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Hatsun Agro Product Limited (531531) fair value: what the stock is really worth

As of Oct 1, 2026: fair value of Hatsun Agro Product Limited ₹362, price ₹1,115, upside -67.5%, quality 60 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Consumer Goods · IN · ISIN INE473B01035

HA Thin data Sep 24, 2026

Hatsun Agro Product Limited

531531 · BSE

Stretched ValuationStrong overvaluation with only moderate quality.

!Fair value ₹362.14 · Strongly overvalued (−67.5%)
✓Quality 60/100
✓Healthy Growth (revenue 5y +10.4 %/yr)
!Thin margins · 3.0% net margin (TTM)
!Moderate debt
✓0.7% dividend yield · Sustainable
!Moderate moat 49/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

Price vs Fair Value

₹1,407 ₹777.57 Fair Value ₹362.14 May 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range ₹777.57 – ₹1,407 · fair‑value band ₹271.60 – ₹452.67 · the ₹1,115 price screens above the ₹362.14 fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Hatsun Agro Product Limited manufactures and markets ice creams, milk, milk products, and cattle feed primarily in India. The company offers standardized, full cream, and toned milk; and curd under the Arokya brand name.

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Hatsun Agro Product Limited manufactures and markets ice creams, milk, milk products, and cattle feed primarily in India. The company offers standardized, full cream, and toned milk; and curd under the Arokya brand name. It also provides milk, skimmed milk powder, dairy whitener, ghee, paneer cubes, table and cooking butter, and milk beverages under the Hatsun brand name; and ice cream cakes, bars, and shakes, as well as signature cones and chocolates under the Ibaco brand name. In addition, the company offers a range of ice creams, bars, flavoured tubs, and specialty products under the Arun brand; pizzas and cakes under the Oyalo brand name; cattle feed under the Santosa brand name; milk mixes and drinks under the Aniva brand name; and dairy ingredients, as well as milk-based refreshments like milkshakes, yogurt shakes, yogurt toppings, paneer snacks, coffee, and other hot beverages. Further, it offers dairy products through a network of Hatsun Daily outlets. The company distributes its milk and curd products through its logistics and distribution networks in Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, and Maharashtra. It also exports its products to 38 countries, which primarily include the United States, the Middle East, and South Asia. Hatsun Agro Product Limited was founded in 1970 and is based in Chennai, India.

Stock analysis

Hatsun Agro Product Limited (531531) currently trades at ₹1,115, while our model-based Fair Value estimate is ₹362.14, 67.5% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Growth DCF group reads highest at a median of ₹543.33 per share, and 0 of the 26 models we run sit above the ₹1,115 price.

Bear case: the Asset-Based group reads lowest at ₹71.18, and 26 of the 26 models stay below the price. Evidence for this calculation is low.

Scenario range: ₹271.60 (bear) to ₹452.67 (bull), the price of ₹1,115 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 60/100 (solid quality), in the Consumer Goods sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Hatsun Agro Product Limited reported revenue of ₹87.0B in FY2025 versus ₹55.5B in FY2021, a compound +11.9%/yr. Reported net income was ₹2.8B in FY2025, compounding +3.1%/yr from FY2021.

Key figures

Market cap ₹248B (≈ $2.6B) · P/E ratio 115.0 · P/S ratio 3.69 · EPS (TTM) ₹9.75 · Dividend yield 0.7% · Net margin 3.2% · Return on equity 18.6% · Return on assets (EBIT) 11.7%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).

What moves the price

The share trades about 12% below its 52-week high and 31% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Consumer Goods peers we cover trades at −43% fair-value upside, at −68%, 531531 screens richer than that median.

