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 ₹ 23,413 Cr.
- Current Price ₹ 1,051
- High / Low ₹ 1,186 / 817
- Stock P/E 71.2
- Book Value ₹ 82.1
- Dividend Yield 0.57 %
- ROCE 12.9 %
- ROE 16.7 %
- Face Value ₹ 1.00
Pros
- Company has reduced debt.
Cons
- Stock is trading at 12.8 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2009 | Mar 2010 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|
| 1,013 | 1,141 | 7,990 | 8,700 | 9,270 | |
| 953 | 1,078 | 7,091 | 7,690 | 8,146 | |
| Operating Profit | 60 | 63 | 899 | 1,010 | 1,124 |
| OPM % | 6% | 5% | 11% | 12% | 12% |
| 2 | 4 | 23 | 20 | 19 | |
| Interest | 21 | 28 | 154 | 182 | 172 |
| Depreciation | 22 | 27 | 409 | 470 | 525 |
| Profit before tax | 20 | 12 | 358 | 377 | 446 |
| Tax % | 40% | 76% | 25% | 26% | |
| 12 | 3 | 267 | 279 | 329 | |
| EPS in Rs | 12.00 | 12.52 | 14.76 | ||
| Dividend Payout % | 17% | 37% | 50% | 48% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | 9% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | 7% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 17% |
| 5 Years: | 9% |
| 3 Years: | 6% |
| 1 Year: | -2% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| Last Year: | 17% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2009 | Mar 2010 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|
| Equity Capital | 7 | 7 | 22 | 22 | 22 |
| Reserves | 45 | 47 | 1,550 | 1,695 | 1,807 |
| 235 | 314 | 2,698 | 2,570 | 2,011 | |
| 73 | 98 | 464 | 577 | 589 | |
| Total Liabilities | 359 | 466 | 4,735 | 4,865 | 4,429 |
| 166 | 322 | 2,767 | 3,274 | 3,542 | |
| CWIP | 128 | 33 | 238 | 284 | 35 |
| Investments | 0 | 0 | 30 | 37 | 57 |
| 65 | 111 | 1,699 | 1,270 | 795 | |
| Total Assets | 359 | 466 | 4,735 | 4,865 | 4,429 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2009 | Mar 2010 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| 56 | 42 | -71 | 1,450 | |
| -140 | -85 | -388 | -879 | |
| 79 | 51 | 474 | -564 | |
| Net Cash Flow | -6 | 8 | 14 | 7 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2009 | Mar 2010 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Debtor Days | 3 | 4 | 0 | 0 |
| Inventory Days | 14 | 24 | 94 | 60 |
| Days Payable | 18 | 20 | 12 | 15 |
| Cash Conversion Cycle | -1 | 8 | 83 | 45 |
| Working Capital Days | -1 | 6 | -14 | -31 |
| ROCE % | 12% | 13% |
Documents
Announcements
-
Transcript Of The Interview Given By Mr. R G Chandramogan, Chairman Of The Company To ET Now On November 4, 2025
10 Nov - Transcript of RG Chandramogan's ET Now interview (Nov 4, 2025) discussing new high-protein launches, outlet expansion, distribution strategy.
-
News Article Of The Company Published In The Hindu Business Line On November 10, 2025
10 Nov - BusinessLine piece on Hatsun: FY25 revenue ₹8,683 crore; net ₹272 crore; H1 sales ₹5,018 crore; Milk Mantra ₹233 crore
-
Video Link Of The Interview Given By Mr. R G Chandramogan Chairman Of The Company To ET Now On November 4, 2025
5 Nov - Published ET Now interview link of Chairman (Nov 4, 2025); transcript by Nov 11, 2025.
-
Board Meeting Outcome for Board Meeting Outcome For The Meeting Held On 27Th October 2025
27 Oct - Board approved Q2/H1 results (Sep 30,2025); H1 PAT Rs.268.26cr; interim dividend Rs.6/share aggregating Rs.133.65cr.
- Unaudited Standalone And Consolidated Financial Results For The Quarter And Half Year Ended 30Th September 2025 27 Oct
Annual reports
-
Financial Year 2025
from bse
-
Financial Year 2024
from bse
-
Financial Year 2023
from bse
-
Financial Year 2022
from bse
-
Financial Year 2021
from bse
-
Financial Year 2020
from bse
-
Financial Year 2019
from bse
-
Financial Year 2018
from bse
-
Financial Year 2017
from bse
-
Financial Year 2016
from bse
-
Financial Year 2015
from bse
-
Financial Year 2014
from bse
-
Financial Year 2013
from bse
-
Financial Year 2012
from bse
-
Financial Year 2011
from bse
Concalls
-
Sep 2025TranscriptPPT
-
Aug 2025TranscriptPPT
-
Apr 2024TranscriptPPTREC
-
Apr 2024TranscriptPPTREC
-
Jul 2023TranscriptPPT
-
May 2023TranscriptPPT
-
Apr 2023TranscriptPPT
-
Jul 2022TranscriptPPT
-
May 2022TranscriptPPT
-
Feb 2018TranscriptNotesPPT
Product & Brand Portfolio
1) Arun Icecreams: It is South India’s leading ice cream brand, offering ice-cream bars, cups, shakes, tubs, cones, ice-cream sandwiches, etc. [1]