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India's largest private dairy company, selling milk, curd, ghee and ice cream (Arun Icecreams) mainly in south India.
India's largest private dairy company, selling milk, curd, ghee and ice cream (Arun Icecreams) mainly in south India.
Buys milk from a large network of farmers, pays them on the milk's fat and solids content, and sells packaged milk under its Arokya brand, while ice cream, curd and other value-added lines earn higher margins. Chairman R.G. Chandramogan's family controls it.
In one line: A private-label southern dairy major with an ice-cream arm.
Moat: narrow (scale, distribution, brand). Large milk-procurement network and cold-chain distribution across south India built over decades.
Headquarters: Chennai, India · Founded: 1970 · Employees: 11,323
Size Hatsun Agro Product (HATSUN.NS) is an India Consumer Staples company (Food: Meat/Fish/Dairy) with a market value of $2.52B, the 322nd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,068 on 6 Nov 2026.
Performance Over six months the shares gained 8.5%, against -6.3% for the median peer and 0.0% for the India market (cap-weighted) — 5th highest of 20 in its peer set.
Growth Revenue grew 17.9% over the last twelve months (peer median +6.2%); the operating margin is 5.3% (peer median 5.4%).
Valuation It trades at 49.8× forward earnings against a peer median of 14.6× (2nd most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 25% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is +13 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.0 points above its cost of capital (9.6% WACC).
Next results Next results expected around 21 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹109B | ₹99.6B | ₹87.0B | ₹79.9B | ₹72.5B |
| Revenue growth | — | +14% | +9% | +10% | — |
| Gross profit | ₹22.4B | ₹13.4B | ₹14.7B | ₹13.4B | ₹11.4B |
| EBITDA | ₹11.7B | ₹11.9B | ₹10.2B | ₹9.11B | ₹7.10B |
| Net income | ₹3.61B | ₹3.56B | ₹2.79B | ₹2.67B | ₹1.66B |
| Free cash flow | n/a | ₹10.1B | ₹6.51B | -₹7.21B | ₹1.44B |
| Capital expenditure | n/a | ₹4.39B | ₹6.58B | ₹5.35B | ₹4.71B |
| Total debt | ₹17.9B | ₹18.4B | ₹25.7B | ₹27.0B | ₹17.9B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Hatsun Agro Product HATSUN.NS | $2.52B | +8% | +18% | 5% | 49.8× | 25.4% |
| Heritage Foods HERITGFOOD.NS | $366M | +2% | +14% | 3% | 27.1× | n/a |
| Dodla Dairy DODLA.NS | $625M | -14% | +17% | 4% | 28.6× | 33.7% |
| Parag Milk Foods PARAGMILK.NS | $435M | +42% | +13% | 5% | 27.6× | n/a |
| Milky Mist Dairy Food MILKYMIST.NS | $2.42B | n/a | +34% | 8% | 79.2× | n/a |
| Vadilal Industries VADILALIND.NS | $541M | +53% | +31% | 16% | n/a | 17.3% |
| Kwality Walls (India) KWIL.NS | $950M | +32% | n/a | -13% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HATSUN.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.0% | +1.1% | 2nd lowest of 21 |
| 6-month return | +8.5% | -6.3% | 5th highest of 20 |
| Distance from 52-week high | -20.9% | -18.0% | 9th lowest of 21 |
| Revenue growth (TTM) | +17.9% | +6.2% | 3rd highest of 21 |
| Operating margin | 5.3% | 5.4% | 11th highest of 21 |
| Forward P/E | 49.8× | 14.6× | 2nd most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 25.4% | 6.6% | most demanding of 15 |
| Growth delivered (Del g) | +12.4% | +9.8% | 3rd highest of 15 |
| Hurdle (Req g minus delivered) | +13.0 pp | -3.7 pp | 2nd most demanding of 15 |
| ROIC minus cost of capital | +2.0 pp | -0.9 pp | 6th highest of 21 |
| EV / EBITDA | 21.8× | 9.0× | 2nd most expensive of 17 |
| Net debt / EBITDA | 1.5× | 1.8× | 8th least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hatsun Agro Product HATSUN.NS | India | $2.52B | +8% | +18% | 5% | 49.8× | 25.4% | +12.4% |
| Milky Mist Dairy Food MILKYMIST.NS | India | $2.42B | n/a | +34% | 8% | 79.2× | n/a | n/a |
| Leroy Seafood LSG.OL | Norway | $2.74B | -2% | +1% | 6% | 14.6× | 7.7% | +11.5% |
| Bakkafrost P/F BAKKA.OL | Norway | $2.77B | +4% | +7% | 14% | 23.1× | 9.5% | +10.1% |
| New Hope Dairy 002946.SZ | China | $2.22B | -13% | +7% | 9% | 17.6× | 1.9% | +10.7% |
| Morinaga Milk Industry 2264.T | Japan | $2.21B | -9% | +2% | 6% | 14.4× | n/a | n/a |
| China Youran Dairy 9858.HK | Hong Kong | $2.15B | -4% | +7% | -2% | 8.0× | 17.8% | +11.1% |
| Ezaki Glico 2206.T | Japan | $2.07B | -11% | +10% | 3% | 35.7× | 7.5% | +1.0% |
| China Feihe 6186.HK | Hong Kong | $3.16B | -20% | -4% | 15% | 11.8× | -14.7% | -1.2% |
| Bell Food BELL.SW | Switzerland | $1.98B | +42% | +2% | 3% | 10.9× | 2.9% | +4.0% |
| Nh Foods 2282.T | Japan | $3.40B | -10% | +7% | 3% | 14.0× | n/a | n/a |
| Austevoll Seafood AUSS.OL | Norway | $1.79B | -8% | -1% | 7% | 11.4× | 2.5% | +11.9% |
| Cranswick CWK.L | United Kingdom | $3.94B | +7% | +10% | 8% | 17.2× | 5.7% | +9.5% |
| Shanghai Milkground Food Tech 600882.SS | China | $1.55B | -1% | +26% | 4% | 32.0× | 11.1% | +14.7% |
| Itoham Yonekyu 2296.T | Japan | $1.53B | -13% | +3% | 3% | 13.2× | n/a | n/a |
| Fraser & Neave F99.SI | Singapore | $1.53B | -8% | -3% | 10% | n/a | 0.1% | +4.8% |
| Want Want China 0151.HK | Hong Kong | $4.43B | -32% | +6% | 18% | 9.7× | n/a | n/a |
| Bright Dairy & Food 600597.SS | China | $1.43B | -6% | -3% | 0% | 30.6× | 18.8% | -1.1% |
| Bega Cheese BGA.AX | Australia | $1.36B | +23% | +7% | 3% | 24.9× | 18.4% | +12.7% |
| MEGMILK SNOW BRAND 2270.T | Japan | $1.36B | +12% | 0% | 3% | 7.5× | n/a | n/a |
| Scandi Standard SCST.ST | Sweden | $1.35B | +38% | +8% | 5% | 27.2× | 1.8% | +7.2% |