HATSUN - Hatsun Agro Products Ltd. Share Price

Food Products

₹902.85+9.45(+1.06%)

Market Open as of Apr 30, 2025, 10:01 IST

What does Hatsun Agro Products Ltd. do?

Dairy Products•Fast Moving Consumer Goods•Small Cap

Hatsun Agro Product Limited engages in manufacturing and marketing of milk, milk products, and cattle feed in India and internationally. The company offers ice cream, kulfi flavours, premium desserts, chocolates, and fermented dairy products, such as yoghurt and dairy based spreads. It also provides dairy whitener, skimmed milk powder, ghee, paneer, and other prodcuts. It distributes its products through its distribution networks in Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, and Maharashtra under Arun Icecreams, Arokya, Hatsun, HAP daily, Ibaco, Dairy Ingredients, and Santosa brand names. Hatsun Agro Product Limited was incorporated in 1986 and is based in Chennai, India.

Industry Group:Food Products

Employees:5,222

Website:www.hap.in

Valuation
Market Cap	19.9 kCr
Price/Earnings (Trailing)	69.11
Price/Sales (Trailing)	2.34
EV/EBITDA	19.35
Price/Free Cashflow	-39.34
MarketCap/EBT	51.07

Fundamentals
Revenue (TTM)	8.52 kCr
Rev. Growth (Yr)	6.37%
Rev. Growth (Qtr)	-3.21%
Earnings (TTM)	287.96 Cr
Earnings Growth (Yr)	-28.68%
Earnings Growth (Qtr)	-36.35%

Profitability
Operating Margin	4.57%
EBT Margin	4.57%
Return on Equity	17.63%
Return on Assets	6.47%
Free Cashflow Yield	-2.54%

Pros

Size: Market Cap wise it is among the top 20% companies of india.

Smart Money: Smart money has been increasing their position in the stock.

Balance Sheet: Reasonably good balance sheet.

Buy Backs: Company has bought back it's stock in the past which is a good thing.

Cons

Technicals: SharesGuru indicator is Bearish.

Momentum: Stock is suffering a negative price momentum. Stock is down -7.3% in last 30 days.

The Good, Bad and Ugly

Growth

Profitability

Size

Dilution Rank

Balance Sheet

Momentum

Technicals

Smart Money

Insider Trading

Sector Comparison: HATSUN vs Food Products

Comprehensive comparison against sector averages

Comparative Metrics

HATSUN metrics compared to Food

Category	HATSUN	Food
PE	69.11	38.11
PS	2.34	1.85
Growth	9.8 %	7.4 %

Performance Comparison

HATSUN vs Food (2021 - 2025)

Key Insights

1. HATSUN is among the Top 3 Dairy Products companies by market cap.
2. The company holds a market share of 36.3% in Dairy Products.
3. In last one year, the company has had an above average growth that other Dairy Products companies.

Cash Flow for Hatsun Agro Products

Standalone figures (in Rs. Crores)

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	22.4%	154	126	108
Change in inventories	-2840.9%	-876.08	33	-39.4
Depreciation	13%	409	362	321
Impairment loss / reversal	-	0	0	-38.34
Net Cashflows from Operations	-93.2%	56	808	684
Interest received	-42.2%	-3.21	-1.96	-1.84
Income taxes paid (refund)	95.2%	124	64	106
Net Cashflows From Operating Activities	-109.8%	-71.46	741	576
Proceeds from sales of PPE	313.9%	150	37	23
Purchase of property, plant and equipment	13.6%	535	471	588
Proceeds from sales of long-term assets	-	973	0	0
Purchase of other long-term assets	-	981	0	0
Interest received	130.2%	3.21	1.96	1.84
Other inflows (outflows) of cash	115.7%	2.17	-6.43	1.37
Net Cashflows From Investing Activities	11.8%	-388.45	-440.8	-565.12
Proceeds from issuing shares	-100.3%	0	297	0
Proceeds from borrowings	53.4%	4,652	3,032	4,236
Repayments of borrowings	16.3%	3,828	3,292	3,944
Payments of lease liabilities	22.8%	98	80	63
Dividends paid	3.9%	134	129	129
Interest paid	-7.9%	118	128	108
Net Cashflows from Financing Activities	257%	474	-300.36	-8.22
Net change in cash and cash eq.	-	14	0	3.04

