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HATSUN - Hatsun Agro

📊 NSE: HATSUN 🏢 Food - Processing - Indian 📅 Last Updated: 12/13/2025 22:50

📢 Recent Corporate Announcements

NCLT Sanctions Merger of Milk Mantra Dairy with Hatsun Agro Product Ltd

🟢 POSITIVE ⭐ 8/10

M&A 📅 11 Mar 2026, 04:47 PM

The National Company Law Tribunal (NCLT), Cuttack Bench, has officially sanctioned the Scheme of Amalgamation of Milk Mantra Dairy Private Limited into its parent company, Hatsun Agro Product Limited. The merger is effective from the appointed date of April 1, 2025, and aims to consolidate the group structure for better operational synergies. As Milk Mantra is a wholly-owned subsidiary, no new shares will be issued, ensuring no equity dilution for existing shareholders. The merger will be finalized upon filing the certified order with the Registrar of Companies.

NCLT Cuttack Bench sanctioned the merger of Milk Mantra Dairy into Hatsun Agro Product via order dated March 10, 2026.
The amalgamation is retrospective with an appointed date of April 1, 2025.
No new shares will be issued by Hatsun Agro as the transferor company is a 100% wholly-owned subsidiary.
The consolidation is expected to achieve business synergies and increase the combined entity's financial strength and flexibility.

💡 Investors should view this as a positive structural simplification that will reduce administrative costs and streamline operations. No action is required as there is no change in shareholding or equity dilution.

Hatsun Agro Product Receives Income Tax Demand of ₹2.89 Crores for AY 2024-25

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 10 Mar 2026, 04:13 PM

Hatsun Agro Product Limited has received an assessment order from the Income Tax Department for the Assessment Year 2024-2025. The order, issued under Section 143(3) of the Income-Tax Act, raises a total demand of ₹2.89 crores including tax and interest. The company received the formal communication on March 9, 2026. Management has indicated that they are currently in the process of filing an appeal against this demand.

Income Tax Department raised a demand of ₹2.89 crores for the Assessment Year 2024-2025.
Order passed under Section 143(3) read with Section 156 of the Income-Tax Act, 1961.
The company received the assessment order on March 9, 2026, at 16:35 hours.
Hatsun Agro Product is in the process of preferring an appeal against the order.

💡 Investors should note that the demand amount of ₹2.89 crores is relatively small compared to the company's scale of operations and is unlikely to have a material impact on financials.

Hatsun Agro Product Announces Demise of Independent Director Mr. V R Muthu

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 04 Mar 2026, 04:47 PM

Hatsun Agro Product Limited has informed the exchanges of the untimely demise of Mr. V R Muthu, a Non-Executive Independent Director, on March 4, 2026. Mr. Muthu was an active member of the Audit Committee, Nomination and Remuneration Committee, and Stakeholders Relationship Committee. His passing creates vacancies in these key board committees that the company will need to fill to remain compliant with SEBI regulations. While a loss to the board's experience, this event is not expected to impact the company's daily operations or financial performance.

Demise of Independent Director Mr. V R Muthu (DIN: 01908841) occurred on March 4, 2026
Vacancies created in the Audit Committee and Nomination and Remuneration Committee
Cessation of membership in the Stakeholders Relationship Committee effective immediately
Company must appoint a successor to maintain board composition as per SEBI Listing Regulations

💡 Investors should monitor upcoming board announcements regarding the appointment of a new Independent Director to ensure continued corporate governance compliance. No immediate change in investment strategy is required based on this news.

Hatsun Agro's Arun Icecreams Sets Guinness World Record with 5,113 Participants

🟢 POSITIVE ⭐ 4/10

OTHER 📅 06 Feb 2026, 04:34 PM

Hatsun Agro Product Limited's flagship brand, Arun Icecreams, has successfully set a Guinness World Record for the largest ice cream social party. The event, held in Hyderabad, involved 5,113 children, significantly surpassing the previous record of 962 people held by Unilever Italy since 2019. This milestone serves as a major brand-building exercise, enhancing the visibility of Arun Icecreams across its growing national footprint. The company continues to leverage its network of over 4,000 HAP Daily stores and a procurement base of 4,00,000 farmers to maintain its market leadership.

