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Hatsun Agro Product Limited (HATSUN) Fair Value & Analysis

Consumer Defensive · IN · Market cap ₹204B (≈ $2.2B) · ISIN INE473B01035

What is Hatsun Agro Product Limited really worth?

HA Hatsun Agro Product Limited HATSUN · NSE
Price₹1,169
Fair Value₹335.81
Upside−71.3%
Quality64/100

A solid business, but trading 248% above our fair value of ₹335.81.

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Strengths

Healthy Growth (revenue 5y +12.4 %/yr)
Low debt · generates free cash flow

Risks

!Thin margins · 3.6% net margin
!Trails peers (5/14)
!Narrow moat 44/100
!Weak on dividend: 17 out of 100

For context

·0.86% dividend yield
Evidence: High Range ₹251.86 – ₹419.77

Fair value as of: Aug 20, 2026

From 26 valuation models · updated 16 days ago

Share price +28.4% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (₹419.77). The favourable scenario is already priced in.
  • Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

₹1,403 ₹777.87 Fair Value ₹335.81 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.

How to read this chart

60‑month range ₹777.87 – ₹1,403 · fair‑value band ₹251.86 – ₹419.77 · the ₹1,169 price screens above the ₹335.81 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 20, 2026.

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Analysis

Hatsun Agro Product Limited (HATSUN) currently trades at ₹1,169, while our model-based Fair Value estimate is ₹335.81, implying the stock looks roughly 248.1% overvalued today. The Quality Score stands at 64/100 (solid quality), in the Consumer Defensive sector. Bull case: the DCF Models group reads highest at a median of ₹661.85 per share, and 1 of the 26 models we run sit above the ₹1,169 price. Bear case: the Asset-Based group reads lowest at ₹58.49, and 25 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Hatsun Agro Product Limited generated revenue of ₹99.6B at a net margin of 3.6%. Revenue grew 16.6% year over year. It earns a return on equity of 19.4%. Net debt stands at ₹17.9B. Fundamentals as of Aug 20, 2026

Our scenario range runs from ₹251.86 (bear case) to ₹419.77 (bull case); at ₹1,169, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 38% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at −27% fair-value upside, at −71%, HATSUN screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹2.60 per share, which is 0.8 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF best evidence ₹615.43 ₹1,229 ₹2,394 76
EPV ₹191.42 ₹230.14 ₹264.56 74
Growth DCF ₹607.40 ₹1,164 ₹2,200 74
All 26 models by family
DCF Models
FCF DCF best evidence ₹615.43 ₹1,229 ₹2,394 76
Owner Earnings ₹285.53 ₹584.57 ₹1,152 72
5Y Revenue Exit ₹337.78 ₹573.69 ₹889.50 71
5Y EBITDA Exit ₹502.81 ₹924.59 ₹1,462 73
5Y P/E Exit ₹329.82 ₹556.78 ₹815.45 70
10Y Revenue Exit ₹412.07 ₹674.76 ₹1,074 65
10Y EBITDA Exit ₹534.60 ₹942.54 ₹1,579 66
10Y P/E Exit ₹415.77 ₹661.85 ₹1,008 63
Earnings-Based
Graham-Dodd ₹108.74 ₹558.51 ₹771.97 64
Lynch FV ₹152.35 ₹217.64 ₹282.93 61
PEG = 1.0 ₹152.35 ₹217.64 ₹282.93 57
EPV ₹191.42 ₹230.14 ₹264.56 74
Dividend Discount
Gordon GGM ₹57.71 ₹126.00 ₹212.00 65
DDM Multi-Stage ₹57.71 ₹103.22 ₹131.31 66
Multiples
P/E Multiple ₹251.86 ₹335.81 ₹419.77 63
P/S Multiple ₹203.89 ₹271.85 ₹339.81 58
P/B Multiple ₹203.89 ₹271.85 ₹339.81 55
EV/EBIT ₹317.17 ₹432.22 ₹547.28 66
EV/EBITDA ₹487.01 ₹658.69 ₹830.36 67
EV/Revenue ₹218.35 ₹323.93 ₹429.52 53
Asset-Based
NCAV (Graham) ₹43.65 ₹58.49 ₹87.30 54
Growth DCF
Growth DCF ₹607.40 ₹1,164 ₹2,200 74
Rev-Margin DCF ₹337.78 ₹571.78 ₹884.76 71
Economic Profit
Residual Income ₹108.73 ₹141.38 ₹503.07 64
ROIC Compounder ₹228.65 ₹332.77 ₹475.86 71
Growth Earnings
Growth-Adj P/E ₹229.31 ₹327.59 ₹425.87 67

Widest divergence: DCF Models (₹661.85) versus Asset-Based (₹58.49). Highest evidence: FCF DCF (76).

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Key figures & financial health

P/E ratio 73.0
P/S ratio 2.61 P/E × margin
EPS (TTM) ₹16.01 price ÷ EPS = P/E 73.0
Dividend yield 0.9% payout 62.5%
Net margin 3.6% FY2026
Return on equity 19.4% TTM
More key figures
Profitability
Return on assets (EBIT) 11.2% avg 5y
Operating margin 3.5% TTM
Growth
Revenue (TTM) ₹99.6B TTM
Revenue growth (YoY) +16.6% 3y avg +11.3%
EPS growth (YoY) +2.6%
Balance sheet & cash flow
Free cash flow ₹10.1B FY2026
Net debt ₹17.9B FY2026 · ≈ 1.8 yrs of FCF

Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 64/100

Of which business quality 64 · Market factors (momentum, volatility) 75

Profitability 67
Margins and returns on capital today
Quality Growth 58
Are margins and returns improving?
Cashflow 66
Earnings quality: real cash, not paper profit
Fin. Strength 51
Balance sheet, leverage, solvency risk
Investment 68
Disciplined investing over empire-building
Low Volatility 79
Calm price path (market factor)
Momentum 68
Price trend over the last 3–12 months (market factor)
52W Momentum 84
Distance to the 52-week high (market factor)
Net Issuance 80
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Hatsun Agro Product Limited engages in the manufacture and marketing of milk, milk products, and cattle feed in India and internationally. The company offers ice cream; kulfi flavours; and topping and fermented dairy products, such as yoghurt and dairy-based spreads.

