Hatsun Agro Product share price
NSE: HATSUNBSE: 531531Food ProductsSmall Cap
Hatsun Agro Product Limited · Face value ₹1 Face value. The nominal value of one share as the company issued it, the unit its share capital is counted in and a dividend can be stated as a percentage of; it has no link to the share price. Face value in the glossary · Listed Mar 1996 on BSE, Jun 2014 on NSE
Last close ₹995.50down ₹11.70 (1.16%)BSE ₹996.20
Share price at the NSE close on 30 Oct 2026. Previous close ₹1,007.20.
30 Oct: open ₹1,007.20, high ₹1,007.20, low ₹985.10
52-week range of traded prices to 30 Oct 2026
₹855.30Low, 30 Jan 2026₹1,349.70High, 15 Sep 2026
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹22,175 Cr339th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- Earlier quarters restated in the year
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 11.24
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 1.00%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 18.1%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Sep 2026.
- 0.64
- Volume, NSEVolume. Shares traded on the last trading day. Volume in the glossary
- 16,361
About Hatsun Agro Product
Hatsun Agro Product Limited is a Chennai-based dairy company that makes and markets milk and milk products, such as curd, ghee, paneer and skimmed milk powder, and ice creams.1 It serves customers directly, through distributors and through online platforms; the end users are consumers.2
Its milk, milk products, juice and cocoa-based confectionery are sold under the Arokya, Hatsun and Hanobar brands, and its ice creams under Arun Icecreams and ibaco.345 Its Santosa brand makes cattle feed.6
It was incorporated in 1986.7 In January 2025 it took control of Milk Mantra Dairy Private Limited, owner of the Milky Moo brand in Odisha, which was merged into the company with effect from 1 April 2025 under a National Company Law Tribunal order of 10 March 2026.83 Its chairman and promoter, R.G. Chandramogan, held 54.88% of the shares at 31 March 2026, and the promoters together held 73.17%.91011 His son, C. Sathyan, is executive vice chairman, and J. Shanmuga Priyan has been managing director since 12 September 2024.912
Hatsun Agro Product key points
Results
- In the year to Mar 2026, revenue from operations was ₹9,959.22 crore, against ₹8,699.76 crore a year earlier; the earlier year includes Milk Mantra Dairy from 27 January 2025.13
- In the year to Mar 2026, PBDIT (profit before interest, depreciation, amortisation and tax) rose 15.60% to ₹1,190.34 crore from ₹1,029.67 crore, and net profit rose 27.76% to ₹356.20 crore from ₹278.81 crore.14
- Borrowings fell from ₹2,096.51 crore to ₹1,331.95 crore in the year to Mar 2026, which the company attributes mainly to lower inventory and internal accruals (cash generated by the business).15
- Total debt to equity (borrowings divided by shareholders' funds) was 0.68 at the end of March 2026, against 1.22 a year earlier.16
Business segments
Where revenue comes from
- Sales outside Tamil Nadu were almost 45% of Hatsun Agro's total, its chairman said in March 2026.19
- Exports were 0.27% of Hatsun Agro's turnover in the year to Mar 2026.20
- The company stated in its annual report for the year to Mar 2026 that Arun Icecreams is expanding into new markets, including the USA, Abu Dhabi and Oman.21
Plants and capacity
- Hatsun Agro has 22 plants in India, across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Maharashtra and Odisha, and an office in New Jersey, USA.2223
- Hatsun Agro makes milk powder at its Palacode, Salem and Kanchipuram units.24
- In the year to Mar 2026, Hatsun Agro bought milk daily from over 500,000 farmers, ran bulk milk coolers at more than 1,553 locations and paid farmers directly into their bank accounts every 10 days.25
Branches and reach
- Hatsun Agro sells through more than 4,200 HAP daily outlets, with a traditional base in Tamil Nadu, Pondicherry, Karnataka, Andhra Pradesh and Telangana, and expanded in the year to Mar 2026 across Maharashtra, Kerala, Odisha, Goa and other states.26
