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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹19976 Cr.
Stock P/E
71.6
P/B
10.6
Current Price
₹896.8
Book Value
₹ 84.8
Face Value
1
52W High
₹1178.8
52W Low
₹ 731.1
Dividend Yield
1.78%

Hatsun Agro Product Overview

Business

Hatsun Agro Product Ltd. is a leading private sector dairy company in India, primarily operating in the Southern states. The company's core business involves procuring milk directly from farmers, processing it, and marketing a wide range of dairy products. Its business model focuses on an integrated farm-to-fork approach, leveraging a robust procurement network and extensive cold chain infrastructure. Hatsun generates revenue by selling various dairy products, including liquid milk, curd, ghee, butter, paneer, skimmed milk powder, dairy whitener, and ice creams, to both consumers and institutional clients. The company also produces cattle feed.

Revenue Mix

Hatsun's revenue is primarily derived from its dairy product portfolio. While specific percentage breakdowns can fluctuate, the major segments include:

Liquid Milk: Sold under the "Arokya" brand. This is a foundational product and a significant volume driver.

Milk Products: This includes value-added products such as curd (Arokya), ghee (Hatsun), butter (Hatsun), paneer (Hatsun), and dairy whitener. These typically offer higher margins than liquid milk.

Ice Cream: Marketed under "Arun Icecreams" (standard segment) and "Ibaco" (premium segment, through exclusive parlours).

Cattle Feed: Sold under the "Santosa" brand, providing ancillary revenue and supporting farmer relationships within its procurement network.

Industry

Hatsun operates in the Indian consumer food sector, specifically the dairy industry. The Indian dairy market is vast, characterized by strong underlying demand, and is gradually transitioning from a largely unorganized to an organized sector. Hatsun is one of the largest private dairy players in South India, competing with large cooperative dairies like Amul and Mother Dairy, as well as other private regional and national players. Hatsun differentiates itself through its deep-rooted procurement network, strong regional brand presence, and focus on both everyday dairy essentials and value-added products. It holds a significant market share in its primary operating states.

MOAT

Strong Brand Recognition: Established brands like Arokya (liquid milk, curd), Hatsun (ghee, butter, paneer), Arun Icecreams, and Ibaco enjoy high recall and trust, especially in South India.

Extensive Procurement Network: Hatsun has built a vast and efficient direct milk procurement system from farmers, ensuring consistent quality and supply. This network is a significant logistical barrier to entry for new competitors.

Integrated Cold Chain & Distribution: The company possesses a robust cold chain and distribution network, crucial for perishable dairy products, extending its reach deep into urban and rural markets within its operating regions.

Regional Scale: Its significant scale in South India allows for economies of scale in procurement, processing, and marketing, providing a cost advantage.

Growth Drivers

Increasing Per Capita Dairy Consumption: Rising disposable incomes, urbanization, and a growing population in India are driving higher demand for milk and dairy products.

Shift to Organized Sector: Consumers are increasingly preferring branded, packaged, and hygienic dairy products over loose, unorganized alternatives, benefiting organized players like Hatsun.

Expansion of Value-Added Products (VAP): Focus on higher-margin VAP like curd, ghee, paneer, and ice creams is expected to drive both revenue and profitability growth.

Geographic Expansion: Hatsun is strategically expanding its presence beyond its core South Indian markets into adjacent states and potentially other regions, leveraging its established model.

Retail Network Expansion: Growth through expanding its Hatsun Daily outlets and Ibaco parlours.

Risks

Raw Material Price Volatility: Milk procurement prices are subject to seasonal fluctuations, fodder costs, and supply-demand dynamics, which can impact profitability if not effectively managed.

Intense Competition: The Indian dairy market is highly competitive, facing pressure from established cooperatives and other private players, potentially leading to pricing pressures and impacting market share.

Regulatory Environment: Changes in food safety standards, environmental regulations, or dairy policies by government authorities could impact operations and costs.

Logistics and Cold Chain Challenges: Maintaining an efficient and cost-effective cold chain across a wide distribution network for perishable products presents ongoing operational challenges.

Disease Outbreaks: Outbreaks of animal diseases could disrupt milk supply and impact procurement.

Management & Ownership

Hatsun Agro Product Ltd. is a promoter-led company, founded by Mr. R.G. Chandramogan. The promoter family holds a substantial ownership stake, indicating strong alignment of interests with the company's long-term growth. The management team is generally viewed as experienced and focused on operational efficiency, brand building, and sustainable expansion within the dairy sector.

Outlook

Hatsun is well-positioned to capitalize on the structural growth of India's organized dairy sector, driven by rising consumption and the shift from unorganized to branded products. Its strong regional brand equity, extensive procurement, and distribution networks provide a solid foundation. Continued focus on high-margin value-added products and strategic geographic expansion are key levers for future growth. However, the company faces inherent challenges from raw material price volatility and intense competition, which necessitate efficient cost management and continuous innovation to sustain margins and market leadership.

