Flow 93-16-14314-8-26-85-14043-12
CFO/OP 146%104%101%48%104%62%54%83%-54%-19%163%77%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow0.00-3.00-6.00-13.00-15.003.00-5.00-28.00-57.00-113.00-194.00-173.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 63340574876795455748388
Inventory Days 124745820413015921021420012513685
Days Payable 24591780473937884684048
Cash Conversion Cycle 1064880180131195252181210191178125
Working Capital Days 34658774451031236765615451
ROCE %13%12%9%15%9%14%16%17%30%38%12%18%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 74.28%74.26%74.26%74.54%74.52%74.43%74.51%74.56%74.56%74.56%74.63%74.76%
FIIs 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.03%0.11%0.43%0.19%
Public 25.72%25.74%25.74%25.46%25.48%25.57%25.49%25.44%25.41%25.34%24.95%25.06%
No. of Shareholders 8,9088,7068,83610,22710,12110,11110,4339,7188,96611,82212,54613,348

Shareholding Pattern Chart

No. of Shareholders

Madhya Bharat Agro Products Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 6.562.8428.3526.039.24
Diluted EPS (Rs.) 6.562.8428.3526.039.24
Cash EPS (Rs.) 10.446.1533.4534.3013.52
Book Value[Excl.RevalReserv]/Share (Rs.) 46.0940.0574.9593.7268.18
Book Value[Incl.RevalReserv]/Share (Rs.) 46.0940.0574.9593.7268.18
Dividend / Share (Rs.) 0.500.500.500.500.50
Revenue From Operations / Share (Rs.) 120.8793.23224.14224.3584.77
PBDIT / Share (Rs.) 17.8812.2749.0748.7719.06
PBIT / Share (Rs.) 14.008.9643.9640.5014.78
PBT / Share (Rs.) 10.805.9640.2137.0613.04
Net Profit / Share (Rs.) 6.562.8428.3526.039.24
PBDIT Margin (%) 14.7913.1621.8921.7322.48
PBIT Margin (%) 11.589.6119.6118.0517.43
PBT Margin (%) 8.936.3917.9316.5115.38
Net Profit Margin (%) 5.423.0412.6411.6010.89
Return on Networth / Equity (%) 14.237.0737.8227.7713.55
Return on Capital Employeed (%) 20.6317.3245.3135.0516.51
Return On Assets (%) 6.073.0816.7112.987.65
Long Term Debt / Equity (X) 0.210.080.120.150.27
Total Debt / Equity (X) 0.780.820.980.790.41
Asset Turnover Ratio (%) 1.211.061.661.400.81
Current Ratio (X) 1.451.381.581.511.50
Quick Ratio (X) 0.970.780.900.660.72
Inventory Turnover Ratio (X) 5.663.883.513.262.18
Dividend Payout Ratio (NP) (%) 7.628.810.881.925.41
Dividend Payout Ratio (CP) (%) 4.794.060.741.453.69
Earning Retention Ratio (%) 92.3891.1999.1298.0894.59
Cash Earning Retention Ratio (%) 95.2195.9499.2698.5596.31
Interest Coverage Ratio (X) 5.584.1013.0814.1710.98
Interest Coverage Ratio (Post Tax) (X) 3.051.958.568.566.32
Enterprise Value (Cr.) 2767.422391.742791.411042.21278.16
EV / Net Operating Revenue (X) 2.612.932.842.121.50
EV / EBITDA (X) 17.6622.2412.989.756.66
MarketCap / Net Operating Revenue (X) 2.322.592.541.801.17
Retention Ratios (%) 92.3791.1899.1198.0794.58
Price / BV (X) 6.096.027.584.321.45
Price / Net Operating Revenue (X) 2.322.592.541.801.17
EarningsYield 0.020.010.040.060.09

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Madhya Bharat Agro Products Ltd. is a Public Limited Listed company incorporated on 22/10/1997 and has its registered office in the State of Rajasthan, India. Company's Corporate Identification Number(CIN) is L24121RJ1997PLC029126 and registration number is 029126. Currently Company is involved in the business activities of Manufacture of straight mixed, compound or complex inorganic fertilizers. Company's Total Operating Revenue is Rs. 1059.17 Cr. and Equity Capital is Rs. 87.63 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
FertilisersWing A/1, 1st Floor, Bhilwara Rajasthan 311802Contact not found
Management
NamePosition Held
Mr. Mahendra Kumar OstwalChairman & Non-Exe.Director
Mr. Pankaj OstwalManaging Director
Mr. Sourabh GuptaWholeTime Director & CFO
Mrs. Shruti BabelIndependent Director
Mr. Paras Mal SuranaIndependent Director
Mr. Gopal InaniIndependent Director
Mr. Bheru Lal OstwalIndependent Director
Mr. Praveen OstwalPromoter Director

FAQ

What is the intrinsic value of Madhya Bharat Agro Products Ltd and is it undervalued?

As of 05 April 2026, Madhya Bharat Agro Products Ltd's intrinsic value is ₹145.19, which is 71.25% lower than the current market price of ₹505.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (15.2 %), book value (₹52.3), dividend yield (0.10 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Madhya Bharat Agro Products Ltd?

Madhya Bharat Agro Products Ltd is trading at ₹505.00 as of 05 April 2026, with a FY2026-2027 high of ₹510 and low of ₹240. The stock is currently near its 52-week high. Market cap stands at ₹4,423 Cr..

How does Madhya Bharat Agro Products Ltd's P/E ratio compare to its industry?

Madhya Bharat Agro Products Ltd has a P/E ratio of 42.3, which is below the industry average of 192.60. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Madhya Bharat Agro Products Ltd financially healthy?

Key indicators for Madhya Bharat Agro Products Ltd: ROCE of 18.0 % indicates efficient capital utilization; ROE of 15.2 % shows strong shareholder returns. Dividend yield is 0.10 %.

Is Madhya Bharat Agro Products Ltd profitable and how is the profit trend?

Madhya Bharat Agro Products Ltd reported a net profit of ₹57 Cr in Mar 2025 on revenue of ₹1,058 Cr. Compared to ₹57 Cr in Mar 2022, the net profit shows a mixed trend.

Does Madhya Bharat Agro Products Ltd pay dividends?

Madhya Bharat Agro Products Ltd has a dividend yield of 0.10 % at the current price of ₹505.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Madhya Bharat Agro Products Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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