- The ibaco ice cream brand operated over 229 outlets at 31 March 2026.27
- Hatsun Agro's sales through quick commerce (apps that deliver within minutes) of fresh dairy and ice cream reached ₹160 crore in the year to Mar 2026.28
Customers
- Hatsun Agro sells on advance payment terms, and no single customer accounted for more than 10% of its revenue in the year to Mar 2026.29
Recent events
- On 11 Sep 2026, CRISIL ESG Ratings & Analytics assigned Hatsun Agro an ESG (environmental, social and governance) score of 58, from public information and without being engaged by the company.30
- On 14 Jan 2026, CRISIL Ratings upgraded Hatsun Agro's long-term credit rating (an assessment of its ability to repay debt) on ₹2,120 crore of bank loan facilities to AA/Stable from AA-/Positive.31
- On 18 Jul 2025, Hatsun Agro declared an interim dividend of ₹6 per share for the year to Mar 2026.15
Litigation and regulatory matters
- As of its annual report for the year to Mar 2026, the secretarial auditor reported a leak of Hatsun Agro's draft results for the quarter to Dec 2025, said to be inadvertent; the company formed a committee and clarified the matter to BSE and NSE.32
Last updated
All 32 sources, each with its page
- 1. Annual report, 2 Sep 2026, page 105
- 2. Annual report, 2 Sep 2026, page 114
- 3. Annual report, 2 Sep 2026, page 107
- 4. Annual report, 2 Sep 2026, page 14
- 5. Annual report, 2 Sep 2026, page 20
- 6. Annual report, 2 Sep 2026, page 22
- 7. Annual report, 2 Sep 2026, page 113
- 8. Annual report, 2 Sep 2026, page 52
- 9. Annual report, 2 Sep 2026, page 51
- 10. Annual report, 2 Sep 2026, page 100
- 11. Annual report, 2 Sep 2026, page 85
- 12. Annual report, 2 Sep 2026, page 97
- 13. Annual report, 2 Sep 2026, page 52
- 14. Annual report, 2 Sep 2026, page 52
- 15. Annual report, 2 Sep 2026, page 53
- 16. Annual report, 2 Sep 2026, page 109
- 17. Annual report, 2 Sep 2026, page 185
- 18. Annual report, 2 Sep 2026, page 114
- 19. Earnings call, 16 Mar 2026, page 4
- 20. Annual report, 2 Sep 2026, page 114
- 21. Annual report, 2 Sep 2026, page 14
- 22. Annual report, 2 Sep 2026, page 114
- 23. Annual report, 2 Sep 2026, page 107
- 24. Annual report, 2 Sep 2026, page 59
- 25. Annual report, 2 Sep 2026, page 107
- 26. Annual report, 2 Sep 2026, page 107
- 27. Annual report, 2 Sep 2026, page 20
- 28. Annual report, 2 Sep 2026, page 108
- 29. Annual report, 2 Sep 2026, page 185
- 30. Exchange filing, 11 Sep 2026, page 1
- 31. Exchange filing, 14 Jan 2026, page 1
- 32. Annual report, 2 Sep 2026, page 74
Results
Standalone, as consolidated accounts are on record for only 1 of the last ten years; ₹ crore.Hatsun Agro Product quarterly results
- Revenue growth, 12 monthsRevenue growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +19.1%
- Net profit growth, 12 monthsNet profit growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- –
Quarter to Sep 2026, against the quarter before
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹2,898 Crdown 6.24%
- Net profitNet profit. The pill is the change in net profit against the quarter before: this period's figure divided by that one's, less one, in per cent. Net profit in the glossary
- ₹116 Crdown 13.46%
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
- 4.0%
Revenue by quarter
Net profit by quarter, a loss in red
The quarters either side of a change of basis do not compare. From the quarter to Mar 2026, the company's revenue for the year to Mar 2026, ₹9,959 Cr, differs from its quarters added, ₹9,808 Cr.
| ₹ crore | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,010 | 2,210 | 2,535 | 2,381 | 2,315 | 2,578 | 3,090 | 2,898 |
| Net profit | 41 | 50 | 148 | 120 | 67 | 51 | 134 | 116 |
| Net margin | 2.0% | 2.2% | 5.8% | 5.0% | 2.9% | 2.0% | 4.3% | 4.0% |
Standalone. The last eight quarters. The latest is shaded.
