# Hatsun Agro Product share price today (Hatsun Agro Product Ltd, NSE: HATSUN)

> Hatsun Agro Product share price today: ₹1,046.20 at the NSE close on 4 November 2026, up 0.4% in a year. Hatsun Agro Product (NSE: HATSUN) is worth ₹23,293 crore, trades at a P/E of 64.5 and has closed between ₹878.80 and ₹1,222.80 over the past 52 weeks. > Hatsun Agro Product Ltd's results are improving, while its P/E is near the low end of its own history over 10 years, higher than only 8% of past readings. HATSUN · FMCG - Dairy Products · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/hatsun-agro-product-ltd

Sector Alpha also publishes a daily newsletter that explains one Indian stock at a time: https://newsletter.sectoralpha.in/?utm_source=sectoralpha&utm_medium=ai_text&utm_campaign=llms

## Key numbers

- Business trend: Mixed, from fewer quarters than usual
- Price: ₹1,046.20 (+0.4% in a year)
- P/E: 64.5× (lower than 92% of the last 10 years)
- Revenue (Sep 2026): ₹2,898 Cr (+19.4% on a year ago)
- Profit (Sep 2026): ₹116 Cr (+5.5% on a year ago)
- Operating margin: 11.0% (−2.0 points on a year ago)
- ROCE: 15%, FY26
- ROIC: 12.2%, against a 12.0% cost of capital: +0.2 points

The main question: yearly earnings per share moved +27.7% while the share price moved +0.4%. ## What is the Hatsun Agro Product share price today? Hatsun Agro Product Ltd's share price was ₹1,046.20 at the close on 4 November 2026. It has been rising for 9 weeks. That is 4.0% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹879 and ₹1,223, and at that close it sat 49% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 14 weeks in a row. Over the last 11 years the share price moved +402% while the NIFTY 500 moved +251%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Hatsun Agro Product this quarter? One change stood out: revenue up on a year earlier for 10 quarters in a row. 1. Revenue up on a year earlier for 10 quarters in a row In the September 2026 quarter revenue was ₹2,898 crore, +19.4% on a year earlier. ## What are Hatsun Agro Product's latest quarterly results? For July to September 2026 (the quarter ended 30 September 2026), Hatsun Agro Product reported revenue of ₹2,898 crore, up 19.4% from ₹2,428 crore a year earlier, and a profit of ₹116 crore, up 5.5% from ₹110 crore. ### Hatsun Agro Product results: July to September 2026 against a year earlier

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹2,898 crore | ₹2,428 crore | +19.4% |
| Profit | ₹116 crore | ₹110 crore | +5.5% |
| Earnings per share | ₹5.19 | ₹4.92 | +5.5% |
| Operating margin | 11.0% | 13.0% | −2.0 points |

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). (From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.)

## What is the Hatsun Agro Product share price history? Hatsun Agro Product closed at ₹1,046.20 on 4 November 2026, up 0.4% from ₹1,041.90 a year earlier (7 November 2025) and down 22.1% over five years. Its highest weekly close since March 2016 was ₹1,434.17 on 8 October 2021. ### Hatsun Agro Product share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹996.20 | +5.0% |
| 1 month ago · 1 Oct 2026 | ₹1,115.40 | −6.2% |
| 6 months ago · 8 May 2026 | ₹988.85 | +5.8% |
| 1 year ago · 7 Nov 2025 | ₹1,041.90 | +0.4% |
| 3 years ago · 3 Nov 2023 | ₹1,117.95 | −6.4% |
| 5 years ago · 4 Nov 2021 | ₹1,342.24 | −22.1% |
| 10 years ago · 4 Nov 2016 | ₹247.80 | +322.2% |
| Earliest and lowest weekly close in our records · 11 Mar 2016 | ₹208.33 | +402.2% |
| Highest weekly close since March 2016 · 8 Oct 2021 | ₹1,434.17 | −27.1% |
| 52-week high (weekly close) · 11 Sep 2026 | ₹1,222.80 | −14.4% |
| 52-week low (weekly close) · 23 Jan 2026 | ₹878.80 | +19.0% |

Weekly closing prices, adjusted for splits and bonuses so every price is on today’s share count. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (563 weekly closes from 11 March 2016 to 4 November 2026.)

