NSE: HATSUN · BSE: 531531
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Milk and Milk products (100%). Branded consumer dairy with a direct, retail-led distribution model that keeps employee cost low at 3.0% of revenue.
Exhibit 1: Financial summary, FY25–FY25 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 |
|---|---|
| Revenue | 8,700 |
| EBITDA (ex other income) | 1,010 |
| margin % | 11.6 |
| Owners' profit | 0 |
| EPS, as reported (₹) | 12.51 |
| ROE % · ROCE % | 16.2 · 18.3 |
| Debt / equity (x) | 1.22 |
| Cash from operations | 1,450 |
| Capex | (658) |
Exhibit 2: Quarterly performance, last 4 quarters
| ₹ crore | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 |
|---|---|---|---|---|
| Revenue | 2,243 | 2,590 | 2,428 | 2,364 |
| Profit before tax | 59 | 184 | 148 | 79 |
| Net profit | 43 | 135 | 110 | 61 |
| EPS (₹) | 1.93 | 6.07 | 4.92 | 2.72 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HATSUN AGRO PRODUCT LTD. ◆ | 21,739 | 62.4 | 11.89 | 23.1 | 13.4 | 10.5 | — | 10.9 |
| KWALITY WALL'S (INDIA) L | 8,528 | — | 12.69 | — | (54.9) | (37.5) | — | 13.5 |
| DODLA DAIRY LIMITED | 5,974 | 24.4 | 3.57 | 16.2 | 15.9 | 15.7 | 16.2 | 6.6 |
| VADILAL INDUSTRIES LTD | 5,280 | 23.6 | 6.21 | 19.7 | 18.2 | 19.3 | 26.5 | 28.4 |
| HERITAGE FOODS LTD | 3,331 | 24.7 | 3.01 | 12.0 | 13.5 | 13.8 | 12.8 | 5.1 |
| PARAG MILK FOODS LTD. | 2,985 | 22.6 | 2.37 | 11.6 | 10.7 | 10.1 | 15.7 | 7.4 |
| VADILAL ENTERPRISES LTD. | 817 | 78.4 | 24.69 | — | 31.6 | 17.4 | — | 0.7 |
| MILKFOOD LTD. | 222 | 19.2 | 1.31 | 13.1 | (5.1) | (3.2) | (4.1) | (3.0) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 62.4 | 23.6 | 8 of 9 | 13% |
| P/B | 11.9 | 3.0 | 9 of 11 | 20% |
| ROCE | 10.5 | 10.1 | 6 of 13 | 58% |
| ROE | 13.4 | 10.7 | 5 of 11 | 60% |
| Debt / Equity | 0.8 | 0.3 | 10 of 11 | 10% |
| EBITDA margin | 10.9 | 6.5 | 3 of 11 | 80% |
| Market cap | 21739 | 817 | 1 of 13 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Q2 FY27 revenue rises 19.36%; PAT increases to Rs 115.69 crore | results | high | — | — |
| 22 Oct 2026 · Hatsun Agro Q2 FY27: Revenue up 16%, Rs 10 dividend declared | results | high | — | — |
| 22 Oct 2026 · Q2 revenue rises 15.7%, but half-year profit after tax falls 14.4% | results | high | — | — |
| 14 Oct 2026 · Hatsun Agro board to meet on Oct 22 to consider Q2 results | results | low | — | — |
| 13 Oct 2026 · RTA confirmation under SEBI Reg 74(5) for Q2 FY26-27 | compliance | minimal | — | — |
| 12 Oct 2026 · Hatsun Agro targets up to 50% revenue growth over two years | compliance | minimal | — | — |
| 28 Sept 2026 · Hatsun Agro partners with Odisha govt and SBI to launch Go-Dhan for dairy farmers | compliance | low | — | — |
| 26 Sept 2026 · All 6 resolutions passed at Hatsun Agro 41st AGM | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading window closed for Q2 FY27 results period | compliance | minimal | — | — |
| 25 Sept 2026 · Hatsun Agro 41st AGM held on Sept 25 via video conferencing | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.