Hatsun Agro Product logo

Hatsun Agro Product

HATSUN NSE

Key Fundamentals

SmallcapDairy ProductsFood Products
Market Cap
₹24,050 Cr
Volatility
Moderate
P/E Ratio
68.18
EBITDA
₹1,030 Cr
Return on Equity
16.23%
Debt to Equity
0.95
Book Value
₹87.3
EPS
₹14.26
52W High
₹1,349.7
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 12.8 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

2d ago
AI opinion · based on fundamentals
Risk medium

Hatsun Agro Product Ltd has a market capitalisation of about ₹24,816 Cr. It trades at a P/E of 67.2x and a P/B of 12.62x. Sales grew 18% and profit grew 23% over the trailing twelve months, and ROE has held between 17% and 19% across the 3-, 5- and 10-year periods. The stock has returned 20% over the past year but -5% CAGR over 5 years, so recent operating momentum sits against a demanding valuation and weak medium-term price performance.

Bull Case 8
  • Profit is growing faster than revenue. TTM profit growth is 23% against 18% sales growth, which suggests operating leverage and margin expansion in the current cycle.
  • Profit compounded at 30% a year over 3 years, well above the 11% 3-year sales CAGR, which points to a meaningful earnings recovery and better profitability.
  • Return on equity has been steady across cycles: 19% last year, 18% over 3 years, 17% over 5 years and 19% over 10 years. This consistency suggests durable capital efficiency.
  • Revenue growth has picked up. TTM sales growth of 18% is ahead of the 3-year (11%), 5-year (12%) and 10-year (11%) sales CAGRs.
  • The company has reduced debt, which lowers financial risk and could free up cash flow for capex or shareholder payouts.
  • The company has kept a dividend payout ratio of 45.2%, which shows it can return nearly half of its earnings while still funding growth.
  • The long-term record is solid. Profit has compounded at 20% a year and the stock at 16% a year over 10 years, which shows value creation over a full decade.
  • The stock has returned 20% over the past year, a recovery after weak 3-year (-1%) and 5-year (-5%) returns that lines up with better earnings.
Bear Case 8
  • At a P/E of 67.2x, the implied earnings yield is only about 1.5%. The current valuation assumes strong growth for years to come, which leaves little room for execution misses.
  • The stock trades at 12.62x book value. Against an ROE of about 19%, investors are paying a large premium over the net asset base.
  • The company may be capitalising interest cost. That can flatter reported profit and make the P/E of 67.2x look lower than an economic earnings measure would suggest.
  • Earnings growth has been volatile. The 5-year profit CAGR is only 7%, compared with 20% over 10 years and 30% over 3 years, so strong recent growth partly reflects recovery from a weak base.
  • Shareholders have seen poor medium-term returns. The stock CAGR is -5% over 5 years and -1% over 3 years, so valuation compression has offset business growth for long periods.
  • The underlying sales trend is modest compared with the multiple. The 10-year sales CAGR of 11% and 3-year CAGR of 11% may not easily justify a P/E of 67.2x if TTM growth of 18% slows back to trend.
  • The dividend yield of 0.91% is low despite a 45.2% payout ratio, so income investors get limited support at the current price.
  • Dairy margins are sensitive to raw milk procurement costs. The 5-year profit CAGR of 7% trailing the 12% sales CAGR shows how input-cost cycles can compress profitability.

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

AI News Digest

1d ago
Positives 3
  • Promoter raises stake to 55.35% Sep 11

    Promoter R G Chandramogan bought 96,000 shares on the open market on September 8 and 9, 2026, taking his stake to 55.35%. Insiders buying on the open market usually signals confidence in the business.

  • Quick commerce hits ₹160cr run-rate Sep 3

    Hatsun's quick commerce channel has grown to a ₹160 crore run-rate. The company also plans to expand to more than 4,200 daily outlets as part of a growth plan that runs both channels side by side.

  • Go-Dhan dairy initiative in Odisha Sep 28

    Hatsun has partnered with the Odisha Government and SBI on 'Go-Dhan', which aims to support 6,000 dairy farms over three years. The program should strengthen milk sourcing and help the company grow in eastern India.

Neutral 2
  • 41st AGM held via VC Sep 25

    Hatsun held its 41st AGM by video conference on September 25, 2026. Shareholders adopted the FY26 financials and reappointed Chairman R G Chandramogan.

  • CRISIL ESG score of 58 Sep 11

    CRISIL ESG Ratings & Analytics gave Hatsun an ESG score of 58. CRISIL assigned the score on its own initiative, using only publicly disclosed information.

TL;DR: Recent news for Hatsun has been constructive, led by promoter open-market buying that lifted his stake to 55.35% and quick commerce reaching a ₹160 crore run-rate. The Go-Dhan program in Odisha, targeting 6,000 farms, could support milk sourcing and growth outside the company's southern base. None of these articles raise specific risks, but they also don't cover milk procurement costs, margins or competition, which remain the main things to watch for a dairy company. The trend looks to be improving, and the next quarterly results should show whether the outlet expansion and quick commerce growth are lifting earnings.

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–FY27.

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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 ₹24,050 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 68.18, 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 ₹1,349.7.
Does Hatsun Agro Product Ltd pay dividends?
Hatsun Agro Product Ltd has a dividend yield of 0.91%.
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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