Minerva Capital Research Solutions

Hatsun Agro Product

NSE: HATSUNBSE: 531531
Compare with peers
₹ 975.70▲ 7.6 (+0.79%)28 Oct, 03:29 pm IST
Market cap
₹ 23,020 Cr.
P/E
63.2x
P/B
12.29x
52-week range
855.3 – 1,349.7
ROE
19%
ROCE
15%
Dividend yield
0.6%
Debt / equity
0.95
Sector
Food Products
Industry
Dairy Products
Listed on
NSE, BSE

About

Hatsun Agro Product Limited is an India-based company engaged in the business of processing and marketing of milk, milk products and ice cream. The Company operates through the milk and milk products segment. It manufactures and markets products that cater to both cooking and consumption, such as, milk, curd, ice creams, dairy whitener, skimmed milk powder, ghee, paneer and others. Its brands include Arun Icecreams, Arokya Milk, Ibaco, HAP daily, Ibaco, Milky Moo, Santosa, and others. Arun Icecreams offers Bars, Cups, Ibar, Ibar mini, Icones, and Tubs. Arokya offers standardized milk, full cream milk, toned milk, double toned milk, curd and paneer. Hatsun offers cooking and table butter, ghee, curd, yogurt, milk beverage, dairy whitener, skimmed milk powder and others. HAP daily houses brands, such as Arokya, Hatsun and Arun Ice creams. Ibaco offers ice cream, ice cream cakes, yogurt shakes and others. Santosa offers Calf Starter Pellet, Bypass Pellet, Santosa XL Pellet, and others.

Quick check

The five things to look at first. Open one for more.

Compared with its industry

Dairy Products: 15 companies →

Hatsun Agro Product against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.

  • Valuation (P/E)63.2 against a typical 25: pricier than most peers (1st = cheapest).12th of 14
  • Sales growth+19.4% against a typical +17% from a year earlier.4th of 14
  • Profit growth+5.5% against a typical +15% from a year earlier.7th of 11
  • Share price, 3 months+10.2% against a typical +5%.4th of 12
  • Size₹ 23,019.9 Cr. market value against a typical ₹ 822.6 Cr. (1st = largest).1st of 15

Latest announcements

Exchange filings and their impact on the company.

  • 22 Oct 2026Outcome of Board MeetingMedium impactPositivePrice −6.7% on 23 Oct
    Q2 revenue jumped 19% YoY to Rs 2,898 cr but high milk costs held PAT growth to 6% at Rs 116 cr, alongside a Rs 10 interim dividend.

    Hatsun Agro reported Q2 FY27 revenue of Rs 2,897.64 crore, up about 19% from last year, with net profit of Rs 115.69 crore, up about 6%. For the first half, revenue was Rs 5,988.13 crore with net profit of Rs 249.38 crore, as sharply higher raw milk costs squeezed margins. The board also declared a first interim dividend of Rs 10 per share totalling Rs 222.75 crore and reconstituted its Nomination and Risk committees.

    Filing

Credit ratings

Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates

High safety

Rated AA by CRISIL
AA
DefaultRiskyModerateSafeVery safe
  • No warnings from the agency.
AgencyCurrent ratingOutlookAs of
CRISILCrisil AAStable14 Jan 2026
Credit rating actions
RatingDetails
14 Jan 2026
▲ Upgrade1 notch
Crisil AA- → Crisil AA—CRISIL₹ 2,120 Cr.
27 Nov 2025
Rating action
Crisil AA-—CRISIL₹ 2,045 Cr.

Board meetings

Results dates and other board meetings. Full calendar

Details
22 Oct 2026Financial Results/Other business mattersTo consider and approve the financial results for the period ended September 30, 2026 and other business matters
21 Jul 2026Financial Results/Other business mattersTo consider and approve the financial results for the period ended Jun 30, 2026 and other business matters
19 May 2026Financial Results/Dividend/Other business mattersTo consider and approve the financial results for the period ended March 31, 2026, dividend and other business matters
19 Jan 2026Financial Results/Other business mattersTo consider and approve the financial results for the period ended December 31, 2025 and other business matters
27 Oct 2025Financial Results/Other business mattersTo consider and approve the financial results for the period ended September 30, 2025 and other business matters
18 Jul 2025Financial Results/Dividend/Other business mattersTo consider and approve the financial results for the period ended Jun 30, 2025, dividend and other business matters

Share price

1M change −12.84%
1 of 1 filing day came with a big price moveBiggest −6.7% on 23 Oct 2026AI reading matched the move 0 of 1
Volume (shares)Price (₹)
Close price

Financials

Consolidated figures in ₹ crore.

Quarterly results
₹ Cr.Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales1,8872,0472,3752,0722,0102,2432,5352,4282,3642,5783,0902,898
Expenses1,6751,8172,0451,8311,7962,0182,1652,1032,1082,3422,7402,566
Operating Profit213230330241214224370325256235351331
OPM %11%11%14%12%11%10%15%13%11%9%11%11%
Other Income422729343335
Interest385046454348433833323231
Depreciation102111111116117127129144146146151153
Profit before tax77711768856592011487960171152
Tax %25%26%26%26%26%27%26%26%23%15%22%24%
Net Profit57521316441431481106151134116
EPS in Rs2.582.345.862.891.841.936.654.922.722.2865.19

Growth and returns

Compounded yearly rates over each period.

Compounded Sales Growth
10 Years
11%
5 Years
12%
3 Years
11%
TTM
19%
Compounded Profit Growth
10 Years
20%
5 Years
7%
3 Years
30%
TTM
6%
Stock Price CAGR
10 Years
15%
5 Years
−5%
3 Years
−5%
TTM
—
Return on Equity
10 Years
19%
5 Years
17%
3 Years
18%
TTM
—

Shareholding

Latest: Sep 2026.

Promoters
73.64%
+0.47 pts in a year
FIIs
3.06%
−0.2 pts in a year
DIIs
10.28%
−0.08 pts in a year
Public
13.03%
−0.17 pts in a year

P/E and EPS over time

Daily P/E and trailing 12-month EPS. EPS updates with each result.

P/E 63.2xEPS (12 months) ₹ 15.64Median P/E 3,719.5x
P/E (times)EPS (₹)

Peers

Listed companies in the same business.

Peer comparison
Hatsun Agro Product₹ 975.70₹ 23,020 Cr.63.2x12.3x19%—
Nestle India₹ 1,173.45₹ 2,26,278 Cr.80.4x53.4x76.3%15.1%
Britannia Industries₹ 4,547.80₹ 1,09,542 Cr.51.5x25.5x53.6%13.3%
Tata Consumer Products₹ 960.00₹ 95,010 Cr.67.4x4.9x7.4%8.1%
Godrej Industries₹ 918.00₹ 30,884 Cr.34.9x4x11.6%10.9%
Patanjali Foods₹ 351.00₹ 38,193 Cr.18.9x2.8x14.8%4.5%

Management

C. Sathyan
Executive Vice Chairman of the Board
H. Ramachandran
Chief Financial Officer
C. Subramaniam
Company Secretary, Compliance Officer
J. Shanmuga Priyan
Managing Director, Executive Director

Prices are delayed and for information only. Nothing on this page is investment advice.