Hatsun Agro Product Share Price

Live · BSE / NSE · Inception: 1986
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Hatsun Agro Product Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 2047 2375 2072 2010 2243 2590 2428 2364
Other Income 2 2 7 2 9 4 4 3
Total Income 2049 2377 2079 2012 2251 2594 2432 2367
Total Expenditure 1817 2045 1831 1796 2018 2229 2103 2108
Operating Profit 232 332 248 216 233 365 329 258
Interest 50 46 45 43 48 43 38 33
Depreciation 111 111 116 117 127 137 144 146
Exceptional Income / Expenses 0 0 0 0 0 0 0 0
Profit Before Tax 71 176 88 56 59 184 148 79
Provision for Tax 19 45 23 15 16 49 38 18
Profit After Tax 52 131 64 41 43 135 110 61
Adjustments 0 0 0 0 0 0 0 0
Profit After Adjustments 52 131 64 41 43 135 110 61
Adjusted Earnings Per Share 2.3 5.9 2.9 1.8 1.9 6.1 4.9 2.7

Hatsun Agro Product Profit & Loss

#(Fig in Cr.) Mar 2024 Mar 2025 TTM
Net Sales 7990 8700 9625
Other Income 23 20 20
Total Income 8013 8719 9644
Total Expenditure 7091 7690 8458
Operating Profit 922 1030 1185
Interest 154 182 162
Depreciation 409 470 554
Exceptional Income / Expenses 0 0 0
Profit Before Tax 358 377 470
Provision for Tax 91 98 121
Profit After Tax 267 279 349
Adjustments 0 0 0
Profit After Adjustments 267 279 349
Adjusted Earnings Per Share 12 12.5 15.6

Hatsun Agro Product Balance Sheet

#(Fig in Cr.) Mar 2024 Mar 2025
Shareholder's Funds 1572 1718
Minority's Interest 0 0
Borrowings 956 934
Other Non-Current Liabilities 925 1077
Total Current Liabilities 1841 1802
Total Liabilities 5293 5531
Fixed Assets 2767 3274
Other Non-Current Assets 936 1122
Total Current Assets 1591 1136
Total Assets 5293 5531

Hatsun Agro Product Cash Flow

#(Fig in Cr.) Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 37 51
Cash Flow from Operating Activities -71 1450
Cash Flow from Investing Activities -388 -882
Cash Flow from Financing Activities 474 -564
Net Cash Inflow / Outflow 14 4
Closing Cash & Cash Equivalent 51 58

Hatsun Agro Product Ratios

# Mar 2024 Mar 2025
Earnings Per Share (Rs) 12 12.51
CEPS(Rs) 30.38 33.63
DPS(Rs) 6 6
Book NAV/Share(Rs) 70.57 77.09
Core EBITDA Margin(%) 11.25 11.61
EBIT Margin(%) 6.41 6.43
Pre Tax Margin(%) 4.48 4.34
PAT Margin (%) 3.34 3.2
Cash Profit Margin (%) 8.47 8.61
ROA(%) 9.28 5.15
ROE(%) 32.88 16.95
ROCE(%) 24.32 14.6
Receivable days 0.54 0.38
Inventory Days 34.47 51.37
Payable days 7.68 13.34
PER(x) 84.03 77.09
Price/Book(x) 14.28 12.51
Dividend Yield(%) 0.6 0.62
EV/Net Sales(x) 3.09 2.7
EV/Core EBITDA(x) 26.78 22.84
Net Sales Growth(%) 600.37 8.88
EBIT Growth(%) 1197.47 9.21
PAT Growth(%) 9483.69 4.32
EPS Growth(%) 8341.94 4.32
Debt/Equity(x) 1.44 1.22
Current Ratio(x) 0.86 0.63
Quick Ratio(x) 0.08 0.08
Interest Cover(x) 3.32 3.07
Total Debt/Mcap(x) 0.1 0.1

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +9%
Operating Profit CAGR +12%
PAT CAGR +4%
Share Price CAGR -9% +1% +1% +14%
ROE Average +17% +25% +25% +25%
ROCE Average +15% +19% +19% +19%

Hatsun Agro Product Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 73.17 %
FII 3.14 %
DII (MF + Insurance) 10.26 %
Public (retail) 26.83 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 73.1173.1573.1773.1773.1773.1773.1773.1773.1773.17
FII 2.912.862.833.293.383.43.393.263.23.14
DII 9.79.89.8210.179.9910.0810.2110.3610.2810.26
Public 26.8926.8526.8326.8326.8326.8326.8326.8326.8326.83
Others 0000000000
Total 100100100100100100100100100100

Hatsun Agro Product Peer Comparison

Consumer Food Edit Columns

Hatsun Agro Product Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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Hatsun Agro Product Pros & Cons

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 25%
  • Company has reduced debt.

Cons

  • Debtor days have increased from 7.68 to 13.34days.
  • Stock is trading at 10.6 times its book value.
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