Hatsun Agro Q1 FY26 results (Apr–Jun 2025) and concall

Hatsun Agro management is extremely bullish following a major GST reform in the dairy sector, describing it as a 'tax revolution' and a 'bonanza' for the economy. The company expects the reduction in taxes, particularly for ice cream and fats, to stimulate significant demand and improve rural spending capacity. While margins are not expected to expand directly from the tax cut (as benefits are shared with farmers and consumers), the resulting volume growth is projected to drive a 20% top-line increase.