## What is the latest news on Hatsun Agro Product? 4 Nov 2026: Hatsun Agro Product closed at ₹1,046.20, up 5.0% on the week and down 6.2% on the month. Our read, 10 Oct 2026: Hatsun has cash-supported distribution and geographic expansion, but rising sales are not yet producing a renewed profit turn. ### Earlier

- Results for July to September 2026: Revenue up 19.4% and profit up 5.5% on a year earlier. - 26 May 2026: ex-date for an interim dividend of ₹10 a share. ### Our read of the business

April to June 2026: Sales growth fails to protect profit. (Our read after the April to June 2026 results, written 10 October 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## What dividend does Hatsun Agro Product pay? Hatsun Agro Product paid ₹10 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.96% at the ₹1,046.20 close on 4 November 2026. The last was an interim dividend of ₹10 a share, ex-date 26 May 2026. ### Hatsun Agro Product dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 26 May 2026 | ₹10 | Interim | same day |
| 24 Jul 2025 | ₹6 | Interim | same day |
| 24 Jul 2024 | ₹6 | Interim | same day |
| 27 Jul 2023 | ₹6 | Interim | same day |
| 26 Jul 2022 | ₹6 | Interim | 27 Jul 2022 |
| 22 Jul 2021 | ₹6 | Interim | 23 Jul 2021 |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Hatsun Agro Product Ltd paid out 38% of its profit as dividends in FY26, and it paid a dividend in each of its last 14 reported years. (From the NSE corporate-actions record, read 5 November 2026.)

## What did Hatsun Agro Product management say on the latest results call? Hatsun Agro Product's management made 0 promises we could check against what it later reported. (Our read after the April to June 2026 results, written 10 October 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## What is the future of Hatsun Agro Product? What is changing in the business? One change in Hatsun Agro Product's own numbers looks lasting: debt falling. Debt falling looks lasting

Borrowings fell from ₹2,570 crore in March 2025 to ₹1,838 crore in March 2026, and interest expense fell in every year-on-year quarter comparison. Management explicitly links operating efficiency to a lower debt burden. Why it may last: The lower principal balance supports continuing interest savings across subsequent quarters. Further debt-funded expansion could reduce this benefit. What could be flattering it: A temporary release of cash from inventory, or funding from asset disposals or new shares, rather than continuing cash generation. Next check: September 2026 borrowings remain below ₹2,011 crore and quarterly interest expense remains below ₹37 crore. Quarter by quarter, 4 quarters

July to September 2025

Borrowings fell ₹559 crore between March and September 2025, with unchanged share capital. September interest expense fell from ₹45 crore to ₹37 crore. ✓ fact

October to December 2025

Interest expense fell from ₹43 crore to ₹33 crore. A December balance sheet is not supplied, so further principal repayment during this quarter cannot be separately measured. ✓ fact

January to March 2026

Borrowings reached ₹1,838 crore, with share capital still ₹22 crore. FY26 operating cash flow of ₹1,557 crore covered ₹435 crore of net spending outflow, supporting repayment from business cash rather than a share issue. ✓ fact

From our notes of the call for January to March 2026: Our focus on operational efficiency has successfully reduced our debt-to-equity ratio. April to June 2026

Interest expense stayed at ₹32 crore and remained below ₹43 crore a year earlier. The savings continued, although a June balance sheet is not supplied. ✓ fact

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Checked against results and calls up to April to June 2026, 10 October 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## What could change the Hatsun Agro Product story? What are the risks? If the next comparable half-year shows revenue rising while operating profit falls and inventory-driven borrowing returns, the thesis that existing distribution and capacity can fund profitable expansion would break. ### Each change stops working if

- Consumer distribution retains channel economics: Outlet expansion adds distribution costs without increasing comparable sales and operating profit. ### The main risks

- Input costs absorb sales growth: Revenue growth is currently being absorbed before it reaches operating profit. ⚠ estimate
- Inventory release cannot repeat indefinitely: Recent operating cash includes working-capital release as well as cash earnings. ⚠ estimate
- Expansion promises lack current delivery receipts: Retail expansion is guided, but its current delivered contribution is unavailable. ⚠ estimate
- Depreciation delays the capacity payoff: Installed capacity carries an earnings cost before incremental sales become profit. ⚠ estimate

