HATSUN - Hatsun Agro Products Ltd. Share Price

Food Products

₹876.20-12.85(-1.45%)

Market Closed as of Aug 13, 2025, 15:30 IST

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Valuation
Market Cap	19.87 kCr
Price/Earnings (Trailing)	65.56
Price/Sales (Trailing)	2.25
EV/EBITDA	20.73
Price/Free Cashflow	24.94
MarketCap/EBT	50.34
Enterprise Value	21.91 kCr

Fundamentals
Revenue (TTM)	8.85 kCr
Rev. Growth (Yr)	6.8%
Earnings (TTM)	296.35 Cr
Earnings Growth (Yr)	13.4%

Profitability
Operating Margin	5%
EBT Margin	4%
Return on Equity	17.19%
Return on Assets	6.13%
Free Cashflow Yield	4.01%

Price to Sales Ratio

Latest reported: 2

Revenue (Last 12 mths)

Latest reported: 9 kCr

Net Income (Last 12 mths)

Latest reported: 296 Cr

Growth & Returns
Price Change 1W	-1.1%
Price Change 1M	-8.9%
Price Change 6M	-12.6%
Price Change 1Y	-29.8%
3Y Cumulative Return	-4%
5Y Cumulative Return	10.4%
7Y Cumulative Return	7.9%
10Y Cumulative Return	15.1%

Cash Flow & Liquidity
Cash Flow from Investing (TTM)	-879.87 Cr
Cash Flow from Operations (TTM)	1.45 kCr
Cash Flow from Financing (TTM)	-563.85 Cr
Cash & Equivalents	57.73 Cr
Free Cash Flow (TTM)	796.94 Cr
Free Cash Flow/Share (TTM)	35.78

Balance Sheet
Total Assets	4.83 kCr
Total Liabilities	3.11 kCr
Shareholder Equity	1.72 kCr
Current Assets	1.14 kCr
Current Liabilities	1.78 kCr
Net PPE	3.11 kCr
Inventory	987.17 Cr
Goodwill	70.46 Cr

Capital Structure & Leverage
Debt Ratio	0.43
Debt/Equity	1.22
Interest Coverage	1.2
Interest/Cashflow Ops	9.1

Dividend & Shareholder Returns
Dividend/Share (TTM)	6
Dividend Yield	0.67%
Shares Dilution (1Y)	0.00%
Shares Dilution (3Y)	3.3%

Risk & Volatility
Max Drawdown	-21.4%
Drawdown Prob. (30d, 5Y)	19.62%
Risk Level (5Y)	35.5%

Pros

Smart Money: Smart money has been increasing their position in the stock.

Size: Market Cap wise it is among the top 20% companies of india.

Balance Sheet: Reasonably good balance sheet.

Buy Backs: Company has bought back it's stock in the past which is a good thing.

Cons

Past Returns: Underperforming stock! In past three years, the stock has provided -4% return compared to 11.6% by NIFTY 50.

Technicals: SharesGuru indicator is Bearish.

Momentum: Stock is suffering a negative price momentum. Stock is down -8.9% in last 30 days.

The Good, Bad and Ugly

Growth

Profitability

Size

Dilution Rank

Balance Sheet

Momentum

Technicals

Smart Money

Insider Trading

Investor Care
Dividend Yield	0.67%
Dividend/Share (TTM)	6
Shares Dilution (1Y)	0.00%
Earnings/Share (TTM)	13.61

Financial Health
Current Ratio	0.64
Debt/Equity	1.22

Technical Indicators
RSI (14d)	18.01
RSI (5d)	27.99
RSI (21d)	32.03
MACD Signal	Sell
Stochastic Oscillator Signal	Buy
Grufity Signal	Sell
RSI Signal	Buy
RSI5 Signal	Buy
RSI21 Signal	Hold
SMA 5 Signal	Sell
SMA 10 Signal	Sell
SMA 20 Signal	Sell
SMA 50 Signal	Sell
SMA 100 Signal	Sell

Summary of Latest Earnings Report from Hatsun Agro Products

Summary of Hatsun Agro Products's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated:

The management of Hatsun Agro Product Ltd. outlined a positive outlook, emphasizing growth and efficiency. Key points include:

Growth Guidance: Targeting 15"“20% sales growth in FY25"“26, driven by expanded procurement and market reach.
Margin Expansion: EBITA margins improved to 11.2% (vs. 8.7% YoY) due to lower procurement costs and operational efficiency. Further improvement to ~12.5"“13% is anticipated through gross margin gains (up 1.5% from 31%) and production optimization.
Debt Reduction: Plans to reduce debt from ~Rs.2,000 crore to ~Rs.500 crore by July 2026, contingent on limited expansion needs.
Product Mix: 96"“97% of revenue comes from branded products (ice cream, curd, milk), with value-added segments growing faster.
Geographic Diversification: Tamil Nadu's contribution (52% currently) to drop to 48% as non-south markets (e.g., Maharashtra, 9% now) expand.
Advertising Spend: Allocating ~2% of revenue to branding amid rising competition.
Summer Preparedness: Stockpiled 20%+ procurement to meet summer demand, leveraging buffer stocks and operational readiness.
Management remains confident in sustaining growth through efficiency, market leadership, and strategic geographic expansion.

