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MomentumDeep Value

Hatsun Agro Product Ltd: Stock Analysis & Fundamentals

Updated this week

Hatsun Agro Product Ltd (FMCG - Dairy Products) — fundamental analysis, earnings data, and key metrics. PE: 58.4. ROE: 16.7%. This stock is not currently in the Nifty 500 momentum outperformers list.

Hatsun Agro Product Ltd Key Facts

What's Happening

💪Debt reduced 22% YoY — balance sheet strengthening

Earnings Acceleration Triggers

1. Value Added Product Mix Shift
FY25-FY26HIGH
2. Interest Cost Reduction Deleveraging
OngoingMEDIUM

Key Risks

1. Volatility in raw milk procurement prices due to fodder inflation and seasonal v
HIGH
2. Unseasonal rains affecting milk production and logistics in South India
MEDIUM

Sector-Specific Signals

Average Milk Procurement3.6 Mn Liters/Day7%
Value Added Products Mix31%200 bps
Hatsun Daily Outlets3,80015%
Interest Coverage Ratio8.3x1.2x

Key Numbers

Current Price
₹913
Dividend Yield
1.09%
Market Cap
20.3K Cr
Valuation
N/A

Why Are Hatsun Agro Product Ltd's Earnings Accelerating?

Based on Q3 FY26 (web) earnings • Updated Apr 19, 2026

Value Added Product Mix Shift

Expected: FY25-FY26HIGH confidence

What: VAP Share: 31%

Impact: 150 bps margin expansion

Interest Cost Reduction Deleveraging

Expected: OngoingMEDIUM confidence

What: Debt-to-Equity: 0.8x

Impact: INR 40 Cr annual interest saving

What Are the Key Risks for Hatsun Agro Product Ltd?

Earnings deceleration risks from management commentary

Volatility in raw milk procurement prices due to fodder inflation and seasonal v

HIGH

Trigger: Volatility in raw milk procurement prices due to fodder inflation and seasonal variations.

Impact: PAT impact: 8-10%

Management view: Increasing direct procurement from farmers to bypass middlemen.

Monitor: commodity

Unseasonal rains affecting milk production and logistics in South India

MEDIUM

Trigger: Unseasonal rains affecting milk production and logistics in South India.

Impact: PAT impact: 5%

Management view: Investing in climate-controlled chilling centers.

Monitor: climate

What Did Hatsun Agro Product Ltd Report This Quarter?

Headline numbers from the latest earnings call

Revenue

INR 2,330.46 Cr

YoY +11.1%QoQ -3.8%

Revenue growth was driven by steady demand in the curd and ice cream segments despite seasonal moderation in milk procurement prices.

EBITDA

INR 285.40 Cr

YoY +14.5%Margin 12.25%

Margin expansion reflects the shift towards value-added products like curd and branded milk over commodity sales.

PAT

INR 62.10 Cr

YoY +21.8%QoQ -8.5%

PAT growth outpaced revenue due to operational efficiencies and a reduction in the cost of debt.

Other Highlights

• Milk procurement averaged 3.6 million liters per day during the peak flush season.

• Interest costs declined by 12% YoY to INR 34.2 crore.

• Retail network expanded to over 3,800 Hatsun Daily outlets.

What Sector Metrics Matter for Hatsun Agro Product Ltd?

Sub-sector-specific signals from the latest concall — each with management's stated reason for the change

Average Milk Procurement

3.6 Mn Liters/Day

YoY 7%QoQ 12%

Why: Flush season led to higher availability of raw milk.

Value Added Products Mix

31%

YoY 200 bpsQoQ Not Given

Why: Increased sales of curd and ice cream brands like Arun and Ibaco.

Hatsun Daily Outlets

3,800

YoY 15%QoQ 3%

Why: Aggressive expansion in Tier-2 cities in Tamil Nadu and Karnataka.

Interest Coverage Ratio

8.3x

YoY 1.2xQoQ Not Given

Why: Improved EBITDA and reduced debt levels.

What Is Hatsun Agro Product Ltd's Management Guidance?

Forward-looking targets from management for FY26

Revenue Growth Target

13.5%

OPM Guidance

13%

Capex Plan

₹450 Cr

Revenue Outlook

12-15%

Margin Outlook

Aiming for gradual margin improvement through value-added mix.

Capex Plan

INR 450 Cr

New milk processing plant in Andhra Pradesh and ice cream capacity in Govindapur.

Volume

Expecting 8-10% volume growth in milk procurement.

Management Tone: BULLISH

The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 19, 2026.

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← Back to FMCG - Dairy ProductsDashboard

Frequently Asked Questions: Hatsun Agro Product Ltd

Based on publicly available financial data. This is educational research, not investment advice.

What were Hatsun Agro Product Ltd's latest quarterly results?

Hatsun Agro Product Ltd's latest quarterly results (Dec 2025) show

  • PAT Growth YoY: +48.8%
  • Revenue Growth YoY: +17.6%
  • Operating Margin: 11.0%

What is Hatsun Agro Product Ltd's current PE ratio?

Hatsun Agro Product Ltd's current PE ratio is 58.4x.

