₹17 to ₹410: Multibagger fertilizer stock turns ₹1 Lakh to ₹24 Lakhs in just 5 years 

Synopsis: Madhya Bharat Agro Products rose from ₹17 to ₹410 in five years, delivering about 2,288% returns. An investment of ₹1 lakh in 2020 would have grown to nearly ₹24 lakh today.

Listed below is one of the multi-bagger stocks that specialises in the manufacturing and marketing of fertilisers and essential chemicals, with a primary focus on phosphatic fertilizers. The stock has delivered multi-bagger returns of 2,287.82 percent to the shareholders of the company in just 5 years, thereby delivering fortunes.

With a market capitalization of Rs. 3,590.51 crores on Friday, the shares of Madhya Bharat Agro Products Limited jumped upto 1.2 percent, making a high of Rs. 411.85 per share compared to its previous closing price of Rs. 406.90  per share. The shares closed at Rs. 409.75 at the end of the session.

On December 12, 2025, the shares of Madhya Bharat Agro Products Limited traded at Rs. 409.75, showing a gain of around 2,287.82 percent compared to the price of Rs. 17.16 on December 24, 2020. For example, if someone had invested Rs. 1 lakh in the company’s stock 5 years ago, it would have turned into around Rs. 23.88 lakh.

Madhya Bharat Agro Products at a Glance

Madhya Bharat Agro Products Limited (MBAPL), a key company within the Ostwal Group of Industries, is India’s exclusive manufacturer of complex fertilisers such as NPK/DAP and SSP, with an annual production capacity of approximately 0.5 million tonnes and full backward integration. The company holds a strong market presence with a 19% SSP market share in Chhattisgarh and 9% in Madhya Pradesh.

With two manufacturing operations in Sagar, Madhya Pradesh, and an additional unit under development in Dhule, Maharashtra, MBAPL serves 11 states through a robust distribution network. Supported by 170+ marketing professionals, 2,500+ wholesalers and dealers, and over 30,000 retailers, the company ensures widespread availability and reach across its markets.

The company began its journey in 1997 and became part of the prestigious Ostwal Group in 2004. Since then, it has built a strong reputation in the industry and made remarkable contributions toward strengthening the agriculture sector and reducing foreign dependency.

The company offers a diversified portfolio of fertilisers, including SSP in both powder and granular forms, BRP, Sulphuric Acid, and its specialised Boronated SSP marketed as Annadata BOSS, and these products are formulated to enhance soil nutrition and improve crop productivity.

Financials & Others

The company’s revenue rose by 62 percent from Rs. 278 crores to Rs. 450 crores in Q2FY25-26. Meanwhile, Net profit rose from Rs. 14 crores to Rs. 30 crores in the same period.

The company shows strong financial efficiency with a ROCE of 18% and ROE of 15.2%, indicating solid returns on both capital employed and shareholders’ equity. Its debt-to-equity ratio of 0.68 suggests a balanced capital structure, while a Piotroski score of 9 highlights excellent financial health and stability.

Over the past decade, the company has maintained robust growth, with a median sales growth rate of 20.4%. This consistent performance reflects strong demand, effective management, and a sustainable business trajectory.

The company reported its highest-ever quarterly fertiliser production in Q2 at 118,541 MT and it also achieved record quarterly sales volume of 135,187 MT in Q2 and in the product wise sales the  SSP sales rose 14% YoY to 118,418 MT in H1 (Q2: 78,555 MT), while NPK sales surged 58% YoY to 116,288 MT in H1 (Q2: 56,632 MT), reflecting strong overall demand and growth across product categories.

Written by Sridhar J

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