Hatsun Agro Product Limited (HATSUN)

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Hatsun Agro Product Limited (HATSUN) · mywealthgrid

About

Dairy products operator in Indian consumer staples sector, with ₹21,842 Cr market cap. Quarterly revenues range ₹2.3–3.1 Cr; positioned as defensive staple with consistent multi-year dividend payout. Promoter-controlled (73.17%) mid-cap player.

Face value: ₹1

Market cap

₹24,900 Cr

P/E

71.5×

P/B

14.5×

Dividend yield

1.4%

ROE

16.2%

ROCE

18.3%

Debt / equity

1.22

OPM

11.6%

EPS (TTM)

₹15.6

Book value

₹77.1

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Margin compression: OPM fell from 14.61% (Jun 2025) to 9.13% (Mar 2026), indicating exposure to input cost or competitive pricing pressure
Earnings volatility: Net profit swung from ₹148.08 Cr to ₹50.89 Cr across recent quarters; verify whether this reflects seasonality, volume, or operational challenges
High financial leverage: D/E ratio 1.22 in a low-margin business (11.61% OPM) limits downside protection if operating environment tightens
Valuation risk: PE of 62.71 prices in earnings growth; verify earnings durability and growth visibility before upside assumptions

Generated analysis · source review pending

Growth drivers

Margin recovery: OPM rebounded from 9.13% (Mar 2026) to 11.35% (Jun 2026); verify if sustainable and whether it reflects input-cost moderation, pricing power, or product mix shift
Revenue momentum: Jun 2026 quarterly revenue ₹3,090.49 Cr is highest in dataset and 20% above Mar 2026 (₹2,577.63 Cr); verify if this is durable volume growth or seasonal spike
Dairy sector tailwinds: Rising middle-class consumption and protein awareness in India should support category growth; researcher should verify consumption growth rates in fluid milk and value-added segments
Capital efficiency: ROE of 16.23% indicates reasonable earnings deployment; verify if this is sustainable given margin volatility and whether retained earnings can fund organic growth

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,118.1+1.7%1Y

Quick read

rule-based

Pros

+High promoter holding of 73.2% with no pledge

Cons

−Expensive at 71.5× trailing earnings
−Trading at 14.5× book value

Research score

Structured signal from quality, growth, valuation and momentum.

22/100

Business quality: 33
Valuation: 11

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Hatsun Agro Product LimitedHATSUNHATSUN	₹24,900 Cr	₹26,997 Cr	₹9,624 Cr	₹1,166 Cr	11.6%	₹348 Cr	3.2%	18.3%	16.2%	45
Milky Mist Dairy Food LimitedMILKYMISTMILKYMIST	₹23,744 Cr	₹25,416 Cr	₹3,138 Cr	₹429 Cr	13.7%	₹127 Cr	4.1%	15.8%	32.2%	—
Kwality Wall's (India) LimitedKWILKWIL	₹9,013 Cr	₹9,063 Cr	₹2,245 Cr	₹-110 Cr	-4.9%	₹-369 Cr	-16.4%	-24.8%	-54.9%	-47
Dodla Dairy LimitedDODLADODLA	₹6,068 Cr	₹6,098 Cr	₹4,316 Cr	₹291 Cr	7.5%	₹245 Cr	6.5%	17.6%	17.3%	-3
Vadilal Industries LimitedVADILALINDVADILALIND	₹5,175 Cr	₹5,266 Cr	₹1,675 Cr	₹313 Cr	16.6%	₹219 Cr	10.3%	22.7%	22%	148
Heritage Foods LimitedHERITGFOODHERITGFOOD	₹3,739 Cr	₹4,063 Cr	₹4,727 Cr	₹254 Cr	5.9%	₹135 Cr	3.3%	15.8%	14.5%	18
Parag Milk Foods LimitedPARAGMILKPARAGMILK	₹3,316 Cr	₹3,856 Cr	₹3,911 Cr	₹267 Cr	6.7%	₹130 Cr	3.5%	17%	11.8%	84
Vadilal Enterprises LtdVADILENTVADILENT	₹892 Cr	₹937 Cr	₹340 Cr	₹16 Cr	—	₹1 Cr	0.5%	-22.1%	28.4%	36
Sheetal Cool Products LimitedSCPLSCPL	₹651 Cr	₹701 Cr	₹386 Cr	₹45 Cr	11.3%	₹21 Cr	5.2%	19.9%	13.3%	212
Milkfood LtdMLKFOODMLKFOOD	₹205 Cr	₹318 Cr	₹448 Cr	₹24 Cr	5.3%	₹5 Cr	1%	7%	2.6%	49
Modern Dairies LtdMODAIRYMODAIRY	₹153 Cr	₹165 Cr	₹348 Cr	₹14 Cr	2.9%	₹83 Cr	1.4%	13.9%	10.2%	10
Dindigul Farm Product LtdDFPLDFPL	₹72 Cr	₹91 Cr	₹90 Cr	₹8 Cr	8.6%	₹4 Cr	4.1%	9.3%	10%	3

