{"id":256443,"date":"2026-09-18T12:05:28","date_gmt":"2026-09-18T06:35:28","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=256443"},"modified":"2026-09-18T12:05:28","modified_gmt":"2026-09-18T06:35:28","slug":"dairy-stock-rises-24-percent-in-1-year","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/dairy-stock-rises-24-percent-in-1-year\/","title":{"rendered":"This Dairy Stock Rises 24% in 1 Year: Can Thin Margins Carry the Re-Rating?"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Hatsun Agro: CMP Rs 1,150.30 (18 Sep 2026), 1-year return approximately 24%, 52W range Rs 855.30 to Rs 1,349.70, market cap Rs 26,344 Cr, FY26 PAT Rs 356.20 Cr.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">Hatsun Agro Product, India&#8217;s largest private dairy company, sits behind a one-year gain of approximately 24%. The move followed the September 2025 GST cut on packaged dairy, a 70.31% profit jump in Q2 FY26 and FY26 net profit of Rs 356.20 crore on revenue of Rs 9,959.22 crore. Borrowings fell to around Rs 1,838 crore, but a price to earnings ratio near 72 and a 13% rise in milk procurement cost cap the upside.<\/p>\n<\/div>\n<p>This dairy stock has risen approximately 24% in one year on a tax cut, a record revenue year and a debt reduction the market spent months ignoring. The gain looks small next to the triple-digit rallies elsewhere on the exchange, but few businesses behind a dairy stock have turned this sharply while running on such thin margins.<\/p>\n<p>The company is <strong><a href='https:\/\/univest.in\/stocks\/hatsun\/hatsun-agro-product-ltd-share-price-today'>Hatsun Agro Product Ltd<\/a><\/strong> (NSE: HATSUN), India&#8217;s largest private dairy company and the owner of the Arun and Ibaco ice cream brands. The dairy stock closed at Rs 925.60 on 18 September 2025 and traded at Rs 1,150.30 on the morning of 18 September 2026. The Hatsun Agro share price touched an all-time high of Rs 1,349.70 on 15 September 2026 before giving part of it back.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href='https:\/\/univest.in\/user\/log-in'>Click Here &#8211; Get Free Investment Predictions<\/a><\/strong><\/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\/dairy-stock-rises-24-percent-in-1-year\/#How_Much_Has_This_Dairy_Stock_Returned_in_1_Year\" title=\"How Much Has This Dairy Stock Returned in 1 Year?\">How Much Has This Dairy Stock Returned in 1 Year?<\/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\/dairy-stock-rises-24-percent-in-1-year\/#Why_Did_This_Dairy_Stock_Rise_24\" title=\"Why Did This Dairy Stock Rise 24%?\">Why Did This Dairy Stock Rise 24%?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/dairy-stock-rises-24-percent-in-1-year\/#1_The_GST_Cut_of_22_September_2025_Reset_Dairy_Pricing\" title=\"1. The GST Cut of 22 September 2025 Reset Dairy Pricing\">1. The GST Cut of 22 September 2025 Reset Dairy Pricing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/dairy-stock-rises-24-percent-in-1-year\/#2_The_27_October_2025_Earnings_Shock\" title=\"2. The 27 October 2025 Earnings Shock\">2. The 27 October 2025 Earnings Shock<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/dairy-stock-rises-24-percent-in-1-year\/#3_FY26_Closed_With_Record_Revenue_and_Lower_Debt\" title=\"3. FY26 Closed With Record Revenue and Lower Debt\">3. FY26 Closed With Record Revenue and Lower Debt<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/dairy-stock-rises-24-percent-in-1-year\/#4_Q1_FY27_Crossed_Rs_3000_Crore_for_the_First_Time\" title=\"4. Q1 FY27 Crossed Rs 3,000 Crore for the First Time\">4. Q1 FY27 Crossed Rs 3,000 Crore for the First Time<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/dairy-stock-rises-24-percent-in-1-year\/#5_Arun_and_Ibaco_Stretch_Beyond_South_India\" title=\"5. Arun and Ibaco Stretch Beyond South India\">5. Arun and Ibaco Stretch Beyond South India<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/dairy-stock-rises-24-percent-in-1-year\/#What_the_Financials_Say_About_This_Dairy_Stock\" title=\"What the Financials Say About This Dairy Stock\">What the Financials Say About This Dairy Stock<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/dairy-stock-rises-24-percent-in-1-year\/#Milk_Procurement_Costs_Are_the_Real_Constraint_on_This_Dairy_Stock\" title=\"Milk Procurement Costs Are the Real Constraint on This Dairy Stock\">Milk Procurement Costs Are the Real Constraint on This Dairy Stock<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/dairy-stock-rises-24-percent-in-1-year\/#Who_Owns_This_Dairy_Stock\" title=\"Who Owns This Dairy Stock?