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Hatsun Agro Product Ltd (HATSUN)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 531531 NSE: HATSUN Consumer Food | Small Cap | Hatsun Agro Product Share Price

₹1,169.25 6.45 (0.55%)

As on 04-Sep'26 16:59

Hatsun Agro Product Ltd (HATSUN)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 531531 NSE: HATSUN Consumer Food | Small Cap | Hatsun Agro Product Share Price

₹1,169.25 6.45 (0.55%)

As on 04-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹26,045 Cr.
Current Price
₹1,169.3
52-Week Low / High
₹731 / 1,220
TTM EPS
₹16.7
TTM Sales
₹10,364 Cr.
Book Value per Share
₹93.3
P/E Ratio
70.03
Lower than its 5-year historical median
Industry PE
52.1
Price to Book (P/B)
12.53
Lower than its 5-year historical median
Price to Sales (P/S)
2.51
Lower than its 5-year historical median
EV/EBITDA
23.04
Lower than its 5-year historical median
Dividend Yield
0.51%
Profitability Efficiency
Return on Equity (ROE)
19.45%
Outperforms industry median
Return on Capital Employed (ROCE)
17.40%
Outperforms industry median
Return on Assets (ROA)
6.62%
Operating Profit Margin
11.8%
Net Profit Margin
3.58%
Gross Profit Margin
10.5%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
14.48%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
16.18%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
27.76%
Asset Quality
Promoter Holding
73.17%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹2,056 Cr.
Equity
₹22.3 Cr.
Face Value
₹1
All Time Low / High
₹1.52 / 1505.58

Hatsun Agro Product stock performance

Key Ratios
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Check Before You Invest

Quality

Very Good
Check detailed performance

Valuation

Fair

Check Valuation charts

Price Trend

Strong
Check Price chart
Q.1 Is Hatsun Agro Product Ltd a good quality company?
Hatsun Agro Product Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

View More

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

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How does Hatsun Agro Product Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Hatsun Agro Product Ltd vs industry peers?
Hatsun Agro Product Ltd revenue CAGR is 12.40%, compared to the industry median CAGR of 8.20%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Hatsun Agro Product Ltd?
Promoters hold 73.17% of the Hatsun Agro Product Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Hatsun Agro Product Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 16.9% based on the current price.
View More

DeciZen - make an informed investing decision on Hatsun Agro Product

Decision Maker
Standalone basis

1. Right Stock

10 Year X-ray Pro
Long Term Prospect

2. Right Price

Right Price
Price Chart

3. Right Time ⓘ

Right Price
#Likely Future 5 Year CAGR.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Hatsun Agro Product Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ22.3%14.1%14.1%13.3%22.6%16%12.3%15.2%14.6%17.4%-
Value Creation
Index ⓘ		0.70.00.10.00.70.4-0.10.40.30.3-

Growth Parameters ⓘ
Sales ⓘ4,1984,2874,7605,3085,5516,3707,2477,9908,7009,95910,364
Sales YoY Gr.-2.1%11%11.5%4.6%14.8%13.8%10.3%8.9%14.5%-
Adj EPS ⓘ6.54.35.55.112.511.27.311.512.41616.7
YoY Gr.--33.8%28.8%-7.6%145.1%-10.1%-34.9%58.4%7.3%29%-
BVPS (₹) ⓘ16.617.537.141.246.550.564.770.677.187.393.3
Adj Net
Profit ⓘ		13589.5121112273246162257276355372
Cash Flow from Ops. ⓘ433277375552518576741-71.51,4501,557-
Debt/CF from Ops. ⓘ2.14.72.72.22.732-31.81.50.9-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ10.1%12.4%11.2%14.5%
Adj EPS ⓘ10.6%5.1%29.9%29%
BVPSⓘ20.2%13.4%10.5%13.2%
Share Price 16.9% 2.4% -0.9% 28%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ		46.725.120.713.128.423.112.717.116.819.418.5
Op. Profit
Mgn % ⓘ		98.79.510.414.511.39.711.311.611.811.3
Net Profit
Mgn % ⓘ		3.22.12.52.14.93.92.23.23.23.63.6
Debt to
Equity ⓘ		2.63.61.31.31.41.511.41.20.7-
Working Cap
Days ⓘ		3941423943556078856313
Cash Conv.
Cycle ⓘ		16151615222521374218-11