(Our read after the April to June 2026 results, written 10 October 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## What to watch in Hatsun Agro Product's next results? When Hatsun Agro Product reports October to December 2026, these are the check that show whether the story is still on course. First: September 2026 borrowings remain below ₹2,011 crore and quarterly interest expense remains below ₹37 crore. | What to check | Why |
| --- | --- |
| September 2026 borrowings remain below ₹2,011 crore and quarterly interest expense remains below ₹37 crore. | Debt falling |

## Which stock lists is Hatsun Agro Product on? Hatsun Agro Product is on one of our India lists: Small & mid cap stocks. [Small & mid cap stocks Size rank in India: 338](https://www.sectoralpha.in/small-cap-stocks-india)

## Is Hatsun Agro Product profitable? Hatsun Agro Product Ltd earned ₹116 Cr of net profit in the Sep 2026 quarter, +5.5% on the same quarter a year earlier. Full-year FY26 profit was ₹356 Cr. Over 10 years profit has grown 19.5% a year on average. That is 4.0% of the quarter's revenue. The same quarter a year earlier earned ₹110 Cr. For the full year, FY26 profit was ₹356 Cr (+27.6% on the year before). Why profit moved: revenue changed +19.4% on a year earlier and the margin moved −2.0 percentage points. Sales did the work while the margin got thinner. On average over the last four quarters, profit changed +15.9% and revenue +18.4%. Profit and revenue are moving at about the same pace. ## How much revenue does Hatsun Agro Product make, and is it growing? Hatsun Agro Product Ltd reported ₹2,898 Cr of revenue in the Sep 2026 quarter, +19.4% on the same quarter a year earlier. That is the 10th quarter in a row with growth on the year before. Over 10 years it has grown 11.2% a year on average. The last full year, FY26, came in at ₹9,959 Cr. Why this happened. Management describes an existing retail route that removes an intermediary. The economic benefit belongs to Hatsun only after outlet support, cold-chain and logistics costs. Expansion can increase access to consumers, but current sales-per-outlet and incremental channel profitability are unavailable. Competitor responses and customer retention therefore remain unknown rather than assumed advantages. The last four reported quarters add to ₹10,930 Cr. FY26 revenue was ₹9,959 Cr, +14.5% on the year before. Recent pace: the last four quarters grew +18.4% on average, against 11.2% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +18.6%, against +14.2% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +5.8%, against +9.1% a year (rolling over). ## How much of every ₹100 of sales does Hatsun Agro Product keep? Hatsun Agro Product Ltd's operating margin was 11.0% in the Sep 2026 quarter, 2.0 percentage points lower than the same quarter a year ago. Across 14 years it has been between 5.0% and 14.0%. The latest quarter is within that range. Why the margin moved: operating margin changed −2.0 percentage points on the year while gross margin changed −2.3 points. So the drop came mostly from the gross margin, which means input costs and prices charged. ## Is Hatsun Agro Product's profit turning into cash? Over the last 3 years, 325% of Hatsun Agro Product Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹1,557 Cr of operating cash against ₹356 Cr of profit. After ₹580 Cr of spending on assets, ₹977 Cr was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 325% of profit came in as cash: the cash cycle got 28 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner. What to look at next: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets. ## Where