\">Who Owns This Dairy Stock?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/dairy-stock-rises-24-percent-in-1-year\/#Key_Risks_Before_Buying_This_Dairy_Stock\" title=\"Key Risks Before Buying This Dairy Stock\">Key Risks Before Buying This Dairy Stock<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/dairy-stock-rises-24-percent-in-1-year\/#Hatsun_Agro_Share_Analyst_View\" title=\"Hatsun Agro Share: Analyst View\">Hatsun Agro Share: Analyst View<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/dairy-stock-rises-24-percent-in-1-year\/#Hatsun_Agro_Share_Price_Target\" title=\"Hatsun Agro Share Price Target\">Hatsun Agro Share Price Target<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/dairy-stock-rises-24-percent-in-1-year\/#Other_Stocks_to_Track_From_the_Same_Return_Screen\" title=\"Other Stocks to Track From the Same Return Screen\">Other Stocks to Track From the Same Return Screen<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/dairy-stock-rises-24-percent-in-1-year\/#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-16\" href=\"https:\/\/univest.in\/blogs-2\/dairy-stock-rises-24-percent-in-1-year\/#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-17\" href=\"https:\/\/univest.in\/blogs-2\/dairy-stock-rises-24-percent-in-1-year\/#Which_dairy_stock_rose_24_in_1_year\" title=\"Which dairy stock rose 24% in 1 year?\">Which dairy stock rose 24% in 1 year?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/dairy-stock-rises-24-percent-in-1-year\/#Why_did_the_Hatsun_Agro_share_price_rise_over_the_past_year\" title=\"Why did the Hatsun Agro share price rise over the past year?\">Why did the Hatsun Agro share price rise over the past year?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/univest.in\/blogs-2\/dairy-stock-rises-24-percent-in-1-year\/#What_were_the_FY26_results_of_Hatsun_Agro\" title=\"What were the FY26 results of Hatsun Agro?\">What were the FY26 results of Hatsun Agro?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/univest.in\/blogs-2\/dairy-stock-rises-24-percent-in-1-year\/#Is_this_dairy_stock_expensive_at_current_levels\" title=\"Is this dairy stock expensive at current levels?\">Is this dairy stock expensive at current levels?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/univest.in\/blogs-2\/dairy-stock-rises-24-percent-in-1-year\/#What_is_the_52-week_high_and_low_of_the_Hatsun_Agro_share_price\" title=\"What is the 52-week high and low of the Hatsun Agro share price?\">What is the 52-week high and low of the Hatsun Agro share price?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/univest.in\/blogs-2\/dairy-stock-rises-24-percent-in-1-year\/#What_is_the_Hatsun_Agro_share_price_target\" title=\"What is the Hatsun Agro share price target?\">What is the Hatsun Agro share price target?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/univest.in\/blogs-2\/dairy-stock-rises-24-percent-in-1-year\/#How_do_milk_procurement_costs_affect_this_dairy_stock\" title=\"How do milk procurement costs affect this dairy stock?\">How do milk procurement costs affect this dairy stock?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/univest.in\/blogs-2\/dairy-stock-rises-24-percent-in-1-year\/#Have_institutional_investors_been_buying_this_dairy_stock\" title=\"Have institutional investors been buying this dairy stock?\">Have institutional investors been buying this dairy stock?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"How_Much_Has_This_Dairy_Stock_Returned_in_1_Year\"><\/span><strong>How Much Has This Dairy Stock Returned in 1 Year?