Valuation of Hatsun Agro Product - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.003.910.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales4,1984,2874,7605,3085,5516,3707,2477,9908,7009,959
Operating Expenses ⓘ + 3,8203,9164,3194,7584,7495,6496,5467,0917,6908,786
Manufacturing Costs252231309380362481535615721812
Material Costs3,0493,0843,3433,7613,7924,4085,1835,6196,0326,950
Employee Cost 127141156168185210224226247301
Other Costs ⓘ 392460511449411550603631690723
Operating Profit ⓘ 3783724415508027217018991,0101,174
Operating Profit Margin (%) 9.0%8.7%9.3%10.4%14.4%11.3%9.7%11.3%11.6%11.8%
Other Income ⓘ + 786961011232017
Exceptional Items ⓘ 0000000000
Interest ⓘ 708886106108107126154182146
Depreciation ⓘ 143174201296295311362409470574
Profit Before Tax ⓘ 172119161156404314225358377470
Tax ⓘ 3628464413165599198114
Profit After Tax 13591115112274248166267279356
PAT Margin (%) 3.2%2.1%2.4%2.1%4.9%3.9%2.3%3.3%3.2%3.6%
Adjusted EPS (₹)6.54.35.35.112.511.37.512.012.516.0
Dividend Payout Ratio (%)45%67%55.70%86.40%63%52.10%80.60%50%48%37.50%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 3493668059041,0221,1091,4411,5721,7181,945
Share Capital ⓘ 15151616222222222222
Reserves ⓘ 3333507898881,0001,0871,4181,5501,6951,922
Debt +6901,0097379111,1021,3551,1681,8401,6921,019
Long Term Debt369542502614536784780956934675
Short Term Debt320467234297566571388885757343
Minority Interest0000000000
Trade Payables170171178142140147184188253328
Others Liabilities ⓘ 3794865277578541,2901,3371,6931,8691,946
Total Liabilities ⓘ 1,5882,0322,2462,7143,1173,9014,1315,2935,5315,237

Fixed Assets

Net Fixed Assets ⓘ +9911,2171,4081,7561,9292,4102,6152,7673,2743,493
Gross Block1,0911,4451,8262,4352,8683,5634,0464,3675,2105,902
Accumulated Depreciation1002284186799391,1531,4311,6001,9362,410
CWIP ⓘ 9025923335538423725423828459
Investments ⓘ 000081421303743
Inventories2973844033745706095761,452996591
Trade Receivables4178159881085
Cash Equivalents 55333645394042537151
Others Assets ⓘ 113132157171177584615742861995
Total Assets ⓘ 1,5882,0322,2462,7143,1173,9014,1315,2935,5315,237
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 433277375552518576741-711,4501,557
PBT ⓘ 172119161156364275225358377470
Adjustment ⓘ 210255283398418424478543642711
Changes in Working Capital ⓘ 89-65-3523-169-17103-848543503
Tax Paid ⓘ -37-31-35-25-95-106-64-124-112-128
Cash Flow From Investing Activity ⓘ + -569-523-343-537-418-565-441-388-882-435
Capex -571-526-342-540-413-570-434-386-645-443
Net Investments 0000-8-5-6-8-1-6
Others ⓘ 23-03310-05-23714
Cash Flow From Financing Activity ⓘ + 162223-31-7-106-8-300474-564-1,130
Net Proceeds from Shares ⓘ 0041810500297000
Net Proceeds from Borrowing ⓘ 219233-39107-75287-77327-48-350
Interest Paid ⓘ -70-84-84-102-114-108-128-118-146-112
Dividend Paid ⓘ -18-61-94-116-129-129-129-134-134-134
Others ⓘ 32134-233-1212-58-263398-237-535
Net Cash Flow ⓘ 26-2318-730144-8
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)46.8125.4419.6313.1428.4123.3113.0117.7416.9519.45
ROCE (%)22.314.0714.1213.3322.5815.9912.2915.2114.617.4
Asset Turnover Ratio3.062.372.232.141.91.821.81.71.611.85
PAT to CFO Conversion(x)3.213.043.264.931.892.324.46-0.275.24.37
Working Capital Days
Receivable Days2.4020.600.800.800.500.400.400.400.20
Inventory Days27.9028.9030.2026.703133.8029.9046.3051.4029.10
Payable Days18.4020.2019.1015.5013.6011.9011.7012.1013.3015.30

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Hatsun Agro Product Ltd FAQs

The current trading price of Hatsun Agro Product on 04-Sep-2026 16:59 is ₹1,169.3.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 03-Sep-2026 the market cap of Hatsun Agro Product stood at ₹26,044.8 Cr

The latest P/E ratio of Hatsun Agro Product as of 03-Sep-2026 is 70.03.

The latest P/B ratio of Hatsun Agro Product as of 03-Sep-2026 is 12.53.

