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Hatsun Agro Product Ltd

₹ 913-1.94%
14 Jan – close price
🔗hatsun.com•BSE: 531531•NSE: HATSUN
Market Cap₹ 20,340 Cr.
Current Price₹ 913
High / Low₹ 1,179
Stock P/E56.7
Book Value₹ 83.5
Dividend Yield0.66 %
ROCE13.1 %
ROE17.0 %
Face Value₹ 1.00
Sales₹ 9,136 Cr.
OPM12.5 %
Mar Cap₹ 20,340 Cr.

ABOUT

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]

KEY POINTS

Product & Brand Portfolio1) Arun Icecreams:It is South India’s leading ice cream brand, offering ice-cream bars, cups, shakes, tubs, cones, ice-cream sandwiches, etc.[1]

Also present in buckets:
Excellent ResultsRevenue GuidanceAsset Base ExpansionCapacity Expansion And ProductsJv Partnerships AcquisitionsRevenue Guidance Vs ActualsCredit Rating UpdatesRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.Hatsun Agro913.1556.6820340.260.66120.1886.852381.3214.9213.129136.3112.51358.84120.1810.945.881.08
2.Dodla Dairy1218.8028.277352.750.4165.673.611018.822.1326.553836.539.25260.0865.674.8015.730.04
3.Heritage Foods443.0523.924111.330.5651.00-9.601112.529.1225.284331.696.93171.8643.963.9412.670.21
4.Parag Milk Foods274.4525.343433.630.3645.6556.281007.9515.6814.133662.447.24135.5145.652.856.100.45
5.Vadilal Inds.4574.9024.493289.350.4633.42-14.26341.3015.5025.111325.5316.25134.3333.424.1914.770.26
6.Vadilal Enterp.9930.00229.56853.980.0210.69179.11264.397.4820.031141.152.223.7210.6916.431.621.10
7.Sheetal Cool292.1022.21306.710.001.59-29.3355.915.5115.66313.3713.7113.811.592.227.520.63
–Median: 9 Co.443.0526.83289.350.4133.423.61341.38.315.661325.537.24134.3333.424.196.10.45

Quarterly Results

Standalone figures in ₹ crores

Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales
1,7481,6951,7892,1511,9051,8872,0472,3752,0722,0102,2102,5352,381
Expenses
1,5711,5051,6331,9131,6871,6751,8172,0451,8311,7961,9822,1652,051
Operating Profit
177190156238219213230330241214228370331
Other Income
30221442272834
Profit before tax
5863331091017771176885667201162
Tax %
27%26%24%27%23%25%26%26%26%26%26%26%26%
Net Profit
42462580785752131644150148120
EPS in Rs
1.912.081.123.603.482.582.345.862.891.842.236.655.40

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
2,4942,9333,4454,1984,2874,7605,3085,5516,3707,2477,9908,6679,136
Expenses
2,3162,7353,1403,8203,9164,3124,7584,7495,6496,5467,0917,6547,993
Operating Profit
1781983053783724485508027217018991,0141,143
Other Income
96578-19-22-2111231918
Interest
416368708886106108107126154182172
Depreciation
6594107143174201296295311362409465503
Profit before tax
8147134172119161156377283225358386486
Net Profit
82396013591115112246218166267285359
EPS in Rs
3.701.762.726.084.085.155.0411.069.787.4512.0012.8116.12
Dividend Payout %
33%50%72%45%67%56%58%70%59%81%50%47%–

Compounded Sales Growth

10 Years:11%
5 Years:10%
3 Years:11%
TTM:9%

Compounded Profit Growth

10 Years:22%
5 Years:20%
3 Years:9%
TTM:18%

Stock Price CAGR

10 Years:16%
5 Years:5%
3 Years:1%
1 Year:-12%

Return on Equity

10 Years:19%
5 Years:18%
3 Years:16%
Last Year:17%

Balance Sheet

Standalone figures in ₹ crores

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
11111115151616222222222222
Reserves
1692112203333507898881,0001,0871,4181,5501,7021,837
Borrowings
4946146729191,2991,0281,4341,6221,9391,7932,6982,5662,010
Other Liabilities
171220255320367413376474494472464541573
Total Liabilities
8441,0561,1571,5882,0322,2462,7143,1173,5423,7064,7354,8324,442
Fixed Assets
5046326479911,2171,4081,7561,9292,4102,6152,7673,0473,283
Gross Block
795.801,016.971,132.191,091.381,444.811,825.742,434.552,867.813,562.624,045.724,367.024,978.15–
Accumulated Depreciation
292.13384.73484.96100.01228.20417.94678.77938.701,152.991,431.131,600.301,930.99–
CWIP
10623339025923335538423725423824533
Investments
11000008142130267268
Other Assets
2333994775065566056047958818161,6991,273858
Total Assets
8441,0561,1571,5882,0322,2462,7143,1173,5423,7064,7354,8324,442