Arun Icecreams set a Guinness World Record with 5,113 children participating in an ice cream social party in Hyderabad.
The achievement broke the previous record of 962 people set by Unilever Italy in January 2019.
The event featured a variety of products including blackcurrant & strawberry bars, caramel sandwiches, and chocolate cones.
Hatsun Agro currently operates over 4,000 HAP Daily exclusive stores across multiple Indian states.
The company procures milk directly from over 4,00,000 farmers, ensuring a robust supply chain.

💡 This is a positive marketing milestone that strengthens brand equity and consumer recall. Investors should view this as a successful brand-building initiative that supports the company's expansion strategy in the competitive ice cream segment.

Hatsun Agro Re-appoints Mr. V R Muthu as Independent Director for 5-Year Term

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 23 Jan 2026, 02:37 PM

Hatsun Agro Product Limited has received shareholder approval to re-appoint Mr. V R Muthu as a Non-Executive Independent Director. This second and final term spans five years, starting from October 19, 2025, and concluding on October 18, 2030. Mr. Muthu brings over 40 years of business experience, notably as the Managing Director of V.V.V. & Sons Edible Oils Limited, which owns the 'Idhayam' brand. The re-appointment follows a recommendation by the Nomination and Remuneration Committee and a postal ballot concluded on January 21, 2026.

Re-appointment of Mr. V R Muthu for a second and final 5-year term
Term duration from October 19, 2025, to October 18, 2030
Mr. Muthu possesses over 40 years of experience in the edible oils and business sectors
Shareholder approval obtained via Postal Ballot concluded on January 21, 2026

💡 This is a routine governance update ensuring board continuity. No immediate action is required from investors as this does not impact the company's daily operations or financial outlook.

Hatsun Agro Shareholders Approve Re-appointment of V R Muthu with 88.49% Votes

🟡 NEUTRAL ⭐ 5/10

MANAGEMENT 📅 23 Jan 2026, 01:28 PM

Hatsun Agro Product Limited has announced the successful passage of a special resolution to re-appoint Mr. V R Muthu as a Non-Executive Independent Director for a second five-year term. The resolution received 88.49% support from the total votes cast, meeting the special resolution requirement. However, there was significant resistance from public institutional investors, with 91.58% of their votes (approximately 2.2 crore shares) cast against the re-appointment. The resolution passed primarily due to unanimous support from the promoter group and strong backing from non-institutional public shareholders.

Special resolution passed for the re-appointment of Mr. V R Muthu for a second 5-year term starting January 2026.
Total valid votes cast were 19,53,24,113, with 17,28,40,619 (88.49%) in favour and 2,24,83,494 (11.51%) against.
Institutional investors showed high dissent, with 91.58% of institutional votes cast against the resolution.
Promoter group provided 100% support, casting all 16,29,78,112 of their votes in favour.
Public non-institutional shareholders supported the resolution with 94.69% of their votes in favour.

💡 Investors should note the board continuity following the re-appointment but should also monitor the high level of institutional dissent which may indicate governance concerns. No immediate action is required, but future governance disclosures should be reviewed closely.

Hatsun Agro's Arun Icecreams Sets Guinness World Record with 4,008 Children

🟢 POSITIVE ⭐ 3/10

OTHER 📅 21 Jan 2026, 04:37 PM

Hatsun Agro Product Limited's flagship brand, Arun Icecreams, has successfully set a new Guinness World Record in Chennai for the 'Longest Chain of People Licking Ice Cream'. The event involved 4,008 children, significantly surpassing the previous record of 2,500 participants set in Canada 15 years ago. This initiative is a strategic marketing move to enhance brand visibility and consumer engagement for its ice cream portfolio. The company continues to leverage its extensive retail network of over 4,000 HAP Daily stores to maintain its market leadership in the dairy and frozen desserts segment.