Fair Value models

Bear ₹271.60 Fair Value ₹362.14 Bull ₹452.67
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (₹1.75 per share) are deliberately not added. 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF ₹455.81 ₹774.69 ₹1,251 78
Growth DCF ₹449.83 ₹733.92 ₹1,135 77
Residual Income ₹103.14 ₹128.10 ₹179.31 75
All 26 models by family
DCF Models
FCF DCF ₹455.81 ₹774.69 ₹1,251 78
Owner Earnings ₹4.48 ₹41.19 ₹96.04 67
5Y Revenue Exit ₹321.57 ₹543.07 ₹832.46 71
5Y EBITDA Exit ₹481.95 ₹867.85 ₹1,343 73
5Y P/E Exit ₹291.14 ₹481.46 ₹689.78 70
10Y Revenue Exit ₹359.44 ₹573.40 ₹880.13 65
10Y EBITDA Exit ₹464.52 ₹788.66 ₹1,264 66
10Y P/E Exit ₹349.64 ₹532.56 ₹772.91 63
Earnings-Based
Graham-Dodd ₹117.26 ₹512.59 ₹701.29 64
Lynch FV ₹132.18 ₹188.83 ₹245.48 61
PEG = 1.0 ₹132.18 ₹188.83 ₹245.48 57
EPV ₹186.09 ₹218.86 ₹246.16 74
Dividend Discount
Gordon GGM ₹64.22 ₹115.73 ₹159.32 68
DDM Multi-Stage ₹64.22 ₹105.72 ₹123.63 67
Multiples
P/E Multiple ₹271.60 ₹362.14 ₹452.67 63
P/S Multiple ₹219.87 ₹293.16 ₹366.45 58
P/B Multiple ₹219.87 ₹293.16 ₹366.45 55
EV/EBIT ₹371.33 ₹513.18 ₹655.03 66
EV/EBITDA ₹554.92 ₹757.97 ₹961.01 67
EV/Revenue ₹249.50 ₹379.67 ₹509.84 53
Asset-Based
NCAV (Graham) ₹53.12 ₹71.18 ₹106.23 54
Growth DCF
Growth DCF ₹449.83 ₹733.92 ₹1,135 77
Rev-Margin DCF ₹321.57 ₹543.33 ₹825.26 71
Economic Profit
Residual Income ₹103.14 ₹128.10 ₹179.31 75
ROIC Compounder ₹207.60 ₹277.73 ₹363.09 72
Growth Earnings
Growth-Adj P/E ₹218.77 ₹312.54 ₹406.30 67

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Quality Score breakdown

Overall quality 60/100

Of which business quality 60 · Market factors (momentum, volatility) 67

Profitability 66
Margins and returns on capital today
Quality Growth 64
Are margins and returns improving?
Cashflow 65
Earnings quality: real cash, not paper profit
Fin. Strength 42
Balance sheet, leverage, solvency risk
Investment 45
Disciplined investing over empire-building
Low Volatility 69
Calm price path (market factor)
Momentum 70
Price trend over the last 3–12 months (market factor)
52W Momentum 61
Distance to the 52-week high (market factor)
Net Issuance 80
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 87/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+8.9%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+10.9%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+10.4%
Start year 2020 (pandemic). Over 10 years: +11.5% a year
Revenue growth 11 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+12.0%
What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. 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.
+19.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+18.6%
Dividend (yield on the price)0.7%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.5% → 6%

531531 screens overvalued: fair value 68% below the price. Compare with Flex Foods Limited →

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Peer GroupⓘHow this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median. (Industry “Food - Major Diversified” was too small, so the broader sector is used.)Consumer Staples · 1707 stocks

Beats the sector median on 5/13 measures
Overall it trails its sector peers.
Valuation
Quality Score 60 · Above median
Fair Value upside −71.3% · Bottom 25%
Profitability
Return on equity (TTM) 18.6% · Top 25%
Return on assets 7.8% · Top 25%
Net margin (TTM) 3.0% · Below median
Operating margin (TTM) 6.3% · Above median
Growth and dividend
Revenue growth 3.8% · Above median
Dividend yield (TTM) 0.7% · Bottom 25%
Balance sheet
Debt / equity 0.54× · Highest 25%

Valuation Multiplesvs Consumer Staples median · lower = cheaper

P/E (TTM) 115.0× · Priciest 25%
P/B 7.74× · Priciest 25%
P/S (TTM) 2.55× · Priciest 25%
EV/EBITDA 24.6× · Priciest 25%

Context: sector, industry, market

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

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Voith Paper Fabrics India Limited 522122 ₹1,437 ₹1,012 −30%
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Hatsun Agro Product Limited · Fair Value
₹362.14 −68%Fair Value
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Cite: Fair Value Calculator (2026). "Hatsun Agro Product Limited Fair Value". https://www.fairvalue-calculator.com/stock/531531