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
20162219433277375552518576741-711,443
Cash from Investing Activity
-212-124-134-569-523-343-537-418-565-441-388-880
Cash from Financing Activity
1376-79162223-31-7-106-8-300474-564
Net Cash Flow
113626-2318-73014-1

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
322411110001
Inventory Days
174351364544365550419460
Days Payable
181820202019141312131215
Cash Conversion Cycle
32732192625244239288347
Working Capital Days
-33-24-24-41-55-3010-43-37-24-14-30
ROCE %
19%14%23%22%14%15%13%21%15%11%13%13%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Promoters
73.00%73.11%73.11%73.11%73.11%73.15%73.17%73.17%73.17%73.17%73.17%73.17%
FIIs
4.18%4.06%4.07%3.04%2.90%2.86%2.82%3.29%3.38%3.40%3.39%3.26%
DIIs
8.25%8.40%8.54%9.54%9.70%9.81%9.82%10.17%9.99%10.08%10.22%10.36%
Public
14.57%14.43%14.28%14.32%14.28%14.18%14.20%13.38%13.45%13.35%13.23%13.20%

* The classifications might have changed from Sep'2022 onwards.ℹ️

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

Hatsun Agro Product Limited Files Confirmation on Securities Dematerialization for Q4 FY26

14th April 2026, 10:35 pm

Hatsun Agro Product Limited Informs Members of Postal Ballot Notice Dispatch via Newspaper Ads

14th April 2026, 10:31 pm

Hatsun Agro Product Limited Seeks Shareholder Approval for New Independent Director Appointment

13th April 2026, 10:08 pm

Hatsun Agro Board Approves Appointment of New Independent Director, Mr. Rajprabu Harshan

10th April 2026, 8:12 pm

Hatsun Agro Product Limited's Amalgamation with Milk Mantra Dairy Effective, Share Capital Increased

1st April 2026, 1:22 am

Published by Other Websites

External media mentions & references

India's Milk Production Trails Demand as Costs Soar, Farmers Depart

1st April 2026, 9:45 am

Dairy Firms Face Margin Squeeze: ₹4-5/Litre Hike Needed, Says ICICI Sec

20th March 2026, 12:05 pm

Wipro, Motherson, KEC Win Big: March 12 Stocks in Focus

12th March 2026, 4:04 am

Hatsun Agro Product Acquires Milk Mantra Dairy After NCLT Nod

11th March 2026, 6:34 pm

India Budget 2026: FMCG Sector Gets Boost, Sin Goods Face Hikes

1st February 2026, 2:22 pm

News Articles

Editorial & research coverage

India Budget 2026: FMCG Sector Gets Boost, Sin Goods Face Hikes
India Budget 2026: FMCG Sector Gets Boost, Sin Goods Face Hikes

1st February 2026, 2:22 pm

Hatsun Agro Profits Soar 48% on Strong Dairy Demand
Hatsun Agro Profits Soar 48% on Strong Dairy Demand

19th January 2026, 1:33 pm

Indian Markets Trim Gains Amid Mixed Earnings; Key Companies Report
Indian Markets Trim Gains Amid Mixed Earnings; Key Companies Report

19th January 2026, 6:21 am

WhatsApp Leaks, Sebi Review, NSE IPO Buzz Revives Dalal Street
WhatsApp Leaks, Sebi Review, NSE IPO Buzz Revives Dalal Street

11th January 2026, 9:32 pm

ICICI Lombard Investigates Draft Q3 Results Leak Via WhatsApp
ICICI Lombard Investigates Draft Q3 Results Leak Via WhatsApp

10th January 2026, 2:14 pm

Documents

Announcements

Announcement under Regulation 30 (LODR)-Credit Rating

1d - CRISIL upgraded Hatsun Agro’s Rs.2,120 crore bank facilities to CRISIL AA/Stable on 14 Jan 2026.