4,008 children participated in the record-setting event in Chennai on January 21, 2026
Broke a 15-year-old record previously held by 2,500 students in Canada
The event featured the 'Jolly Train' product line, emphasizing brand reach among younger demographics
Hatsun Agro procures milk from 4,00,000+ farmers and operates 4,000+ exclusive retail stores

💡 While this is a positive branding event that strengthens consumer mindshare, it does not impact immediate financial fundamentals; investors should remain focused on the company's quarterly margin performance and procurement costs.

Hatsun Agro Product Assigned ESG Score of 56.2 by SES ESG Research

🟡 NEUTRAL ⭐ 3/10

OTHER 📅 20 Jan 2026, 03:59 PM

Hatsun Agro Product Limited has been assigned an ESG score of 56.2 by SES ESG Research Private Limited, a SEBI-licensed rating provider. This rating was conducted voluntarily by the agency based on publicly available information and was not commissioned by the company. The disclosure reflects the growing importance of environmental, social, and governance metrics for institutional investors in the Indian market. While the score provides a baseline for sustainability performance, it does not represent a change in the company's financial fundamentals.

SES ESG Research assigned an ESG Score of 56.2 to Hatsun Agro Product Limited.
The assessment was conducted voluntarily by the SEBI-licensed provider using public data.
The company clarified that it did not engage or pay for this specific ESG assessment.
The rating serves as an independent benchmark for the company's ESG practices.

💡 Investors should monitor how this score compares to industry peers in the dairy and FMCG sectors to gauge relative sustainability risks. No immediate action is required as this is a non-financial disclosure.

Hatsun Agro Re-appoints Ernst & Young LLP as Internal Auditors for FY 2026-27

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 19 Jan 2026, 05:20 PM

Hatsun Agro Product Limited has officially re-appointed Ernst & Young LLP (EY) as its internal auditors for the upcoming financial year 2026-27. The decision was finalized during the Board of Directors meeting held on January 19, 2026. This appointment is in compliance with Section 138 of the Companies Act, 2013. The continuation of a 'Big 4' firm for internal auditing reflects the company's focus on maintaining high standards of corporate governance and internal controls.

Board approved the re-appointment of M/s. Ernst & Young LLP on January 19, 2026.
The audit mandate is specifically for the Financial Year 2026-27.
Ernst & Young LLP is a member firm of the 'Big 4' global auditing network.
Compliance maintained with Section 138 of the Companies Act, 2013 and SEBI Listing Regulations.

💡 No action is required as this is a routine administrative update. The retention of a reputable global audit firm is a positive sign for long-term governance stability.

Hatsun Agro Amends Insider Trading Code to Align with SEBI Regulations

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 19 Jan 2026, 05:09 PM

Hatsun Agro Product Limited's Board of Directors approved an amended Code of Conduct for insider trading on January 19, 2026. The update aligns the company's internal policies with the SEBI (Prohibition of Insider Trading) Regulations, 2015, to ensure fair disclosure of unpublished price sensitive information (UPSI). The code defines 'Designated Persons' to include promoters, directors, and employees at the Assistant General Manager level and above. It also clarifies the 'Prohibited Period' for trading, which extends from the board meeting intimation until 48 hours after the information is made public.

Board approved the amended Code of Conduct on January 19, 2026, to comply with SEBI (PIT) Regulations.
Designated Persons now explicitly include employees at the Assistant General Manager (AGM) level and above.
The 'Prohibited Period' for trading is defined as the time from board meeting intimation until 48 hours after public disclosure.
The code covers a wide range of UPSI, including financial results, dividends, and changes in capital structure.
The new code supersedes the previous version dated March 29, 2019, effective immediately.

💡 This is a routine regulatory update focused on corporate governance and compliance. No immediate action is required as it does not impact the company's financial fundamentals.

