HATSUN

Hatsun Agro share price & financials

Price
₹920.75
Market cap
₹27.3k Cr
Sector
Fast Moving Consumer Goods
Calls analysed
5
Latest concall · Q1 FY26 · call held 04 Sept 2025

Hatsun Agro Q1 FY26

Revenue Growth 20% Historical CAGR 12.5% Ice Cream GST Rate 5% Ice Cream GST Rate 18%

Revenue Growth (Target) 20%; Historical CAGR 12.5%; Ice Cream GST Rate (New) 5%. Management expects a significant growth boost to 20% next year, up from the historical CAGR of 12-13%.

Read the full call →

What Hatsun Agro does

Hatsun Agro Product (HAP) is a Tamil Nadu-based private dairy company that sources milk from over 5 lakh farmers through a network of 13,100+ collection points and 1,450+ village-level Active Bulk Coolers, then processes it into packaged milk, curd, paneer, butter and related dairy products sold under its Arokya and Hatsun brands. It also runs an ice cream and desserts business under Arun Icecreams and the ibaco parlour chain, alongside chocolate (Havia), confectionery (Hanobar), dessert toppings (Dako) and flavoured whey drinks (Aniva). A cattle-feed unit under the Santosa brand supplies nutrition products back to the same farmers who supply it milk. The group distributes its full product range directly to consumers through the HAP Daily retail format, which has grown to 4,000+ outlets across 16 states and union territories.

Segments

  • Dairy Products
  • Ice Cream & Desserts
  • Cattle Feed
  • Retail
Milk collection points
13,100+
Farmer base supplying milk
5 lakh+ farmers
Active Bulk Coolers (village-level milk chilling points)
1,450+ locations
HAP Daily retail outlets
4,000+ outlets
Geographic footprint of HAP Daily retail
16 states/UTs including Tamil Nadu, Karnataka, Telangana, Andhra Pradesh, Maharashtra, Kerala, Odisha and the Andaman Islands
Consumer brand portfolio
10 brands spanning dairy, ice cream, chocolate, cattle feed and desserts
Company website

Guidance record · Q1 FY26

what the last two calls moved 10 tracked 2 delivered 6 missed 2 open
  • Revenue Growth delivered said Q1 FY24 Promised: Double digit for FY24 Q1 FY26: Interviewer confirms past performance: 'I saw that the CAGR growth there had been around 12 to 13 odd%.'
  • Annual Revenue Growth went quiet said Q1 FY23 Promised: 20% for FY23 Q1 FY26: Not addressed.
  • Top line growth open said Q1 FY26 Promised: 20% for 'Next Year' (FY26) Q1 FY26: I expect next year we can expect a growth of 20% in my opinion.

All 10 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 21.9%, net profit down 9.5% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue2,072 2,010 2,243 2,535 2,381 +15%2,364 +18%2,578 +15%3,090 +22%
EBITDA241 214 224 370 331 +37%256 +20%235 +5%351 −5%
Net profit64 41 43 148 120 +88%61 +49%51 +19%134 −9%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +34.8% 1Y

₹0.9k₹1.0k₹1.1k₹1.2kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q1 FY26 — 10 Sept 2025

1Y: ₹908.35 on 10 Sept 2025 → ₹1,224.4. High ₹1,224.4 (11 Sept 2026), low ₹862.4 (29 Jan 2026).

Financials, as filed

Revenue grew 10.8% a year over 3 years, FY23 to FY26. Operating margin widened to 12.1%.

Year endingFY23FY24FY25FY26
Revenue₹7.2k Cr₹8.0k Cr₹8.7k Cr₹9.9k Cr
Operating profit₹701 Cr₹900 Cr₹1.0k Cr₹1.2k Cr
Operating margin9.7%11.3%11.6%12.1%
Interest₹126 Cr₹154 Cr₹182 Cr₹145 Cr
Depreciation₹363 Cr₹410 Cr₹471 Cr₹557 Cr
Net profit₹165 Cr₹267 Cr₹279 Cr₹380 Cr
Net margin2.3%3.3%3.2%3.9%
Cash from operations₹741 Cr₹-71 Cr₹1.4k Cr₹1.6k Cr
Free cash flow₹307 Cr₹-457 Cr₹805 Cr₹1.1k Cr
ROCE11.0%13.0%13.0%15.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹22 Cr₹22 Cr₹22 Cr₹22 Cr₹22 Cr₹22 Cr
Reserves₹1.0k Cr₹1.1k Cr₹1.4k Cr₹1.6k Cr₹1.8k Cr₹1.9k Cr
Borrowings₹1.6k Cr₹1.9k Cr₹1.8k Cr₹2.7k Cr₹2.0k Cr₹1.8k Cr
Other liabilities₹474 Cr₹494 Cr₹472 Cr₹464 Cr₹573 Cr₹660 Cr
Total liabilities₹3.1k Cr₹3.5k Cr₹3.7k Cr₹4.7k Cr₹4.4k Cr₹4.4k Cr
Fixed assets₹1.9k Cr₹2.4k Cr₹2.6k Cr₹2.8k Cr₹3.3k Cr₹3.5k Cr
Capital work in progress₹384 Cr₹237 Cr₹254 Cr₹238 Cr₹33 Cr₹59 Cr
Investments₹8 Cr₹14 Cr₹21 Cr₹30 Cr₹268 Cr₹43 Cr
Other assets₹795 Cr₹881 Cr₹816 Cr₹1.7k Cr₹858 Cr₹835 Cr
Total assets₹3.1k Cr₹3.5k Cr₹3.7k Cr₹4.7k Cr₹4.4k Cr₹4.4k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −0.26 pp while the public added +0.23 pp. The shareholder count shrank 9% to 28,463.

