{"id":192121,"date":"2026-08-10T10:29:34","date_gmt":"2026-08-10T04:59:34","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=192121"},"modified":"2026-08-10T10:29:37","modified_gmt":"2026-08-10T04:59:37","slug":"varun-beverages-vs-hatsun-agro-comparison","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/varun-beverages-vs-hatsun-agro-comparison\/","title":{"rendered":"Varun Beverages vs Hatsun Agro Product: Which Stock Should You Track"},"content":{"rendered":"<div class=\"meta-block\"><\/div>\n<p style=\"border-left: 4px solid #1F4E79; background: #EBF3FB; padding: 10px 16px; font-style: italic;\"><em>Varun Beverages MCap Rs 1,48,304 Cr, PE 43.50x, ROE 15.51%, D\/E 0.13. Hatsun Agro MCap Rs 20,285 Cr, PE 58.23x, ROE 17.97%, D\/E 1.10.<\/em><\/p>\n<p>Varun Beverages vs Hatsun Agro Product is a comparison FMCG and consumer investors look up when evaluating two high-growth listed beverage companies. Varun Beverages is the largest PepsiCo bottler in India and one of the largest in the world, bottling and distributing Pepsi, Mountain Dew, Tropicana, Gatorade and Sting across India and international markets. Hatsun Agro is a South Indian dairy and ice cream company known for its Arun ice cream brand and Ibaco outlets.<\/p>\n<p>This Varun Beverages vs Hatsun Agro Product article covers reach and market position, key products, latest declared results and stock valuation. The Varun Beverages vs Hatsun Agro Product data below is sourced from Groww and public company filings and reflects the most recently available information at the time of writing.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/varun-beverages-vs-hatsun-agro-comparison\/#Varun_Beverages_vs_Hatsun_Agro_Product_Reach_and_Market_Position\" title=\"Varun Beverages vs Hatsun Agro Product: Reach and Market Position\">Varun Beverages vs Hatsun Agro Product: Reach and Market Position<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/varun-beverages-vs-hatsun-agro-comparison\/#Varun_Beverages_vs_Hatsun_Agro_Product_Key_Products_and_Business_Mix\" title=\"Varun Beverages vs Hatsun Agro Product: Key Products and Business Mix\">Varun Beverages vs Hatsun Agro Product: Key Products and Business Mix<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/varun-beverages-vs-hatsun-agro-comparison\/#Varun_Beverages_vs_Hatsun_Agro_Product_Latest_Results\" title=\"Varun Beverages vs Hatsun Agro Product: Latest Results\">Varun Beverages vs Hatsun Agro Product: Latest Results<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/varun-beverages-vs-hatsun-agro-comparison\/#Varun_Beverages_vs_Hatsun_Agro_Product_Stock_and_Valuation\" title=\"Varun Beverages vs Hatsun Agro Product: Stock and Valuation\">Varun Beverages vs Hatsun Agro Product: Stock and Valuation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/varun-beverages-vs-hatsun-agro-comparison\/#Varun_Beverages_vs_Hatsun_Agro_Product_Quick_Comparison_Table\" title=\"Varun Beverages vs Hatsun Agro Product: Quick Comparison Table\">Varun Beverages vs Hatsun Agro Product: Quick Comparison Table<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/varun-beverages-vs-hatsun-agro-comparison\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/varun-beverages-vs-hatsun-agro-comparison\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/varun-beverages-vs-hatsun-agro-comparison\/#What_brands_does_Varun_Beverages_bottle\" title=\"What brands does Varun Beverages bottle?\">What brands does Varun Beverages bottle?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/varun-beverages-vs-hatsun-agro-comparison\/#What_is_Hatsun_Agro_known_for\" title=\"What is Hatsun Agro known for?\">What is Hatsun Agro known for?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/varun-beverages-vs-hatsun-agro-comparison\/#Does_Varun_Beverages_pay_dividends\" title=\"Does Varun Beverages pay dividends?\">Does Varun Beverages pay dividends?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/varun-beverages-vs-hatsun-agro-comparison\/#Is_Hatsun_Agro_a_dairy_company\" title=\"Is Hatsun Agro a dairy company?\">Is Hatsun Agro a dairy company?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/varun-beverages-vs-hatsun-agro-comparison\/#Why_does_Hatsun_Agro_have_higher_DE_than_Varun_Beverages\" title=\"Why does Hatsun Agro have higher D\/E than Varun Beverages?\">Why does Hatsun Agro have higher D\/E than Varun Beverages?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/varun-beverages-vs-hatsun-agro-comparison\/#Is_Varun_Beverages_a_good_long-term_investment\" title=\"Is Varun Beverages a good long-term investment?\">Is Varun Beverages a good long-term investment?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/varun-beverages-vs-hatsun-agro-comparison\/#Are_Varun_Beverages_and_Hatsun_Agro_in_Nifty_50\" title=\"Are Varun Beverages and Hatsun Agro in Nifty 50?\">Are Varun Beverages and Hatsun Agro in Nifty 50?