HATSUN AGRO PRODUCT LTD.

Sells milk and other dairy products under its own brands across India, distributing largely through a network of company-owned retail outlets rather than relying only on general trade. The single reported segment, 'Milk and Milk products', made up 100% of segment revenue in the quarter ended 30 June 2023. In FY26 the business reported revenue of ₹9,959.22 crores and profit after tax of ₹356.20 crores; in Q1 FY27 it sold 153 crore consumer packs in a single quarter, running those volumes across 22 manufacturing facilities and over 4,700 retail outlets. The direct-distribution model, anchored by roughly 4,500 own outlets referenced at the FY26 Q4 call, was cited as the driver of a 29-30% gross margin range. Management flagged that 45% of sales already come from outside Tamil Nadu and is targeting 50% within two years, and noted a ~6% selling price hike taken around the FY26 Q4 results along with 8-10% growth in milk procurement. Raw materials dominate the cost base at 64.4% of FY26 revenue, against just 3.0% for employees, reflecting the retail-led model. The company runs four market-leading dairy brands and merged its wholly-owned subsidiary Milk Mantra Dairy Private Limited effective 1 April 2025.