does Hatsun Agro Product's cash go? Hatsun Agro Product Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 14 days in FY26, down from 42 days in FY21. It spent ₹2,148 Cr on assets over the last 3 years. Customers take 0 days to pay, and stock sits for 31 days on average. Why this happened. The Capex Inflection Point applies conditionally: management says most capital expenditure is complete, and annual spending has declined from the preceding year. Future sales could use that installed asset base, but higher depreciation and falling latest-quarter operating profit show that the benefit has not yet reached bottom-line delivery. At FY26 sales of ₹9,959 Cr, each day of that cycle ties up about ₹27.3 Cr, so roughly ₹382 Cr is tied up in the business at any time. FY26: customers took 0 days to pay and stock sat for 31 days, about 1.0 months of sales sitting as stock, for a full cycle of 14 days, shorter than FY21's 42. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 31 days. Customers pay about 0 days after that. Suppliers are paid at 17 days. Together that makes the 14-day cycle. Spending on assets: ₹2,148 Cr over the last 3 years, against ₹1,453 Cr of depreciation (the yearly wear and tear on existing assets). So it is building a little beyond replacing what wears out. Work still in progress is ₹59.0 Cr (FY26): assets paid for that are not earning yet. In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean. ## What is Hatsun Agro Product's P/E ratio, and how does it compare with its own history? Hatsun Agro Product Ltd's P/E is 64.5×, near the low end of its own history: it has been lower only 8% of the time. Its usual P/E (the middle reading) is 89.3×, over 10 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why the multiple is where it is: over the past year earnings per share moved +27.7% while the price moved +0.4%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved −4.9% a year; about +5.9% a year came from earnings growth and about −10.8 percentage points from the multiple (the market paying less); over 10 years the price moved +15.5% a year; about +19.2% a year came from earnings growth and about −3.7 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple. ## What growth does the Hatsun Agro Product share price assume? Worked out from its price on 11 October 2026, Hatsun Agro Product Ltd's share price assumed profit growth of about 32.3% a year. Over the past 10 years its profit actually grew 19.5% a year. Today its P/E is 64.5×, lower than 92% of its own last 10 years. This is a one-day reading, taken on 11 October 2026. Every other number on this page, the multiple included, uses the latest price as of 4 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the Hatsun Agro Product business getting better or worse? Hatsun Agro Product Ltd's business is giving mixed signals. There is no clear direction across the growth lines, with ROCE steady at 19.4%; each line tells part of the story. This is based on 12 quarters of 3 measures, with some gaps. Why it matters: when the lines disagree, each line above matters more than any single label. This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution. ## What is the Hatsun Agro Product story, and has it been checked? Hatsun Agro Product Ltd's story is not scored yet against the checks our research set on 10 October 2026. Where it sits in its own cycle: CONTRACTION. Our read, 10 October 2026. Hatsun has cash-supported distribution and geographic expansion, but rising sales are not yet producing a renewed profit turn. From the numbers. The current matrix label is…