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Varun_Beverages_vs_Hatsun_Agro_Product_Reach_and_Market_Position\"><\/span><strong>Varun Beverages vs Hatsun Agro Product: Reach and Market Position<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On the Varun Beverages side of the Varun Beverages vs Hatsun Agro Product comparison, Varun Beverages operates bottling plants across India, Nepal, Sri Lanka, Morocco, Zambia and Zimbabwe, distributing across 7 million-plus retail outlets. It has consistently expanded into new geographies. Market capitalisation is Rs 1,48,304 Cr.<\/p>\n<p style=\"margin-top: 24px;\"><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&amp;utm_medium=varunbev-vs-hatsun\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/a><\/p>\n<p>On the Hatsun Agro Product side of the Varun Beverages vs Hatsun Agro Product comparison, Hatsun Agro operates dairy processing plants primarily in South India \u2014 Tamil Nadu, Andhra Pradesh, Karnataka, Telangana and Maharashtra. It has over 9,000 distribution points and over 130 Ibaco ice cream parlours. Market capitalisation is Rs 20,285 Cr.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Varun_Beverages_vs_Hatsun_Agro_Product_Key_Products_and_Business_Mix\"><\/span><strong>Varun Beverages vs Hatsun Agro Product: Key Products and Business Mix<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In the Varun Beverages vs Hatsun Agro Product product comparison, Varun Beverages offers: Varun Beverages earns from bottling and selling PepsiCo-branded beverages including Pepsi, Mountain Dew, 7UP, Mirinda, Sting and Tropicana. EPS is Rs 10.08. P\/E is 43.50x, ROE 15.51 percent, D\/E 0.13.<\/p>\n<p>For Hatsun Agro Product in this Varun Beverages vs Hatsun Agro Product breakdown: Hatsun Agro earns from dairy products \u2014 pasteurised milk, curd, ghee, paneer \u2014 and ice cream under the Arun and Ibaco brands. EPS is Rs 15.64. P\/E is 58.23x, ROE 17.97 percent, D\/E 1.10.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Varun_Beverages_vs_Hatsun_Agro_Product_Latest_Results\"><\/span><strong>Varun Beverages vs Hatsun Agro Product: Latest Results<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Varun Beverages vs Hatsun Agro Product results for Varun Beverages: Varun Beverages has a market cap of Rs 1,48,304 Cr and P\/E of 43.50x. ROE is 15.51 percent with low debt of D\/E 0.13. The company has consistently delivered strong volume growth through distribution expansion.<\/p>\n<p>The Varun Beverages vs Hatsun Agro Product results for Hatsun Agro Product: Hatsun Agro has a market cap of Rs 20,285 Cr and P\/E of 58.23x. ROE is 17.97 percent but D\/E of 1.10 reflects the capital intensity of dairy farming infrastructure and processing. Hatsun is roughly 7 times smaller than Varun Beverages by market cap.<\/p>\n<p style=\"margin-top: 24px;\"><a href=\"https:\/\/univest.in\/screeners\"><strong>Compare Varun Beverages and Hatsun Agro Product Fundamentals on the Univest Screener<\/strong><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Varun_Beverages_vs_Hatsun_Agro_Product_Stock_and_Valuation\"><\/span><strong>Varun Beverages vs Hatsun Agro Product: Stock and Valuation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Varun Beverages vs Hatsun Agro Product stock comparison uses the latest available market data from Groww. Investors tracking Varun Beverages vs Hatsun Agro Product should verify current prices on NSE or BSE before trading.<\/p>\n<p>Varun Beverages vs Hatsun Agro at current valuations: Varun Beverages trades at Rs 1,48,304 Cr market cap, P\/E 43.50x, ROE 15.51 percent. Hatsun Agro trades at Rs 20,285 Cr market cap, P\/E 58.23x, ROE 17.97 percent, D\/E 1.10. Varun Beverages is much larger with lower D\/E; Hatsun trades at a premium P\/E relative to size due to its strong South India dairy brand.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Varun_Beverages_vs_Hatsun_Agro_Product_Quick_Comparison_Table\"><\/span><strong>Varun Beverages vs Hatsun Agro Product: Quick Comparison Table<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Varun Beverages vs Hatsun Agro Product comparison table below summarises the key metrics covered in this article side by side.<\/p>\n<table style=\"border-collapse: collapse; width: 100%;\">\n<tbody>\n<tr>\n<th style=\"border: 1px solid #ccc; padding: 8px;\">Parameter<\/th>\n<th style=\"border: 1px solid #ccc; padding: 8px;\"><a href=\"https:\/\/univest.in\/user\/stocks\/vbl\/varun-beverages-ltd-share-price-today\">Varun Beverages<\/a><\/th>\n<th style=\"border: 1px solid #ccc; padding: 8px;\"><a href=\"https:\/\/univest.in\/user\/stocks\/hatsun\/hatsun-agro-product-ltd-share-price-today\">Hatsun Agro Product<\/a><\/th>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">Sector<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">Carbonated beverages (PepsiCo bottler)<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">Dairy and ice cream (South India)<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">Market Cap<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">Rs 