Hatsun Agro Product Ltd.

NSE: HATSUN · Dairy Products · sector

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₹968.10NSE close 2026-10-27

Key numbers

Market cap₹21,569 cr

Price₹968.10

52w high / low₹1,350 / ₹855

P/E58.7xSector median 23.0x

P/B10.9xSector median 2.9x

Book value₹88.6

Dividend yield0.62%Sector median 0.34%

ROE19.2%Sector median 14.8%

ROCE18.6%Sector median 14.1%

OPM10.8%Sector median 4.2%

Debt / equity0.64xSector median 0.31x

EV/EBITDA19.4xSector median 14.7x

Interest cover4.7x

Current ratio0.44x

Sales growth 3y+11.2%Sector median +11.8%

Profit growth 3y+29.0%Sector median +29.7%

PEG2.07x

Last 12 months to Sep 2026, Standalone. "Sector median" = middle value of 15 companies in Dairy Products (P/E median leaves out loss-making companies). Tap ? for what a number means.

Things to know

Cash ₹51 cr vs borrowings ₹1,332 cr (FY26): borrowings are higher by ₹1,281 cr.
Operating profit covered interest 4.7x in the last 12 months.
No promoter shares are pledged.
Operating cash flow was below net profit in 1 of the last 5 years (FY24).
Revenue was higher than a year earlier in 4 of the last 4 quarters.
Other income was 3% of net profit in the last 12 months.
Dividend paid in 5 of the last 5 financial years.
Price ₹968.10 on 2026-10-27: -28.3% from the 52-week high, +13.2% from the 52-week low.

Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.

Charts

Weekly close · high ₹1,194.70 · low ₹871.40

Quarterly results

₹ cr	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue	2,010	2,210	2,535	2,381	2,315	2,578	3,090	2,898
EBITDA	214	228	370	331	257	235	351	331
OPM %	10.7%	10.3%	14.6%	13.9%	11.1%	9.1%	11.3%	11.4%
Other income	2	8	3	4	2	3	3	5
Net profit	41	50	148	120	67	51	134	116
EPS (₹)	1.84	2.23	6.65	5.40	3.01	2.28	6.00	5.19
Revenue YoY					+15.2%	+16.6%	+21.9%	+21.7%
Profit YoY					+64.0%	+2.5%	-9.7%	-3.7%

Standalone figures where filed. Latest quarter Sep 2026.

Profit & loss (yearly)

₹ cr	FY22	FY23	FY24	FY25	FY26	TTM
Revenue	6,370	7,247	7,990	8,667	9,959	10,880
EBITDA	721	701	899	1,014	1,177	1,175
Net profit	218	166	267	285	356	367
EPS (₹)	10.05	7.54	12.00	12.81	15.99	16.48
Revenue growth		+13.8%	+10.3%	+8.5%	+14.9%	+19.1%
Profit growth		-23.9%	+61.2%	+6.8%	+24.8%	+2.4%
Dividend / share (₹)	6.00	6.00	6.00	6.00	6.00

Compounded growth	3 years	5 years	Last 12 months
Sales	+11.2%	+12.3%	+19.1%
Net profit	+29.0%	+7.7%	+2.4%
EPS	+28.5%	+6.9%	–
Share price	–	-1.7% (2y)	+25.4%

Balance sheet

₹ cr	FY22	FY23	FY24	FY25	FY26
Shareholders' equity	–	1,441	1,572	1,724	1,945
Borrowings	–	1,448	2,272	2,097	1,332
Cash & equivalents	–	42	53	62	51
Total assets	–	3,751	4,735	4,832	4,443
Fixed assets	–	2,601	2,755	3,037	3,347
Capital work in progress	–	254	238	245	59
Investments	–	21	30	267	43
Receivables	–	8	10	28	5
Inventory	–	576	1,452	987	591
Payables	–	184	188	241	328

Year-end figures from the March annual filing.

Cash flow

₹ cr	FY22	FY23	FY24	FY25	FY26
Cash from operations	576	741	-71	1,443	1,557
Cash from investing	-565	-441	-388	-880	-435
Cash from financing	-8	-300	474	-564	-1,130
Capex	588	471	535	653	439
Free cash flow	-11	270	-607	790	1,118

Free cash flow = cash from operations − capex.

Ratios by year

₹ cr	FY22	FY23	FY24	FY25	FY26
ROE %	–	11.5%	17.0%	16.6%	18.3%
ROCE %	–	12.1%	13.3%	14.9%	18.8%
Debtor days	–	0	0	1	0
Inventory days	–	41	94	60	31
Payable days	–	13	12	15	17
Cash conversion cycle (days)	–	28	82	46	14
Working capital days	–	-22	-11	-27	-24

Shareholding

Holder (% of shares)	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026	Change since Sep 2025
Promoters	73.17%	–	73.17%	73.17%	73.64%	+0.47 pts
FIIs	3.26%	–	3.14%	3.12%	3.06%	-0.20 pts
DIIs	10.36%	–	10.26%	10.26%	10.28%	-0.08 pts
of which Mutual funds	9.89%	–	9.75%	9.75%	9.84%	-0.05 pts
Public (non-institutions)	13.21%	–	13.43%	13.45%	13.02%	-0.19 pts
No. of shareholders	34,727	–	28,179	28,463	26,619	-23.3%

PromotersFIIsDIIsPublic (non-institutions)

Promoter group	%
Chandramogan R G	55.35%
Sathyan C	9.80%
Deviga Suresh	4.43%
Lalitha C	1.15%
Dolly Sathyan	1.10%
Vivin Srinesh	0.90%
Vismita Sathyan	0.90%

Public holders above 1%	%
SBI Focused Equity Fund Various Scheme	9.46%
Malabar India Fund Limited	1.77%
Sriram Vaidyanathan	1.11%

26,619 shareholders. Pledged: 0.00% of promoter shares.