From the price. Price stage 2, week 9, below its 200-day line, relative strength falling. From the research. Hatsun has cash-supported distribution and geographic expansion, but rising sales are not yet producing a renewed profit turn. Where they disagree. What is proven. Hatsun has cash-supported distribution and geographic expansion, but rising sales are not yet producing a renewed profit turn. What is not proven yet. If the next comparable half-year shows revenue rising while operating profit falls and inventory-driven borrowing returns, the thesis that existing distribution and capacity can fund profitable expansion would break. What would change our mind. If the next comparable half-year shows revenue rising while operating profit falls and inventory-driven borrowing returns, the thesis that existing distribution and capacity can fund profitable expansion would break. The test written in advance. If the next comparable half-year shows revenue rising while operating profit falls and inventory-driven borrowing returns, the thesis that existing distribution and capacity can fund profitable expansion would break. Measured by: the thesis as written as stated by the next result. The test written in advance. Input costs absorb sales growth. Measured by: Input costs absorb sales growth The next comparable quarter reports higher revenue but lower operating profit. by the next result. The test written in advance. What the surface reading misses. The surface reading is: Higher sales suggest business acceleration. The research reads it further: Operating profit fell despite higher revenue; depreciation increased and interest savings only partly cushioned the earnings pressure. What the surface reading misses. The surface reading is: Higher profit suggests improving operating economics. The research reads it further: Operating profit increased modestly, but rounded OPM fell; lower interest and tax helped offset higher depreciation. Lever 4 · Paying down debt: building. Lower interest expense already cushions operating pressure. What proves it keeps working: Debt reduction lowers the financing burden. Sources: our stock research file (10 October 2026) · quarterly results through Sep 2026. The story check is re-scored every results season; the record below never changes. ## How much does Hatsun Agro Product earn on its capital? Hatsun Agro Product Ltd earned a ROCE of 15% in FY26. That is up from a low of 11% in FY23. Its return on capital used (ROIC) is 0.2 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 3.6% net margin and 2.24× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 3.6% net margin × 2.24× asset turnover × 2.29× leverage (assets divided by equity) ≈ 18.5% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 12.2% − 12.0% = +0.2 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error. ## Does Hatsun Agro Product have too much debt? Hatsun Agro Product Ltd has total debt of ₹1,794 Cr against shareholder equity of ₹1,973 Cr as of Sep 2026, so its debt is 0.91× its equity. Year by year, that ratio went from 1.75 in FY22 to 0.94 in FY26. Keep that borrowing in mind when reading the returns on this page. Why this happened. Debt reduction has reached the income statement through lower interest expense. This benefit is already partly delivered and should not be treated as an entirely new catalyst. Further savings depend on continued cash generation and borrowing reduction. Inventory release helped fund the change, so repeating the recent cash conversion is not a prerequisite for the existing interest benefit, but would be needed to support another similar debt reduction. ## What is the Hatsun Agro Product shareholding pattern? No group of Hatsun Agro Product Ltd's owners changed its stake by a full percentage point over the last two years. Foreign institutions moved −0.2 points over the same period, to 3.1%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Promoters: +0.5 points over 8 quarters, to 73.6%; Foreign institutions: −0.2 points over 8 quarters, to 3.1%; Domestic institutions: +0.1 points over 8 quarters, to 10.3%. ## How far is Hatsun Agro Product from balance-sheet trouble? For Hatsun Agro Product Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Hatsun Agro Product rank in its industry? 49.1 out of 100, rank 4 of 8 in FMCG - Dairy Products, with 100% of the evidence available. Hatsun Agro Product Ltd scores 49.1 out of 100 against the 8 companies it is compared with in FMCG - Dairy Products, ranking 4. Relative strength against the index is 6.3%, and revenue and profit growth are weak. The four parts add up to the total exactly: 14.4 + 14.2 + 5.7 + 14.8 = 49.1. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Hatsun Agro Product compared with? Hatsun Agro Product ranks 4 of 8 FMCG - Dairy Products companies on the 4-Factor Sector Score, with 49.1 out of 100. 1. [Vadilal Industries Ltd](https://www.sectoralpha.in/stocks/vadilal-industries-ltd) VADILALIND · leader · Most evidence points up · 85% evidence 76.