Skip to main content
Swing Capital

Hatsun Agro Product Ltd

NSE: HATSUN BSE: 531531

Hatsun Agro Product Limited has been in business for over 5 decades and achieved the position of the largest private-sector industry in the Dairy sector manufacturing and marketing Milk and Milk products, Ice-Cream, etc. [1] It was incorporated by Mr. R G Chandramogan, who has been in the dairy business for more than 30 years. [2] Its journey began with Arun Icecreams. [3]

₹923
52W: ₹731 — ₹1179
PE 53.4 · Book ₹83.5 · +1005% vs book
Market Cap₹20,551 Cr
Stock P/E53.4Price to Earnings
ROCE13.1%Return on Capital
ROE17%Return on Equity
Div. Yield0.64%Face Value ₹1

Strengths

  • +Company has reduced debt.
  • +Company has been maintaining a healthy dividend payout of 59.2%

Weaknesses

  • −Stock is trading at 10.9 times its book value
  • −The company has delivered a poor sales growth of 10.3% over past five years.

Shareholding Pattern

Promoters73.17%
FIIs3.13%
DIIs10.26%
Public13.43%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters73.17%73.17%73.17%73.17%73.17%73.17%73.17%73.17%
FIIs2.82%3.29%▲0.53.38%▲0.13.4%▲0.03.39%▼0.03.26%▼0.13.2%▼0.13.13%▼0.1
DIIs9.82%10.17%▲0.39.99%▼0.210.08%▲0.110.22%▲0.110.36%▲0.110.28%▼0.110.26%▼0.0
Public14.2%13.38%▼0.813.45%▲0.113.35%▼0.113.23%▼0.113.2%▼0.013.35%▲0.213.43%▲0.1

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales1,9051,8872,0472,3752,0722,0102,2102,5352,3812,315
Expenses1,6871,6751,8172,0451,8311,7961,9822,1652,0512,058
Operating Profit219213230330241214228370331257
OPM %11%11%11%14%12%11%10%15%14%11%
Net Profit78575213164415014812067
EPS ₹3.482.582.345.862.891.842.236.655.43.01

AI Insights

Revenue Trend

TTM revenue at ₹9,441Cr, up 8.9% YoY. OPM at 13%.

Debt Position

Borrowings at ₹2,010Cr. Debt-to-equity ratio: 1.09x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹33Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 10.26% (+1.72pp change). FIIs: 3.13% (-0.94pp change). Promoters hold 73.17%.

Margin & Efficiency

ROCE declining from 19% (Mar 2014) to 13% (Mar 2025). Working capital days: -30.

Valuation

PE 53.4x with 13.1% ROCE. Price is 1005% above book value of ₹83.5. Dividend yield: 0.64%.

Recent Announcements