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This dairy stock returned approximately 24% in the twelve months to 18 September 2026, from Rs 925.60 to Rs 1,150.30. That puts it among the stronger names on a screen of NSE small-cap stocks ranked by 1-year return, dated 18 September 2026, though the longer horizons are far less flattering.<\/p>\n<table>\n<thead>\n<tr>\n<th>Period<\/th>\n<th>Price Return<\/th>\n<th>Reference<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>1 Month<\/td>\n<td>Approximately 17%<\/td>\n<td>Rs 985.35 on 18 Aug 2026<\/td>\n<\/tr>\n<tr>\n<td>6 Months<\/td>\n<td>Approximately 18%<\/td>\n<td>Rs 978.85 on 18 Mar 2026<\/td>\n<\/tr>\n<tr>\n<td>1 Year<\/td>\n<td>Approximately 24%<\/td>\n<td>Rs 925.60 on 18 Sep 2025<\/td>\n<\/tr>\n<tr>\n<td>3 Years<\/td>\n<td>Approximately minus 3%<\/td>\n<td>Below September 2023 levels<\/td>\n<\/tr>\n<tr>\n<td>5 Years<\/td>\n<td>Approximately minus 16%<\/td>\n<td>2021 consumer-rally peak near Rs 1,370<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Read the last two rows twice. Anyone holding this dairy stock for five years is still under water, because the counter peaked near Rs 1,370 in September 2021 when the market was paying extravagant multiples for branded consumption. The past year is a recovery in a dairy stock, not a fresh discovery.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Did_This_Dairy_Stock_Rise_24\"><\/span><strong>Why Did This Dairy Stock Rise 24%?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Four dated events explain most of the move in this dairy stock: the September 2025 GST overhaul, a profit jump reported on 27 October 2025, the FY26 annual numbers on 20 May 2026, and a June 2026 quarter that crossed Rs 3,000 crore in revenue for the first time.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_The_GST_Cut_of_22_September_2025_Reset_Dairy_Pricing\"><\/span><strong>1. The GST Cut of 22 September 2025 Reset Dairy Pricing<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The GST rationalisation effective 22 September 2025 changed the arithmetic for every packaged dairy business in India, and for this dairy stock in particular. Ice cream moved from 18% to 5%. Butter, ghee, cheese, condensed milk and milk-based beverages moved from 12% to 5%. UHT milk and pre-packaged paneer went to nil.<\/p>\n<p>For a dairy stock whose profit pool sits in ice cream, curd, paneer and ice cream mix rather than in pouch milk, that was the most useful policy change in years. It allowed lower shelf prices without lower realisations and widened the gap between branded and loose product.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_The_27_October_2025_Earnings_Shock\"><\/span><strong>2. The 27 October 2025 Earnings Shock<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>On 27 October 2025 the company reported Q2 FY26 revenue of Rs 2,427.59 crore, up 17.1% from Rs 2,072.10 crore, and profit after tax of Rs 109.54 crore against Rs 64.32 crore, a jump of 70.31%. The Hatsun Agro share price hit the 20% upper circuit at Rs 1,081.35 that day, after closing near Rs 903 the session before.<\/p>\n<p>That single session accounts for a large slice of the one-year return on this dairy stock. First-half FY26 revenue reached Rs 5,017.87 crore with profit after tax of Rs 244.73 crore, and management credited steady demand across milk, yoghurt and ice cream.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_FY26_Closed_With_Record_Revenue_and_Lower_Debt\"><\/span><strong>3. FY26 Closed With Record Revenue and Lower Debt<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The FY26 results on 20 May 2026 gave the dairy stock its strongest annual print yet, with net sales of Rs 9,959.22 crore, up 14.5%, and net profit of Rs 356.20 crore, up 27.8%. Q4 FY26 revenue was Rs 2,577.63 crore with profit after tax of Rs 50.89 crore, up 18.3%.<\/p>\n<p>The line that mattered was finance cost, down 32.6% in Q4 to Rs 32.27 crore. Borrowings fell from about Rs 2,570 crore in FY25 to roughly Rs 1,838 crore in FY26, and the chairman said debt to equity had come down from 1.44 in FY24 to 0.68 in FY26. Operating cash flow of around Rs 1,557 crore paid for it. The board also approved an interim dividend of Rs 10 per share, record date 26 May 2026. Lower interest expense flows straight to the bottom line of a dairy stock this thin.