Hatsun Agro Product Ltd
Hatsun Agro Product Limited has been in business for over 5 decades and achieved the position of the largest private-sector industry in the Dairy sector manufacturing and marketing Milk and Milk products, Ice-Cream, etc. [1] It was incorporated by Mr. R G Chandramogan, who has been in the dairy business for more than 30 years. [2] Its journey began with Arun Icecreams. [3]
- Market Cap ₹ 27,273 Cr.
- Current Price ₹ 1,224
- High / Low ₹ 1,240 / 731
- Stock P/E 74.6
- Book Value ₹ 87.3
- Dividend Yield 0.82 %
- ROCE 15.2 %
- ROE 19.2 %
- Face Value ₹ 1.00
Pros
- Company has reduced debt.
- Company has been maintaining a healthy dividend payout of 45.2%
Cons
- Stock is trading at 14.0 times its book value
- Company might be capitalizing the interest cost
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,933 | 3,445 | 4,198 | 4,287 | 4,760 | 5,308 | 5,551 | 6,370 | 7,247 | 7,990 | 8,700 | 9,959 | 10,413 | |
| 2,735 | 3,140 | 3,820 | 3,916 | 4,312 | 4,758 | 4,749 | 5,649 | 6,546 | 7,091 | 7,690 | 8,783 | 9,241 | |
| Operating Profit | 198 | 305 | 378 | 372 | 448 | 550 | 802 | 721 | 701 | 899 | 1,010 | 1,177 | 1,172 |
| OPM % | 7% | 9% | 9% | 9% | 9% | 10% | 14% | 11% | 10% | 11% | 12% | 12% | 11% |
| 6 | 5 | 7 | 8 | -1 | 9 | -22 | -21 | 11 | 23 | 20 | 14 | 12 | |
| Interest | 63 | 68 | 70 | 88 | 86 | 106 | 108 | 107 | 126 | 154 | 182 | 146 | 134 |
| Depreciation | 94 | 107 | 143 | 174 | 201 | 296 | 295 | 311 | 362 | 409 | 470 | 574 | 579 |
| Profit before tax | 47 | 134 | 172 | 119 | 161 | 156 | 377 | 283 | 225 | 358 | 377 | 470 | 471 |
| Tax % | 17% | 55% | 21% | 23% | 29% | 28% | 35% | 23% | 26% | 25% | 26% | 24% | |
| 39 | 60 | 135 | 91 | 115 | 112 | 246 | 218 | 166 | 267 | 279 | 356 | 365 | |
| EPS in Rs | 1.76 | 2.72 | 6.08 | 4.08 | 5.15 | 5.04 | 11.06 | 9.78 | 7.45 | 12.00 | 12.52 | 15.99 | 16.40 |
| Dividend Payout % | 50% | 72% | 45% | 67% | 56% | 58% | 70% | 59% | 81% | 50% | 48% | 38% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 11% |
| 5 Years: | 12% |
| 3 Years: | 11% |
| TTM: | 18% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 20% |
| 5 Years: | 7% |
| 3 Years: | 30% |
| TTM: | 23% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 18% |
| 5 Years: | 0% |
| 3 Years: | 2% |
| 1 Year: | 35% |
| Return on Equity | |
|---|---|
| 10 Years: | 19% |
| 5 Years: | 17% |
| 3 Years: | 18% |
| Last Year: | 19% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 11 | 11 | 15 | 15 | 16 | 16 | 22 | 22 | 22 | 22 | 22 | 22 |
| Reserves | 211 | 220 | 333 | 350 | 789 | 888 | 1,000 | 1,087 | 1,418 | 1,550 | 1,695 | 1,922 |
| 614 | 672 | 919 | 1,299 | 1,028 | 1,434 | 1,622 | 1,939 | 1,793 | 2,698 | 2,570 | 1,838 | |
| 220 | 255 | 320 | 367 | 413 | 376 | 474 | 494 | 472 | 464 | 577 | 660 | |
| Total Liabilities | 1,056 | 1,157 | 1,588 | 2,032 | 2,246 | 2,714 | 3,117 | 3,542 | 3,706 | 4,735 | 4,865 | 4,443 |
| 632 | 647 | 991 | 1,217 | 1,408 | 1,756 | 1,929 | 2,410 | 2,615 | 2,767 | 3,274 | 3,505 | |
| CWIP | 23 | 33 | 90 | 259 | 233 | 355 | 384 | 237 | 254 | 238 | 284 | 59 |
| Investments | 1 | 0 | 0 | 0 | 0 | 0 | 8 | 14 | 21 | 30 | 37 | 43 |
| 399 | 477 | 506 | 556 | 605 | 604 | 795 | 881 | 816 | 1,699 | 1,270 | 835 | |
| Total Assets | 1,056 | 1,157 | 1,588 | 2,032 | 2,246 | 2,714 | 3,117 | 3,542 | 3,706 | 4,735 | 4,865 | 4,443 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 62 | 219 | 433 | 277 | 375 | 552 | 518 | 576 | 741 | -71 | 1,450 | 1,557 | |
| -124 | -134 | -569 | -523 | -343 | -537 | -418 | -565 | -441 | -388 | -879 | -435 | |
| 76 | -79 | 162 | 223 | -31 | -7 | -106 | -8 | -300 | 474 | -564 | -1,130 | |
| Net Cash Flow | 13 | 6 | 26 | -23 | 1 | 8 | -7 | 3 | 0 | 14 | 7 | -8 |
| Free Cash Flow | -63 | 83 | -138 | -249 | 33 | 12 | 105 | 7 | 307 | -457 | 805 | 1,126 |
| CFO/OP | 37% | 82% | 124% | 83% | 91% | 105% | 76% | 95% | 115% | 6% | 155% | 143% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 2 | 2 | 4 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| Inventory Days | 43 | 51 | 36 | 45 | 44 | 36 | 55 | 50 | 41 | 94 | 60 | 31 |
| Days Payable | 18 | 20 | 20 | 20 | 19 | 14 | 13 | 12 | 13 | 12 | 15 | 17 |
| Cash Conversion Cycle | 27 | 32 | 19 | 26 | 25 | 24 | 42 | 39 | 28 | 83 | 45 | 14 |
| Working Capital Days | -24 | -24 | -41 | -55 | -30 | 10 | -43 | -37 | -24 | -14 | -31 | -26 |
| ROCE % | 14% | 23% | 22% | 14% | 15% | 13% | 21% | 15% | 11% | 13% | 13% | 15% |
Insights
In beta| Mar 2016 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
| Active Bulk Coolers (ABCs) count |
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| Farmer base (procurement reach) count |
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| Hatsun Milk Banks (HMBs) / procurement centres count |
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| Daily milk procurement LLPD (Lakhs of Litres Per Day) |
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| Own distribution outlets (HAP Daily) count |