Full company description

Hatsun Agro Product Limited engages in the manufacture and marketing of milk, milk products, and cattle feed in India and internationally. The company offers ice cream; kulfi flavours; and topping and fermented dairy products, such as yoghurt and dairy-based spreads. It also provides dairy whitener, skimmed milk powder, ghee, paneer, curd, cooking and table butter, lassi, buttermilk, yoghurt shakes, cheese spread, juice, and cocoa-based confectionery. The company distributes its products through stores under the Arun Icecreams, Arokya, Hatsun, HAP daily, Ibaco, Hanobar, Havia Chocolates, Milky Moo, Daily Moo, Imiyo, and Santosa brand names. Hatsun Agro Product Limited was founded in 1970 and is headquartered in Chennai, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Hatsun Agro Product Limited reported revenue of ₹99.6B in FY2026 versus ₹63.5B in FY2022, a compound +11.9%/yr. Reported net income was ₹3.6B in FY2026, compounding +13.1%/yr from FY2022.

Growth Quality 92/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
₹99.6B
Latest YoY
+14.7%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+11.3%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+12.4%
Avg. revenue growth/yr (20Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+15.7%
Value creation/yr (5Y, in INR) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+10.9% (10.0 + 0.9)
Revenue +11.9%/yr
FY22 ₹63.5B
FY23 ₹72.3B
FY24 ₹79.7B
FY25 ₹86.8B
FY26 ₹99.6B
Net income +13.1%/yr
FY22 ₹2.2B
FY23 ₹1.7B
FY24 ₹2.7B
FY25 ₹2.8B
FY26 ₹3.6B
Character of growth · EPS growth decomposed (2015-2026) +15.8 % p.a.
Revenue per share +10.5 %

of which total revenue +10.8 % · buybacks/dilution −0.3 %

EBIT margin +2.1 %
Tax rate +1.3 %
Residual (interest, one-offs) +1.3 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

HATSUN screens 248% overvalued. Compare with Nestlé S.A →

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Cite: Fair Value Calculator (2026). "Hatsun Agro Product Limited Fair Value". https://www.fairvalue-calculator.com/stock/HATSUN

Peer Group

Packaged Foods · 648 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 64 · Top 25%
Fair Value upside −71% · Bottom 25%
Return on equity (TTM) 19% · Top 25%
Return on assets 8% · Top 25%
Net margin (TTM) 4% · Below median
Operating margin (TTM) 3% · Below median
Revenue growth 17% · Top 25%
Dividend yield (TTM) 0.9% · Bottom 25%
Debt / equity 0.35× · Higher than 75% of peers

Valuation Multiples vs Packaged Foods median · lower = cheaper

P/E (TTM) 73.0× · Pricier than 75% of peers
P/B 10.48× · Pricier than 75% of peers
P/S (TTM) 2.05× · Pricier than 75% of peers
P/FCF 0.2× · Cheaper than 75% of peers
EV/EBITDA 17.9× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 25
FUTURE83 · sector 21
PAST78 · sector 28
HEALTH83 · sector 96
DIVIDEND17 · sector 53

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Packaged Foods stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).

Stock Price Fair Value vs Fair Value
Nestlé S.A NESN CHF 78.62 CHF 57.26 −27%
Danone S.A BN €64.28 €48.41 −25%
Nestlé India Limited NESTLEIND ₹1,478 ₹251.94 −83%
The Kraft Heinz Company KHC $25.13 $24.59 −2%
Foshan Haitian Flavouring and Food Company 603288 ¥35.05 ¥21.93 −37%
Inner Mongolia Yili Industrial Group 600887 ¥25.51 ¥32.50 +27%
Yihai Kerry Arawana Holdings 300999 ¥25.28 ¥9.89 −61%
General Mills, Inc GIS $40.44 $28.32 −30%
Wilmar International Limited F34 3.64 SGD 3.89 SGD +7%
Britannia Industries Limited BRITANNIA ₹5,511 ₹1,765 −68%

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Frequently asked questions

Is Hatsun Agro Product Limited (HATSUN) overvalued or undervalued?
As of Aug 20, 2026, our model estimates a fair value of ₹335.81 versus a price of ₹1,169, about −71% upside (overvalued).
What is the fair value of HATSUN?
Our model-based fair value for Hatsun Agro Product Limited is ₹335.81 (as of Aug 20, 2026), built from audited fundamentals. The current price: ₹1,169.
What is the quality score of HATSUN?
Hatsun Agro Product Limited has a Quality Score of 64/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Hatsun Agro Product Limited (HATSUN)?
Hatsun Agro Product Limited reported trailing-twelve-month revenue of about ₹99.6B (latest available figure, as of Aug 20, 2026).
What is the net profit margin of HATSUN?
The net profit margin of Hatsun Agro Product Limited is about 3.6%, meaning it keeps roughly 3.6% of revenue as net income. Based on the latest reported figures.
Does Hatsun Agro Product Limited pay a dividend?
Hatsun Agro Product Limited currently shows a dividend yield of about 0.86% relative to its recent price (as of Aug 20, 2026).
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