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2024	Mar 2025
	7,990	8,700
COGS	5,619	6,032
Gross profit	2,371	2,668
	1,472	1,658
	899	1,010
OPM %	11.3%	11.6%
Depreciation	409	470
Interest	154	182
	23	20
Profit before tax	358	377
Tax	91	98
Tax %	25.3%	26.1%
	267	279
PAT margin %	3.3%	3.2%
EPS (₹)	—	12.5
EPS adjusted (₹)	—	12.5
	—	48%
Annual report	Annual report for Mar 2024	Annual report for Mar 2025

₹ Cr	Mar 2025
Equity capital	22
Reserves	1,695
	2,097
	1,051
Total equity & liabilities	4,865
	3,274
CWIP	284
Investments	37
	1,270
Total assets	4,865

₹ Cr	Mar 2024	Mar 2025
	-71	1,450
	-388	-882
	474	-564
Net cash flow	14	4
Free cash flow	—	793
CFO / Operating profit %	-8%	143.6%

Compounded sales growth

7 years: —
5 years: —
3 years: —
1 year: 9%

Compounded profit growth

7 years: —
5 years: —
3 years: —
1 year: 4%

Return on equity

7 years: —
5 years: —
3 years: —
Last year: 16%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2024	Mar 2025
Margins
Gross margin %	29.7%	30.7%
EBITDA margin %	11.3%	11.6%
EBIT margin %	6.1%	6.2%

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	73.11%	73.11%	73.15%	73.17%	73.17%	73.17%	73.17%	73.17%	73.17%	73.17%	73.17%	73.17%
	3.04%	2.91%	2.86%	2.83%	3.29%	3.38%	3.4%	3.39%	3.26%	3.2%	3.14%	3.12%
	9.54%	9.7%	9.8%	9.82%	10.17%	10%	10.08%	10.21%	10.36%	10.28%	10.26%	10.26%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	14.31%	14.28%	14.19%	14.18%	13.37%	13.45%	13.35%	13.23%	13.21%	13.35%	13.43%	13.45%
No. of shareholders	—	—	—	—	—	—	—	—	34,727	28,734	28,179	28,463

Promoter holding up 0.06 percentage points since Sep 2023.

1 disclosure

Person	Deal	Shares	Value	Holding	Filed
V V V AND SONS EDIBLE OILS LIMITEDOther	PledgePledge Creation	8,50,000	₹35 cr	0.39% → 0.39%	14 Aug 20257(2)

Disclosed under SEBI’s insider-trading regulations, which require a filing only above ₹10 lakh in a quarter — smaller dealings are in no disclosure. Holdings are the filer’s own percentages, not recomputed.

13 deals · 4 Jan 2022 – 9 Aug 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
9 Aug 2024	V V V AND SONS EDIBLE OILS LTD	Bulk	NSE	Sell	13,37,000	₹1,227.27	₹164.09 Cr
5 Mar 2024	CHANDRAMOGAN R G	Block	NSE	Buy	1,00,162	₹1,129.55	₹11.31 Cr
5 Mar 2024	MALABAR VALUE FUND - AIF	Block	NSE	Sell	1,00,162	₹1,129.55	₹11.31 Cr
6 Sept 2022	RAJA GANESAN CHANDRAMOGAN	Bulk	BSE	Sell	27,20,000	₹987.80	₹268.68 Cr
6 Sept 2022	SBI MUTUAL FUND	Block	BSE	Buy	15,20,000	₹987.80	₹150.15 Cr
6 Sept 2022	RAJA GANESAN CHANDRAMOGAN	Block	BSE	Sell	15,20,000	₹987.80	₹150.15 Cr
6 Sept 2022	RAJA GANESAN CHANDRAMOGAN	Block	BSE	Sell	12,00,000	₹987.80	₹118.54 Cr
6 Sept 2022	SUNDARAM MUTUAL FUND	Block	BSE	Buy	12,00,000	₹987.80	₹118.54 Cr
15 Mar 2022	CHANDRAMOGAN R G	Block	NSE	Buy	2,08,000	₹1,194.00	₹24.84 Cr
15 Mar 2022	MALABAR INDIA FUND LIMITED	Block	NSE	Sell	1,19,999	₹1,194.00	₹14.33 Cr

1–10 of 13

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Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. R G CHANDRAMOGANNon-Executive - Non Independent Director-Chairperson
H RamachandranChief Financial Officer
Mr. C SATHYANExecutive Director-MD
Mr. J SHANMUGA PRIYANExecutive Director
Mr. K S THANARAJANNon-Executive - Non Independent Director
Mr. S SUBRAMANIANNon-Executive - Independent Director
Mrs. ARCHANA NARAYANASWAMYNon-Executive - Independent Director
Mrs. BHARATHI BASKARNon-Executive - Independent Director
Mr. RAJPRABU HARSHANNon-Executive - Independent Director
Mr. C SubramaniamCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 3 fund houses