Income Statement for Hatsun Agro Products

Standalone figures (in Rs. Crores)

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	-3%	2,010	2,072	2,375	2,047	1,887	1,905
Other Income	-77.8%	2.25	6.62	2.17	2.16	4.07	14
Total Income	-3.2%	2,012	2,079	2,377	2,049	1,892	1,920
Cost of Materials	-2.8%	1,404	1,445	1,536	1,581	1,661	1,604
Purchases of stock-in-trade	-45.2%	1.17	1.31	1.18	0.83	0.72	2.65
Employee Expense	-1.7%	59	60	59	60	55	55
Finance costs	-4.5%	43	45	46	50	38	32
Depreciation and Amortization	0.9%	117	116	111	111	102	100
Other expenses	0.6%	333	331	362	338	305	298
Total Expenses	-1.8%	1,956	1,991	2,202	1,978	1,815	1,818
Profit Before exceptional items and Tax	-36.8%	56	88	176	71	77	101
Total profit before tax	-36.8%	56	88	176	71	77	101
Current tax	-40%	16	26	53	25	29	45
Deferred tax	34.7%	-1.31	-2.54	-7.51	-5.82	-9.89	-21.65
Total tax	-36.4%	15	23	45	19	19	24
Total profit (loss) for period	-36.5%	41	64	131	52	57	78
Other comp. income net of taxes	45%	-0.05	-0.91	0.86	-2.42	-0.12	0.83
Total Comprehensive Income	-35.5%	41	63	131	50	57	78
Earnings Per Share, Basic	-55.6%	1.84	2.89	5.86	2.34	2.58	3.48
Earnings Per Share, Diluted	-55.6%	1.84	2.89	5.86	2.34	2.58	3.48

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	10.3%	7,990	7,247	6,370	5,570	5,308	4,760
Other Income	120%	23	11	9.81	5.76	8.65	6.05
Total Income	10.4%	8,013	7,258	6,380	5,576	5,317	4,766
Cost of Materials	23.9%	6,359	5,134	4,352	3,952	3,685	3,290
Purchases of stock-in-trade	-21%	7.05	8.66	5.36	3.6	2.69	0.61
Employee Expense	0.9%	226	224	210	188	168	156
Finance costs	22.4%	154	126	107	110	106	86
Depreciation and Amortization	13%	409	362	311	310	296	201
Other expenses	9.4%	1,246	1,139	1,031	798	830	820
Total Expenses	8.8%	7,655	7,033	6,066	5,211	5,161	4,605
Profit Before exceptional items and Tax	59.4%	358	225	314	364	156	161
Total profit before tax	59.4%	358	225	314	364	156	161
Current tax	98.4%	128	65	90	128	53	46
Deferred tax	-425.7%	-37.8	-6.38	-24.86	-10.06	-8.68	0.06
Total tax	55.2%	91	59	65	118	44	46
Total profit (loss) for period	61.2%	267	166	218	246	112	115
Other comp. income net of taxes	-27.5%	-2.06	-1.4	-1.32	0.01	-1.64	-0.6
Total Comprehensive Income	62%	265	164	217	246	111	114
Earnings Per Share, Basic	68.2%	12	7.54	10.05	11.43	5.2425131	5.3925135
Earnings Per Share, Diluted	68.2%	12	7.54	10.05	11.43	5.205013	5.3925135

Share Holdings

Understand Hatsun Agro Products ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.