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Q1_FY27_Crossed_Rs_3000_Crore_for_the_First_Time\"><\/span><strong>4. Q1 FY27 Crossed Rs 3,000 Crore for the First Time<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In July 2026 the company reported Q1 FY27 revenue of Rs 3,090.49 crore, up 19.31% year on year and the first quarter above Rs 3,000 crore. Profit after tax was Rs 133.69 crore, marginally below Rs 135.19 crore a year earlier.<\/p>\n<p>The board attached a Rs 1,000 crore FY27 capex plan for the dairy stock, covering milk procurement infrastructure, distribution, plant upgrades and brand spending. Management targets lifting daily sales from about 1.84 crore packs to roughly 2.4 crore packs within two years, and retail outlets from 4,320 to over 5,000 during FY27.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_Arun_and_Ibaco_Stretch_Beyond_South_India\"><\/span><strong>5. Arun and Ibaco Stretch Beyond South India<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Ice cream is where the value-added mix of this dairy stock earns its keep. On 16 August 2026 Arun Icecreams joined the New York India Day Parade on Madison Avenue for the first time, handing out more than 15,000 units across flavours such as Butterscotch Sandwich and Malai Kulfi. The Hatsun Agro share price rose 1.19% to Rs 980.35 in the sessions that followed.<\/p>\n<p>Ibaco, the premium scooping-parlour format, and the business-to-business ice cream mix supplied to other brands and food service chains both carry materially better margins than pouch milk. For a dairy stock, every point of mix shift towards them matters more than another crore of litres sold.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href='https:\/\/univest.in\/screeners'>Check the Univest Screener for Live Fundamentals of High-Return Stocks<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_the_Financials_Say_About_This_Dairy_Stock\"><\/span><strong>What the Financials Say About This Dairy Stock<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Revenue growth at this dairy stock has been consistent. Profit has been anything but, and the quarterly record shows how fast a raw milk cost swing can halve the bottom line.<\/p>\n<table>\n<thead>\n<tr>\n<th>Quarter<\/th>\n<th>Revenue (Rs Cr)<\/th>\n<th>EBITDA (Rs Cr)<\/th>\n<th>Operating Margin<\/th>\n<th>Net Profit (Rs Cr)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Q1 FY26 (Jun 2025)<\/td>\n<td>2,594.20<\/td>\n<td>364.75<\/td>\n<td>14.08%<\/td>\n<td>135.19<\/td>\n<\/tr>\n<tr>\n<td>Q2 FY26 (Sep 2025)<\/td>\n<td>2,431.85<\/td>\n<td>329.23<\/td>\n<td>13.56%<\/td>\n<td>109.54<\/td>\n<\/tr>\n<tr>\n<td>Q3 FY26 (Dec 2025)<\/td>\n<td>2,366.68<\/td>\n<td>258.49<\/td>\n<td>10.94%<\/td>\n<td>60.58<\/td>\n<\/tr>\n<tr>\n<td>Q4 FY26 (Mar 2026)<\/td>\n<td>2,577.63<\/td>\n<td>237.87<\/td>\n<td>Approximately 9.2%<\/td>\n<td>50.89<\/td>\n<\/tr>\n<tr>\n<td>Q1 FY27 (Jun 2026)<\/td>\n<td>3,090.49<\/td>\n<td>Approximately 351<\/td>\n<td>Approximately 11.4%<\/td>\n<td>133.69<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Profit fell from Rs 135.19 crore in June 2025 to Rs 50.89 crore in March 2026, then recovered to Rs 133.69 crore three months later. One quarter of feed inflation or a weak summer resets earnings, which is why this dairy stock carries such a jagged chart.<\/p>\n<p>The annual picture for this dairy stock is steadier. Revenue moved from Rs 8,012.98 crore in FY24 to Rs 8,719.32 crore in FY25 and Rs 9,959.22 crore in FY26, with net profit going Rs 267.27 crore, Rs 278.81 crore, Rs 356.20 crore. Earnings per share improved from Rs 12.00 to Rs 15.99. Operating margin has held in an 11% to 12% band and net margin between roughly 3.2% and 3.6%.