M P Agro Industries Limited

Basic Materials — Agricultural Inputs · BSE

₹8.75₹0.00 (0.00%)

DalalBaazaar Score

66 / 100

🟢 Good

Verdict

NEUTRAL

Risk

High

Driven by negative free cash flow, micro-cap size, which brings thin liquidity, a very high earnings multiple, which leaves little margin for disappointment.

In simple words: The business is earning a fairly low return on the money invested in it. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:46 pm

Understanding the Business

Company site ↗

The 60-second version of M P Agro Industries Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

M P Agro Industries Limited engages in the manufacture, storage, packing, distribution, transportation, conversion, maintenance, rendering, servicing, and sale of chemical fertilizers, heavy chemicals, and their byproducts in India.

IndustryAgricultural Inputs

SectorBasic Materials

Employees5

Who are its competitors?

The closest listed comparisons in its industry are TATA STEEL LIMITED, JSW STEEL LIMITED, ULTRATECH CEMENT LIMITED, ASIAN PAINTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 1.3% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE22.3%

DalalBaazaar Score

66/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of -0.23 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

69/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

47/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

79.5x

3Y Median

134.4x

40 monthly readings · mean 162.1x · range 72.9x–484.3x

Sector Median

28.7x

median of 4 sector peers

🟢Current valuation is approximately 41% below its 3y median of 134.4x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

⚠️Against its sector it trades 177% above the peer median of 28.7x.

vs. its own history

Cheap

134.4x median over 40 months · -41%

vs. sector peers

Expensive

28.7x median of 4 peers · +177%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

61.6x

PEG

1.68

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

2 items require attention · 2 high

🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 41% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

A premium to the sector to defend
It trades 177% above the peer median. That premium needs a reason that persists, or it closes.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Free cash flow remains positive✗ -₹0 Cr
Profit that never becomes cash eventually stops being profit.
2ROCE stays above 8%✗ 1.3%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
3Valuation vs its own median of 134.4x✓ 79.5x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

4 / 9 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

2 good · 4 neutral · 5 weak

Market Cap

₹5 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

79.5x

Expensive

Expensive — verify against sector peers

P/B Ratio

0.80x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.11

Profitable

Profitable on a per-share basis

ROE

1.1%

Weak

Weak capital efficiency

ROCE

1.3%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

Not available

No data

Source didn't return this field

Profit Growth (YoY)

-33.3%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹0 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-83.8%

Weak

Thin margins leave little room for error

Net Margin

1339.1%

Good

Strong bottom-line conversion

Current Ratio

2.04

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.23

Defensive

Steadier than the market

52W Range Position

28%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

9.8 / 9.4

Bullish alignment (short > long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

13.4

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
EBITDA	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	+71.4%
PAT (Net Profit)	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	+47.3%
EPS	₹0.04	₹0.08	₹0.08	₹0.12	+44.2%
ROE	0.4%	0.7%	0.8%	1.1%	—
ROCE	0.2%	1.0%	1.4%	1.3%	—
Total Debt	₹0 Cr	₹0 Cr	—	—	—
Free Cash Flow	-₹0 Cr	-₹0 Cr	-₹0 Cr	-₹0 Cr	—

🟢 EBITDA has grown at 71.4% a year over 3 years.

🟢 PAT (Net Profit) has grown at 47.3% a year over 3 years.

🟢 EPS has grown at 44.2% a year over 3 years.

🟡 ROE has held roughly flat at 1.1% over 3 years.

🟢 ROCE has risen from 0.2% to 1.3% over 3 years (+1.1 pts).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹6 Cr

Total Liabilities

₹0 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹0 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

71.2%

Peer Comparison

Company	P/E	ROE
TATA STEEL LIMITED	19.8x	10.8%
JSW STEEL LIMITED	12.0x	24.7%
ULTRATECH CEMENT LIMITED	37.6x	11.1%
ASIAN PAINTS LIMITED	46.9x	22.3%

Recent News

1 mixed1 negative4 general

M P Agro Industries profit drops 39% in Q1FY27; re-appoints Yunus Memon as MD

scanx.trade, 08 OctResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

M P Agro Industries closes trading window for Q1FY27 results

scanx.trade, 17 JunResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Shivraj Singh Chouhan unveils district-wise agri roadmap for 4 MP districts

Business Standard, 12 Apr

Decoding Transport Minister Nitin Gadkari's ethanol controversy: CIAN Agro earns 5% profits from ethanol sa...

Bhaskar English, 19 Jul

Madhya Pradesh Economic Survey 2025-26, Key Insights for MPPSC

PW, 20 Feb

The Bengal boom: 7 stocks that surged up to 22% after BJP win and should you still buy?

The Economic Times, 05 May

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
2 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongFinancial Health · Growth

MiddlingBusiness Quality · Profitability · Valuation

WeakRisk

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 2 high-severity red flags sit above this conclusion and should be read first.

2 of 3 tripwires tripped — Free cash flow remains positive; ROCE stays above 8% · see Key things to watch ↑