Hatsun Agro Product Limited (HATSUN)
₹1,000.90 -6.71% last close, 23 Oct
Snapshot
Hatsun Agro Product Limited closed at ₹1,000.90 on 23 Oct 2026, 3.0% above its 200-day average, with an RSI(14) of 32.4 and a P/E of 60.66. On the daily chart it is in a range, with a technical score of 17/100 (strong bearish). In the quarter ended September 2026, revenue grew 21.7% and net profit fell 3.7% from a year earlier. Data as of 23 Oct 2026.
Price
- Price
- ₹1,000.90
- Day change
- -6.71%
- Market Cap
- ₹22,295 Cr
- 52-week range
- ₹855.30 – ₹1,349.70
- From 52-week high
- -25.84%
Financials23 Oct 2026
- P/E
- 60.66
- P/B
- 11.30
- ROE
- 18.6%
- ROCE
- 15.0%
- Debt to Equity
- 0.91
- OPM
- 10.8%
- YoY qtr sales growth
- 21.7%
- YoY qtr profit growth
- -3.7%
- Dividend Yield
- 1.00%
Latest quarter Sep 2026 · Standalone
Technicals23 Oct 2026
- Trend
- Range
- Technical score
- 17/100 · Strong bearish
- MACD
- Bearish
- RSI (14)
- 32.41
- ADX (14)
- 27.28
- SuperTrend
- Bearish
- vs 20-day SMA
- -10.83%
- vs 50-day SMA
- -10.27%
- vs 200-day SMA
- +2.95%
- RS rating
- 79.00
- Nearest support
- ₹905.73
- Nearest resistance
- ₹1,005.10
Exchange activity23 Oct 2026
- Delivery
- 35.35% vs 40.56% average
- Volume vs its average
- 3.3×
Events
- Latest results
- Q2 FY27, filed 22 Oct 2026
- Board meeting filing
- 21 Jul 2026
Exchange data. Each figure as its own page shows it; the dates are the data's. Information only, not investment advice.
📈 Share price & events
Q2 FY27 results
Hatsun Agro Product Limited reported Q2 FY27 results on 22 Oct 2026: revenue ₹2,898 Cr (+21.7% year on year, -6.2% on the previous quarter), and net profit ₹116 Cr (-3.7% year on year); the operating margin was 11.4%.
| Q2 FY27 (₹ Cr) | Value | YoY vs Q2 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹2,898 | +21.7% | -6.2% |
| Operating profit | ₹331 | +0.2% | -5.5% |
| Net profit | ₹116 | -3.7% | -13.5% |
| EPS (₹) | 5.19 | -3.9% | -13.5% |
| Operating margin | 11.4% | — | — |
- Profit -28% below its own trend
- Operating margin contracted 245 bps YoY
Quality of profit: of pre-tax profit of ₹152 Cr, ₹148 Cr (97%) came from the core business and the rest from other income and one-off items. Core profit (operating profit less interest and depreciation) moved -6.3% year on year.
Against its own trend: net profit of ₹116 Cr was -27.8% against the ₹160 Cr its recent growth pointed to (below trend). This is a statistical baseline, not an analyst estimate.
Share price since the results: -6.7% (close before the filing to the latest close).
HATSUN delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 35.35% of the HATSUN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 40.56%. That is close to its usual level. It traded 3.3 times its average daily volume.
Delivery in the last 5 sessions: 53.4% · 44.9% · 44.5% · 35.9% · 35.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Hatsun Agro Product reported a 19.36% YoY increase in revenue from operations for Q2 FY27, reaching ₹2,897.64 crore compared to ₹2,427.59 crore in Q2 FY26. Profit after tax rose 5.61% YoY to ₹115.69 crore from ₹109.54 crore. For H1 FY27, revenue reached ₹5,988.13 crore with PAT of ₹249.38 crore, supported by direct procurement from over 5 lakh farmers. Despite healthy topline growth, PAT growth lagged due to agricultural input cost inflation and El Niño-related factors.
- Q2 FY27 revenue from operations grew 19.36% YoY to ₹2,897.64 crore (vs ₹2,427.59 crore in Q2 FY26)
- Q2 FY27 profit after tax (PAT) rose to ₹115.69 crore from ₹109.54 crore in the previous year
- H1 FY27 revenue reached ₹5,988.13 crore with PAT of ₹249.38 crore, up from ₹5,017.87 crore and ₹244.73 crore in H1 FY26
- Sold 288 crore consumer packs over H1 FY27, averaging approximately 1.58 crore packs per day
- Expanded retail footprint via HAP Daily to 4,600+ outlets while procuring from 5,00,000+ farmers
Hatsun Agro Product Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30th September, 2026. The certificate from Registrar and Share Transfer Agent (RTA) Integrated Registry Management Services Private Limited confirms that securities received for dematerialization were processed, confirmed to depositories, and physically cancelled within 15 days. This is a purely standard regulatory filing with zero impact on operations or financials.