1,48,304 Cr<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">Rs 20,285 Cr<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">P\/E Ratio<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">43.50x<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">58.23x<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">ROE<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">15.51%<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">17.97%<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">Debt to Equity<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">0.13<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">1.10<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">Geography<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">India + 6 international markets<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">South India + Maharashtra<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">Brand<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">PepsiCo licence (Pepsi, Sting, Tropicana)<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">Arun ice cream, Ibaco, own dairy brands<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Varun Beverages vs Hatsun Agro Product comparison above covers the key data points on reach, products, results and valuation. Varun Beverages vs Hatsun Agro covers two Indian FMCG beverage companies in very different sub-segments. Varun Beverages is a global PepsiCo franchise play with strong volume growth and low debt. Hatsun Agro is a South India dairy and ice cream leader with high brand loyalty but dairy processing capital intensity. Investors should review volume growth, distribution expansion, raw material cost trends and international market contributions before taking a view. Consult a SEBI-registered advisor for personalised guidance.<\/p>\n<p style=\"margin-top: 24px;\"><em>Download the <a href=\"https:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&amp;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track Varun Beverages and Hatsun Agro Product live price and get daily stock recommendations.<\/em><\/p>\n<p>SEBI Research Analyst Registration No. INH000013776<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"What_brands_does_Varun_Beverages_bottle\"><\/span><strong>What brands does Varun Beverages bottle?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Varun Beverages bottles Pepsi, Mountain Dew, 7UP, Mirinda, Sting Energy, Tropicana, Gatorade and Aquafina under licence from PepsiCo. It is PepsiCo&#8217;s largest bottler in India.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_Hatsun_Agro_known_for\"><\/span><strong>What is Hatsun Agro known for?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Hatsun Agro is known for its Arun ice cream brand, one of South India&#8217;s most loved ice cream brands, and its Ibaco ice cream parlour chain. It also sells pasteurised milk, curd and ghee across South India.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Does_Varun_Beverages_pay_dividends\"><\/span><strong>Does Varun Beverages pay dividends?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Varun Beverages has not consistently paid dividends. Investors should check the latest dividend record.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_Hatsun_Agro_a_dairy_company\"><\/span><strong>Is Hatsun Agro a dairy company?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Yes. Hatsun Agro is primarily a dairy company processing and distributing milk and dairy products in South India, alongside its well-known ice cream brands.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_does_Hatsun_Agro_have_higher_DE_than_Varun_Beverages\"><\/span><strong>Why does Hatsun Agro have higher D\/E than Varun Beverages?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Hatsun Agro invests significantly in dairy processing plants, cold chain infrastructure and milk procurement networks which are capital intensive. Varun Beverages has managed its balance sheet conservatively.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_Varun_Beverages_a_good_long-term_investment\"><\/span><strong>Is Varun Beverages a good long-term investment?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Varun Beverages has been a strong compounder, driven by volume growth and international expansion. Investors should review its revenue per case growth, capex plans and international territory performance. Consult a SEBI-registered advisor.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Are_Varun_Beverages_and_Hatsun_Agro_in_Nifty_50\"><\/span><strong>Are Varun Beverages and Hatsun Agro in Nifty 50?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Varun Beverages is in Nifty 50. Hatsun Agro is not in Nifty 50.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Varun Beverages vs Hatsun Agro Product compared on revenue growth, distribution, ROE and valuation. 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