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 30.4/35 · Revenue 35.5% · Profit 79.8% · Operating margin change 3 points · 100% evidence Capital efficiency 18.7/25 · ROCE 22% · Operating margin 18% · 100% evidence Valuation 14.5/20 · P/E 22.4× · PEG 0.43 · 100% evidence Relative strength 12.5/20 · Lead over its industry n/a · Lead over NIFTY 500 38% · 1 year 41% · 25% evidence · 12 of 12 weeks ahead Exact sum: 30.4 + 18.7 + 14.5 + 12.5 = 76.1 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Nestle India Ltd](https://www.sectoralpha.in/stocks/nestle-india-ltd) NESTLEIND · quiet · Evidence leans up · 100% evidence 60.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.5/35 · Revenue 21.7% · Profit 38.1% · Operating margin change 2 points · 100% evidence Capital efficiency 24.4/25 · ROCE 84.1% · Operating margin 24% · 100% evidence Valuation 8.4/20 · P/E 55.8× · PEG 2.82 · 100% evidence Relative strength 0.0/20 · Lead over its industry -14.5% · Lead over NIFTY 500 -8.5% · 1 year -8.2% · 100% evidence · 0 of 12 weeks ahead Exact sum: 27.5 + 24.4 + 8.4 + 0 = 60.3 · What this means: Earnings are strong; relative strength in its sector is -14.5% and the one-year return is -8.2%. 3. [Vadilal Enterprises Ltd](https://www.sectoralpha.in/stocks/vadilal-enterprises-ltd) VADILENT · turning · Evidence leans up · 78% evidence 59.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.6/35 · Revenue 32.8% · Profit 100% · Operating margin change -2 points · 100% evidence Capital efficiency 15.0/25 · ROCE 24.8% · Operating margin 6% · 100% evidence Valuation 8.1/20 · P/E 54× · PEG 1.94 · 65% evidence Relative strength 10.7/20 · Lead over its industry n/a · Lead over NIFTY 500 0.7% · 1 year -7.9% · 25% evidence · 3 of 5 weeks ahead Exact sum: 25.6 + 15 + 8.1 + 10.7 = 59.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. Hatsun Agro Product Ltd this page HATSUN · breaking out · Evidence leans down · 100% evidence 49.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.4/35 · Revenue 18.6% · Profit 5.8% · Operating margin change -2 points · 100% evidence Capital efficiency 14.2/25 · ROCE 15.2% · Operating margin 11% · 100% evidence Valuation 5.7/20 · P/E 61.4× · PEG 3.5 · 100% evidence Relative strength 14.8/20 · Lead over its industry -0.2% · Lead over NIFTY 500 6.3% · 1 year -9.9% · 100% evidence · 10 of 12 weeks ahead Exact sum: 14.4 + 14.2 + 5.7 + 14.8 = 49.1 · What this means: Relative strength against the index is 6.3%, and revenue and profit growth are weak. 5. [Dodla Dairy Ltd](https://www.sectoralpha.in/stocks/dodla-dairy-ltd) DODLA · turning · Evidence leans down · 85% evidence 47.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.7/35 · Revenue 17.1% · Profit -16.9% · Operating margin change -4 points · 100% evidence Capital efficiency 11.9/25 · ROCE 16.7% · Operating margin 5% · 100% evidence Valuation 11.6/20 · P/E 27.1× · PEG 1.75 · 100% evidence Relative strength 8.0/20 · Lead over its industry n/a · Lead over NIFTY 500 -7.4% · 1 year -24.2% · 25% evidence · 0 of 12 weeks ahead Exact sum: 15.7 + 11.9 + 11.6 + 8 = 47.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Parag Milk Foods Ltd](https://www.sectoralpha.in/stocks/parag-milk-foods-ltd) PARAGMILK · breaking out · Evidence leans down · 81% evidence 45.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.5/35 · Revenue 10.9% · Profit 9.2% · Operating margin change 0 points · 88% evidence Capital efficiency 6.5/25 · ROCE 13.4% · Operating margin 7% · 100% evidence Valuation 15.3/20 · P/E 21.7× · PEG 0.65 · 100% evidence Relative strength 9.9/20 · Lead over its industry n/a · Lead over NIFTY 500 -0.7% · 1 year -25.2% · 25% evidence · 8 of 12 weeks ahead Exact sum: 13.5 + 6.5 + 15.3 + 9.9 = 45.2 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 7. [Heritage Foods Ltd](https://www.sectoralpha.in/stocks/heritage-foods-ltd) HERITGFOOD · breaking out · Evidence leans down · 100% evidence 35.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 8.3/35 · Revenue 13.9% · Profit -33.5% · Operating margin change -1 points · 100% evidence Capital efficiency 9.8/25 · ROCE 14.8% · Operating margin 6% · 100% evidence Valuation 9.1/20 · P/E 29× · PEG 1.33 · 100% evidence Relative strength 7.8/20 · Lead over its industry -7.1% · Lead over NIFTY 500 -1% · 1 year -26.6% · 100% evidence · 11 of 12 weeks ahead Exact sum: 8.3 + 9.8 + 9.1 + 7.8 = 35 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Kwality Ltd](https://www.sectoralpha.in/stocks/kwality-ltd) KWALITY · Too little evidence to rank firmly · 17% evidence 41.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.2/43.75 · Revenue -27.3% · Profit -80% · Operating margin change n/a · 16% evidence Capital efficiency 8.5/31.25 · ROCE -190% · Operating margin -2.3% · 46% evidence Valuation 12.5/25 · P/E n/a · PEG n/a · 0% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 20.2 + 8.5 + 12.5 = 41.2 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [FMCG - Dairy Products](https://www.sectoralpha.in/sectors/fmcg-dairy-products), all 8 compared on one page. ## Which companies are close to Hatsun Agro Product in size? Hatsun Agro Product is the 2nd largest of 8 FMCG - Dairy Products companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Nestle India. Just below it: Dodla Dairy, Vadilal Industries, Heritage Foods, Parag Milk Foods and Vadilal Enterprises. ### FMCG - Dairy Products companies close in size