- Compliance certificate pertains to the quarter ended 30th September, 2026
- RTA confirmed dematerialization requests processed within the stipulated 15 days
- Certificate issued by Integrated Registry Management Services Private Limited dated 6th October, 2026
Hatsun Agro Product confirmed a media interview outlining plans to achieve up to 50% revenue growth over the next two financial years. The company targets revenue of approximately ₹12,000 crore this fiscal year (up from ~₹10,000 crore) and ₹14,000 to ₹15,000 crore the following year. To support this, Hatsun is investing ₹1,000 crore (10 billion rupees) this fiscal year (with ₹300-400 crore already spent) to expand its existing plants and increase daily milk procurement to 5 million litres from 4.3 million litres. Chairman RG Chandramogan noted milk prices have risen 20%-22% over the past 15 months but expects supply to outstrip demand within 8 to 10 months.
- Revenue targeted to reach ~₹12,000 crore this fiscal year and ₹14,000-₹15,000 crore next year, representing up to 50% growth over two years
- Planned capex of ₹1,000 crore (10 billion rupees) in the current fiscal, with ₹300-₹400 crore already deployed
- Daily milk procurement capacity targeting 5 million litres next year, up from roughly 4.3 million litres currently
- Milk procurement costs rose 20%-22% in the past 15 months; management expects supply to outpace demand in 8-10 months
Hatsun Agro Product Ltd. has partnered with the Government of Odisha and State Bank of India to launch the 'Go-Dhan' initiative. The program aims to support over 6,000 dairy farms across 15 districts in Odisha over the next three years. It facilitates access to institutional credit, farm mechanization, and state subsidies under the Mukhyamantri Krushi Udyog Yojana (MKUY). This initiative supports Hatsun's procurement base in Eastern India following its acquisition of Milk Mantra, targeting supply to Odisha, West Bengal, and North Andhra Pradesh.
- Targets benefiting 6,000 dairy farmers across 15 districts of Odisha
- Implementation timeline set over the next 3 years in a phased manner
- Partnership formed with Government of Odisha, APICOL, and State Bank of India
- Aims to leverage Mukhyamantri Krushi Udyog Yojana (MKUY) subsidy schemes for dairy development
Hatsun Agro Product Limited announced the scrutinizer's report for its 41st Annual General Meeting held on September 25, 2026. All six resolutions were approved by shareholders with over 99.7% votes in favor, with zero invalid votes. Key approvals include the adoption of FY26 financial statements, confirmation of interim dividend, and the continuation of Mr. R.G. Chandramogan as Chairman and Non-Executive Non-Independent Director. Overall voter participation was strong, representing 91.55% of outstanding voting rights.
- All 6 resolutions passed with overwhelming shareholder approval (lowest approval was 99.7833% for Resolution 6)
- Total voter turnout stood at 91.5486% of total voting rights (20,39,22,901 votes polled out of 22,27,48,268 shares)
- Continuation of Mr. R.G. Chandramogan as Chairman approved with 99.7833% votes in favor (20,34,80,958 votes)
- Zero invalid votes were recorded across all resolutions transacted at the AGM
Hatsun Agro Product has received an unsolicited ESG rating from CRISIL ESG Ratings & Analytics Limited. The rating agency assigned an 'ESG Score 58' based entirely on publicly available disclosures. The company clarified that it did not engage or commission CRISIL for this assessment. This update does not alter financial fundamentals or earnings outlook.
- Assigned rating of 'ESG Score 58' by CRISIL ESG Ratings & Analytics Limited
- Review was conducted voluntarily by CRISIL based purely on publicly disclosed information
- Company confirmed it has not formally engaged CRISIL for the assessment
- Intimation filed on September 11, 2026 under SEBI LODR Regulation 30
Hatsun Agro Product Limited has issued a statutory intimation regarding the dispatch of letters to shareholders without registered email addresses, providing access links to the FY25-26 Annual Report and AGM Notice. The company's 41st Annual General Meeting is scheduled for 25th September 2026 via Video Conferencing. Key timelines include the e-voting cut-off date on 18th September 2026 and the voting window open from 22nd to 24th September 2026.