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| Processing plants count |
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| Tamil Nadu revenue share % |
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| Ibaco premium ice cream outlets count |
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Extracted by Screener AI
Documents
Announcements
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CRISIL ESG Ratings
- CRISIL assigned Hatsun Agro Product an ESG Score of 58 on publicly available information.
- Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
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Announcement under Regulation 30 (LODR)-Newspaper Publication
- Newspaper Advertisement - Intimating the dispatch of Notice of 41st Annual General Meeting
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Dispatch Of Letter To Members As Per Regulation 36(1)(B) Of SEBI (LODR) Regulations
- 41st AGM on 25 September 2026; annual report 2025-26 and e-voting details shared.
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Business Responsibility and Sustainability Reporting (BRSR)
- Hatsun Agro filed FY2025-26 BRSR with Deloitte limited assurance on 2 September 2026.
Annual reports
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Annual Report 2026
from bse
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Annual Report 2025
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Annual Report 2024
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Annual Report 2023
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Annual Report 2022
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Annual Report 2021
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Annual Report 2020
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Annual Report 2019
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Annual Report 2018
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Annual Report 2017
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Annual Report 2016
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Annual Report 2015
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Annual Report 2014
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Annual Report 2013
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Annual Report 2012
from bse
Concalls
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Sep 2025TranscriptPPT
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Aug 2025TranscriptPPT
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Apr 2024TranscriptPPTREC
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Apr 2024TranscriptPPTREC
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Jul 2023TranscriptPPT
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May 2023TranscriptPPT
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Apr 2023TranscriptPPT
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Jul 2022TranscriptPPT
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May 2022TranscriptPPT
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Feb 2018TranscriptAI SummaryPPT
Product & Brand Portfolio:
a) Arun Ice-creams:[1]
It is South India’s leading ice cream brand, offering ice-cream bars, cups, shakes, tubs, cones, ice-cream sandwiches, etc.
b) Arokya & Hatsun:
Arokya is the largest private-sector milk brand and Hatsun is a portfolio brand of dairy products. The product range includes milk variants such
as curd, ghee, cooking butter, table butter, lassi, buttermilk, paneer, yogurt shakes, and cheese spread.
c) Ibaco:
It is a premium chain of ice cream outlets enabling consumers to create their own ice cream sundaes, with over 210 outlets as of
FY24.
d) HAP Daily:
The company’s products are distributed through the HAP Daily chain of outlets, HAP Daily has expanded its reach with over 3,850 outlets to Tamil Nadu, Pondicherry, Karnataka, Andhra Pradesh, and Telangana, and has started to make inroads into Maharashtra, Kerala, Orissa, Goa, Chhattisgarh, MP, WB, Jharkhand, Gujarat, etc. HAP Daily products are sent to stores from Kiranas and premium supermarkets to various outlets through distribution channels.
e) Hanobar Chocolates:
It offers a range of chocolates
infused with nuts, ganache, and
fruit fillings.
f) Havia:[2]
It is a premium chocolate brand that offers
a product range of Slabs, bonbons, cookies,
etc. made with nuts, milk, dark chocolate, almond & cashew, orange peel, cranberry hazelnut cashew, blackcurrant cashew, etc.
g) Santosa:[3]
It is an in-house brand for cattle feed
and cattle care. It provides a range of
cattle feed and supplements, such as
Bypass Pellets, XL, and Calf Starter, as
well as supplementary products like M
Care Plus, ImmunoCare, and trace minerals.[4]
h) Milky Moo:[5]:
Milk, curd, paneer, lassi, buttermilk;
DailyMoo direct-to-home platform
serving 3,500+ households.
i) Imiyo:[6]:
Fruit drinks - Mango, Orange, Mixed Fruit; launched in 2025
j) Aniva:[7]
Flavoured whey drinks -
Orange, Mixed Fruit,
Mango.