Holding Pattern

Major Shareholders

Share Holding Details

As of 2025-03-31

Shareholder Name	Holding %
CHANDRAMOGAN R G	54.88%
SATHYAN C	9.8%
SBI FOCUSED EUITY FUND(VARIOUS SCHEMES)	8.23%
DEVIGA SURESH	4.43%
DSP MIDCAP FUND - (VARIOUS SCHEMES)	1.43%
LALITHA C	1.15%
DOLLY SATHYAN	1.1%
VIVIN SRINESH	0.9%
VISMITA SATHYAN	0.9%

Overall Distribution

Distribution across major stakeholders

Ownership Distribution

Distribution across major institutional holders

Is Hatsun Agro Products Better than it's peers?

Detailed comparison of Hatsun Agro Products against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
DODLA	Dodla DairyDairy Products	6.56 kCr	3.63 kCr	-5.94%	+12.57%	27.49	1.81	+17.65%	+67.65%
VADILALIND	Vadilal IndustriesDairy Products	4.72 kCr	1.23 kCr	+43.04%	+51.46%	30.27	3.82	+8.07%	+6.04%
PARAGMILK	Parag Milk FoodsDairy Products	2.18 kCr	3.33 kCr	+22.11%	-14.58%	21.28	0.65	+4.85%	-0.71%

Summary of Latest Earnings Report from Hatsun Agro Products

Summary of Hatsun Agro Products's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Apr 24

The management of Hatsun Agro Product Ltd. outlined a positive outlook, emphasizing growth and efficiency. Key points include:

Growth Guidance: Targeting 15"“20% sales growth in FY25"“26, driven by expanded procurement and market reach.
Margin Expansion: EBITA margins improved to 11.2% (vs. 8.7% YoY) due to lower procurement costs and operational efficiency. Further improvement to ~12.5"“13% is anticipated through gross margin gains (up 1.5% from 31%) and production optimization.
Debt Reduction: Plans to reduce debt from ~Rs.2,000 crore to ~Rs.500 crore by July 2026, contingent on limited expansion needs.
Product Mix: 96"“97% of revenue comes from branded products (ice cream, curd, milk), with value-added segments growing faster.
Geographic Diversification: Tamil Nadu's contribution (52% currently) to drop to 48% as non-south markets (e.g., Maharashtra, 9% now) expand.
Advertising Spend: Allocating ~2% of revenue to branding amid rising competition.
Summer Preparedness: Stockpiled 20%+ procurement to meet summer demand, leveraging buffer stocks and operational readiness.
Management remains confident in sustaining growth through efficiency, market leadership, and strategic geographic expansion.

Q&A Session

Last updated: Apr 24

Question 1:
"Let's focus on Hatsun Agro Products... the margins have come in at 11.2% versus 8.7% same time last year... To discuss more on this... how much can you build on to it... do you see further reduction in prices? Can that aid your margins further? And... what kind of margin range are we looking at for the business?"
Answer Summary:
Margins improved due to reduced milk procurement costs and production efficiency. Summer preparedness includes 20% procurement buffer. FY25-26 sales growth guided at 15-20%, with potential for EBITA margin improvement.

Question 2:
"So 15-20% growth... on margins is it fair to assume... 13-14% margins as well in FY 25-26?"
Answer Summary:
Margins could increase by ~1.5% from 11.2% through procurement moderation, stock optimization, and production efficiency.

Question 3:
"Ok so that will be around 12 and a half to around 13%?"
Answer Summary:
Confirmed: Margin guidance for FY25-26 is ~12.5-13%.

Question 4:
"Your debt... around 2000 crores... you said... debt will come down to around 500 crores... Is that on track?"
Answer Summary:
Debt reduction to ~500 crores by July 2026 is achievable barring major expansions. Current buffer stock and operational efficiency support this target.

Question 5:
"Value added products... about 30% of your business... what are you expecting for these segments?"
Answer Summary:
96-97% of sales are branded products (milk, curd, ice cream), all contributing strong growth and margins. Market leadership drives segment performance.