- 41st Annual General Meeting scheduled for 25th September 2026 at 10:00 AM IST via Video Conferencing
- Cut-off date for e-voting eligibility set for Friday, 18th September 2026
- Remote e-voting window runs from 22nd September 2026 (09:00 AM) to 24th September 2026 (05:00 PM)
- Filing issued in compliance with Regulation 36(1)(b) of SEBI LODR Regulations for members with unregistered emails as on 28th August 2026
Hatsun Agro Product Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 as part of its Annual Report. The report includes an Independent Auditor's Limited Assurance Report from Deloitte Haskins & Sells LLP covering core KPIs. As per disclosures, the company operated 22 plants in India and reported FY26 turnover of ₹9,959.22 crore, with exports contributing 0.27% of revenue. The filing is a statutory compliance disclosure and contains no new financial or operational developments.
- Published FY26 BRSR with limited assurance provided by Deloitte Haskins & Sells LLP
- Turnover disclosed for FY26 at ₹9,959.22 crore and Net Worth at ₹1,944.52 crore
- Total footprint includes 22 plants across India and 1 office in the USA (New Jersey)
- Exports accounted for 0.27% of the total turnover in FY26
- Total permanent workforce comprised 4,855 employees and 847 permanent workers as of March 31, 2026
Hatsun Agro Product Limited has announced its book closure dates from September 24, 2026 to September 25, 2026 (both days inclusive) for its 41st Annual General Meeting (AGM). The AGM is scheduled to take place on September 25, 2026. This is a standard regulatory filing under Regulation 42 of SEBI LODR Regulations, 2015 for equity shareholders holding ISIN: INE473B01035.
- Book closure fixed from September 24, 2026 to September 25, 2026 (both days inclusive)
- 41st Annual General Meeting scheduled for September 25, 2026
- Applies to fully paid-up equity shares under ISIN: INE473B01035
- Decision originally taken at the Board of Directors meeting held on July 21, 2026
Hatsun Agro Product Limited has dispatched the notice for its 41st Annual General Meeting (AGM), scheduled to be held on September 25, 2026. Along with the notice, the company published its comprehensive Annual Report for the financial year ended March 31, 2026 (FY26). The disclosures detail operational milestones, including milk procurement from over 5 lakh farmers across 13,226+ collection points, and governance structures. This is a routine statutory disclosure without unexpected corporate actions.
- 41st Annual General Meeting scheduled for September 25, 2026
- Annual Report published for the financial year ended March 31, 2026
- Discloses milk sourcing network covering over 5 lakh farmers and 13,226+ collection points
Hatsun Agro Product Limited issued a press release highlighting the debut of its flagship brand, Arun Icecreams, at the New York India Day Parade on August 16, 2026. The brand set up consumer booths on Madison Avenue and distributed over 15,000 ice creams as part of its brand visibility efforts in the United States. While the initiative aligns with Hatsun's strategy to expand overseas distribution, no commercial contracts or revenue targets for the US market were disclosed. Against Hatsun's TTM revenue of ₹9,624 Cr, the immediate financial impact of this promotional event is negligible.
- Distributed more than 15,000 ice creams across multiple flavours at the New York India Day Parade on August 16, 2026
- Marked Arun Icecreams' first-ever participation in the event to support its expanding US presence
- Company footprint includes 4,200+ HAP Daily outlets across Indian states and union territories
- Procures milk directly from over 5,00,000 farmers under ISO 22000 quality standards
Hatsun Agro Product Limited has scheduled one-on-one meetings with 11 major institutional investors on August 11, 2026, in Mumbai. The list includes prominent names such as SBI Mutual Fund, HDFC Mutual Fund, Goldman Sachs Asset Management, and ICICI Prudential Mutual Fund. The company stated that discussions will focus on the general business outlook and will not involve unpublished price-sensitive information. This engagement comes as the company maintains its position as India's largest private dairy with a TTM revenue of Rs 9,624 crore.
- One-on-one meetings scheduled with 11 institutional investors on August 11, 2026
- Participants include top-tier funds like Goldman Sachs Asset Management and SBI Mutual Fund
- Company operates with a processing capacity exceeding 40 lakh litres of milk daily
- TTM revenue stands at Rs 9,624 crore with a net profit of Rs 348 crore
- Promoter holding remains stable at 73.17% as of the latest reporting period
Hatsun Agro Product (HAPL) has announced a significant ₹1000 crore capital expenditure plan for FY27, representing approximately 10% of its FY26 revenue and 51% of its current net worth. The investment aims to scale daily sales from 1.84 crore packs to 2.4 crore packs within two years. The company is targeting a revenue milestone of ₹12,000 crore for FY27, supported by a strong 19% growth rate observed in Q1FY27. Additionally, HAPL plans to expand its retail footprint from 4,100 to over 5,000 HAP Daily outlets by the end of the current financial year.