Q&A Session

Last updated:

Question 1:
"Let's focus on Hatsun Agro Products... the margins have come in at 11.2% versus 8.7% same time last year... To discuss more on this... how much can you build on to it... do you see further reduction in prices? Can that aid your margins further? And... what kind of margin range are we looking at for the business?"
Answer Summary:
Margins improved due to reduced milk procurement costs and production efficiency. Summer preparedness includes 20% procurement buffer. FY25-26 sales growth guided at 15-20%, with potential for EBITA margin improvement.

Question 2:
"So 15-20% growth... on margins is it fair to assume... 13-14% margins as well in FY 25-26?"
Answer Summary:
Margins could increase by ~1.5% from 11.2% through procurement moderation, stock optimization, and production efficiency.

Question 3:
"Ok so that will be around 12 and a half to around 13%?"
Answer Summary:
Confirmed: Margin guidance for FY25-26 is ~12.5-13%.

Question 4:
"Your debt... around 2000 crores... you said... debt will come down to around 500 crores... Is that on track?"
Answer Summary:
Debt reduction to ~500 crores by July 2026 is achievable barring major expansions. Current buffer stock and operational efficiency support this target.

Question 5:
"Value added products... about 30% of your business... what are you expecting for these segments?"
Answer Summary:
96-97% of sales are branded products (milk, curd, ice cream), all contributing strong growth and margins. Market leadership drives segment performance.

Question 6:
"Will [curd, ice cream] grow much faster?"
Answer Summary:
Curd and ice cream are growing as a percentage of revenue versus milk, driven by higher margins and market demand.

Question 7:
"Gross margins... improved to almost 31%... Is there scope to improve further?"
Answer Summary:
Gross margins could improve by ~1.5% due to procurement efficiency and volume growth.

Question 8:
"What's your targeted spend on advertising... as a percentage of sales?"
Answer Summary:
Advertising spend will remain ~2% of revenue to maintain brand presence amid competition.

Question 9:
"Targeted contribution from... geographies... TamilNadu to decline... where do you see it headed?"
Answer Summary:
Tamil Nadu's contribution to revenue is expected to drop from 52% to 48% by FY25 as newer markets expand.

Question 10-13:
"Non-south... how much does it contribute... 9%... plans to increase?"
Answer Summary:
Non-south (primarily Maharashtra) contributes 9%, with growth tied to ice cream sales. Two factories in Maharashtra vs. 18 in the south; expansion focus remains on southern markets.

Share Holdings

Understand Hatsun Agro Products ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.

Holding Pattern

Major Shareholders

Share Holding Details

Shareholder Name	Holding %
CHANDRAMOGAN R G	54.88%
SATHYAN C	9.8%
SBI FOCUSED EQUITY FUND- VARIOUS SCHEMES	8.23%
DEVIGA SURESH	4.43%
MALABAR INDIA FUND LIMITED	1.69%
DSP MIDCAP FUND-VARIOUS SCHEMES	1.43%
LALITHA C	1.15%
DOLLY SATHYAN	1.1%
VIVIN SRINESH	0.9%
VISMITA SATHYAN	0.9%

Overall Distribution

Distribution across major stakeholders

Ownership Distribution

Distribution across major institutional holders

Is Hatsun Agro Products Better than it's peers?

Detailed comparison of Hatsun Agro Products against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
DODLA	Dodla Dairy	7.99 kCr	3.88 kCr	-7.10%	+12.90%	30.96	2.06	-	-
VADILALIND	Vadilal Industries	3.5 kCr	1.26 kCr	-7.40%	+15.80%	18.47	2.78	-	-
PARAGMILK	Parag Milk Foods	2.72 kCr	3.56 kCr	-4.00%	+22.80%	22.77	0.76	-	-

Sector Comparison: HATSUN vs Food Products

Comprehensive comparison against sector averages

Comparative Metrics

HATSUN metrics compared to Food

Category	HATSUN	Food
PE	65.56	39.88
PS	2.25	1.82
Growth	7.4 %	8.1 %

Performance Comparison

HATSUN vs Food (2021 - 2025)

Key Insights

1. HATSUN is among the Top 3 Dairy Products companies by market cap.
2. The company holds a market share of 36.1% in Dairy Products.
3. The company is growing at an average growth rate of other Dairy Products companies.

