Hatsun Agro Product Q2 FY27 Results: Standalone Net Profit ₹116 Crore on Total Income of ₹2,902 Crore
Earnings
Dairy products
Blacklitt Research3 min read
In a filing on 22 Oct 2026, Hatsun Agro Product said standalone total income for the quarter ended 30 Sep 2026 was ₹2,902.49 crore, and standalone net profit was ₹115.69 crore.
Key highlights
Standalone
The company on its own, without its subsidiaries
Total income: ₹2,902.49 crore, up 21.7% YoY and down 6.2% QoQ
Net profit and EPS: ₹115.69 crore and basic EPS of ₹5.19; net profit down 3.7% YoY on the table's basis
Finance costs: ₹30.98 crore, down 17.3% YoY and 2.1% QoQ
Interim dividend: ₹10 per share, ₹222.75 crore in total, paid in the half year ended 30 Sep 2026
Summary
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
2,902.49
2,385.38
+21.7%
3,093.38
-6.2%
Revenue from operations
2,897.64
2,381.12
+21.7%
3,090.49
-6.2%
Other income
4.85
4.26
+13.8%
2.89
+67.8%
115.69
120.18
-3.7%
133.69
-13.5%
Finance costs
30.98
37.48
-17.3%
31.63
-2.1%
Depreciation
152.80
144.17
+6.0%
151.28
+1.0%
Tax expense
36.81
37.99
-3.1%
36.99
-0.5%
Net profit margin
3.99%
5.04%
-1.05 pp
4.32%
-0.34 pp
Tax as share of profit before tax
24.1%
25.8%
-1.61 pp
21.7%
+2.47 pp
EPS, basic (₹)
5.19
4.92
+5.5%
6.00
-13.5%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Total income rose 21.7% from ₹2,385.38 crore a year earlier, and revenue from operations rose at the same rate, to ₹2,897.64 crore. Other income rose 13.8%, to ₹4.85 crore, and is only 0.2% of total income, so the growth in income comes almost entirely from revenue from operations. Net profit did not follow. On the table's basis, which uses ₹120.18 crore as the year-ago figure, net profit fell 3.7%. The statement's profit for the period in the same quarter was ₹109.54 crore, and on that basis net profit rose 5.6%.
Profit before tax was ₹152.50 crore, against ₹147.53 crore for the year-ago quarter as restated in the filing, a rise of 3.4%. Tax expense was ₹36.81 crore, which is 24.1% of profit before tax, against 25.8% a year earlier. Finance costs of ₹30.98 crore were 1.1% of total income and down 17.3% from a year earlier. Depreciation of ₹152.80 crore was up 6.0%.
Against the June quarter, total income fell 6.2% from ₹3,093.38 crore, and net profit fell 13.5% from ₹133.69 crore, a larger fall than in income. Other income rose 67.8% from ₹2.89 crore to ₹4.85 crore.
The filing says the year-ago quarter and half year have been restated to give effect to the amalgamation of the wholly owned subsidiary Mantra Dairy Private Limited, sanctioned by the NCLT with an appointed date of 1 Apr 2025. The company declared and paid a first interim dividend for FY 2026-27 of ₹10 per equity share, totalling ₹222.75 crore, in the half year. The Board also reconstituted the Nomination and Remuneration Committee and the Risk Management Committee with effect from 22 Oct 2026.
Inference
Basic EPS of ₹5.19 implies about 22.29 crore shares on the ₹115.69 crore profit, close to the 22.27 crore shares on which the dividend was paid. The year-ago EPS of ₹4.92 fits the ₹109.54 crore profit (about 22.26 crore shares) but not the ₹120.18 crore shown in the table (about 24.43 crore shares), so the year-ago net profit basis does not reconcile with the EPS.
For the half year, net cash generated from operating activities was ₹678.31 crore against ₹1,061.78 crore, and dividends paid rose to ₹222.75 crore from ₹133.65 crore. Non-current borrowings were ₹479.08 crore at 30 Sep 2026 against ₹675.14 crore at 31 Mar 2026, and current borrowings were ₹775.71 crore against ₹656.81 crore.
The filing does not give the reasons for the revenue and profit changes, say whether any exceptional items were recorded, or show the effect of the Mantra Dairy merger on the restated year-ago figures, and it does not label the statement as consolidated or standalone.
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HATSUNHatsun Agro Product Ltd.