- Planned capex of ₹1000 crore for FY27 to enhance production, procurement, and distribution networks
- Targeting a 30% increase in daily product pack sales to 2.4 crore within the next two years
- Revenue guidance of ₹12,000 crore for FY27, up from ₹9,959 crore in FY26
- Retail expansion to over 5,000 HAP Daily outlets by FY-end, up from the current 4,100
- Milk procurement prices increased by 13% YoY, which the company is managing without immediate price hikes
Hatsun Agro Product Ltd (HAPL) reported a 19.31% YoY revenue increase to ₹3,090.49 cr for Q1 FY27, marking the first time the company has exceeded ₹3,000 cr in a single quarter. Despite the strong top-line growth, Profit After Tax (PAT) saw a marginal decline to ₹133.69 cr from ₹135.19 cr in Q1 FY26. EBITDA also softened slightly to ₹353.59 cr from ₹360.83 cr YoY, indicating margin pressure. The company achieved high volume growth, selling 153 crore consumer packs through its network of 4,700+ exclusive outlets.
- Revenue from operations grew 19.31% YoY to ₹3,090.49 cr in Q1 FY27.
- Quarterly revenue surpassed the ₹3,000 cr milestone for the first time in company history.
- Sold 153 crore consumer packs during the quarter, equivalent to serving the entire population of India.
- Maintains a robust distribution network of over 4,700 exclusive retail and distribution outlets.
- EBITDA stood at ₹353.59 cr, representing a slight contraction from ₹360.83 cr in the year-ago quarter.
Hatsun Agro Product Limited reported a strong 19.3% YoY revenue growth to ₹3,090.49 Cr for Q1 FY27. However, Net Profit (PAT) marginally declined by 1.1% to ₹133.69 Cr as the cost of materials consumed surged by 37.3% YoY to ₹2,155.75 Cr, indicating significant margin pressure. The company paid a substantial interim dividend of ₹10 per share during the quarter, totaling ₹222.75 Cr, which represents approximately 64% of its TTM PAT. The board also approved the re-appointment of R.G. Chandramogan as Chairman and J. Shanmuga Priyan as Managing Director.
- Revenue from operations increased 19.3% YoY to ₹3,090.49 Cr from ₹2,590.28 Cr.
- Cost of materials consumed rose sharply by 37.3% YoY to ₹2,155.75 Cr, outpacing revenue growth.
- Net Profit (PAT) stood at ₹133.69 Cr, a slight decrease from ₹135.19 Cr in the year-ago period.
- Interim dividend of ₹10 per share (1000%) was paid, involving a total cash outflow of ₹222.75 Cr.
- Finance costs saw a healthy reduction of 27% YoY, falling to ₹31.63 Cr from ₹43.38 Cr.
Company profilewritten 13 Dec 2025
Financial Performance
Revenue Growth by Segment
Milk & Milk Products segment accounts for 100% of turnover, which grew 8.9% YoY to INR 8,683 Cr in FY25. H1 FY26 revenue reached INR 5,018 Cr.
Geographic Revenue Split
Tamil Nadu contribution reduced to 55% in FY25 from higher historical levels. Other states including Karnataka, Andhra Pradesh, Telangana, Maharashtra, and Odisha contribute the remaining 45%.
Profitability Margins
Operating margins improved to 11.61% in FY25 from 9.65% in FY23. Net Profit Margin stood at 3.29% in FY25 compared to 3.34% in FY24.
EBITDA Margin
EBITDA margin was 11.6% in FY25 (INR 1,006 Cr). H1 FY26 EBITDA margin surged to 13.8%, representing 196% growth over H1 FY25.
Capital Expenditure
Historical investment in infrastructure such as freezers and cold storage totals approximately INR 1,100 Cr. Acquisition of Milk Mantra Dairy in FY25 cost INR 233 Cr.
Credit Rating & Borrowing
CRISIL AA-/Positive (revised from Stable in June 2025). Total bank loan facilities rated at INR 2,120 Cr. Interest coverage ratio is comfortable at 5.55 times.
