Hatsun Agro Product Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Hatsun Agro Product Ltd trades at ₹928, in a downtrend and 6 weeks into that stage. That is −1.3% against its own 200-day average. It sits at 22% of a 52-week range of ₹879 to ₹1,106. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (13 weeks and counting).

Today the stock is in a downtrend — week 6 of stage 4, confirmed. At ₹928 it trades −1.3% versus its 200-day average and sits at 22% of its 52-week range (₹879–₹1,106).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +345% while the NIFTY 500 moved +274% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (13 weeks and counting; last ahead the week of 2026-05-22) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 2nd percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Hatsun Agro Product Ltd trades at 56.7× P/E, about the cheapest it has ever traded. Its long-run median P/E is 73.2×, measured across 2.2 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 56.7× is about the cheapest it has ever traded, against a long-run median of 73.2× measured over 2.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +4.3% against a −2.2% price move — earnings outran the price, pushing the multiple DOWN its own range.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Hatsun Agro Product Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 5 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

46.2/100 — rank 5 of 8 in FMCG - Dairy Products · 93% evidence confidence

Hatsun Agro Product Ltd scores 46.2 out of 100 against the 8 companies it is compared with in FMCG - Dairy Products, ranking 5. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 20.7 + 9 + 8.3 + 8.2 = 46.2. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Hatsun Agro Product Ltd reported ₹2,364 Cr of revenue in the Dec 25 quarter, +17.6% year on year. That is the 4th straight quarter of year-on-year growth. Over 16 years it has compounded at 14.4% a year. The last full year, FY25, came in at ₹8,700 Cr. The last four reported quarters add to ₹9,625 Cr.

Hatsun Agro Product Ltd reported ₹2,364 Cr of revenue in the Dec 25 quarter, +17.6% year on year. That is the 4th straight quarter of year-on-year growth. Over 16 years it has compounded at 14.4% a year. The last full year, FY25, came in at ₹8,700 Cr. The last four reported quarters add to ₹9,625 Cr.

FY25 revenue came in at ₹8,700 Cr (+8.9% on the year), capping 16 years at 14.4% compound. The latest quarter (Dec 25) printed ₹2,364 Cr, +17.6% year on year — the 4th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +13.4% growth against the decade's 14.4% — the current year is running in line with its own long-run rate.

→ Revenue grew — did margins hold as it scaled? Next: 11.0% this quarter (+0.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Hatsun Agro Product Ltd's operating margin is 11.0% in the Dec 25 quarter, +0.0 percentage points against the same quarter a year ago. Across 4 fiscal years the operating margin has ranged 5.0% to 12.0%. The current quarter sits inside that band.

Hatsun Agro Product Ltd's operating margin is 11.0% in the Dec 25 quarter, +0.0 percentage points against the same quarter a year ago. Across 4 fiscal years the operating margin has ranged 5.0% to 12.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 11.0%, +0.0 pp against the same quarter a year ago. Across 4 fiscal years the operating margin has ranged 5.0%–12.0%.

Why the margin moved: operating margin went +0.2 pp year on year while gross margin went −0.9 pp — the gain came mostly from the gross line: input costs and pricing.

→ Margins held — did that reach the bottom line? Next: profit +48.8% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Hatsun Agro Product Ltd earned ₹61.0 Cr of net profit in the Dec 25 quarter, +48.8% year on year. It is the 3rd consecutive quarter of growth. Full-year FY25 profit was ₹279 Cr. The 16-year compound rate is 21.7%. That is 2.6% of the quarter's revenue. The same quarter a year earlier earned ₹41.0 Cr.

Hatsun Agro Product Ltd earned ₹61.0 Cr of net profit in the Dec 25 quarter, +48.8% year on year. It is the 3rd consecutive quarter of growth. Full-year FY25 profit was ₹279 Cr. The 16-year compound rate is 21.7%. That is 2.6% of the quarter's revenue. The same quarter a year earlier earned ₹41.0 Cr.

Dec 25 profit was ₹61.0 Cr, +48.8% year on year — the 3rd consecutive quarter of growth. On the full year, FY25 printed ₹279 Cr (+4.5%), and the 16-year compound rate is 21.7%.

Why profit moved: revenue contributed +17.6% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +26.6% vs revenue +13.4%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 259% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 259% of Hatsun Agro Product Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY25 that was ₹1,450 Cr of operating cash against ₹279 Cr of profit. After ₹1,023 Cr of capital spending, ₹427 Cr was left as free cash.

FY25: operating cash of ₹1,450 Cr against reported profit of ₹279 Cr, leaving free cash of ₹427 Cr after ₹1,023 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 259% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 259%: the cash cycle stretched 46 days between FY09 and FY25 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: the bigger cash user is investment — capital spending ran 2.2× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹1,111 Cr of building over 2 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Hatsun Agro Product Ltd's cash conversion cycle runs 45 days in FY25, up from −1 days in FY09. Capital spending ran ₹1,111 Cr over the last 2 years. At FY25 sales of ₹8,700 Cr each day of that cycle holds about ₹23.8 Cr, so roughly ₹1,073 Cr sits inside the business at any moment.

FY25: debtors at 0 days, inventory at 60 days — roughly 2.0 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 45 days, looser than FY09's −1.

The full loop: cash goes out to suppliers and production on day 0; stock waits 60 days to sell; customers pay about 0 days after that; and suppliers themselves are paid at 15 days — netting out to the 45-day cycle.

In money terms: at FY25 sales of ₹8,700 Cr, each day of the cycle holds about ₹23.8 Cr — so the 45-day loop keeps roughly ₹1,073 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹1,111 Cr over the last 2 fiscal years against ₹497 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹284 Cr (FY25) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 13% and the ROIC − WACC spread is +0.0 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Hatsun Agro Product Ltd earns a ROCE of 13% in FY25. Return on invested capital clears the cost of that capital by +0.0 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 3.2% net margin on 1.79× asset turns.

FY25 ROCE is 13%.

🚨 Why the return is what it is — the wiring (FY25): 3.2% net margin × 1.79× asset turns × 2.83× balance-sheet leverage ≈ 16.2% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 12.0% − 12.0% = a +0.0 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 1.50.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Hatsun Agro Product Ltd carries total debt of ₹1,838 Cr against shareholder equity of ₹1,945 Cr as of Jun 26, a debt-to-equity of 0.94. On the annual view that ratio went from 1.75 in FY22 to 0.94 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Jun 26: total debt of ₹1,838 Cr against shareholder equity of ₹1,945 Cr — a debt-to-equity of 0.94. On the annual view, debt-to-equity went from 1.75 (FY22) to 0.94 (FY26). Read the returns on this page with that leverage in mind.

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Hatsun Agro Product Ltd moved a full percentage point over the last two years — the register is quiet. Foreign institutions moved +0.3 points over the same window, to 3.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +0.4 points over 8 quarters to 10.3%; Foreign institutions: +0.3 points over 8 quarters to 3.1%; Promoters: +0.0 points over 8 quarters to 73.2%.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Hatsun Agro Product Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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