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Hatsun Agro Product

HATSUN NSE
₹1,046.20 +13.40 (+1.30%)
P/E
63.79
View as Markdown
MCP
Close 4 Nov 2026 ₹1,046.20 +26.10 +2.56% 1Y
Start ₹1,020.10

Key Fundamentals

SmallcapFood ProductsFMCG

Price-based figures as of · EPS basis: Standalone · TTM

ROCE
15.20%
Debt to Equity
0.95
EPS (TTM)
₹16.40
Book Value
₹88.58
Market Cap
—
P/E (TTM)
63.79
P/B
11.81
ROE
19.20%
Dividend Yield
0.97%
EBITDA
₹1,030 Cr
52W High
₹1,349.70
52W Low
₹855.30
Day Range
₹1,029.60 – ₹1,067.20
Volume
14,945

Peer Comparison

Fast Moving Consumer Goods › Food Products › Dairy Products

Hatsun Agro Product peer comparison
Hatsun Agro Product (this company)
₹1,046.2063.79₹23,626 Cr11.810.97%19.20%15.20%₹10,413 Cr₹366 Cr
Milky Mist Dairy Food
₹302.5584.04₹22,941 Cr10.060.00%31.60%13.60%₹3,765 Cr₹235 Cr
Kwality Walls
₹39.82—₹8,971 Cr13.920.00%−1.01%—₹1,909 Cr−₹334 Cr
Dodla Dairy
₹985.9524.30₹6,129 Cr3.450.49%16.40%16.70%₹4,316 Cr₹246 Cr
Vadilal Industries
₹7,377.5024.21₹5,347 Cr5.770.23%19.60%22.00%₹1,676 Cr₹219 Cr
Heritage Foods
₹370.6530.06₹3,435 Cr3.030.68%12.60%14.80%₹4,934 Cr₹115 Cr
Parag Milk Foods
₹291.9828.21₹3,370 Cr3.010.44%12.10%13.40%₹3,911 Cr₹130 Cr
Median 7 companies₹370.6529.14₹6,129 Cr5.770.44%16.40%15.00%₹3,911 Cr₹219 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

58 Good

Data confidence 100/100

Category scores

Quality
84
Strong
Returns, margins, earnings quality 22% weight
Valuation
35
Poor
Cheap vs sector & own history 24% weight
Growth
66
Strong
Sales & profit trajectory 9% weight
Financial Health
45
Weak
Solvency, leverage, coverage 9% weight
Momentum
69
Strong
Trend strength, vol-adjusted 12% weight
Ownership
54
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

2
  • Company has reduced debt.
  • Company has been maintaining a healthy dividend payout of 45.2%

Weaknesses

2
  • Stock is trading at 12.8 times its book value
  • Company might be capitalizing the interest cost

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallNeutral676
OscillatorsBearish270
Moving AveragesStrong Bullish406

Key readings

RSI (14)
46.16
Neutral
MACD (12,26,9)
−30.80
Bearish
SMA (50)
1,121.17
Bearish
SMA (200)
973.53
Bullish

As of

Analyst Rating

Based on 2 analysts
TIED50%

1 of 2 analysts rate Buy, 0 Hold, 1 Sell.

As of

BUY
1
50%
HOLD
0
0%
SELL
1
50%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+11.20%
5Y+12.40%
3Y+11.18%
1Y+14.47%
TTM+17.53%

Net profit

Net profit growth by window
10Y+19.49%
5Y+7.67%
3Y+28.96%
1Y+27.60%
TTM+23.65%

Operating cash flow

Operating cash flow growth by window
10Y+21.67%
5Y+24.62%
3Y+28.08%
1Y+7.38%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+2.97 pp
5Y−2.63 pp
3Y+2.15 pp
1Y+0.21 pp
TTM−0.58 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹4,198 Cr
Mar 2018₹4,287 Cr
Mar 2019₹4,760 Cr
Mar 2020₹5,308 Cr
Mar 2021₹5,551 Cr
Mar 2022₹6,370 Cr
Mar 2023₹7,247 Cr
Mar 2024₹7,990 Cr
Mar 2025₹8,700 Cr
Mar 2026₹9,959 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹135 Cr
Mar 2018₹91.00 Cr
Mar 2019₹115 Cr
Mar 2020₹112 Cr
Mar 2021₹246 Cr
Mar 2022₹218 Cr
Mar 2023₹166 Cr
Mar 2024₹267 Cr
Mar 2025₹279 Cr
Mar 2026₹356 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹1,265 Cr +6.3% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk high

Hatsun Agro Product Ltd trades at ₹1,046.2 as of 2026-11-04 with a market cap of ₹23,625.79 crore, commanding a PE of 63.79x and a price-to-book of 11.81x. The company has delivered 10-year compounded sales growth of 11% and profit growth of 20%, while maintaining an ROE of 16.23% and ROCE of 18.26%, though its valuation multiples remain elevated relative to earnings and book value.

