Hatsun Agro Product logo

Hatsun Agro Product

HATSUN NSE

Key Fundamentals

SmallcapDairy ProductsFood Products
Market Cap
₹26,451 Cr
Volatility
Moderate
P/E Ratio
74.66
EBITDA
₹1,030 Cr
Return on Equity
16.23%
Debt to Equity
0.95
Book Value
₹87.3
EPS
₹14.26
52W High
₹1,222
52W Low
₹855.3

Tapetide Score

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

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 14.0 times its book value
  • Company might be capitalizing the interest cost

Growth Rate

Revenue Growth
8.81% lower than 3Y
Net Income Growth
4.3% lower than 3Y
Cash Flow Change
—
ROE
-4.53%
ROCE
3.22%
EBITDA Margin (Avg.)
2.7%

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk high

Hatsun Agro Product Ltd, with a market cap of ₹26,024 Cr, is a leading South Indian dairy company that has delivered consistent 11% compounded sales growth over 10 years and 20% compounded profit growth over the same period, while maintaining a 19% ROE in the last year. However, the stock trades at a PE of 69.1x and 13.0x book value, reflecting premium valuations relative to underlying earnings.

Bull Case 7
  • Strong long-term revenue compounder with 10-year compounded sales CAGR of 11% and TTM sales growth accelerating to 18%
  • Profit growth outpacing revenue growth — TTM compounded profit growth at 23% and 3-year profit CAGR at 30%, indicating improving margins
  • Consistent return on equity averaging 17-19% over 3, 5, and 10-year periods, with last year ROE at 19%
  • Company has been actively reducing debt, strengthening the balance sheet for future expansion
  • Healthy dividend payout ratio of 45.2%, demonstrating shareholder-friendly capital allocation despite being in a capital-intensive dairy business
  • Current dividend yield of 0.88% provides a modest income stream, which is notable for a growth-oriented FMCG-dairy company
  • Stock has delivered 26% returns over the past 1 year, signaling renewed investor interest after a period of consolidation where 3-year and 5-year stock CAGRs were -2% and -1% respectively
Bear Case 7
  • Elevated PE ratio of 69.1x leaves little margin of safety — any earnings miss could trigger sharp de-rating
  • Trading at 13.0x price-to-book value, significantly above sector averages, pricing in substantial future growth that may already be discounted
  • Despite 10-year profit CAGR of 20%, the 5-year profit CAGR is only 7%, suggesting an uneven earnings trajectory with periods of stagnation
  • Potential capitalization of interest costs could be flattering reported profitability, making actual operating earnings lower than stated figures
  • Negative 3-year stock CAGR of -2% and 5-year stock CAGR of -1% indicate the stock has destroyed value for medium-term holders despite underlying business growth
  • Dairy sector operates on thin margins and is exposed to raw milk price volatility, seasonal procurement challenges, and government intervention on pricing
  • 10-year stock CAGR of 16% while profit compounded at 20% suggests the stock's earlier premium valuation has been compressing over time, and current PE of 69.1x may face similar mean-reversion pressure

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Positives 3
  • Arun Icecreams US market debut Aug 17

    Arun Icecreams made its first appearance at the New York India Day Parade 2026, distributing over 15,000 ice creams to support its US expansion strategy.

  • Rapid quick commerce scaling Sep 3

    Quick commerce segment has scaled to a ₹160 crore run-rate, with the company targeting expansion to over 4,200 daily outlets via a dual-channel distribution strategy.

  • Promoter increases stake via open market Sep 11

    Promoter R G Chandramogan acquired 96,000 shares in open market purchases, raising promoter group holding from 73.60% to 73.64%, signaling confidence in the company.

Neutral 1
  • 41st AGM scheduled Sep 25 Aug 29

    Hatsun Agro Product has scheduled its 41st Annual General Meeting for September 25, 2026, to be conducted via video conferencing.

TL;DR: Hatsun Agro is showing positive momentum on multiple fronts — aggressive distribution expansion targeting 4,200+ outlets, a ₹160 crore quick commerce run-rate, and a first step into the US market through Arun Icecreams. Promoter buying further reinforces insider confidence. No visible headwinds in recent news flow, though the absence of margin or earnings data leaves profitability trends unclear. The overall trend is constructive, with distribution and brand reach expanding both domestically and internationally.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
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
Operating Profit
238
219
213
230
330
241
214
224
370
331
256
235
351
OPM %
11%
11%
11%
11%
14%
12%
11%
10%
15%
14%
11%
9%
11%
Other Income
2
14
4
2
2
7
2
9
3
4
3
3
3
Interest
34
32
38
50
46
45
43
48
43
37
33
32
32
Depreciation
97
100
102
111
111
116
117
127
129
136
146
146
151
PBT
109
101
77
71
176
88
56
59
201
162
79
60
171
Tax %
27%
23%
25%
26%
26%
26%
26%
27%
26%
26%
23%
15%
22%
Net Profit
80
78
57
52
131
64
41
43
148
120
61
51
134
EPS in Rs
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
Figures in ₹ Crores

Profit & Loss

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
20
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 in Rs
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%
—
Figures in ₹ Crores

Balance Sheet

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
Figures in ₹ Crores

Cash Flow

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
Figures in ₹ Crores

Ratios

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

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62 extracted metrics + investor summaries across FY00–FY26.

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Shareholding Pattern

FIIs3.12%Promot.73.17%Others4.80%Public8.65%DIIs10.26%As ofJun 2026

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. [1] It was incorporated by Mr. R G Chandramogan, who has been in the dairy b...
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 market capitalisation of Hatsun Agro Product Ltd?
Hatsun Agro Product Ltd has a market capitalisation of ₹26,451 Cr, which places it in the Large Cap band.
What is the PE ratio of Hatsun Agro Product Ltd?
Hatsun Agro Product Ltd trades at a PE ratio of 74.66, on earnings per share of ₹14.26, against a book value of ₹87.3 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 ₹1,222.
Does Hatsun Agro Product Ltd pay dividends?
Hatsun Agro Product Ltd has a dividend yield of 0.84%.
What is the Return on Equity (ROE) of Hatsun Agro Product Ltd?
Hatsun Agro Product Ltd reported a return on equity of 16.23%. 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. [1] It was incorporated by Mr. R G Chandramogan, who has been in the dairy business for more than 30 years. [2] Its journey began with Arun Icecreams. [3]

Website hatsun.com
CEO Mr. J. Shanmuga Priyan
Employees 5,313
Listed 2014-06-20
Face Value ₹ 1
Issued Size 22,27,48,268

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