1. [Nestle India Ltd](https://www.sectoralpha.in/stocks/nestle-india-ltd) ₹2,25,034 crore
2. Hatsun Agro Product Ltd ₹22,175 crore
3. [Dodla Dairy Ltd](https://www.sectoralpha.in/stocks/dodla-dairy-ltd) ₹5,909 crore
4. [Vadilal Industries Ltd](https://www.sectoralpha.in/stocks/vadilal-industries-ltd) ₹5,387 crore
5. [Heritage Foods Ltd](https://www.sectoralpha.in/stocks/heritage-foods-ltd) ₹3,298 crore
6. [Parag Milk Foods Ltd](https://www.sectoralpha.in/stocks/parag-milk-foods-ltd) ₹2,929 crore
7. [Vadilal Enterprises Ltd](https://www.sectoralpha.in/stocks/vadilal-enterprises-ltd) ₹823 crore

[All 8 FMCG - Dairy Products companies, largest first](https://www.sectoralpha.in/sectors/fmcg-dairy-products#all-companies)

### Companies close in size in other industries

1. [Garden Reach Shipbuilders & Engineers Ltd](https://www.sectoralpha.in/stocks/garden-reach-shipbuilders-engineers-ltd) ₹22,265 crore · Ship - Docks/Breaking/Repairs
2. [Procter & Gamble Hygiene and Health Care Ltd](https://www.sectoralpha.in/stocks/procter-gamble-hygiene-and-health-care-ltd) ₹22,239 crore · FMCG - Personal Care
3. Hatsun Agro Product Ltd ₹22,175 crore
4. [HBL Engineering Ltd](https://www.sectoralpha.in/stocks/hbl-engineering-ltd) ₹22,158 crore · Railways - Kavach/Springs
5. [Capri Global Capital Ltd](https://www.sectoralpha.in/stocks/capri-global-capital-ltd) ₹22,153 crore · Finance & Investments - Gold Loan

## What else do people ask about Hatsun Agro Product? ### What is Hatsun Agro Product's share price today? Hatsun Agro Product Ltd's share price is ₹1,046.20, +0.4% over the past year. The whole company is worth ₹23,293 Cr on the market. In the last 52 weeks it traded between ₹879 to ₹1,223; today it is 49% of the way up from the low, 4.0% above its 200-day average (as of 4 November 2026). ### What were Hatsun Agro Product's latest quarterly results? Hatsun Agro Product Ltd reported revenue of ₹2,898 Cr and net profit of ₹116 Cr for the Sep 2026 quarter. Revenue rose 19.4% and profit rose 5.5% compared with a year earlier. Earnings per share were ₹5.19. The operating margin was 11.0%, 2.0 percentage points lower than a year earlier (as of 4 November 2026). ### What is Hatsun Agro Product's market cap? Hatsun Agro Product Ltd's market capitalisation is ₹23,293 Cr at a share price of ₹1,046.20. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is Hatsun Agro Product performing? Hatsun Agro Product Ltd's share price has been rising for 9 weeks. In its latest quarter, revenue rose 19.4% and profit rose 5.5% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 14 weeks running (as of 4 November 2026). ### Will Hatsun Agro Product's share price go up? This page does not forecast Hatsun Agro Product Ltd's share price. What it shows instead: the share price is ₹1,046.20, and it has been rising for 9 weeks. Its P/E of 64.5× is higher than 8% of its own last 10 years (as of 4 November 2026). ### Does Hatsun Agro Product have too much debt? Hatsun Agro Product Ltd has a moderate amount of debt: its debt is 0.95× its equity, and its operating profit is 8 times its interest bill. FY26 borrowings were ₹1,838 Cr against equity of ₹1,944 Cr. Keep that borrowing in mind when reading the returns on this page (as of 4 November 2026). ### Where is Hatsun Agro Product in its business cycle? Hatsun Agro Product Ltd's FY26 operating margin was 12.0%, against a 14-year range of 5.0% to 14.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 11.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Hatsun Agro Product story? The main question: yearly earnings per share moved +27.7% while the share price moved +0.4%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is Hatsun Agro Product a stock worth studying right now? What the numbers show: Hatsun Agro Product Ltd's results are improving, while its P/E is near the low end of its own history over 10 years, higher than only 8% of past readings. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a Hatsun Agro Product share price forecast for 2026? One change in Hatsun Agro Product's own numbers looks lasting: debt falling. What would change the story: If the next comparable half-year shows revenue rising while operating profit falls and inventory-driven borrowing returns, the thesis that existing distribution and capacity can fund profitable expansion would break. ## Lists

- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india

This is research, not advice. We’re not SEBI-registered.