Analysts/Institutional Investor Meet/Con. Call Updates

Date: 20.07.2026 National Stock Exchange of India Ltd. Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E) Mumbai – 400 051 Dear Sir / Madam, Subject: Transcript of Q1 FY27 Earnings Conference Call Pursuant to Regulation 30 and 46 read with clause 15 of Para A of Part A of Schedule III of the SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015, we enclose herewith the transcript of Q1 FY27 Earnings Conference Call organized by the Company on July 15, 2026 at 4.00 P.M. (IST). The Transcript of the same is available on Company's website at following link https://www.mbapl.com/financial-and-reports.html#webcast Kindly take the above-information on records. Yours faithfully, For Madhya Bharat Agro Products Ltd (Pallavi Sukhwal) Company Secretary M.No.- A43744 Registered Off. - Wing A/1, 1st Floor, Ostwal Heights, Urban Forest, Atun, Bhilwara 311802 Ph.: 01482-294582 Works: Village Rajoua, Dist. Sagar 470002 (M.P.) Mob. 09329846672 Madhya Bharat Agro Products Limited Q1 FY27 Earnings Conference Call July 15, 2026 Moderator: Good afternoon, ladies and gentlemen. A very warm welcome to the Q1 FY27 Earnings Call of Madhya Bharat Agro Products Limited. From the Senior Management we have with us today • Mr. Pankaj Ostwal – Managing Director, • Mr. Pukhraj Kanther – Group Financial Advisor, • Mr. Gaurav Ranka – Accounts, General Manager. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing “*” then “0” on your touch-tone phone. Please note this conference is being recorded. I now hand the conference over to Mr. Gaurav Ranka. Thank you and over to you sir. Gaurav Ranka: Thank you, Steve. Good afternoon, everyone and welcome to the Earnings Call for Madhya Bharat Agro Products Limited. Before we begin the Earnings Call, I would like to mention that some of the statements made during today's call might be forward-looking in nature and hence it may involve risks and uncertainties, including those related to the future financial and operating performance. Please bear with us if there is a call drop during the course of conference call. We would ensure the call is reconnected the soonest. I would like to hand over the conference to Mr. Pankaj Ostwal – Managing Director, over to you Pankaj sir. Pankaj Ostwal: Good afternoon, everyone and thank you for joining us for Madhya Bharat Agro Products Limited Q1 FY27 Earnings Conference Call. The first quarter of FY27 was marked by a challenging operating environment of the fertilizer industry with elevated raw material prices, supply chain disruptions and the delayed onset of the Southwest Monsoon creating temporary headwinds. The fertilizer industry has successfully Page 1 of 9 navigated similar cycles in the past and we believe the current challenges are temporary in nature. With improving monsoon conditions and continued policy support, the operating environment remains supportive, while the geopolitical situation in West Asia continues to be closely monitored. With that backdrop, let me first discuss the key industry developments before taking you through our quarterly performance and outlook. Agriculture Environment: Agriculture remains the backbone of India's fertilizer industry with fertilizer consumption closely linked to the progress of Southwest Monsoon and agriculture. During the 1st Quarter, the delayed onset of the Southwest Monsoon temporarily impacted land preparation and sowing across several key agricultural regions. By the end of June, cumulative rainfall was somewhat below the long-period average and Kharif sowing stood at around 183 lakh hectares, compared with 236.5 lakh hectares during the corresponding last year. As phosphatic fertilizers such as DAP, NPK and SSP fertilizers are primarily applied during land preparation and the early stage of crop establishment, the delay in sowing naturally shifted fertilizer application to a later part of the season. With monsoon conditions improving and sowing activity gaining momentum, the operating environment has become increasingly favorable for the industry. Global Supply Chain and Raw Material Environment: The fertilizer industry also faced significant supply-side challenges during the quarter, driven by geopolitical developments in West Asia. The conflict in West Asia, particularly around the Strait of Hormuz, created uncertainty across global fertilizer supply chains. Given India's dependence on imported raw phosphate, phosphoric acid, sulfur and ammonia, these disruptions resulted in higher freight costs, delays in vessel movements and elevated procurement costs. At the same time, prices of key raw material, including ammonia and sulfur, increased significantly while phosphoric acid and sulfuric acid continued to remain at elevated levels, resulting in higher input costs across the phosphatic fertilizer industry. While the geopolitical situation in West Asia continues to evolve, it continues to remain a key area of focus for the industry. Continued government support through the nutrient-based subsidy framework has also helped support industry stability. Page 2 of 9 Demand and Production Environment: The quarter witnessed a temporary supply-side constraint due to geopolitical developments in West Asia, which impacted raw material availability and production schedules across the fertilizer industry. As per FAI data, SSP production declined by 7% YoY and NPK production declined by 28% YoY during April and May 2026. Despite this, market demand remained resilient, with SSP sales growing 28% YoY and NPK sales increasing 33% YoY during the same period. This clearly demonstrates that underlying fertilizer demand remains strong with moderation in production driven by supply-side factors rather than any weakness in consumption. Government Supply Support: The policy environment remained supportive throughout the quarter, reinforcing the long- term growth outlook for the fertilizer industry. During the quarter, the government announced higher MSPs for all 14 Kharif crops for FY26-27 marketing season. Higher MSPs for key crops such as soybean, groundnut, cotton, and pulses are expected to improve farm profitability, strengthen farmer’s purchasing power, and encourage balanced nutrition applications. Another significant development was the government's approval of the nutrient-based subsidy rates for the Kharif 2026 region. The enhanced subsidy allocation provides pricing visibility for the phosphatic fertilizer industry. In addition, the Government continues to focus on ensuring edibility, comfortable fertilizer inventories, higher natural gas allocation to fertilizer manufacturers, and continued policy support are expected to strengthen supply stability across the industry. Industry Outlook: Looking ahead, the outlook for the Indian phosphatic fertilizer industry remains encouraging, supported by improving agricultural conditions and expected continued government policy support. The Southwest Monsoon has gained momentum during July, resulting in improved rainfall and accelerated Kharif sowing across key agricultural states. This is expected to drive fertilizer consumption during the peak application period, while the geopolitical situation in West Asia continues to remain uncertain, continued government support to higher MSPs and the nutrient-based subsidy framework provides stability to the industry. Overall, improving monsoon conditions, accelerating agricultural activity, and continued government support provide a favorable backdrop for the remainder of Kharif season. Against Page 3 of 9 this improving industry backdrop, we remain mindful of the evolving geopolitical situation in West Asia and continue to closely monitor developments. Through disciplined procurement, diversified sourcing, prudent inventory management, and appropri [Showing first 8,000 characters — download PDF for full document]