Income Statement for Hatsun Agro Products

Consolidated figures (in Rs. Crores) / View Standalone Data

AnnualQuarterly

Description	(%) Q/Q	Mar-2025	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020
Revenue From Operations	-	8,700	-	-	-	-	-
Other Income	-	20	-	-	-	-	-
Total Income	-	8,719	-	-	-	-	-
Cost of Materials	-	5,850	-	-	-	-	-
Purchases of stock-in-trade	-	5.16	-	-	-	-	-
Employee Expense	-	247	-	-	-	-	-
Finance costs	-	182	-	-	-	-	-
Depreciation and Amortization	-	470	-	-	-	-	-
Other expenses	-	1,411	-	-	-	-	-
Total Expenses	-	8,342	-	-	-	-	-
Profit Before exceptional items and Tax	-	377	-	-	-	-	-
Total profit before tax	-	377	-	-	-	-	-
Current tax	-	107	-	-	-	-	-
Deferred tax	-	-9	-	-	-	-	-
Total tax	-	98	-	-	-	-	-
Total profit (loss) for period	-	279	-	-	-	-	-
Other comp. income net of taxes	-	0.15	-	-	-	-	-
Total Comprehensive Income	-	279	-	-	-	-	-
Earnings Per Share, Basic	-	12.51	-	-	-	-	-
Earnings Per Share, Diluted	-	12.51	-	-	-	-	-

Description	(%) Q/Q	Jun-2025	Mar-2025	Dec-2024	Sep-2024	Jun-2024	Mar-2024
Revenue From Operations	15.5%	2,590	2,243	-	-	-	-
Other Income	-61.2%	3.92	8.52	-	-	-	-
Total Income	15.2%	2,594	2,251	-	-	-	-
Cost of Materials	7.2%	1,570	1,465	-	-	-	-
Purchases of stock-in-trade	930%	6.15	1.5	-	-	-	-
Employee Expense	0%	69	69	-	-	-	-
Finance costs	-10.6%	43	48	-	-	-	-
Depreciation and Amortization	7.9%	137	127	-	-	-	-
Other expenses	5.5%	407	386	-	-	-	-
Total Expenses	9.9%	2,410	2,193	-	-	-	-
Profit Before exceptional items and Tax	215.5%	184	59	-	-	-	-
Total profit before tax	215.5%	184	59	-	-	-	-
Current tax	350%	55	13	-	-	-	-
Deferred tax	-643.4%	-6.39	2.36	-	-	-	-
Total tax	220%	49	16	-	-	-	-
Total profit (loss) for period	219%	135	43	-	-	-	-
Other comp. income net of taxes	-13.3%	0.15	0.25	-	-	-	-
Total Comprehensive Income	219%	135	43	-	-	-	-
Earnings Per Share, Basic	445.2%	6.07	1.93	-	-	-	-
Earnings Per Share, Diluted	445.2%	6.07	1.93	-	-	-	-

Standalone figures (in Rs. Crores) / View Consolidated Data

AnnualQuarterly

Description	(%) Q/Q	Mar-2025	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020
Revenue From Operations	8.5%	8,667	7,990	7,247	6,370	5,570	5,308
Other Income	-18.2%	19	23	11	9.81	5.76	8.65
Total Income	8.4%	8,687	8,013	7,258	6,380	5,576	5,317
Cost of Materials	-8.4%	5,827	6,359	5,134	4,352	3,952	3,685
Purchases of stock-in-trade	-35.5%	4.9	7.05	8.66	5.36	3.6	2.69
Employee Expense	7.6%	243	226	224	210	188	168
Finance costs	18.3%	182	154	126	107	110	106
Depreciation and Amortization	13.7%	465	409	362	311	310	296
Other expenses	12.5%	1,402	1,246	1,139	1,031	798	830
Total Expenses	8.4%	8,301	7,655	7,033	6,066	5,211	5,161
Profit Before exceptional items and Tax	7.8%	386	358	225	314	364	156
Total profit before tax	7.8%	386	358	225	314	364	156
Current tax	-16.5%	107	128	65	90	128	53
Deferred tax	79.9%	-6.78	-37.8	-6.38	-24.86	-10.06	-8.68
Total tax	11.1%	101	91	59	65	118	44
Total profit (loss) for period	6.8%	285	267	166	218	246	112
Other comp. income net of taxes	72.9%	0.17	-2.06	-1.4	-1.32	0.01	-1.64
Total Comprehensive Income	8%	286	265	164	217	246	111
Earnings Per Share, Basic	7.4%	12.81	12	7.54	10.05	11.43	5.2425131
Earnings Per Share, Diluted	7.4%	12.81	12	7.54	10.05	11.43	5.205013