Year to Mar 2026
- Revenue
- ₹9,959 Cr
- Net profit
- ₹356 Cr
- Net margin
- 3.6%
Revenue by year
Net profit by year, a loss in red
The years either side of a change of basis do not compare. From the year to Mar 2026, the company's revenue for that year, ₹9,959 Cr, differs from its quarters added, ₹9,808 Cr.
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 4,200 | 4,290what Revenue, Mar 2018, includes. This period's revenue includes excise duty of ₹2.43 crore, a tax on the goods the company makes that it collects and pays to the government. | 4,760 | 5,308 | 5,570 | 6,370 | 7,247 | 7,990 | 8,667 | 9,959 |
| Net profit | 134 | 91 | 115 | 112 | 246 | 218 | 166 | 267 | 285 | 356 |
| Net margin | 3.2% | 2.1% | 2.4% | 2.1% | 4.4% | – | 2.3% | 3.3% | 3.3% | 3.6% |
Standalone. Years to March. The latest is shaded. Net margin is left blank for Mar 2022: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.
Business segments
In the year to Mar 2026 the company reports one business segment, Milk and Milk Products, which carries all its revenue.
Valuation
Today, against the company's own history. Not shown, P/E: a results filing in the last twelve months restated the quarters before it inside its year to date, so the four quarters as the company reported them do not add to a twelve-month profit; the ratio returns once the trailing year no longer holds a quarter from before the restatement. Its history crosses a change of basis in the accounts in the year to Mar 2026: days before it are of the company before the change.Hatsun Agro Product PE ratio and valuation
Price to book
At or below today's level on 8% of 1,989 trading days since Oct 2018.
LowestHighest
Its median14.59Industry median2.90
Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price. When a year's dividend goes ex later than the year before's, the yield reads zero for the days between; a run of under 60 such trading days is left out of the yield's medians and percentiles. The ex-date is the day from which a buyer of the share no longer gets the dividend.
At or below today's level on 90% of 2,476 trading days over the last 10 years.
LowestHighest
Its median0.62%Industry median0.51%
Where the return came from
Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend yield |
|---|---|---|---|---|
| 1 year | −2.5% | +24.8% | −23.3% | 1.7% |
| 3 years | +4.1% | +28.5% | −19.7% | 1.0% |
| 5 years | +5.8% | +6.9% | −1.9% | 0.8% |
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add.
Mutual fund holdings
12 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 1 of the 3 funds that added or cut is an index fund, an ETF or an arbitrage fund: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future.All 12 funds holding Hatsun Agro Product
- AddedAdded. Funds that held more shares than at the end of the month before.
- 2
- CutCut. Funds that held fewer shares than at the end of the month before.
- 1
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 9
- Sold outSold out. Funds that held it at the end of the month before and hold none at this month's end. Sold out in the glossary
- 1
| Fund | |||
|---|---|---|---|
 SBI Focused FundSBI Mutual Fund | 92,00,000 | 2.01% | ₹1,011.1 Cr |
| SBI Midcap FundSBI Mutual Fund | 30,00,000 | 1.42% | ₹329.7 Cr |
| SBI Small Cap FundSBI Mutual Fund | 29,41,554 | 0.79% | ₹323.3 Cr |
| SBI Children's Fund - InvestmentSBI Mutual Fund | 27,70,000 | 3.83% | ₹304.4 Cr |
| SBI Large & Midcap FundSBI Mutual Fund | 19,12,000 | 0.52% | ₹210.1 Cr |
| SBI Conservative Hybrid FundSBI Mutual Fund | 7,68,243 | 0.84% | ₹84.4 Cr |
 Nippon India Small Cap FundNippon India Mutual Fund | 5,64,524 | 0.08% | ₹62.0 Cr |
 PGIM India Small Cap FundPGIM India Mutual Fund | 1,60,050 | 1.01% | ₹17.6 Cr |
 Mahindra Manulife Multi Cap FundMahindra Manulife Mutual Fund | 1,27,257 | 0.19% | ₹14.0 Cr |
| SBI Long Term Advantage Fund - Series VISBI Mutual Fund | 90,000 | 3.99% | ₹9.89 Cr |
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.