Frequently asked questions

Is Hatsun Agro Product Limited (531531) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ₹362.14 versus a price of ₹1,115, about −68% upside (overvalued).
What is the fair value of 531531?
Our model-based fair value for Hatsun Agro Product Limited is ₹362.14 (as of Sep 24, 2026), built from audited fundamentals. The current price: ₹1,115.
What is the quality score of 531531?
Hatsun Agro Product Limited has a Quality Score of 60/100. 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 price target for Hatsun Agro Product Limited (531531)?
Our model-based price target is the fair value of ₹362.14 (as of Sep 24, 2026) from 26 valuation models. Cautious scenario ₹271.60, optimistic scenario ₹452.67. It is a calculation from audited fundamentals, not an analyst target.
What is the Hatsun Agro Product Limited stock forecast for 2026?
Our models put fair value at ₹362.14, about −68% upside versus a price of ₹1,115 (overvalued). Cautious scenario ₹271.60, optimistic scenario ₹452.67. The calculation is refreshed regularly with new filings.
What is the revenue of Hatsun Agro Product Limited (531531)?
Hatsun Agro Product Limited reported trailing-twelve-month revenue of about ₹52.1B (latest available figure, as of Sep 24, 2026).
Does Hatsun Agro Product Limited pay a dividend?
Hatsun Agro Product Limited currently shows a dividend yield of about 0.72% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Hatsun Agro Product Limited (531531)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hatsun Agro Product Limited it is ₹362.14 per share (as of Sep 24, 2026), against a price of ₹1,115. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Hatsun Agro Product Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 531531 trades above its calculated fair value: price ₹1,115, fair value ₹362.14, a gap of about −68% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 531531?
No. The price is what the market pays today (₹1,115); the fair value is what the company's own numbers justify (₹362.14). For Hatsun Agro Product Limited the two are ₹753.26 per share apart. That gap is exactly why we show both numbers side by side.
How much is Hatsun Agro Product Limited worth?
The market values Hatsun Agro Product Limited at about ₹248B (market capitalisation, as of Sep 24, 2026). Per share that is ₹1,115; our models calculate a fair value of ₹362.14 per share.
What do the bullish and bearish scenarios say about 531531?
Our models span a range for Hatsun Agro Product Limited: cautious scenario ₹271.60, base ₹362.14, optimistic ₹452.67 per share (as of Sep 24, 2026, price ₹1,115). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 531531?
Hatsun Agro Product Limited trades at a price-to-earnings ratio of 115.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹362.14 is built from several models across several years. Other multiples: P/B 7.7, P/S 2.5, EV/EBITDA 24.6.
How solid is the balance sheet of Hatsun Agro Product Limited (531531)?
Balance-sheet figures for Hatsun Agro Product Limited (as of Sep 24, 2026): return on equity 18.6%, debt of 0.54 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is 531531 from its 52-week high?
Hatsun Agro Product Limited trades at ₹1,115, about 12% below its 52-week high of ₹1,274 and 31% above the low of ₹852.81 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹362.14 is for.
Which stocks are comparable to Hatsun Agro Product Limited?
From the same area (Consumer Goods) we also value Flex Foods Limited, CHORDIA, MAHAANF, Prima Agro Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Hatsun Agro Product Limited stock attractive at the current price?
The data as of Sep 24, 2026: price ₹1,115, calculated fair value ₹362.14 (−68%), Quality Score 60/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 531531 calculated?
We run Hatsun Agro Product Limited through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹362.14, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Hatsun Agro Product Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Hatsun Agro Product Limited (531531)?
The closing price on Oct 1, 2026 was ₹1,115. Our model-based fair value is ₹362.14, about −68% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hatsun Agro Product Limited right now?
The price sits above even our optimistic bull case (₹452.67). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.

Key figures of Hatsun Agro Product Limited

How large is the market capitalisation of Hatsun Agro Product Limited (531531)?
The market capitalisation of Hatsun Agro Product Limited is ₹248B (≈ $2.6B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Hatsun Agro Product Limited (531531)?
The price-to-sales ratio of Hatsun Agro Product Limited is 3.69 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Hatsun Agro Product Limited (531531)?
Earnings per share at Hatsun Agro Product Limited are ₹9.75 (price ÷ EPS = P/E 115.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Hatsun Agro Product Limited (531531)?
The dividend yield of Hatsun Agro Product Limited is 0.7% (payout 82.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Hatsun Agro Product Limited (531531)?
The net margin of Hatsun Agro Product Limited is 3.2% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Hatsun Agro Product Limited (531531)?
The return on equity (ROE) of Hatsun Agro Product Limited is 18.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Hatsun Agro Product Limited (531531)?
On an EBIT basis the return on assets of Hatsun Agro Product Limited is 11.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Hatsun Agro Product Limited (531531)?
The operating margin of Hatsun Agro Product Limited is 6.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hatsun Agro Product Limited (531531)?
Revenue at Hatsun Agro Product Limited is growing +3.8% versus a year earlier (3y avg +10.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Hatsun Agro Product Limited (531531)?
Earnings per share at Hatsun Agro Product Limited are growing +161% versus a year earlier. How much earnings per share grew versus a year earlier.
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