From the company's quarterly shareholding-pattern filings on the exchange (NSE/BSE), latest as of Sep 2026. "pts" = percentage points; the number of shareholders is as filed by the company. No filing on our file for Dec 2025 (shown as –).

Peers in Dairy Products

Company	Market cap	P/E	P/B	ROE	ROCE	OPM	Sales 3y	Div yield
HATSUN	₹21,569 cr	58.7x	10.9x	19.2%	18.6%	10.8%	+11.2%	0.62%
MILKYMIST	₹19,256 cr	–	–	–	–	–	–	–
KWIL	₹8,225 cr	–	12.2x	-54.9%	-54.8%	-10.0%	–	–
DODLA	₹5,968 cr	24.4x	3.6x	15.9%	15.1%	6.7%	+13.6%	0.21%
VADILALIND	₹5,193 cr	23.7x	6.1x	30.3%	32.6%	18.7%	+12.4%	0.29%
HERITGFOOD	₹3,305 cr	28.7x	2.9x	10.5%	12.1%	5.1%	+11.8%	0.70%
PARAGMILK	₹3,031 cr	23.0x	2.4x	11.3%	13.1%	6.7%	+9.7%	0.40%
VADILENT	₹817 cr	15.1x	24.7x	49.3%	28.8%	3.0%	+9.4%	0.02%
SCPL	₹607 cr	29.2x	3.9x	14.8%	17.4%	11.6%	–	–
MLKFOOD	₹230 cr	3.6x	1.0x	22.6%	21.4%	2.5%	-4.0%	–

All 15 companies in Dairy Products →

Dividends & corporate actions

Ex-date	Action	Detail
2026-05-26	Dividend	Interim Dividend - Rs 10 Per Share
2025-07-24	Dividend	Interim Dividend - Rs 6 Per Share
2024-08-26	Other	Annual General Meeting
2024-07-24	Dividend	Interim Dividend - Rs 6 Per Share
2023-09-01	Other	Annual General Meeting
2023-07-27	Dividend	Interim Dividend - Rs 6 Per Share
2022-12-07	Rights	Rights 1:30 @ Premium Rs 418/-
2022-09-15	Other	Annual General Meeting
2022-07-26	Dividend	Interim Dividend - Rs 6 Per Share
2021-08-27	Other	Annual General Meeting
2021-07-22	Dividend	Interim Dividend - Rs 6 Per Share
2020-12-09	Bonus	Bonus 1:3
2020-09-21	Other	Annual General Meeting
2020-07-28	Dividend	Interim Dividend - Rs 4 Per Share Special Dividend Rs 4 Per Share
2020-03-17	Dividend	Interim Dividend - Rs 2 Per Share
2019-08-27	Other	Annual General Meeting
2019-07-25	Dividend	Interim Dividend - Rs 2 Per Share
2019-05-09	Dividend	Interim Dividend - Rs 2 Per Share
2019-01-31	Dividend	Interim Dividend - Rs 2 Per Share
2018-09-04	Other	Annual General Meeting

Latest filings

22 Oct 2026
Press Release
Hatsun Agro Product Limited has informed the Exchange regarding a press release dated October 22, 2026, titled "Press Release about Unaudited Financial Results for the quarter and half year ended 30th September, 2026".
22 Oct 2026
Outcome of Board Meeting
Hatsun Agro Product Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026.
12 Oct 2026
General Updates
Hatsun Agro Product Limited has informed the Exchange about General Updates on News Article published in Electronic / Online media on 12th October, 2026
28 Sep 2026
Press Release
Hatsun Agro Product Limited has informed the Exchange regarding a press release dated September 28, 2026, titled "Press release on Hatsun Agro Product Limited partners with Government of Odisha and State Bank of India…
26 Sep 2026
Shareholders meeting
Hatsun Agro Product Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on September 25, 2026. Further, the company has informed the Exchange regarding voting results.
25 Sep 2026
Shareholders meeting
Hatsun Agro Product Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 25, 2026
11 Sep 2026
General Updates
Hatsun Agro Product Limited has informed the Exchange about ESG Ratings assigned by CRISIL ESG Ratings & Analytics Limited
3 Sep 2026
General Updates
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
2 Sep 2026
General Updates
Hatsun Agro Product Limited has informed the Business Responsibility and Sustainability Report (BRSR) for the financial year 2025-26
2 Sep 2026
Record Date
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
2 Sep 2026
Shareholders meeting
Hatsun Agro Product Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 25, 2026
17 Aug 2026
Press Release
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".
6 Aug 2026
Analysts/Institutional Investor Meet/Con. Call Updates
Hatsun Agro Product Limited has informed the Exchange about Schedule of meet
5 Aug 2026
Press Release
Hatsun Agro Product Limited has informed the Exchange regarding a press release dated August 05, 2026, titled "Hatsun Agro Product plans ₹1000 crore capex in FY27 to enhance Production".

Filed by the company on NSE in the last 3 months (routine notices left out). The text under each title is a short extract of the company's own filing; the link opens the full original file on the NSE website. Fetched 27 Oct 2026.

Documents

Links go to the original files on the exchange website.

About the company

Milk and Milk Products: Manufacturing, Distribution, Sales & Marketing


Sector	Fast Moving Consumer Goods
Industry	Dairy Products
Sub-industry	Dairy Products
Symbol	HATSUN
BSE code	531531
ISIN	INE473B01035
Face value	₹1.0
Incorporated	1986-03-04
Website	WWW.HAP.IN
Plants (India / abroad)	22 / 0

From the company's filings (BRSR FY26).

Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-27.