Disclosure Under Regulation 30 Of SEBI (LODR) Regulations, 2015

2d - CFO uploaded draft financials (quarter ended 31-Dec-2025) on WhatsApp (4 Jan); trading window closed, PANs frozen.

Board Meeting Intimation for Board Meeting Intimation For Considering And Approving The Unaudited Standalone And Consolidated Financial Results Of The Company For The Quarter And Nine Months Ended 31St December 2025

9 Jan - Board meeting on 19 Jan 2026 to approve unaudited results for quarter and nine months ended 31 Dec 2025.

Announcement Under Regulation 30 Of SEBI (LODR) Regulations, 2015

5 Jan - KMP posted draft unaudited financials for quarter ended 31 Dec 2025 on WhatsApp Jan 4; ~19 viewed; deleted within hour.

Closure of Trading Window

Annual Reports

Financial Year 2025

(from bse)

Financial Year 2024

(from bse)

Financial Year 2023

(from bse)

Financial Year 2022

(from bse)

Financial Year 2021

(from bse)

Financial Year 2020

(from bse)

Financial Year 2019

(from bse)

Financial Year 2018

(from bse)

Financial Year 2017

(from bse)

Financial Year 2016

(from bse)

Financial Year 2015

(from bse)

Financial Year 2014

(from bse)

Financial Year 2013

(from bse)

Financial Year 2012

(from bse)

Financial Year 2011

(from bse)

Credit Ratings

Rating update

2d from crisil

Rating update

27 Nov 2025 from crisil

Rating update

30 Jun 2025 from crisil

Rating update

12 Nov 2024 from crisil

Rating update

5 Apr 2024 from crisil

Rating update

1 Apr 2024 from crisil

Concalls

Sep 2025

Transcript

Aug 2025

Transcript

Apr 2024

TranscriptRecording

Apr 2024

TranscriptRecording

Jul 2023

Transcript

May 2023

Transcript

Apr 2023

Transcript

Jul 2022

Transcript

May 2022

Transcript

Feb 2018

PPT

Stock Analysis

Description

Hatsun Agro Product Limited is a prominent Indian dairy company with over five decades of experience, established as the largest private-sector player in the dairy sector, manufacturing and marketing milk, milk products, and ice cream.

Key Growth Triggers

  1. Strategic acquisition of Milk Mantra Dairy for ₹233 Cr to enhance presence in Eastern India.
  2. Chairman forecasts 15-20% growth for FY26, driven by GST reforms impacting the dairy sector and planned expansion into protein-based products.
  3. Plans include increasing Arun Ice Cream franchises, Ibaco outlets, and HAP Daily stores.
  4. Focus on brand strength and extensive retail distribution network as key differentiators.

Order Book

Currently no data available for Order Book.

Key Red Flags

  1. Incident of draft Q3 FY26 financial figures leaked by CFO via WhatsApp status on January 4, 2026, prompting an internal inquiry and trading window closure.
  2. Dependency on weather patterns which can affect consumption, as noted by the Chairman.

Key Dates To Watch

  1. Board Meeting scheduled for January 19, 2026, to approve unaudited Q3 and nine-month FY26 financial results.
  2. Amalgamation of Milk Mantra Dairy with HAPL pending NCLT approval.

Corporate Announcements

14th Apr 26
Impact Rating: 3
Hatsun Agro Product Limited's RTA confirmed that securities for dematerialization in the quarter ended March 31, 2026, were processed and their certificates duly mutilated and cancelled, aligning with SEBI norms.
14th Apr 26
Impact Rating: -
No description available.
13th Apr 26
Impact Rating: 4
Hatsun Agro Product Limited has issued a postal ballot notice to appoint Mr. Rajprabu Harshan as a Non-Executive Independent Director for a five-year term, effective April 10, 2026. Shareholders can cast their votes electronically from April 15 to May 14, 2026.
10th Apr 26
Impact Rating: 5
Hatsun Agro's Board approved Mr. Rajprabu Harshan's appointment as Non-Executive Independent Director for a 5-year term starting April 10, 2026. Shareholder approval via postal ballot is pending.
31st Mar 26
Impact Rating: 9
The amalgamation of Milk Mantra Dairy Private Limited with Hatsun Agro Product Limited is now effective following the NCLT order. The company's authorized share capital has been increased to ₹49.50 crore.