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Milk_Procurement_Costs_Are_the_Real_Constraint_on_This_Dairy_Stock\"><\/span><strong>Milk Procurement Costs Are the Real Constraint on This Dairy Stock<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Raw milk procurement cost, the largest single input for this dairy stock, rose approximately 13% over the past year on dearer cattle feed, unhelpful weather and higher milk fat prices. On a net margin near 3.6% that is not a rounding error, and it explains why Q1 FY27 profit slipped while revenue grew 19.31%.<\/p>\n<p>Cost of materials consumed at this dairy stock in Q4 FY26 rose 23.51% to Rs 1,809.31 crore, far ahead of 14.9% revenue growth in the same quarter. The company procures directly from farmers across Tamil Nadu, Karnataka, Andhra Pradesh, Telangana and Maharashtra, which gives it control over quality but full exposure to farmgate cycles. Passing that on takes time, because liquid milk pricing is competitive and politically sensitive at home.<\/p>\n<p>This is the structural argument against paying a high multiple for any dairy stock. Volume growth is reliable and the brands are real, yet the profit reaching shareholders is a thin slice of a very large revenue line.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Who_Owns_This_Dairy_Stock\"><\/span><strong>Who Owns This Dairy Stock?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Promoter holding in this dairy stock has been frozen at 73.17% for five straight quarters, with founder and chairman R G Chandramogan alone holding 54.88%.<\/p>\n<table>\n<thead>\n<tr>\n<th>Shareholder<\/th>\n<th>Jun 2025<\/th>\n<th>Sep 2025<\/th>\n<th>Dec 2025<\/th>\n<th>Mar 2026<\/th>\n<th>Jun 2026<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Promoters<\/td>\n<td>73.17%<\/td>\n<td>73.17%<\/td>\n<td>73.17%<\/td>\n<td>73.17%<\/td>\n<td>73.17%<\/td>\n<\/tr>\n<tr>\n<td>FIIs<\/td>\n<td>3.39%<\/td>\n<td>3.26%<\/td>\n<td>3.20%<\/td>\n<td>3.14%<\/td>\n<td>3.12%<\/td>\n<\/tr>\n<tr>\n<td>DIIs<\/td>\n<td>10.21%<\/td>\n<td>10.36%<\/td>\n<td>10.28%<\/td>\n<td>10.26%<\/td>\n<td>10.26%<\/td>\n<\/tr>\n<tr>\n<td>Public<\/td>\n<td>13.23%<\/td>\n<td>13.21%<\/td>\n<td>13.35%<\/td>\n<td>13.43%<\/td>\n<td>13.45%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Foreign institutional holding drifted down from 3.39% to 3.12% across the year, so the rally in this dairy stock was not foreign-led. Domestic institutions held steady near 10.26%, with a single domestic equity fund at about 9.46%. Free float is roughly 13%, the key fact behind the sharp moves in both directions.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Risks_Before_Buying_This_Dairy_Stock\"><\/span><strong>Key Risks Before Buying This Dairy Stock<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Valuation:<\/strong> this dairy stock trades at a price to earnings ratio of approximately 72 against an industry figure of about 37, and a price to book of around 13.55 on book value of Rs 87.30. Trailing earnings per share is Rs 16.40 and return on equity 18.32%, good but not enough on its own to carry that premium.<\/p>\n<p><strong>Input cost and thin margins:<\/strong> a net margin of roughly 3.6% leaves this dairy stock almost no buffer. A repeat of the 13% procurement cost rise without a matching price increase would take a visible bite out of profit, as the March 2026 quarter showed.<\/p>\n<p><strong>Capex funded partly by debt:<\/strong> the Rs 1,000 crore FY27 capex is nearly three times FY26 net profit of Rs 356.20 crore. Borrowings are already near Rs 1,838 crore, and the improvement in the debt ratio can stall if cash flow lags. Independent screens also flag capitalisation of interest cost as an item to watch in the accounts of this dairy stock.<\/p>\n<p><strong>Liquidity and volatility:<\/strong> with roughly 13% free float and no derivatives contracts on the counter, volumes are thin. About 28,000 shares traded on the NSE by mid-morning on 18 September 2026, and many sessions this year saw under 20,000. That is what lets a dairy stock hit a 20% upper circuit on results day and jump 8.3% on 15 September 2026 with no announcement attached, and it cuts the same way down.