The 52-week high of Hatsun Agro Product is ₹1,220.2 and the 52-week low is ₹731.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Hatsun Agro Product is ₹10,364 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Hatsun Agro Product Ltd is a good quality company.

The key valuation ratios of Hatsun Agro Product Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Hatsun Agro Product Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About Hatsun Agro Product Ltd

Hatsun Agro Product (HAP), the largest Private Sector Dairy in India, is in the business of manufacturing and marketing Dairy Products especially Milk and Milk products such as Curd, Ghee, Paneer, SMP etc., Ice Creams and also Cattle Feeds. The company’s brands have become household names in many Indian houses. Arun Icecreams, Arokya Milk, Hatsun Curd, Hatsun Paneer, Hatsun Ghee, Hatsun Dairy Whitener and Ibaco have become popular choices across the country. The company also has a healthy global presence with dairy ingredients exported to several countries around the world - primarily in America, the Middle East and South Asian markets.

The company’s key focus is on delivering quality, and to that end, it has a technically advanced system that works in accordance with time-tested business processes across its several plants. To cater to the dairy requirements of a greater number of families, the company is always on the lookout for markets waiting to be discovered. HAP is a Listed Company, listed its Equity Shares on the Bombay Stock Exchange and National Stock Exchange of India and having its Registered Office in Chennai, Tamil Nadu, India.

Business area of the company

The company is principally engaged in the business of processing and marketing of milk, milk products and ice cream.

Brands of the company

  • Arun Icecreams
  • Arokya
  • Hatsun
  • HAP daily
  • Ibaco
  • Dairy Ingredients
  • Santosa

Milestones

  • 1970: The company began its footprint with the introduction of Arun Icecreams.
  • 1978: First Arun Icecreams parlour
  • 1986: Hatsun Foods (HFPL) is incorporated as a Private Limited Company. The same year HFPL was admitted as a partner in Chandramohan company.
  • 1986: In April, HFPL takes over Chandramohan company. HFPL was allowed to register the brand name 'Arun' in its own name subject to a royalty payment of 1% on the gross ice cream sales.
  • 1991: Icecream Factory (Atlantic) - Salem Inauguration.
  • 1993: Hatsun Dairy Private Limited (HDPL), promoted by Hatsun Foods, established. The Salem Dairy - Inauguration.
  • 1996: M/s. Hatsun Milk Food (formerly known as Hatsun Foods) goes public.
  • 1998: Changes name to M/s. Hatsun Agro Product. Amalgamation of M/s. Hatsun Milk Products with M/s. Hatsun Agro Product.
  • 2000: Kanchipuram Dairy Acquisition.
  • 2001: Amalgamation of M/s. Ajith Dairy Industries Limited with M/s. Hatsun Agro Product.
  • 2003: Amalgamation of M/s. Hatsun Foods Company with M/s. Hatsun Agro Product.
  • 2004: Dairy Ingredient Plant - Inauguration (Salem & Kanchipuram)
  • 2007: Dairy Ingredient Plant - 2nd Drier in Kanchipuram
  • 2009: Dairy Ingredient Plant - Inauguration (Palacode)
  • 2013: Vellichandai - Milk & Milk products manufacturing & processing unit - March 2013
  • 2013: Karur - Feed Manufacturing Division - October 2013
  • 2013: Chitoor - Milk & Milk products manufacturing & processing unit - December 2013
  • 2013: Hyderabad Plant - Milk & Milk products manufacturing & processing unit - December 2013
  • 2014: Tirunelveli – Milk & Milk products manufacturing & processing unit - June 2014.
  • 2016: Palani - Feed Manufacturing Division - Feb. 2016
  • 2019: Sangola - Cattle Feed Plant - June 2019
  • 2021: Govindapur - Icecream and Chocolate Manufacturing Unit - Dec 2021
  • 2021: Uthiyur - Milk Product Plant - Jan 2021
  • 2021: Shirashi - Milk & Milk Product Plant - Jan 2021
  • 2022: Hatsun Agro Product Ltd: A 50-year-young company's many firsts!
  • 2022: Hatsun Agro Product Ltd reaches retail milestone with 3000+ outlets
  • 2022: Occupying of Corporate Office
  • 2022: Rights issue of Equity shares
  • 2024: Commencement Of Commercial Production Of Fresh Juice Processing Plant In Karur District - Feb 2024
  • 2025: Acquisition of Milk Mantra Dairy Private Limited, Odisha - Jan 2025
  • 2025: Launch of 4000th HAP daily Outlet - Mar 2025

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