Hatsun Agro Product Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2023 • Milk and Milk Products: 100.0%
AI Sector View
AI GENERATEDFast Moving Consumer Goods
Rural demand proxies are mixed. Tractor sales rose 18.0% YoY (2026-07) and 2-wheelers were up 23.0% YoY (2026-06), but rural employment slowed to 1.0% YoY (2026-07), fertiliser sales were 0.0% YoY (2026-05), and food inflation of 5.52% (Jul/26) can pressure household budgets. FPI outflows remain heavy at INR -8081 crore over 3 months to 2026-08-31, limiting upside.
PROS
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 3.25x)
- Company has been maintaining a healthy dividend payout of 37.5%
- Company has a consistent dividend-paying track record
- Company generates healthy free cash flow
- Company converts assets efficiently - asset turnover of 1.8x
CONS
- Stock is trading at 10.5x its book value
- Company has delivered a poor profit growth of 5.4% over past five years
- Expensive relative to growth - PEG of 2.5
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| NESTLEIND | 1396.00 | 70.63 | 269192.68 | 0.86 | 9586.80 | 1382.67 | 63781.80 | 1157.04 | 98.35 | 23.86 |
| VBL | 411.30 | 41.09 | 139120.78 | 0.36 | 1525.36 | 15.08 | 8650.57 | 20.77 | 20.73 | 27.04 |
| BRITANNIA | 5011.00 | 46.35 | 120699.10 | 1.81 | 593.38 | 14.08 | 4999.97 | 10.26 | 56.48 | 16.77 |
| JUBLFOOD | 472.95 | 71.91 | 31207.38 | 0.25 | 100.03 | 6.03 | 2569.65 | 13.66 | 25.56 | 19.77 |
| HATSUN | 1192.20 | 76.24 | 26556.05 | 0.50 | 60.58 | — | 2363.72 | 17.61 | 17.40 | 10.81 |
| MILKYMIST | 279.35 | 169.32 | 21505.58 | 0.00 | 646.79 | — | 9734.46 | — | 13.79 | 14.77 |
| ZYDUSWELL | 565.60 | 95.62 | 17995.17 | 0.21 | 118.90 | -7.04 | 1437.00 | 67.54 | 4.42 | 16.82 |
| DEVYANI | 135.85 | 0.00 | 16749.49 | 0.00 | 171.04 | 7576.84 | 15805.16 | 1064.74 | 8.98 | 16.09 |
| LTFOODS | 442.00 | 23.97 | 15348.58 | 0.68 | 183.45 | 8.87 | 3151.83 | 27.92 | 19.77 | 11.26 |
| BIKAJI | 567.20 | 55.01 | 14221.77 | 0.22 | 59.47 | 1.62 | 734.26 | 15.26 | 21.65 | 13.48 |
| MANORAMA | 2082.90 | 53.30 | 13147.76 | 0.04 | 78.66 | 67.55 | 404.01 | 39.53 | 35.00 | 26.29 |
| KWIL | 41.56 | 0.00 | 9764.90 | 0.00 | 50.70 | 354.77 | 878.30 | 99.34 | — | 11.77 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,151 | 1,905 | 1,887 | 2,047 | 2,375 | 2,072 | 2,010 | 2,243 | 2,535 | 2,381 | 2,315 | 2,578 | 3,090 | |
| 1,913 | 1,687 | 1,675 | 1,817 | 2,045 | 1,831 | 1,796 | 2,018 | 2,165 | 2,051 | 2,058 | 2,342 | 2,923 | |
| Operating Profit | 238 | 219 | 213 | 230 | 330 | 241 | 214 | 224 | 370 | 331 | 257 | 235 | 168 |
| OPM % | 11.06% | 11.48% | 11.27% | 11.22% | 13.91% | 11.64% | 10.66% | 10.01% | 14.61% | 13.89% | 11.11% | 9.13% | 5.43% |
| 2 | 14 | 4 | 2 | 2 | 7 | 2 | 9 | 3 | 4 | 2 | 3 | 3 | |
| Interest | 34 | 32 | 38 | 50 | 46 | 45 | 43 | 48 | 43 | 37 | 33 | 32 | 32 |
| Depreciation | 97 | 100 | 102 | 111 | 111 | 116 | 117 | 127 | 129 | 136 | 139 | 146 | 151 |
| Profit before Tax | 109 | 101 | 77 | 71 | 176 | 88 | 56 | 59 | 201 | 162 | 88 | 60 | 171 |
| Tax % | 26.51% | 23.40% | 25.12% | 26.44% | 25.65% | 26.49% | 26.46% | 26.54% | 26.44% | 25.63% | 23.47% | 14.86% | 21.67% |
| Net Profit | 80 | 78 | 57 | 52 | 131 | 64 | 41 | 43 | 148 | 120 | 67 | 51 | 134 |
| 3.60 | 3.48 | 2.58 | 2.34 | 5.86 | 2.89 | 1.84 | 1.93 | 6.65 | 5.40 | 3.01 | 2.28 | 6.00 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 4,198 | 4,287 | 4,760 | 5,308 | 5,551 | 6,370 | 7,247 | 7,990 | 8,700 | 9,959 | 10,364 | |
| 3,820 | 3,916 | 4,319 | 4,758 | 4,749 | 5,649 | 6,546 | 7,091 | 7,690 | 8,786 | 9,373 | |
| Operating Profit | 378 | 372 | 441 | 550 | 802 | 721 | 701 | 899 | 1,010 | 1,174 | 991 |
| OPM % | 9.01% | 8.67% | 9.27% | 10.36% | 14.45% | 11.32% | 9.68% | 11.25% | 11.61% | 11.78% | 9.56% |
| 7 | 8 | 6 | 9 | 6 | 10 | 11 | 23 | 20 | 17 | 12 | |