Held by these funds

9.72%

of the company's equity

All mutual funds

9.75%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

11 schemes · 3 fund houses

		Shares
Focused Fund	SBI Mutual Fund	92 L	1,095.21	2.14%	4.131%	-0
Midcap Fund	SBI Mutual Fund	30 L	357.14	1.46%	1.347%	-0
Smallcap Fund	SBI Mutual Fund	29.42 L	350.18	0.82%	1.321%	-0
Children's Fund - Investment Plan (Erstwhile known as SBI Magnum Children's Benefit Fund- IP)	SBI Mutual Fund	27.7 L	329.75	4.25%	1.244%	-0
Large and Midcap Fund	SBI Mutual Fund	19.12 L	227.61	0.54%	0.859%	-0
Conservative Hybrid Fund	SBI Mutual Fund	7.68 L	91.46	0.89%	0.345%	+2,465
SMALL CAP FUND	Nippon India Mutual Fund	5.65 L	67.2	0.08%	0.253%	+7,907
Resurgent India Opportunities Scheme	SBI Mutual Fund	3.7 L	44.08	5.99%	0.166%	-0

1–8 of 11

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Aug 2025Transcript AI SummaryPPTREC

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

36

Interim dividend26 May 2026 · ex-date₹10
Interim dividend24 Jul 2025 · ex-date₹6
Interim dividend24 Jul 2024 · ex-date₹6
Interim dividend27 Jul 2023 · ex-date₹6
Interim dividend26 Jul 2022 · ex-date₹6
Interim dividend22 Jul 2021 · ex-date₹6
Interim dividend28 Jul 2020 · ex-date₹4
Special dividend28 Jul 2020 · ex-date₹4
Interim dividend17 Mar 2020 · ex-date₹2
Interim dividend25 Jul 2019 · ex-date₹2
Interim dividend9 May 2019 · ex-date₹2
Interim dividend31 Jan 2019 · ex-date₹2
Interim dividend31 May 2018 · ex-date₹3
Interim dividend20 Jul 2017 · ex-date₹1
Interim dividend5 May 2017 · ex-date₹3
Interim dividend12 Aug 2016 · ex-date₹1
Interim dividend22 Mar 2016 · ex-date₹1.5
Interim dividend23 Oct 2015 · ex-date₹1
Interim dividend20 Jul 2015 · ex-date₹1.5
Interim dividend4 Jun 2015 · ex-date₹1.2
Interim dividend29 Jan 2015 · ex-date₹0.6
Interim dividend28 Jan 2014 · ex-date₹1
Interim dividend1 Nov 2013 · ex-date₹1.5
Interim dividend4 Jun 2013 · ex-date₹0.4
Interim dividend7 Feb 2013 · ex-date₹0.5
Interim dividend19 Nov 2012 · ex-date₹0.8
Final dividend2 Aug 2012 · ex-date₹0.2
Interim dividend23 Feb 2012 · ex-date₹0.6
Special dividend23 Feb 2012 · ex-date₹0.5
Interim dividend24 Feb 2011 · ex-date₹0.5
Interim dividend11 Nov 2010 · ex-date₹0.6
Final dividend30 Jul 2010 · ex-date₹0.3
Interim dividend25 Jun 2009 · ex-date₹0.6
Final dividend12 Sept 2008 · ex-date₹0.7
Interim dividend6 Nov 2007 · ex-date₹2.5
Dividend dividend5 Jul 2007 · ex-date₹2

1

Board meeting to consider results21 Jul 2026

1

Face value ₹2 → ₹13 Oct 2011 · ex-date

1–3 of 4

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

35 announcementsExport CSV

28 Sept 2026, 1:36 pmCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

11 Sept 2026, 4:32 pmCompany Update

CRISIL ESG Ratings

General PDF

11 Sept 2026, 10:40 amInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 PDF

3 Sept 2026, 5:59 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

3 Sept 2026, 5:56 pmCompany Update

Dispatch Of Letter To Members As Per Regulation 36(1)(B) Of SEBI (LODR) Regulations

General PDF

2 Sept 2026, 6:37 pmOthers

Business Responsibility and Sustainability Reporting (BRSR)

Business Responsibility and Sustainability Reporting (BRSR) PDF

2 Sept 2026, 6:16 pmCorp. Action

Hatsun Agro Product Ltd - 531531 - Intimation Of Book Closure Date Under Regulation 42 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015

Book Closure PDF

2 Sept 2026, 5:48 pmAGM/EGM

Notice Of 41St Annual General Meeting (AGM) To Be Held On 25Th September, 2026 And Annual Report Of The Company For The Financial Year 2025-26

AGM PDF

Date	Category	Subject	Filing
28 Sept 2026, 1:36 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
11 Sept 2026, 4:32 pm	Company Update General	CRISIL ESG Ratings

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Leverage
Current ratio	—	0.63

Return ratios
Return on assets %	—	5.7%

Working capital
Receivable days	—	0

Hatsun Agro Product Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends36

Board meetings1

Stock splits1

Announcements

Not in the F&O segment

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Dividends36

Board meetings1

Stock splits1

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Ratio timeline

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

36

1

1

36

1

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