Hatsun Agro Product LimitedQuarter ended September 30, 2026 Results & Financial Update
Hatsun Agro Product Limited: Quarter ended September 30, 2026 standalone results and company financials – revenue ₹2,897.64 Cr, PAT ₹115.69 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
Find an answer
Ask this result
Chart · Market context
Hatsun Agro Product price & chart
Market priceLoading…
1Y return—Price return
Loading market chart…
TradingView Lightweight Charts™ · Copyright © 2025 TradingView, Inc.TradingView
Market chartPrice chart temporarily unavailableThe price chart could not be loaded right now. The reported financial results remain available above.
Spotted a factual error?Tell us the number, date or statement and we will re-check the underlying records and calculations.Report an error
Quarterly Results AnalysisExplore Hatsun Agro Product Quarter ended September 30, 2026 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Hatsun Agro Product Ltd reported revenue from operations of ₹2,897.64 crore for Q2 FY27, representing a 19.36 percent increase over ₹2,427.59 crore in Q2 FY26. On a sequential basis, revenue moderated by 6.24 percent compared to ₹3,090.49 crore in Q1 FY27.
Profit after tax (PAT) for the quarter stood at ₹115.69 crore, marking a 5.61 percent year-on-year expansion compared to ₹109.54 crore in the corresponding period of the previous year. Sequentially, net profit decreased by 13.46 percent from ₹133.69 crore in the preceding quarter.
Profit before tax (PBT) reached ₹152.50 crore for Q2 FY27, reflecting a 3.37 percent year-on-year increase from ₹147.53 crore and an 10.65 percent sequential decrease from ₹170.68 crore in Q1 FY27.
Earnings per share (EPS) for the quarter came in at ₹5.19, compared to ₹4.92 in Q2 FY26 and ₹6.00 in Q1 FY27.
Management attributed the top-line growth to sustained consumer demand across core categories, enhanced processing capacity, and resilient direct milk procurement from the company's expanding farmer network.
The company maintained robust performance amidst external industry challenges, including geopolitical uncertainties, El Niño-related factors, and agricultural input cost inflation.
01 · Business model
What does Hatsun Agro Product do?
Hatsun Agro Product Ltd (HAP) is India's largest private-sector dairy company, engaged in milk procurement, processing, and the manufacture and marketing of a wide range of dairy, ice cream, and allied food products.
The company operates well-known brands including Arun Icecreams, Arokya Milk & Milk Products, Hatsun Dairy Products, and the premium ice cream parlor chain ibaco. Its distribution reaches consumers via dedicated retail networks such as HAP Daily outlets alongside general trade kirana stores and supermarkets.
HAP's economic model centers on a direct-procurement dairy network spanning over 500,000 farmers, ensuring milk quality, freshness, and timely farmer payments while removing intermediary layers.
Beyond core dairy and ice creams, the portfolio encompasses specialized items including Hanobar coco confectionaries, Havia premium chocolates, Santosa cattle feed and care products, and Aniva flavoured whey drinks.
02 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Quarter ended September 30, 2026 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹2,897.64 Cr | ₹2,427.59 Cr | ₹3,090.49 Cr |
| Total income | ₹2,902.49 Cr | ₹2,831.85 Cr | ₹3,093.38 Cr |
| Profit before tax | ₹152.50 Cr | ₹147.53 Cr | ₹170.68 Cr |
| Profit after tax | ₹115.69 Cr | ₹109.54 Cr | ₹133.69 Cr |
| EPS | ₹5.19 | ₹4.92 | ₹6.00 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 4.0% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 5.3% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹4.85 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
03 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue expansion was supported by steady consumer demand across core dairy, cultured products, and ice cream categories. HAP sold 288 crore consumer packs over the preceding six months, averaging approximately 1.58 crore packs daily.
The company's retail strategy emphasizes direct consumer reach through branded outlets like HAP Daily rather than reliance on wholesale or bulk sales.
What drove margins
Management highlighted inflation in agricultural input costs, geopolitical uncertainties, and El Niño-related factors as industry-wide challenges, though HAP maintained competitive EBITDA margins supported by brand strength and operational efficiency.
Sourcing milk directly from over 500,000 farmers helped maintain quality, secure raw material availability, and support processing margins.
04 · Segments, products & geography
Which parts of the business are doing the work
Geography and market mix
HAP continues to strengthen its presence in traditional stronghold markets such as Tamil Nadu, Pondicherry, Karnataka, Andhra Pradesh, and Telangana, while making inroads into newer markets including Maharashtra, Odisha, Kerala, Goa, Chhattisgarh, Madhya Pradesh, West Bengal, Jharkhand, Gujarat, Andamans, Chandigarh, and Bihar.
05 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Enhanced processing capacity and an expanded HAP Daily retail network exceeding 4,600 outlets supported volume delivery across existing and emerging geographies.
Projects, capex and execution
The company continues ongoing investments in procurement, processing, and distribution capabilities to back market expansion in existing and newer regions.
06 · Reported developments
What changed operationally
Recorded revenue from operations of ₹2,897.64 crore in Q2 FY27, up 19.36 percent year-on-year.
HAP Daily network scaled to over 4,600 outlets, supporting direct consumer engagement.
07 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations decreased by 6.24 percent from ₹3,090.49 crore in Q1 FY27 to ₹2,897.64 crore in Q2 FY27.
08 · Key Q&A
The quarter, answered directly
What does Hatsun Agro Product do?
Hatsun Agro Product Ltd (HAP) is India's largest private-sector dairy company, engaged in milk procurement, processing, and the manufacture and marketing of a wide range of dairy, ice cream, and allied food products.
What is the clearest takeaway from Quarter ended September 30, 2026?
Hatsun Agro Product Ltd reported revenue from operations of ₹2,897.64 crore for Q2 FY27, representing a 19.36 percent increase over ₹2,427.59 crore in Q2 FY26. On a sequential basis, revenue moderated by 6.24 percent compared to ₹3,090.49 crore in Q1 FY27.
What drove revenue or demand?
Revenue expansion was supported by steady consumer demand across core dairy, cultured products, and ice cream categories. HAP sold 288 crore consumer packs over the preceding six months, averaging approximately 1.58 crore packs daily.
What mattered most for margins or profitability?
Management highlighted inflation in agricultural input costs, geopolitical uncertainties, and El Niño-related factors as industry-wide challenges, though HAP maintained competitive EBITDA margins supported by brand strength and operational efficiency.
What changed operationally beyond the headline numbers?
Enhanced processing capacity and an expanded HAP Daily retail network exceeding 4,600 outlets supported volume delivery across existing and emerging geographies.
What should the next disclosure help confirm?
Execution and scale-up of distribution in newer markets such as Maharashtra and Odisha.
09 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
Build your own next-quarter scenario
Reported values are prefilled where a comparable basis is available. Otherwise, the field starts at 0. You can overwrite every field.
Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
Scenario output
Scenario revenue / income₹0 cr
Scenario profit after tax₹0 cr
Profit change vs base₹0 cr (0%)
Scenario margin0%
Growth needed to keep profit flat after this margin move0%
The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
10 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Geographic Expansion Progress: Execution and scale-up of distribution in newer markets such as Maharashtra and Odisha.
Learn the metrics
Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.