Hatsun Agro Q2 FY27 Results (NSE: HATSUN)
Signal: Steady quarter
The read
Hatsun sustained high-teens revenue growth at ₹2,897.64 crore, but Q2 PAT growth of 5.61% lagged revenue growth by 13.75 percentage points; the trajectory is better than Q1FY27's reported PAT decline, although the release does not provide enough margin data to confirm a durable earnings inflection.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,897.64 Cr | 19.36% | N/A |
| Net profit | ₹115.69 Cr | 5.61% |
P&L walk
Revenue increased 19.36% YoY to ₹2,897.64 crore, while PAT rose only 5.61% to ₹115.69 crore, indicating slower profit conversion than sales; EBITDA, EBIT, margins and EPS were not disclosed in the release.
Key positives
- Revenue grew 19.36% YoY to ₹2,897.64 crore, supported by demand across core dairy categories, added processing capacity and direct procurement.
- The company sold 288 crore consumer packs during H1FY27, averaging 1.58 crore packs per day, supporting the direct-to-consumer branded distribution thesis.
- The direct procurement network covers over 5,00,000 farmers, while HAP Daily has expanded to 4,600+ outlets across existing and newer markets.
Key concerns
- PAT increased only 5.61% YoY to ₹115.69 crore versus 19.36% revenue growth, leaving a 13.75 percentage-point profit-growth gap.
- H1 revenue grew 19.34% to ₹5,988.13 crore, but H1 PAT rose only 1.90% to ₹249.38 crore, indicating weak operating-to-net-profit conversion despite reported stronger EBITDA margins.
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