Promoter and insider buying and selling
Trades made since 30 Oct 2025.Hatsun Agro Product insider trading
Bought on the marketBought on the market. The value each filer stated for its purchases on the exchange, added up; gifts, transfers and pledges are not counted. A purchase filed with no value is counted under the sum, not in it. Sold on the marketSold on the market. The value each filer stated for its sales on the exchange, added up; gifts, transfers and pledges are not counted. A sale filed with no value is counted under the sum, not in it.
- Directors and key managers3 purchases, 3 sales₹126 Cr₹2.86 CrNetNet. The value bought on the market less the value sold, over the trades whose filers stated a value.₹123 Cr2 off-market moves
- Others1 purchase, 0 sales₹1.04 CrNo saleNet₹1.04 Cr3 off-market moves
- Promoters and promoter group: no market trade · 2 pledge filings of unclear kind
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.
Hatsun Agro Product competitors and peers
Dairy Products, 15 listed companies, priced on 30 Oct 2026. The table lists the 8 companies closest to Hatsun Agro Product in market cap.FMCG companies
Hatsun Agro Product is not on the chart: it has no P/E or return on equity today
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
| Milky Mist Dairy FoodMILKYMIST | 23,561 | – | 9.94 | – | – | – | – | 0.00% |
 Kwality Wall's (India)KWIL | 8,625 | – | 12.83 | – | – | – | – | 0.00% |
 Dodla DairyDODLA | 5,909 | 27.39 | 3.43 | +17.1% | −17.1% | 13.3% | 9.7% | 0.51% |
 Vadilal IndustriesVADILALIND | 5,385 | 22.40 | 5.41 | +35.5% | +79.0% | 27.0% | 25.5% | 0.80% |
 Heritage FoodsHERITGFOOD | 3,298 | 28.70 | 2.90 | +13.9% | −33.6% | 10.5% | 10.4% | 0.70% |
 Parag Milk FoodsPARAGMILK | 2,929 | 22.61 | 2.33 | +10.9% | +8.8% | 11.4% | 10.8% | 0.47% |
 Vadilal EnterprisesVADILENT | 826 | 60.51 | 24.96 | +25.1% | – | 49.3% | 22.6% | 0.02% |
 Sheetal Cool ProductsSCPL | 602 | 29.01 | 3.84 | +24.3% | +43.4% | 14.4% | 17.1% | 0.00% |
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.
Dividends
Per share, by the year it was paid for, and the latest payments.Hatsun Agro Product dividend history
Dividend per share, ₹, restated for later splits and bonuses
Dividend per share. The dividends declared for the year, each restated to today's share count by the splits and bonuses after its own ex-date, added up. Dividend per share in the glossaryHighest ₹16.00 a share, year to Mar 2026.
| Ex-date | Type | Per share |
|---|---|---|
| 26 May 2026 | Interim | ₹10.00 |
| 24 Jul 2025 | Interim | ₹6.00 |
| 24 Jul 2024 | Interim | ₹6.00 |
| 27 Jul 2023 | Interim | ₹6.00 |
| 26 Jul 2022 | Interim | ₹6.00 |
| 22 Jul 2021 | Interim | ₹6.00 |
Latest payments, as declared, by ex-date.