Hatsun Agro Q3 PAT Jumps 64% YoY to ₹67.14 Cr; Revenue Grows 15.7%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 19 Jan 2026, 12:34 PM

Hatsun Agro Product Limited reported a robust performance for the quarter ended December 31, 2025, with standalone revenue rising 15.7% YoY to ₹2,314.63 crore. Net profit (PAT) surged significantly by 64% YoY to ₹67.14 crore, up from ₹40.94 crore in the previous year's corresponding quarter. The company managed this growth despite a one-time provision of ₹9.03 crore related to new Labour Code implementations. Additionally, the board re-appointed Ernst & Young LLP as internal auditors and updated on the pending merger with Milk Mantra Dairy.

Standalone Revenue from operations grew 15.7% YoY to ₹2,314.63 crore compared to ₹2,000.75 crore.
Standalone Profit After Tax (PAT) increased by 64% YoY to ₹67.14 crore from ₹40.94 crore.
Earnings Per Share (EPS) rose to ₹3.01 for the quarter, up from ₹1.84 in Q3 FY24.
Recognized a ₹9.03 crore employee benefit expense due to the notification of new Labour Codes.
Consolidated Revenue for the quarter stood at ₹2,363.72 crore with a PAT of ₹60.58 crore.

💡 Investors should view the strong profit growth and margin expansion positively, especially considering the one-time labor cost impact. Keep a watch on the final NCLT approval for the Milk Mantra Dairy merger which could further consolidate operations.

Hatsun Agro Q3 PAT Surges 220% YoY to ₹67.14 Cr; Revenue Up 15.7%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 19 Jan 2026, 12:32 PM

Hatsun Agro Product reported a strong performance for Q3 FY26, with standalone revenue growing 15.7% YoY to ₹2,314.63 crore. Net profit saw a massive jump of 220% YoY, reaching ₹67.14 crore compared to ₹20.94 crore in the same quarter last year. The company improved its profitability significantly despite a one-time impact of ₹9.03 crore due to the implementation of new Labour Codes. Additionally, the company showed improved financial health with a notable reduction in finance costs from ₹43.45 crore to ₹33.08 crore YoY.

Standalone Revenue from operations grew 15.7% YoY to ₹2,314.63 crore in Q3 FY26.
Standalone Net Profit (PAT) increased by 220% to ₹67.14 crore from ₹20.94 crore in the previous year's quarter.
Finance costs decreased significantly to ₹33.08 crore from ₹43.45 crore YoY, reflecting better debt management.
A one-time provision of ₹9.03 crore was recognized as an employee benefit expense due to new Labour Code notifications.
Nine-month (9M FY26) standalone PAT reached ₹335.40 crore, a 42% increase over the ₹235.80 crore recorded in 9M FY25.

💡 Investors should take note of the significant margin expansion and the reduction in interest burdens, which signal strong operational efficiency. The stock remains a robust play in the dairy sector, though the ongoing merger with Milk Mantra Dairy should be monitored for final NCLT approval.

Hatsun Agro Product Submits SEBI Regulation 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Jan 2026, 12:16 PM

Hatsun Agro Product Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The report, issued by its Registrar and Share Transfer Agent (RTA), confirms the processing of dematerialization requests for the quarter ended December 31, 2025. It verifies that physical share certificates were mutilated, cancelled, and the names of depositories were substituted in the register of members. This filing is a standard administrative requirement to ensure the integrity of the shareholding system.

Compliance certificate submitted for the quarter ended December 31, 2025
Confirmation that dematerialized securities are listed on BSE and NSE
Physical certificates were mutilated and cancelled within the mandated 15-day period
Register of members updated with depository names as registered owners
Certificate issued by Integrated Registry Management Services Private Limited

💡 No action is required as this is a routine regulatory filing. Investors should continue to monitor the company's operational performance and upcoming financial results.

