Hatsun Agro Product Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹22,177 Cr
- P/E
- 60.70
- ROE
- 19.19%
- PEG
- 2.05
- Price to sales
- 2.13
- Debt to equity
- 0.95
- 52W high / low
- ₹1,275 / ₹862
- Sales growth (5Y)
- 12.40%
- EBITDA margin
- 11.26%
- Net profit margin
- 3.53%
- Promoter holding
- 73.64%
- Sales (last year)
- ₹10,413 Cr
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]
Guidance scorecard · Q2 FY27 call
What Hatsun Agro Product Ltd's management guided
and where it ranks in Food Products
Food Products
RevenueQ3 FY26 call
10–20%- Hatsun Agro is on track to reach around ₹10,000 crore in revenue for the current year, with a possible slight miss or hit around this figure.
- The company expects good growth in the next year, contingent on external factors such as the end of the ongoing war and stabilization of packaging material availability and costs.
- Volume growth is likely supported by enhanced capacity utilization from capacities built over time.
- Geographically, sales outside Tamil Nadu currently constitute 45%, expected to reach 50% in the next two years, indicating expansion outside the home market.
2 more points from Hatsun Agro Product Ltd's call on revenue
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MarginsQ3 FY26 call
FlatSee what Hatsun Agro Product Ltd said on margins — free account, 30 seconds.
CapexQ3 FY26 call
Planned- Hatsun Agro has made significant infrastructure investments to support its unique distribution network of around 4,500 outlets across India, which contributes to better margins.
- The infrastructure spending has resulted in high depreciation, but this depreciation and interest expense are expected to decline over time.
- The company is enhancing capacity utilization in existing plants, particularly outside Tamil Nadu, aiming to increase sales contribution from 45% to 50% in the next two years.
2 more points from Hatsun Agro Product Ltd's call on capex
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FundraisingQ3 FY26 call
See what Hatsun Agro Product Ltd said on fundraising — free account, 30 seconds.
Order bookQ3 FY26 call
Ask what Hatsun Agro Product Ltd said on the order book →
Full Q3 FY26 analysisRanges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Food Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Food Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹459 Cr | 7.9 | |
| 2 | 40%+ | Up 2%+ | ₹454 Cr | 79.8 | |
| 3 | 40%+ | Flat | ₹1,061 Cr | 48.2 | |
| 4 | 40%+ | Flat | ₹157 Cr | 10.5 | |
| 5 | 20–40% | Up 2%+ | ₹671 Cr | 48.3 | |
| 6 | 20–40% | Up 2%+ | ₹265 Cr | 7.8 |
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Pro shows every company guiding 40%+ revenue growth →Full Food Products rankingFinancials of Hatsun Agro Product Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Hatsun Agro Product Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 73.11% | 73.15% | 73.17% | 73.17% | 73.17% | 73.17% | 73.17% | 73.17% | 73.17% | 73.17% | 73.17% | 73.64% |
| FIIs + | 2.90% | 2.86% | 2.82% | 3.29% | 3.38% | 3.40% | 3.39% | 3.26% | 3.20% | 3.13% | 3.13% | 3.06% |
| DIIs + | 9.70% | 9.81% | 9.82% | 10.17% | 9.99% | 10.08% | 10.22% | 10.36% | 10.28% | 10.26% | 10.25% | 10.28% |
| Public + | 14.28% | 14.18% | 14.20% | 13.38% | 13.45% | 13.35% | 13.23% | 13.20% | 13.35% | 13.43% | 13.46% | 13.03% |
| No. of Shareholders | 26,382 | 25,541 | 27,006 | 26,404 | 37,677 | 36,665 | 31,256 | 34,727 | 28,734 | 28,179 | 28,463 | 26,619 |
Financials of Hatsun Agro Product Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,905 | 1,887 | 2,047 | 2,375 | 2,072 | 2,010 | 2,243 | 2,535 | 2,428 | 2,364 | 2,578 | 3,090 | 2,898 |
| Expenses + | 1,687 | 1,675 | 1,817 | 2,045 | 1,831 | 1,796 | 2,018 | 2,165 | 2,103 | 2,108 | 2,342 | 2,740 | 2,566 |
| Operating Profit | 219 | 213 | 230 | 330 | 241 | 214 | 224 | 370 | 325 | 256 | 235 | 351 | 331 |
| OPM % | 11% | 11% | 11% | 14% | 12% | 11% | 10% | 15% | 13% | 11% | 9% | 11% | 11% |
