The aim of this study is to establish area-specific NPSB (18.9% N, 37.7% P2O5, 6.95% S, and 0.1% B) fertilizer rate recommendations for the optimal grain yield of faba bean. The field experiment was conducted in two locations in the 2021 and 2022 cropping seasons using a randomized complete block design with three replications. The nine treatments included 0, 25, 50, 75, 100, 125, 150, 175, and 200 kg ha−1 NPSB fertilizer rates. An economic analysis was conducted for grain yield using the International Maize and Wheat Improvement Center procedure. The analysis of variance results showed that blended fertilizer significantly (p < 0.01) affected plant height, number of pods per plant, number of seeds per plant, hundred seeds weight, biomass yield, grain yield (GY), and harvest index. The combined location mean result showed that applying a 125 kg ha−1 NPSB rate produced the highest GY (4857.2 kg ha−1). The result of economic analysis demonstrated that applying a 125 kg ha−1 NPSB rate earned the highest net benefits (212824.0 ETB ha−1) and marginal rate of return (3653.43%). Therefore, a 125 kg ha−1 NPSB fertilizer rate is recommended for high yield and profitability of faba bean production in the study area and other similar soil types.