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Hatsun Agro Product Q2 FY27 results: net profit down 3.7% to ₹115.69 crore, revenue up 21.7%
Hatsun Agro Product Limited reported standalone Q2 FY27 revenue of ₹2,898 crore, up 21.7% from Q2 FY26, while EBITDA was ₹331.43 crore at an 11.4% margin. Profit after tax was ₹115.69 crore and basic EPS was ₹5.19, lower than both the year-ago quarter and Q1 FY27.
Key points
- Q2 FY27 revenue was ₹2,898 crore, up 21.7% from ₹2,381 crore in Q2 FY26.
- EBITDA was ₹331.43 crore, up 0.2% from ₹330.68 crore, while the margin fell 2.5 percentage points to 11.4%.
- A net profit of ₹115.69 crore was down 3.7% from ₹120.18 crore in Q2 FY26; basic EPS was ₹5.19.
- Against Q1 FY27, revenue fell 6.2% to ₹2,898 crore and net profit fell 13.5% to ₹115.69 crore.
- H1 FY27 revenue was ₹5,988.13 crore, up 21.8%, while profit after tax was ₹249.38 crore, down 7.0%.
How did Hatsun Agro Product perform in Q2 FY27?
Hatsun Agro Product reported standalone revenue of ₹2,898 crore in Q2 FY27, up ₹516.32 crore or 21.7% from ₹2,381 crore in Q2 FY26. EBITDA was ₹331.43 crore, up ₹0.75 crore or 0.2%, but the EBITDA margin fell 2.5 percentage points to 11.4% from 13.9%.
Profit before tax was ₹152.50 crore, down ₹9.09 crore or 5.6% from ₹161.59 crore, and tax expense was ₹36.81 crore, down ₹4.60 crore or 11.1%. The company reported a net profit of ₹115.69 crore, down ₹4.49 crore or 3.7%, while basic EPS was ₹5.19, down ₹0.21 or 3.9%.
Compared with Q1 FY27, revenue fell ₹192.85 crore or 6.2% from ₹3,090 crore and EBITDA declined ₹19.27 crore or 5.5% to ₹331.43 crore. Net profit was lower by ₹18 crore or 13.5% at ₹115.69 crore, and basic EPS fell ₹0.81 or 13.5% to ₹5.19. The EBITDA margin was 11.4%, against 11.3% in Q1 FY27.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 2,898 | 3,090 | 2,381 | +21.7% | −6.2% |
| Other income | 4.85 | 2.89 | 4.06 | +19.5% | +67.8% |
| Total expenses | 2,750 | 2,923 | 2,224 | +23.7% | −5.9% |
| EBITDA | 331.43 | 350.70 | 330.68 | +0.2% | −5.5% |
| EBITDA margin | 11.4% | 11.3% | 13.9% | −2.5 pp | +0.1 pp |
| Profit before tax | 152.50 | 170.68 | 161.59 | −5.6% | −10.7% |
| Tax | 36.81 | 36.99 | 41.41 | −11.1% | −0.5% |
| Net profit | 115.69 | 133.69 | 120.18 | −3.7% | −13.5% |
| EPS (₹) | 5.19 | 6.00 | 5.40 | −3.9% | −13.5% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Hatsun Agro Product's costs and profit?
Total expenses were ₹2,750 crore in Q2 FY27, up ₹526.20 crore or 23.7% from ₹2,224 crore in Q2 FY26. Cost of materials rose ₹614.60 crore or 42.8% to ₹2,051 crore, employee cost increased ₹6.04 crore or 8.8% to ₹74.29 crore, and depreciation rose ₹17.13 crore or 12.6% to ₹152.80 crore.
Other expenses increased ₹86.97 crore or 24.8% to ₹437.74 crore, while finance costs fell ₹6.50 crore or 17.3% to ₹30.98 crore. Other income rose ₹0.79 crore or 19.5% to ₹4.85 crore, and there was no exceptional item in either quarter.
The company attributed its H1 growth to sustained consumer demand across core categories, enhanced processing capacity and direct procurement from its expanding farmer network. Management also cited geopolitical uncertainties, El Niño-related factors and inflation in agricultural input costs as parts of the challenging industry environment.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 2,051 | 1,436 | +614.60 | +42.8% |
| Employee cost | 74.29 | 68.25 | +6.04 | +8.8% |
| Finance costs | 30.98 | 37.48 | −6.50 | −17.3% |
| Depreciation | 152.80 | 135.67 | +17.13 | +12.6% |
| Other expenses | 437.74 | 350.77 | +86.97 | +24.8% |
| Total expenses | 2,750 | 2,224 | +526.20 | +23.7% |
| Other income | 4.85 | 4.06 | +0.79 | +19.5% |
| Tax | 36.81 | 41.41 | −4.60 | −11.1% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
H1 FY27 standalone revenue was ₹5,988.13 crore, up ₹1,071.9 crore or 21.8% from ₹4,916.23 crore in H1 FY26. Total income rose ₹1,072.27 crore or 21.8% to ₹5,995.87 crore, while EBITDA was not stated for the half-year period.