Promoters
73.2%
FIIs
3.1%
DIIs
10.3%
Public
13.5%

Since Jun 2025

  • FIIs −0.26 pp
  • Public +0.23 pp
  • DIIs +0.03 pp

How it drifted, 12 quarters

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 73.1%, FIIs 3.0%, DIIs 9.5%, Public 14.3%.Dec '23: Promoters 73.1%, FIIs 2.9%, DIIs 9.7%, Public 14.3%.Mar '24: Promoters 73.2%, FIIs 2.9%, DIIs 9.8%, Public 14.2%.Jun '24: Promoters 73.2%, FIIs 2.8%, DIIs 9.8%, Public 14.2%.Sep '24: Promoters 73.2%, FIIs 3.3%, DIIs 10.2%, Public 13.4%.Dec '24: Promoters 73.2%, FIIs 3.4%, DIIs 10.0%, Public 13.4%.Mar '25: Promoters 73.2%, FIIs 3.4%, DIIs 10.1%, Public 13.3%.Jun '25: Promoters 73.2%, FIIs 3.4%, DIIs 10.2%, Public 13.2%.Sep '25: Promoters 73.2%, FIIs 3.3%, DIIs 10.4%, Public 13.2%.Dec '25: Promoters 73.2%, FIIs 3.2%, DIIs 10.3%, Public 13.3%.Mar '26: Promoters 73.2%, FIIs 3.1%, DIIs 10.3%, Public 13.4%.Jun '26: Promoters 73.2%, FIIs 3.1%, DIIs 10.3%, Public 13.5%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Hatsun Agro above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Chandramogan R G 54.88%unchanged
Sathyan C 9.80%unchanged
SBI Focused Equity Fund Various Schemes Mutual fund9.46%unchanged
Deviga Suresh 4.43%unchanged
Malabar India Fund Limited FPI fund1.69%+0.10 pp
Lalitha C 1.15%unchanged
Sriram Vaidyanathan 1.11%newly disclosed
Dolly Sathyan 1.10%unchanged
Vismita Sathyan 0.90%unchanged
Vivin Srinesh 0.90%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in HATSUN

Filings to Aug 2026

0 new, 2 added, 0 trimmed, 0 sold out — net +0.10 L shares (+0.0%).

Held by funds
₹2.6k Cr
10 schemes
Biggest holder
SBI Focused Fund
₹1.1k Cr · 2.1% of that fund
SchemeHoldingLast month
SBI Focused Fund SBI Mutual Fund₹1.1k Crheld
SBI Midcap Fund SBI Mutual Fund₹357 Crheld
SBI Smallcap Fund SBI Mutual Fund₹350 Crheld
SBI Children's Fund - Investment Plan (Erstwhile known as SBI Magnum Children's Benefit Fund- IP) SBI Mutual Fund₹330 Crheld
SBI Large and Midcap Fund SBI Mutual Fund₹228 Crheld
SBI Conservative Hybrid Fund SBI Mutual Fund₹91 Cr+0.02 L
Nippon India Small Cap Fund Nippon India Mutual Fund₹67 Cr+0.08 L
SBI Resurgent India Opportunities Scheme SBI Mutual Fund₹44 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

2 added, 0 trimmed — net +10,372 shares (+0.0%)

Funds are sitting on
-14%
vs est. average cost
Held by funds
₹2.6k Cr
10 schemes · ≈ 7.3% of the company
Biggest holder
SBI Focused Fund
₹1.1k Cr · 2.1% of that fund

Shares held by these funds +64%

Aug '23 2.16 cr shares Jul '26

What the price assumes

Expensive

To justify its price of ₹1224, this stock must grow earnings at 38% every year for 7 years. Our analysis caps realistic growth at ~32%. At that growth it is worth ₹897 — downside of 27%.

Growth the price implies
38.4% a year
for 7 years, fading to 4%
It has actually compounded at
32.1% a year
net profit, FY23–FY26 · EPS 31.8%
The gap
0.1 pp
-27% downside if it only repeats history
Price today ₹1,224.4 Value at the reference growth ₹896.85

Change the assumptions yourself →

All earnings calls (5)

Read the Q1 FY26 call →

Learn to analyse Hatsun Agro

Guides on how to read this kind of business and the numbers that matter.