Bull Case 8
  • Strong long-term profit compounding at 20% CAGR over 10 years demonstrates consistent earnings scalability in the dairy and food products space.
  • TTM sales growth of 18% and TTM profit growth of 23% indicate an acceleration in both topline and bottomline momentum.
  • ROE of 16.23% and ROCE of 18.26% as of 2026-11-04 reflect efficient capital deployment, with the 10-year average ROE at 19%.
  • The company has been reducing debt, improving its balance sheet quality and financial flexibility going forward.
  • Healthy dividend payout ratio of 45.2% signals management confidence in sustaining cash flows and a shareholder-friendly capital allocation policy.
  • Compounded sales growth has remained steady at 11-12% across the 3-year, 5-year, and 10-year periods, indicating resilient demand for its product portfolio.
  • 3-year compounded profit growth of 30% significantly outpaces the corresponding 3-year sales growth of 11%, pointing to meaningful margin expansion over that period.
  • Stock has gained 26% over the trailing 1-year period, recovering from the 52-week low of ₹855.3, suggesting renewed investor interest.
Bear Case 4
  • Debt-to-equity ratio stands at 0.95, and there are indications the company might be capitalizing interest costs, which could overstate reported profitability.
  • 5-year stock CAGR of -5% and 3-year stock CAGR of -1% show the stock has destroyed value for medium-term holders despite underlying profit growth.
  • 5-year compounded profit growth of only 7% contrasts sharply with the 10-year figure of 20%, suggesting a prolonged earnings soft patch before the recent recovery.
  • The stock is trading roughly 22.5% below its 52-week high of ₹1,349.7, indicating recent selling pressure or profit-booking at higher levels.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: However, a 39.6% surge in raw material costs has meaningfully compressed EBITDA margins from 13.64% to 11.44%, limiting profit growth to just 5.6%. The key risk is whether input cost inflation persists and further erodes margins. Near-term trajectory depends on the company's ability to pass through costs or benefit from softening commodity prices.

Headwinds 1
  • Raw material costs surge 39.6% Oct 22

    Raw material costs jumped 39.6% YoY in Q2FY27, compressing EBITDA margin from 13.64% to 11.44% despite strong topline growth.

Positives 2
  • Revenue up 19.4% in Q2FY27 Oct 22

    Revenue from operations rose 19.4% YoY to ₹2,897.64 crore in Q2FY27, and net profit grew 5.6% YoY to ₹115.69 crore.

  • ₹12,000 crore revenue target FY27 Oct 12

    Co-Chairman Chandramogan targets revenue of ₹12,000 crore by FY27 and ₹14,000-15,000 crore by FY28, outlining a two-phase growth roadmap.

Quarterly Results

₹ Cr
HATSUN quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
2,151
1,905
1,887
2,047
2,375
2,072
2,010
2,243
2,535
2,381
2,364
2,578
3,090
2,898
Expenses
1,913
1,687
1,675
1,817
2,045
1,831
1,796
2,018
2,165
2,051
2,108
2,342
2,740
2,566
Operating Profit
238
219
213
230
330
241
214
224
370
331
256
235
351
331
OPM %
11%
11%
11%
11%
14%
12%
11%
10%
15%
14%
11%
9%
11%
11%
Other Income
2
14
4
2
2
7
2
8.43
3
4
3
3
3
5
Interest
34
32
38
50
46
45
43
48
43
37
33
32
32
31
Depreciation
97
100
102
111
111
116
117
127
129
136
146
146
151
153
PBT
109
101
77
71
176
88
56
59
201
162
79
60
171
153
Tax %
27%
23%
25%
26%
26%
26%
26%
27%
26%
26%
23%
15%
22%
24%
Net Profit
80
78
57
52
131
64
41
43
148
120
61
51
134
116
EPS (₹)
3.6
3.48
2.58
2.34
5.86
2.89
1.84
1.93
6.65
5.4
2.72
2.28
6
—

Sep 2026: from the results filed on 22 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
HATSUN profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
2,933
3,445
4,198
4,287
4,760
5,308
5,551
6,370
7,247
7,990
8,700
9,959
10,413
Expenses
2,735
3,140
3,820
3,916
4,312
4,758
4,749
5,649
6,546
7,091
7,690
8,783
9,241
Operating Profit
198
305
378
372
448
550
802
721
701
899
1,010
1,177
1,172
OPM %
7%
9%
9%
9%
9%
10%
14%
11%
10%
11%
12%
12%
11%
Other Income
6
5
7
8
−1
9
−22
−21
11
23
19.47
14
12
Interest
63
68
70
88
86
106
108
107
126
154
182
146
134
Depreciation
94
107
143
174
201
296
295
311
362
409
470
574
579
PBT
47
134
172
119
161
156
377
283
225
358
377
470
471
Tax %
17%
55%
21%
23%
29%
28%
35%
23%
26%
25%
26%
24%
—
Net Profit
39
60
135
91
115
112
246
218
166
267
279
356
365
EPS (₹)
1.76
2.72
6.08
4.08
5.15
5.04
11.06
9.78
7.45
12
12.52
15.99
16.4
Div. Payout %
50%
72%
45%
67%
56%
58%
70%
59%
81%
50%
48%
38%
—