Profit before tax fell ₹39.72 crore or 10.9% to ₹323.18 crore from ₹362.9 crore. After tax, Hatsun Agro Product reported a net profit of ₹249.38 crore, down ₹18.88 crore or 7.0% from ₹268.26 crore, and basic EPS fell ₹0.86 or 7.1% to ₹11.19 from ₹12.05.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 5,988 | 4,916 | +21.8% |
| Profit before tax | 323.18 | 362.90 | −10.9% |
| Net profit | 249.38 | 268.26 | −7.0% |
| EPS (₹) | 11.19 | 12.05 | −7.1% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets were ₹4,451.55 crore on 30 September 2026, against ₹4,442.51 crore on 31 March 2026, while total equity was ₹1,973.14 crore, against ₹1,944.52 crore. Borrowings fell to ₹1,254.79 crore from ₹1,331.95 crore, and cash declined to ₹37.51 crore from ₹49.38 crore.
Inventories fell to ₹525.09 crore from ₹591.47 crore, trade receivables rose to ₹7.75 crore from ₹4.77 crore, and trade payables increased to ₹337.84 crore from ₹328 crore. H1 FY27 operating cash flow was ₹678.31 crore, against ₹1,028.43 crore in H1 FY26.
Investing cash flow was negative ₹282.88 crore in H1 FY27, compared with negative ₹206.3 crore a year earlier, while financing cash flow was negative ₹407.3 crore against negative ₹831.23 crore. Capital expenditure was ₹283.58 crore, against ₹214.83 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 4,452 | 4,443 |
| Total equity | 1,973 | 1,945 |
| Borrowings | 1,255 | 1,332 |
| Cash and equivalents | 37.51 | 49.38 |
| Inventories | 525.09 | 591.47 |
| Trade receivables | 7.75 | 4.77 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 678.31 | 1,028 |
| Cash from investing | −282.88 | −206.30 |
| Cash from financing | −407.30 | −831.23 |
| Capital expenditure | 283.58 | 214.83 |
Source: Company's results filing (XBRL).
How has Hatsun Agro Product done over the last 8 quarters?
Revenue has risen year on year in each of the last eight quarters. It reached its highest level in Q1 FY27 at ₹3,090.49 crore before easing to ₹2,897.64 crore in Q2 FY27, while the recent low was ₹2,009.75 crore in Q3 FY25.
Profit after tax peaked at ₹148.08 crore in Q1 FY26 and fell to ₹115.69 crore in Q2 FY27; its recent low was ₹40.94 crore in Q3 FY25. The EBITDA margin reached its high of 14.6% in Q1 FY26 and its low of 9.1% in Q4 FY26, before edging up to 11.4% in Q2 FY27.
How did Hatsun Agro Product shares react?
The filing appeared after market hours. From the price when the results appeared, HATSUN was down 4.9% after 5 minutes, down 5.9% after 15 minutes and down 7.5% after 30 minutes. On the reaction day, it closed 4.2% below the previous close of ₹1,065.0.
By the next day's close, the stock was down 7.3% from its pre-results close, and by the fifth session it was down 6.2%. The Dairy Products industry median was down 3.8% on the reaction day, down 2.0% by the next close and down 1.0% by the fifth close.
| After the filing | Stock | Dairy Products median |
|---|---|---|
| 5 minutes | −4.9% | |
| 15 minutes | −5.9% | |
| 30 minutes | −7.5% | |
| Reaction day | −4.2% | −3.8% |
| Next day | −7.3% | −2.0% |
| 5 days | −6.2% | −1.0% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 21 July 2026 | −3.8% |
| 19 May 2026 | −1.2% |
| 19 January 2026 | +2.3% |
| 27 October 2025 | +20.2% |
| 18 July 2025 | +1.6% |
| 16 January 2025 | −5.4% |
| 4 November 2024 | −2.3% |
| 15 July 2024 | +4.7% |
Source: MarketPing price-reaction measurement.
How did other Dairy Products companies do?
Five other Dairy Products companies had filed for the quarter by 4 November 2026. Their median revenue growth was 18.6%, compared with 21.7% growth at Hatsun Agro Product, and three peers grew slower than the company while two grew faster.
Among the five peers for which profit was compared, two reported higher profit. Hatsun Agro Product's Q2 FY27 revenue therefore grew faster than the peer median, although its net profit declined 3.7% from the year-ago quarter.
| Hatsun Agro Product revenue growth (YoY) | +21.7% |
|---|---|
| Median of 5 other Dairy Products companies | +18.6% |
| Companies with slower revenue growth than Hatsun Agro Product | 3 of 5 |
| Companies with faster revenue growth than Hatsun Agro Product | 2 of 5 |
| Companies whose net profit rose | 2 of 5 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Hatsun Agro Product's revenue in Q2 FY27?
Revenue from operations was ₹2,898 crore, up 21.7% from ₹2,381 crore in Q2 FY26 (standalone).
Did Hatsun Agro Product make a profit in Q2 FY27?
Yes. Net profit was ₹115.69 crore, against a net profit of ₹120.18 crore in Q2 FY26.
What was Hatsun Agro Product's EPS in Q2 FY27?
Basic earnings per share were ₹5.19, against ₹5.40 in Q2 FY26.
How did Hatsun Agro Product shares react to the Q2 FY27 results?
On the reaction day the stock moved −4.2% from the previous close; the median Dairy Products stock moved −3.8%.
When did Hatsun Agro Product announce its Q2 FY27 results?
On 22 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Considering And Approving The Unaudited Financial Results Of The Company For The Quarter And Half Year Ended 30Th September, 2026 (BSE, 14 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Held On 22Nd October, 2026 (BSE, 22 October 2026) · PDF
- Financial Results For The Quarter And Half Year Ended 30Th September, 2026 (BSE, 22 October 2026) · PDF
- Announcement under Regulation 30 (LODR)-Press Release / Media Release (BSE, 22 October 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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