| Other Income + | 14 | 4 | 2 | 2 | 7 | 2 | 9 | 3 | 4 | 3 | 3 | 3 | 5 |
| Interest | 32 | 38 | 50 | 46 | 45 | 43 | 48 | 43 | 38 | 33 | 32 | 32 | 31 |
| Depreciation | 100 | 102 | 111 | 111 | 116 | 117 | 127 | 129 | 144 | 146 | 146 | 151 | 153 |
| Profit before tax | 101 | 77 | 71 | 176 | 88 | 56 | 59 | 201 | 148 | 79 | 60 | 171 | 152 |
| Tax % | 23% | 25% | 26% | 26% | 26% | 26% | 27% | 26% | 26% | 23% | 15% | 22% | 24% |
| Net Profit + | 78 | 57 | 52 | 131 | 64 | 41 | 43 | 148 | 110 | 61 | 51 | 134 | 116 |
| EPS in Rs | 3.48 | 2.58 | 2.34 | 5.86 | 2.89 | 1.84 | 1.93 | 6.65 | 4.92 | 2.72 | 2.28 | 6.00 | 5.19 |
Financials of Hatsun Agro Product Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 10,929 |
| 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 | 9,757 |
| Operating Profit | 198 | 305 | 378 | 372 | 448 | 550 | 802 | 721 | 701 | 899 | 1,010 | 1,177 | 1,173 |
| 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 | 13 |
| Interest | 63 | 68 | 70 | 88 | 86 | 106 | 108 | 107 | 126 | 154 | 182 | 146 | 128 |
| Depreciation | 94 | 107 | 143 | 174 | 201 | 296 | 295 | 311 | 362 | 409 | 470 | 574 | 596 |
| Profit before tax | 47 | 134 | 172 | 119 | 161 | 156 | 377 | 283 | 225 | 358 | 377 | 470 | 462 |
| 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 | 361 |
| EPS in Rs | 1.76 | 2.72 | 6.08 | 4.08 | 5.15 | 5.04 | 11.06 | 9.78 | 7.45 | 12.00 | 12.52 | 15.99 | 16.19 |
| Dividend Payout % | 50% | 72% | 45% | 67% | 56% | 58% | 70% | 59% | 81% | 50% | 48% | 38% |
Financials of Hatsun Agro Product Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 11 | 11 | 15 | 15 | 16 | 16 | 22 | 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 | 1,951 |
| Borrowings + | 614 | 672 | 919 | 1,299 | 1,028 | 1,434 | 1,622 | 1,939 | 1,793 | 2,698 | 2,570 | 1,838 | 1,794 |
| Other Liabilities + | 220 | 255 | 320 | 367 | 413 | 376 | 474 | 494 | 472 | 464 | 577 | 660 | 684 |
| 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 | 4,452 |
| Fixed Assets + | 632 | 647 | 991 | 1,217 | 1,408 | 1,756 | 1,929 | 2,410 | 2,615 | 2,767 | 3,274 | 3,505 | 3,472 |
| CWIP | 23 | 33 | 90 | 259 | 233 | 355 | 384 | 237 | 254 | 238 | 284 | 59 | 91 |
| Investments | 1 | 0 | 0 | 0 | 0 | 0 | 8 | 14 | 21 | 30 | 37 | 43 | 50 |
| Other Assets + | 399 | 477 | 506 | 556 | 605 | 604 | 795 | 881 | 816 | 1,699 | 1,270 | 835 | 839 |
| 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 | 4,452 |
Financials of Hatsun Agro Product Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 62 | 219 | 433 | 277 | 375 | 552 | 518 | 576 | 741 | -71 | 1,450 | 1,557 |
| Cash from Investing Activity + | -124 | -134 | -569 | -523 | -343 | -537 | -418 | -565 | -441 | -388 | -879 | -435 |
| Cash from Financing Activity + | 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/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 37% | 82% | 124% | 83% | 91% | 105% | 76% | 95% | 115% | 6% | 155% | 143% |
Financials of Hatsun Agro Product Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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% |
Guidance history
How Hatsun Agro Product Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q3 FY26 call → | 10–20% | Flat | Planned | — | — |
| Q1 FY26 call → | 20–40% | — | Planned | — | — |
| Q1 FY26 call → | 10–20% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
30 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −12.8% | 47% |
| Last 6 months | +3.3% | 61% |
| Last 3 months | +12.4% | 84% |
The price is 30.5% below its all-time high of ₹1,433.14 (8 Oct 2021). Stocks more than 20% below their peak have their score halved, so 60 became 30.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Hatsun Agro Product Ltd: 0.4 × 47 + 0.4 × 61 + 0.2 × 84 = 60, halved to 30 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Hatsun Agro Product Ltd's management said in earlier quarters
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