Latest announcements
Routine notices left out.Hatsun Agro Product announcements
Oct 2026
22 Oct · Results
12 Oct · General Updates
Sep 2026
Hatsun Agro Product share price by year
Each calendar year to 2025.Hatsun Agro Product share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 977.20 | −2.7% | 1,146.65 | 868.00 |
| 2024 | 1,004.70 | −11.8% | 1,341.95 | 986.90 |
| 2023 | 1,138.65 | +25.2% | 1,226.50 | 800.90 |
| 2022 | 909.75 | −28.0% | 1,262.15 | 854.10 |
| 2021 | 1,264.20 | +74.5% | 1,479.20 | 695.90 |
| 2020 | 724.30 | +64.7% | 842.40 | 303.19 |
| 2019 | 439.69 | −5.9% | 570.98 | 413.06 |
| 2018 | 467.14 | −24.8% | 656.44 | 429.68 |
| 2017 | 621.30 | +128.0% | 673.69 | 271.43 |
| 2016 | 272.55 | +22.5% | 272.55 | 210.24 |
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before.
Recent sessions
The 9 trading days to 29 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 29 Oct 2026 | 991.60 | 1,017.30 | 987.70 | 1,007.20 | 1,008.59 | 20,563 | 58.6% |
| 28 Oct 2026 | 968.10 | 989.00 | 958.40 | 983.40 | 972.78 | 36,533 | 51.2% |
| 27 Oct 2026 | 983.60 | 1,006.50 | 962.00 | 968.10 | 977.20 | 2,05,100 | 79.2% |
| 26 Oct 2026 | 996.30 | 1,006.10 | 975.50 | 983.70 | 987.90 | 70,633 | 72.6% |
| 23 Oct 2026 | 1,055.90 | 1,059.70 | 964.10 | 1,000.90 | 992.09 | 2,21,647 | 35.4% |
| 22 Oct 2026 | 1,127.20 | 1,135.10 | 1,064.00 | 1,072.90 | 1,097.56 | 44,672 | 35.9% |
| 21 Oct 2026 | 1,145.50 | 1,165.00 | 1,124.00 | 1,136.00 | 1,139.91 | 30,216 | 44.5% |
| 19 Oct 2026 | 1,165.00 | 1,165.00 | 1,123.20 | 1,145.80 | 1,142.19 | 41,967 | 44.9% |
| 16 Oct 2026 | 1,145.20 | 1,174.90 | 1,141.30 | 1,162.10 | 1,161.88 | 20,810 | 53.4% |
Prices in ₹ per share as traded, not adjusted.
Price adjustments
What the price chart is corrected for, so it reads as one share held throughout.Bonus share history
| Ex-date | Event | Price factor | What happened |
|---|---|---|---|
| 7 Dec 2022 | Rights issue | – | Shareholders were offered new shares. Noted, not adjusted for. |
| 9 Dec 2020 | Bonus | 0.7500 | Holders received 1 bonus share for every 3 held. |
| 31 May 2018 | Rights issue | – | Shareholders were offered new shares. Noted, not adjusted for. |
| 13 Jul 2016 | Bonus | 0.7143 | Holders received 2 bonus shares for every 5 held. |
| 26 Mar 2012 | Price move | – | Between two trading sessions the price moved by a fifth or more. No corporate action is on record. Not adjusted for. |
| 3 Oct 2011 | Price move | – | Between two trading sessions the price moved by a fifth or more. No corporate action is on record. Not adjusted for. |
| 17 Jul 2008 | Price move | – | Between two trading sessions the price fell 47% or more, or rose 90% or more. No corporate action is on record. Earlier prices are not shown. |
Earlier prices are multiplied by the factor, so the chart reads as one share held throughout. Where an event has no factor that can be worked out, the chart leaves out the closes before it. Any other event is noted and not adjusted for.
Company details
- NSE symbol
- HATSUN
- BSE code
- 531531
- ISIN
- INE473B01035
- Industry
- Food Products
- Website
- www.hatsun.com
- CIN
- L15499TN1986PLC012747
- Corporate identity number, the registrar of companies' code for it
- Incorporated
- 1986
- Registered office
- No. 41(49), Janakiram Colony Main Road, Janakiram Colony, Arumbakkam, Chennai 600106, Tamil Nadu
- Share registrar
- Integrated Registry Management Services Pvt. Ltd (Integrated Enterprises (India) Ltd)
- Keeps the register of shareholders and handles transfers and dividend payments