  • Current PE: 58.4x
  • Market Cap: 20.3K Cr
  • Dividend Yield: 1.09%

What is Hatsun Agro Product Ltd's price-to-book ratio?

Hatsun Agro Product Ltd's price-to-book ratio is 11.1x.

  • Price-to-Book (P/B): 11.1x
  • Book Value per Share: ₹82
  • Current Price: ₹913

Is Hatsun Agro Product Ltd a fundamentally strong company?

Hatsun Agro Product Ltd's fundamental strength based on key financial ratios

  • Return on Capital (ROCE): 13.0%

Is Hatsun Agro Product Ltd debt free?

Hatsun Agro Product Ltd has a debt-to-equity ratio of N/A.

  • Total Debt: ₹2,000 Cr

What is Hatsun Agro Product Ltd's return on equity (ROE) and ROCE?

Hatsun Agro Product Ltd's return ratios over recent years

  • FY2010: ROCE 12.0%
  • FY2025: ROCE 13.0%

Is Hatsun Agro Product Ltd's cash flow positive?

Hatsun Agro Product Ltd's operating cash flow is positive (FY2025).

  • Cash from Operations (CFO): ₹1,000 Cr
  • Free Cash Flow (FCF): ₹571 Cr
  • CFO/PAT Ratio: 520% (strong cash conversion)

What is Hatsun Agro Product Ltd's dividend yield?

Hatsun Agro Product Ltd's current dividend yield is 1.09%.

  • Dividend Yield: 1.09%
  • Current Price: ₹913

Who holds Hatsun Agro Product Ltd shares — promoters, FII, DII?

Hatsun Agro Product Ltd's shareholding pattern (Mar 2026)

  • Promoters: 73.2%
  • FII (Foreign): 3.1%
  • DII (Domestic): 10.3%
  • Public: 13.4%

Is promoter holding increasing or decreasing in Hatsun Agro Product Ltd?

Hatsun Agro Product Ltd's promoter holding has remained stable recently.

  • Current Promoter Holding: 73.2% (Mar 2026)
  • Previous Quarter: 73.2% (Dec 2025)
  • Change: 0.00% (stable)

Is Hatsun Agro Product Ltd a new momentum entry or an established outperformer?

Hatsun Agro Product Ltd is an established outperformer with 1 weeks of consecutive Nifty 500 outperformance.

What are the growth catalysts for Hatsun Agro Product Ltd?

Hatsun Agro Product Ltd has 2 key growth catalysts identified from recent earnings analysis

  • Value Added Product Mix Shift — VAP products carry significantly higher margins than liquid milk.
  • Interest Cost Reduction Deleveraging — Lower interest burden provides a direct cushion to PAT.

What are the key risks in Hatsun Agro Product Ltd?

Hatsun Agro Product Ltd has 2 key risks worth monitoring

  • [HIGH] Volatility in raw milk procurement prices due to fodder inflation and seasonal v — Volatility in raw milk procurement prices due to fodder inflation and seasonal variations.
  • [MEDIUM] Unseasonal rains affecting milk production and logistics in South India — Unseasonal rains affecting milk production and logistics in South India.

What is Hatsun Agro Product Ltd's management guidance for growth?

Hatsun Agro Product Ltd's management has provided the following forward guidance for FY26

  • Revenue growth target: 13.5%
  • OPM guidance: 13%
  • Capex plan: ₹450 Cr for New milk processing plant in Andhra Pradesh and ice cream capacity in Govindapur.
  • Management tone: bullish

What sector-specific metrics matter most for Hatsun Agro Product Ltd?

Hatsun Agro Product Ltd's most important sub-sector-specific KPIs from the latest concall

  • Average Milk Procurement: 3.6 Mn Liters/Day (YoY 7%) (QoQ 12%) — Flush season led to higher availability of raw milk.
  • Value Added Products Mix: 31% (YoY 200 bps) (QoQ Not Given) — Increased sales of curd and ice cream brands like Arun and Ibaco.
  • Hatsun Daily Outlets: 3,800 (YoY 15%) (QoQ 3%) — Aggressive expansion in Tier-2 cities in Tamil Nadu and Karnataka.
  • Interest Coverage Ratio: 8.3x (YoY 1.2x) (QoQ Not Given) — Improved EBITDA and reduced debt levels.

Is Hatsun Agro Product Ltd worth studying for long term investment?

Based on quantitative research signals, here is why Hatsun Agro Product Ltd may be worth studying

  • Cash flow is positive — CFO ₹1,000 Cr

What is the investment thesis for Hatsun Agro Product Ltd?

Hatsun Agro Product Ltd investment thesis summary:

Research Signals (Bull Case)

  • Growth catalyst: Value Added Product Mix Shift

Risk Factors (Bear Case)

  • Key risk: Volatility in raw milk procurement prices due to fodder inflation and seasonal v

What is the future outlook for Hatsun Agro Product Ltd?

Hatsun Agro Product Ltd's forward outlook based on current data signals

  • Key Catalyst: Value Added Product Mix Shift
  • Key Risk: Volatility in raw milk procurement prices due to fodder inflation and seasonal v

The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.