Balance Sheet

₹ Cr
HATSUN balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
11
11
15
15
16
16
22
22
22
22
22
22
Reserves
211
220
333
350
789
888
1,000
1,087
1,418
1,550
1,695
1,922
Borrowings
614
672
919
1,299
1,028
1,434
1,622
1,939
1,793
2,698
2,570
1,838
Other Liabilities
220
255
320
367
413
376
474
494
472
464
577
660
Total Liabilities
1,056
1,157
1,588
2,032
2,246
2,714
3,117
3,542
3,706
4,735
4,865
4,443
Fixed Assets
632
647
991
1,217
1,408
1,756
1,929
2,410
2,615
2,767
3,274
3,505
CWIP
23
33
90
259
233
355
384
237
254
238
284
59
Investments
1
0
0
0
0
0
8
14
21
30
37
43
Other Assets
399
477
506
556
605
604
795
881
816
1,699
1,270
835
Total Assets
1,056
1,157
1,588
2,032
2,246
2,714
3,117
3,542
3,706
4,735
4,865
4,443

Cash Flow

₹ Cr
HATSUN cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
62
219
433
277
375
552
518
576
741
−71
1,450
1,557
Investing
−124
−134
−569
−523
−343
−537
−418
−565
−441
−388
−879
−435
Financing
76
−79
162
223
−31
−7
−106
−8
−300
474
−564
−1,130
Net Cash Flow
13
6
26
−23
1
8
−7
3
0
14
7
−8
Free Cash Flow
−63
83
−138
−249
33
12
105
7
307
−457
805
1,126
CFO/OP
37
82
124
83
91
105
76
95
115
6
155
143

Ratios

HATSUN financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
2
2
4
1
1
1
1
0
0
0
0
0
Inventory Days
43
51
36
45
44
36
55
50
41
94
60
31
Days Payable
18
20
20
20
19
14
13
12
13
12
15
17
Cash Conversion Cycle
27
32
19
26
25
24
42
39
28
83
45
14
Working Capital Days
−24
−24
−41
−55
−30
10
−43
−37
−24
−14
−31
−26
ROCE %
14%
23%
22%
14%
15%
13%
21%
15%
11%
13%
13%
15%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Hatsun Agro Product insights

62 extracted metrics across FY05–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 73.64%
  • DIIs 10.28%
  • Public 8.58%
  • Others 4.44%
  • FIIs 3.06%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Hatsun Agro Product

What does Hatsun Agro Product Ltd do?
Hatsun Agro Product Limited has been in business for over 5 decades and achieved the position of the largest private-sector industry in the Dairy sector manufacturing and marketing Milk and Milk products, Ice-Cream, etc.
Where is Hatsun Agro Product Ltd (HATSUN) listed?
Hatsun Agro Product Ltd trades as HATSUN on the NSE and under code 531531 on the BSE.
Which sector does Hatsun Agro Product Ltd belong to?
Hatsun Agro Product Ltd is classified under the Food Products sector, in the Dairy Products industry.
What is the PE ratio of Hatsun Agro Product Ltd?
Hatsun Agro Product Ltd trades at a PE ratio of 63.79 as of 4 Nov 2026, on earnings per share of ₹16.4, against a book value of ₹88.58 per share.
What is the 52-week high and low of Hatsun Agro Product Ltd?
Over the last 52 weeks Hatsun Agro Product Ltd has traded between ₹855.3 and ₹1,349.7 as of 4 Nov 2026.
Does Hatsun Agro Product Ltd pay dividends?
Hatsun Agro Product Ltd has a dividend yield of 0.97%.
What is the Return on Equity (ROE) of Hatsun Agro Product Ltd?
Hatsun Agro Product Ltd reported a return on equity of 19.20%. Its debt-to-equity ratio is 0.95.

Company Information

Hatsun Agro Product Limited has been in business for over 5 decades and achieved the position of the largest private-sector industry in the Dairy sector manufacturing and marketing Milk and Milk products, Ice-Cream, etc. It was incorporated by Mr. R G Chandramogan, who has been in the dairy business for more than 30 years. Its journey began with Arun Icecreams.

Website hatsun.com
CEO Mr. J. Shanmuga Priyan
Employees 5,313
Listed 20 Jun 2014
Face Value ₹1

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