| Interest | 70 | 88 | 86 | 106 | 108 | 107 | 126 | 154 | 182 | 146 | 134 |
| Depreciation | 143 | 174 | 201 | 296 | 295 | 311 | 362 | 409 | 470 | 574 | 572 |
| Profit before Tax | 172 | 119 | 161 | 156 | 404 | 314 | 225 | 358 | 377 | 470 | 480 |
| Tax % | 21.16% | 23.46% | 28.75% | 28.21% | 32.35% | 20.87% | 26.14% | 25.32% | 26.10% | 24.29% | 22.48% |
| Net Profit | 135 | 91 | 115 | 112 | 274 | 248 | 166 | 267 | 279 | 356 | 372 |
| EPS | 8.90 | 5.88 | 7.19 | 5.21 | 11.43 | 9.88 | 7.54 | 12.00 | 12.51 | 15.99 | — |
| Dividend Payout % | 44.96% | 67.01% | 55.65% | 86.40% | 63.03% | 52.10% | 80.58% | 50.02% | 47.95% | 37.53% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 11%
- 5 Years:
- 12%
- 3 Years:
- 11%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 19%
- 5 Years:
- 5%
- 3 Years:
- 29%
STOCK PRICE CAGR
- 10 Years:
- 18%
- 5 Years:
- 0%
- 3 Years:
- 1%
- 1 Year:
- 35%
RETURN ON EQUITY
- 10 Years:
- 22%
- 5 Years:
- 18%
- 3 Years:
- 18%
- Last Year:
- 19%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 15 | 15 | 16 | 16 | 22 | 22 | 22 | 22 | 22 | 22 |
| 333 | 350 | 789 | 888 | 1,000 | 1,087 | 1,418 | 1,550 | 1,695 | 1,922 | |
| 920 | 1,300 | 1,029 | 1,374 | 1,561 | 1,890 | 1,718 | 2,185 | 2,066 | 1,413 | |
| Trade Payables | 170 | 171 | 178 | 142 | 140 | 147 | 184 | 188 | 253 | 328 |
| 149 | 195 | 235 | 294 | 395 | 756 | 788 | 1,348 | 1,495 | 1,552 | |
| Total Liabilities | 1,588 | 2,032 | 2,246 | 2,714 | 3,117 | 3,901 | 4,131 | 5,293 | 5,531 | 5,237 |
| 991 | 1,217 | 1,408 | 1,756 | 1,929 | 2,410 | 2,615 | 2,767 | 3,274 | 3,493 | |
| Capital Work in Progress | 90 | 259 | 233 | 355 | 384 | 237 | 254 | 238 | 284 | 59 |
| 0 | 0 | 0 | 0 | 8 | 14 | 21 | 30 | 37 | 43 | |
| 297 | 384 | 403 | 374 | 570 | 609 | 576 | 1,452 | 996 | 591 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10 | 8 | 5 | |
| Cash & Bank | 55 | 33 | 36 | 45 | 39 | 40 | 42 | 53 | 71 | 51 |
| 154 | 139 | 165 | 185 | 186 | 592 | 623 | 742 | 861 | 995 | |
| Total Assets | 1,588 | 2,032 | 2,246 | 2,714 | 3,117 | 3,901 | 4,131 | 5,293 | 5,531 | 5,237 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 470 | 308 | 410 | 577 | 613 | 682 | 806 | -71 | 1,450 | 1,557 | |
| Cash from Investing | -569 | -523 | -343 | -537 | -418 | -565 | -441 | -388 | -882 | -435 |
| Cash from Financing | 162 | 223 | -31 | -7 | -106 | -8 | -300 | 474 | -564 | -1,130 |
| 26 | -23 | 1 | 8 | -7 | 3 | 0 | 14 | 4 | -8 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Hatsun Agro Product Limited has informed the Exchange about ESG Ratings assigned by CRISIL ESG Ratings & Analytics Limited
2026-09-03 - Hatsun Agro Product Limited has informed the Exchange about Copy of Newspaper Publication: Newspaper advertisement - Intimating the Notice of 41st Annual General Meeting
2026-09-03 - Hatsun Agro Product Limited has informed the Exchange about Dispatch of letter to members as per Regulation 36(1)(b) of the SEBI (LODR) Regulations
2026-09-02 - Hatsun Agro Product Limited has informed the Business Responsibility and Sustainability Report (BRSR) for the financial year 2025-26
2026-09-02 - Hatsun Agro Product Limited has informed the Exchange that Book Closure for the purpose of 41st AGM from 24th September, 2026 to 25th September, 2026
2026-09-02 - Hatsun Agro Product Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 25, 2026
2026-08-29 - Hatsun Agro Product Limited has informed the Exchange about Copy of Newspaper Publication to the Shareholders
2026-08-17 - Hatsun Agro Product Limited has informed the Exchange regarding a press release dated August 17, 2026, titled "Press Release on Arun Icecreams Debuts at New York India Day Parade as US Presence Grows".
2026-08-06 - Hatsun Agro Product Limited has informed the Exchange about Schedule of meet
News
Recent coverage and analyst commentary for HATSUN
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