Description	(%) Q/Q	Jun-2025	Mar-2025	Dec-2024	Sep-2024	Jun-2024	Mar-2024
Revenue From Operations	14.7%	2,535	2,210	2,010	2,072	2,375	2,047
Other Income	-68.9%	3.31	8.43	2.25	6.62	2.17	2.16
Total Income	14.4%	2,538	2,219	2,012	2,079	2,377	2,049
Cost of Materials	6.1%	1,530	1,442	1,404	1,445	1,536	1,581
Purchases of stock-in-trade	-258.3%	0.62	1.24	1.17	1.31	1.18	0.83
Employee Expense	-1.6%	64	65	59	60	59	60
Finance costs	-10.6%	43	48	43	45	46	50
Depreciation and Amortization	6.7%	129	121	117	116	111	111
Other expenses	3.7%	391	377	333	331	362	338
Total Expenses	8.7%	2,337	2,151	1,956	1,991	2,202	1,978
Profit Before exceptional items and Tax	203%	201	67	56	88	176	71
Total profit before tax	203%	201	67	56	88	176	71
Current tax	350%	55	13	16	26	53	25
Deferred tax	-189.7%	-2.21	4.58	-1.31	-2.54	-7.51	-5.82
Total tax	205.9%	53	18	15	23	45	19
Total profit (loss) for period	200%	148	50	41	64	131	52
Other comp. income net of taxes	-21.9%	0.11	0.27	-0.05	-0.91	0.86	-2.42
Total Comprehensive Income	200%	148	50	41	63	131	50
Earnings Per Share, Basic	359.3%	6.65	2.23	1.84	2.89	5.86	2.34
Earnings Per Share, Diluted	359.3%	6.65	2.23	1.84	2.89	5.86	2.34

Balance Sheet for Hatsun Agro Products

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2025	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022
Cash and cash equivalents	-	58	-	-	-	-	-
Total current financial assets	-	94	-	-	-	-	-
Inventories	-	996	-	-	-	-	-
Total current assets	-	1,136	-	-	-	-	-
Property, plant and equipment	-	3,107	-	-	-	-	-
Capital work-in-progress	-	284	-	-	-	-	-
Goodwill	-	70	-	-	-	-	-
Non-current investments	-	37	-	-	-	-	-
Total non-current financial assets	-	106	-	-	-	-	-
Total non-current assets	-	3,729	-	-	-	-	-
Total assets	-	4,865	-	-	-	-	-
Borrowings, non-current	-	934	-	-	-	-	-
Total non-current financial liabilities	-	1,297	-	-	-	-	-
Provisions, non-current	-	25	-	-	-	-	-
Total non-current liabilities	-	1,346	-	-	-	-	-
Borrowings, current	-	1,162	-	-	-	-	-
Total current financial liabilities	-	1,737	-	-	-	-	-
Provisions, current	-	19	-	-	-	-	-
Total current liabilities	-	1,802	-	-	-	-	-
Total liabilities	-	3,147	-	-	-	-	-
Equity share capital	-	22	-	-	-	-	-
Total equity	-	1,718	-	-	-	-	-
Total equity and liabilities	-	4,865	-	-	-	-	-

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2025	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022
Cash and cash equivalents	36.1%	50	37	51	38	37	57
Total current financial assets	73.3%	105	61	80	136	70	87
Inventories	-13.9%	987	1,146	1,452	835	576	378
Total current assets	-7.6%	1,137	1,230	1,590	971	760	552
Property, plant and equipment	5.5%	3,037	2,878	2,755	2,597	2,601	2,500
Capital work-in-progress	52.5%	245	161	238	196	254	226
Investment property	-	0	0	0	0	-	0
Goodwill	0%	7.74	7.74	7.74	7.74	7.74	7.74
Non-current investments	731.2%	267	33	30	23	21	16
Total non-current financial assets	227.5%	335	103	95	93	91	82
Total non-current assets	14.6%	3,695	3,224	3,144	2,940	2,991	2,838
Total assets	8.5%	4,832	4,453	4,735	3,911	3,751	3,390
Borrowings, non-current	11.7%	934	836	956	754	780	878
Total non-current financial liabilities	52%	1,293	851	1,283	1,053	1,042	1,024
Provisions, non-current	-12%	23	26	20	18	14	0
Total non-current liabilities	9.2%	1,328	1,216	1,322	1,106	1,117	1,085
Borrowings, current	10.3%	1,162	1,054	1,316	829	668	675
Total current financial liabilities	20.1%	1,717	1,430	1,794	1,288	1,108	1,160
Provisions, current	63.6%	19	12	15	10	12	20
Current tax liabilities	-105.6%	0	19	0	13	0	-
Total current liabilities	10.9%	1,779	1,604	1,841	1,340	1,193	1,231
Total liabilities	10.2%	3,107	2,820	3,162	2,446	2,310	2,316
Equity share capital	0%	22	22	22	22	22	22
Total equity	5.6%	1,724	1,633	1,572	1,465	1,441	1,074
Total equity and liabilities	8.5%	4,832	4,453	4,735	3,911	3,751	3,390