Hatsun Agro Product Credit Rating Upgraded to CRISIL AA/Stable for Rs 2120 Cr Facilities

🟢 POSITIVE ⭐ 7/10

OTHER 📅 14 Jan 2026, 02:10 PM

CRISIL Ratings Limited has upgraded Hatsun Agro Product Limited's long-term credit rating to 'AA/Stable' from 'AA-/Positive'. The upgrade covers bank loan facilities amounting to Rs. 2120 Crores. This rating action indicates a stronger financial profile and potentially lower cost of debt for the dairy giant. The transition from a positive outlook to a stable rating at a higher notch reflects sustained operational performance and improved creditworthiness.

Long-term rating upgraded to CRISIL AA/Stable from CRISIL AA-/Positive.
Total bank loan facilities covered under this rating amount to Rs. 2120 Crores.
The upgrade reflects improved creditworthiness and financial resilience of the company.
Lower borrowing costs are expected as a result of this improved credit profile.

💡 This upgrade is a positive signal regarding the company's debt management and financial health. Investors should monitor if this leads to improved interest coverage ratios and lower finance costs in upcoming quarterly results.

Hatsun Agro CFO Leaks Draft Q3 Financials on WhatsApp; Company Freezes 19 Accounts

🔵 WATCH ⭐ 6/10

REGULATORY 📅 13 Jan 2026, 09:54 PM

Hatsun Agro Product Limited has filed an Action Taken Report regarding a breach of insider trading regulations by its CFO, Mr. H Ramachandran. On January 4, 2026, the CFO inadvertently posted draft Q3 FY26 financial results to his personal WhatsApp status, where it remained for one hour and was viewed by 19 people. The company has since frozen the PANs of all 19 individuals to prevent potential insider trading and issued a formal caution letter to the CFO. While the leaked data was preliminary, this incident highlights a lapse in internal controls regarding Unpublished Price Sensitive Information (UPSI).

CFO inadvertently posted draft Q3 financial statements on WhatsApp status at 5:00 PM on Jan 4, 2026.
The status was deleted within 60 minutes but was viewed by 19 individuals, including company insiders.
Company froze the PANs of all 19 viewers at the NSDL Issuer Services Portal to prevent misuse of information.
An Insider Trading Investigation Committee (ITIC) was formed on Jan 6, 2026, to handle the compliance breach.
A formal caution letter was issued to the CFO, though no monetary penalty has been collected as of this report.

💡 Investors should monitor the stock for any unusual volatility ahead of the official Q3 earnings release. While the company's response was swift, the incident suggests a need for improved digital hygiene and internal data security protocols.

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💰 Financial Performance

Revenue Growth by Segment

Milk & Milk Products segment accounts for 100% of turnover, which grew 8.9% YoY to INR 8,683 Cr in FY25. H1 FY26 revenue reached INR 5,018 Cr.

Geographic Revenue Split

Tamil Nadu contribution reduced to 55% in FY25 from higher historical levels. Other states including Karnataka, Andhra Pradesh, Telangana, Maharashtra, and Odisha contribute the remaining 45%.

Profitability Margins

Operating margins improved to 11.61% in FY25 from 9.65% in FY23. Net Profit Margin stood at 3.29% in FY25 compared to 3.34% in FY24.

EBITDA Margin

EBITDA margin was 11.6% in FY25 (INR 1,006 Cr). H1 FY26 EBITDA margin surged to 13.8%, representing 196% growth over H1 FY25.

Capital Expenditure

Historical investment in infrastructure such as freezers and cold storage totals approximately INR 1,100 Cr. Acquisition of Milk Mantra Dairy in FY25 cost INR 233 Cr.

Credit Rating & Borrowing

CRISIL AA-/Positive (revised from Stable in June 2025). Total bank loan facilities rated at INR 2,120 Cr. Interest coverage ratio is comfortable at 5.55 times.

⚙️ Operational Drivers

Raw Materials

Raw milk (processed at 40 lakh litres daily) and Skimmed Milk Powder (SMP) are the primary raw materials, with SMP stock reduction being a key driver for working capital efficiency.