Question 6:
"Will [curd, ice cream] grow much faster?"
Answer Summary:
Curd and ice cream are growing as a percentage of revenue versus milk, driven by higher margins and market demand.

Question 7:
"Gross margins... improved to almost 31%... Is there scope to improve further?"
Answer Summary:
Gross margins could improve by ~1.5% due to procurement efficiency and volume growth.

Question 8:
"What's your targeted spend on advertising... as a percentage of sales?"
Answer Summary:
Advertising spend will remain ~2% of revenue to maintain brand presence amid competition.

Question 9:
"Targeted contribution from... geographies... TamilNadu to decline... where do you see it headed?"
Answer Summary:
Tamil Nadu's contribution to revenue is expected to drop from 52% to 48% by FY25 as newer markets expand.

Question 10-13:
"Non-south... how much does it contribute... 9%... plans to increase?"
Answer Summary:
Non-south (primarily Maharashtra) contributes 9%, with growth tied to ice cream sales. Two factories in Maharashtra vs. 18 in the south; expansion focus remains on southern markets.

Investor Care
Dividend Yield	1.18%
Dividend/Share (TTM)	12
Shares Dilution (1Y)	0.00%
Diluted EPS (TTM)	12.93

Financial Health
Current Ratio	0.77
Debt/Equity	1.16
Debt/Cashflow	-0.03

Balance Sheet for Hatsun Agro Products

Standalone figures (in Rs. Crores)

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-28%	37	51	38	37	57	37
Total current financial assets	-24.1%	61	80	136	70	87	74
Inventories	-21.1%	1,146	1,452	835	576	378	609
Total current assets	-22.7%	1,230	1,590	971	760	552	776
Property, plant and equipment	4.5%	2,878	2,755	2,597	2,601	2,500	2,394
Capital work-in-progress	-32.5%	161	238	196	254	226	237
Investment property	-	0	0	0	-	0	14
Goodwill	0%	7.74	7.74	7.74	7.74	7.74	7.74
Non-current investments	10.3%	33	30	23	21	16	0
Total non-current financial assets	8.5%	103	95	93	91	82	58
Total non-current assets	2.5%	3,224	3,144	2,940	2,991	2,838	2,742
Total assets	-6%	4,453	4,735	3,911	3,751	3,390	3,542
Borrowings, non-current	-12.6%	836	956	754	780	878	784
Total non-current financial liabilities	-33.7%	851	1,283	1,053	1,042	1,024	947
Provisions, non-current	31.6%	26	20	18	14	0	0
Total non-current liabilities	-8%	1,216	1,322	1,106	1,117	1,085	1,013
Borrowings, current	-19.9%	1,054	1,316	829	668	675	924
Total current financial liabilities	-20.3%	1,430	1,794	1,288	1,108	1,160	1,338
Provisions, current	-21.4%	12	15	10	12	20	17
Current tax liabilities	-	19	0	13	0	-	0
Total current liabilities	-12.9%	1,604	1,841	1,340	1,193	1,231	1,420
Total liabilities	-10.8%	2,820	3,162	2,446	2,310	2,316	2,433
Equity share capital	0%	22	22	22	22	22	22
Total equity	3.9%	1,633	1,572	1,465	1,441	1,074	1,109
Total equity and liabilities	-6%	4,453	4,735	3,911	3,751	3,390	3,542

HATSUN - Hatsun Agro Products Ltd. Share Price

What does Hatsun Agro Products Ltd. do?

Valuation

Fundamentals

Profitability

Sector Comparison: HATSUN vs Food Products

Comparative Metrics

Performance Comparison

Cash Flow for Hatsun Agro Products

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)

Income Statement for Hatsun Agro Products

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

Is Hatsun Agro Products Better than it's peers?

Summary of Latest Earnings Report from Hatsun Agro Products

Investor Care

Financial Health

Balance Sheet for Hatsun Agro Products