Cash Flow for Hatsun Agro Products

Consolidated figures (in Rs. Crores) / View Standalone Data

Finance costs	-
Change in inventories	-
Depreciation	-
Net Cashflows from Operations	-
Interest received	-
Income taxes paid (refund)	-
Net Cashflows From Operating Activities	-
Proceeds from sales of PPE	-
Purchase of property, plant and equipment	-
Proceeds from sales of long-term assets	-
Purchase of other long-term assets	-
Interest received	-
Other inflows (outflows) of cash	-
Net Cashflows From Investing Activities	-
Proceeds from borrowings	-
Repayments of borrowings	-
Payments of lease liabilities	-
Dividends paid	-
Interest paid	-
Net Cashflows from Financing Activities	-
Net change in cash and cash eq.	-

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2025	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020
Finance costs	18.3%	182	154	126	108	-	-
Change in inventories	152.9%	465	-876.08	33	-39.4	-	-
Depreciation	13.7%	465	409	362	321	-	-
Impairment loss / reversal	-	0	0	0	-38.34	-	-
Net Cashflows from Operations	2732.7%	1,559	56	808	684	-	-
Interest received	-16.4%	-3.9	-3.21	-1.96	-1.84	-	-
Income taxes paid (refund)	-9.8%	112	124	64	106	-	-
Net Cashflows From Operating Activities	2090.1%	1,443	-71.46	741	576	-	-
Proceeds from sales of PPE	-92.6%	12	150	37	23	-	-
Purchase of property, plant and equipment	22.1%	653	535	471	588	-	-
Proceeds from sales of long-term assets	-44.5%	540	973	0	0	-	-
Purchase of other long-term assets	-45%	540	981	0	0	-	-
Interest received	31.2%	3.9	3.21	1.96	1.84	-	-
Other inflows (outflows) of cash	-979.5%	-9.29	2.17	-6.43	1.37	-	-
Net Cashflows From Investing Activities	-126.2%	-879.87	-388.45	-440.8	-565.12	-	-
Proceeds from issuing shares	-	0	0	297	0	-	-
Proceeds from borrowings	-88.7%	526	4,652	3,032	4,236	-	-
Repayments of borrowings	-81.7%	701	3,828	3,292	3,944	-	-
Payments of lease liabilities	11.3%	109	98	80	63	-	-
Dividends paid	0%	134	134	129	129	-	-
Interest paid	23.9%	146	118	128	108	-	-
Net Cashflows from Financing Activities	-219.4%	-563.85	474	-300.36	-8.22	-	-
Net change in cash and cash eq.	-112.8%	-0.67	14	0	3.04	-	-

What does Hatsun Agro Products Ltd. do?

Dairy Products•Fast Moving Consumer Goods•Small Cap

Hatsun Agro Product Limited engages in manufacturing and marketing of milk, milk products, and cattle feed in India and internationally. The company offers ice cream, kulfi flavours, premium desserts, chocolates, and fermented dairy products, such as yoghurt and dairy based spreads. It also provides dairy whitener, skimmed milk powder, ghee, paneer, and other prodcuts. It distributes its products through its distribution networks in Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, and Maharashtra under Arun Icecreams, Arokya, Hatsun, HAP daily, Ibaco, Dairy Ingredients, and Santosa brand names. Hatsun Agro Product Limited was incorporated in 1986 and is based in Chennai, India.

Industry Group:Food Products

Employees:5,222

Website:www.hap.in

HATSUN - Hatsun Agro Products Ltd. Share Price

Valuation

Fundamentals

Profitability

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)

Growth & Returns

Cash Flow & Liquidity

Balance Sheet

Capital Structure & Leverage

Dividend & Shareholder Returns

Risk & Volatility

Investor Care

Financial Health

Technical Indicators

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

What does Hatsun Agro Products Ltd. do?