Import Sources

Sourced domestically from over 10,000 villages across Tamil Nadu, Andhra Pradesh, Karnataka, Telangana, Maharashtra, and Odisha.

Key Suppliers

Procurement is direct from over 5 lakh farmers through a network of 13,000 milk banks.

Capacity Expansion

Current processing capacity exceeds 40 lakh litres of milk daily across 23 factories. Planned expansion includes penetrating the Eastern market (Kolkata) from the Odisha base.

Raw Material Costs

Raw material costs are managed through direct procurement; SMP stock reduction lowered Gross Current Asset (GCA) days from 71 to 51 days in FY25.

Manufacturing Efficiency

ROCE stood at 11-13% over the last three fiscal years ending FY25, supported by high capacity utilization and integrated chilling units.

Logistics & Distribution

Distribution is handled through 4,000+ exclusive own outlets and distribution vessels to maintain a 0.5-day receivable cycle.

📈 Strategic Growth

Expected Growth Rate

15-17.5%

Growth Strategy

Achieving growth through geographic expansion into Maharashtra and Odisha (via the INR 233 Cr Milk Mantra acquisition), scaling the 'Daily Moo' app, and expanding the product portfolio into premium chocolates (Havia) and mid-market chocolates (Hanobar).

Products & Services

Arokya milk, Arun ice creams, Hatsun curd, ghee, butter, Ibaco ice-cream chain, Santosa Cattle Feed, and Havia chocolates.

Brand Portfolio

Arun, Arokya, Hatsun, Ibaco, Santosa, Havia, Hanobar, and Oyalo (discontinued).

New Products/Services

Launched 'Slice It' ice cream range, new kulfi flavors, and fermented dairy products like yoghurt and dairy-based spreads in FY25.

Market Expansion

Expanding global distribution to Singapore, Seychelles, Brunei, Maldives, Mauritius, and UAE (Ajman).

Market Share & Ranking

Largest private sector dairy company in India; leading by more than two times the next private dairy competitor in milk and curd segments.

Strategic Alliances

Acquired Milk Mantra Dairy Private Limited (MMDPL) in January 2025 to anchor Eastern India expansion.

🌍 External Factors

Industry Trends

The dairy industry is growing at 8-10% annually, with a strong shift toward formalization and branded value-added products like curd and ice cream.

Competitive Landscape

Competes with Heritage Foods (7.9% EBITDA margin), Dodla Dairy (10.3%), and Parag Milk (1.6%). Hatsun maintains a superior 11.6% margin.

Competitive Moat

Moat is built on brand equity (three INR 1,000 Cr+ brands) and a massive direct-to-consumer retail network of 4,000+ outlets, which is highly sustainable and difficult for competitors to replicate.

Macro Economic Sensitivity

Sensitive to GST reforms; a cut in GST rates across dairy products is expected to accelerate sector formalization and benefit market leaders.

Consumer Behavior

Increasing preference for branded and packaged curd among working women, making curd the second-largest revenue source.

Geopolitical Risks

Trade barriers or regulatory changes in export markets like the UAE or Singapore could impact the global expansion strategy.

⚖️ Regulatory & Governance

Industry Regulations

Compliant with National Standards including ISO 22000, FSSC 22000, and Export Import Certification (EIC).

Environmental Compliance

Committed to replacing electricity with 1,200 units/day of biogas and planting 2,500 trees across plants to meet ESG goals.

Taxation Policy Impact

Beneficiary of GST formalization; potential GST rate cuts on dairy products would further improve competitive positioning against unorganized players.

Legal Contingencies

No material pending court cases or fines related to corruption or conflicts of interest reported for FY25.

⚠️ Risk Analysis

Key Uncertainties

Entry into non-mature markets like Odisha and Maharashtra involves high marketing overheads and intense competition, which could impact short-term profitability by 1-2%.