Operational Drivers
Raw Materials
Raw milk (processed at 40 lakh litres daily) and Skimmed Milk Powder (SMP) are the primary raw materials, with SMP stock reduction being a key driver for working capital efficiency.
Import Sources
Sourced domestically from over 10,000 villages across Tamil Nadu, Andhra Pradesh, Karnataka, Telangana, Maharashtra, and Odisha.
Key Suppliers
Procurement is direct from over 5 lakh farmers through a network of 13,000 milk banks.
Capacity Expansion
Current processing capacity exceeds 40 lakh litres of milk daily across 23 factories. Planned expansion includes penetrating the Eastern market (Kolkata) from the Odisha base.
Raw Material Costs
Raw material costs are managed through direct procurement; SMP stock reduction lowered Gross Current Asset (GCA) days from 71 to 51 days in FY25.
Manufacturing Efficiency
ROCE stood at 11-13% over the last three fiscal years ending FY25, supported by high capacity utilization and integrated chilling units.
Logistics & Distribution
Distribution is handled through 4,000+ exclusive own outlets and distribution vessels to maintain a 0.5-day receivable cycle.
Strategic Growth
Expected Growth Rate
15-17.5%
Growth Strategy
Achieving growth through geographic expansion into Maharashtra and Odisha (via the INR 233 Cr Milk Mantra acquisition), scaling the 'Daily Moo' app, and expanding the product portfolio into premium chocolates (Havia) and mid-market chocolates (Hanobar).
Products & Services
Arokya milk, Arun ice creams, Hatsun curd, ghee, butter, Ibaco ice-cream chain, Santosa Cattle Feed, and Havia chocolates.
Brand Portfolio
Arun, Arokya, Hatsun, Ibaco, Santosa, Havia, Hanobar, and Oyalo (discontinued).
New Products/Services
Launched 'Slice It' ice cream range, new kulfi flavors, and fermented dairy products like yoghurt and dairy-based spreads in FY25.
Market Expansion
Expanding global distribution to Singapore, Seychelles, Brunei, Maldives, Mauritius, and UAE (Ajman).
Market Share & Ranking
Largest private sector dairy company in India; leading by more than two times the next private dairy competitor in milk and curd segments.
Strategic Alliances
Acquired Milk Mantra Dairy Private Limited (MMDPL) in January 2025 to anchor Eastern India expansion.
External Factors
Industry Trends
The dairy industry is growing at 8-10% annually, with a strong shift toward formalization and branded value-added products like curd and ice cream.
Competitive Landscape
Competes with Heritage Foods (7.9% EBITDA margin), Dodla Dairy (10.3%), and Parag Milk (1.6%). Hatsun maintains a superior 11.6% margin.
Competitive Moat
Moat is built on brand equity (three INR 1,000 Cr+ brands) and a massive direct-to-consumer retail network of 4,000+ outlets, which is highly sustainable and difficult for competitors to replicate.
Macro Economic Sensitivity
Sensitive to GST reforms; a cut in GST rates across dairy products is expected to accelerate sector formalization and benefit market leaders.
Consumer Behavior
Increasing preference for branded and packaged curd among working women, making curd the second-largest revenue source.
Geopolitical Risks
Trade barriers or regulatory changes in export markets like the UAE or Singapore could impact the global expansion strategy.
Regulatory & Governance
Industry Regulations
Compliant with National Standards including ISO 22000, FSSC 22000, and Export Import Certification (EIC).
Environmental Compliance
Committed to replacing electricity with 1,200 units/day of biogas and planting 2,500 trees across plants to meet ESG goals.
Taxation Policy Impact
Beneficiary of GST formalization; potential GST rate cuts on dairy products would further improve competitive positioning against unorganized players.
Legal Contingencies
No material pending court cases or fines related to corruption or conflicts of interest reported for FY25.
Risk Analysis
Key Uncertainties
Entry into non-mature markets like Odisha and Maharashtra involves high marketing overheads and intense competition, which could impact short-term profitability by 1-2%.
Geographic Concentration Risk
55% revenue concentration in Tamil Nadu remains a risk, though it is actively being mitigated by expansion into five other states.
Third Party Dependencies
High dependency on a network of 5 lakh farmers; any rural labor or feed/fodder shortages could disrupt the 40 lakh litre/day supply chain.
Technology Obsolescence Risk
Mitigated by the launch of the 'Daily Moo' app and adoption of advanced chilling and processing technologies.
Credit & Counterparty Risk
Extremely low risk as receivables are less than half a day of sales due to the direct-to-dealer payment model.