<\/p>\n<p><strong>Seasonality and competition:<\/strong> ice cream skews to summer and a weak monsoon quarter flattens the mix. The company also competes with large cooperatives and listed private peers across its core southern markets, which caps how much pricing power a dairy stock of this size can exercise.<\/p>\n<p><strong>Concentration:<\/strong> revenue at this dairy stock is heavily weighted towards South India, and one promoter holds 54.88% of the equity, so succession and capital allocation rest with a very small group.<\/p>\n<p style=\"margin-top:24px;\"><strong>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 the Hatsun Agro share price live<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Hatsun_Agro_Share_Analyst_View\"><\/span><strong>Hatsun Agro Share: Analyst View<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Analyst coverage on the Hatsun Agro share is thin for a dairy stock of this size. The most recent verified rating in the public domain is from a domestic brokerage dated 28 October 2025, immediately after the Q2 FY26 result, which maintained an add stance with a target of Rs 1,150.<\/p>\n<p>That target has effectively been met. The Hatsun Agro share price of Rs 1,150.30 on 18 September 2026 sits right at it, and no newer verified revision is available publicly, so it reads as stale rather than current guidance on this dairy stock.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Hatsun_Agro_Share_Price_Target\"><\/span><strong>Hatsun Agro Share Price Target<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>With no fresh Hatsun Agro share price target published for this dairy stock, the honest reference points are the traded range and the earnings base. The 52-week high is Rs 1,349.70 from 15 September 2026 and the 52-week low is Rs 855.30 from 30 January 2026. At Rs 1,150.30 the share sits approximately 15% below its high and around 34% above its low.<\/p>\n<table>\n<thead>\n<tr>\n<th>Parameter<\/th>\n<th>Figure<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Share Price (18 Sep 2026)<\/td>\n<td>Rs 1,150.30<\/td>\n<\/tr>\n<tr>\n<td>Day Change<\/td>\n<td>Down approximately 2.65%<\/td>\n<\/tr>\n<tr>\n<td>52-Week High<\/td>\n<td>Rs 1,349.70 (15 Sep 2026)<\/td>\n<\/tr>\n<tr>\n<td>52-Week Low<\/td>\n<td>Rs 855.30 (30 Jan 2026)<\/td>\n<\/tr>\n<tr>\n<td>Market Capitalisation<\/td>\n<td>Approximately Rs 26,344 Cr<\/td>\n<\/tr>\n<tr>\n<td>PE Ratio \/ Industry PE<\/td>\n<td>72.12 \/ 37.22<\/td>\n<\/tr>\n<tr>\n<td>Price to Book \/ Book Value<\/td>\n<td>13.55 \/ Rs 87.30<\/td>\n<\/tr>\n<tr>\n<td>Return on Equity<\/td>\n<td>18.32%<\/td>\n<\/tr>\n<tr>\n<td>Last Verified Brokerage Target<\/td>\n<td>Rs 1,150 (28 Oct 2025)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Any Hatsun Agro share price target built from here has to assume either faster value-added mix growth or a cooling in procurement costs. On FY26 earnings per share of Rs 15.99, the price already pays for both, and a target is an estimate rather than a promise.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Other_Stocks_to_Track_From_the_Same_Return_Screen\"><\/span><strong>Other Stocks to Track From the Same Return Screen<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Beyond this dairy stock, a screen of NSE small-cap stocks ranked by 1-year return also includes related names such as <a href=\"https:\/\/univest.in\/stocks\/pfocus\/prime-focus-ltd-share-price-today\">Prime Focus<\/a> with a 1-year return of 67.20%, <a href=\"https:\/\/univest.in\/stocks\/iolcp\/iol-chemicals-and-pharmaceuticals-ltd-share-price-today\">IOL Chemicals<\/a> at 65.96% and <a href=\"https:\/\/univest.in\/stocks\/inoxindia\/inox-india-ltd-share-price-today\">Inox India<\/a> at 65.66%.<\/p>\n<p>Among the names covered from that screen, <a href=\"https:\/\/univest.in\/stocks\/mtartech\/mtar-technologies-ltd-share-price-today\">MTAR Technologies<\/a> returned 396.53% over one year. Readers can compare this dairy stock with the <a href=\"https:\/\/univest.in\/indices\/nifty-50\/nifty-50-share-price-today\">Nifty 50<\/a> benchmark and track each of these names on Univest before making any decision.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The case for this dairy stock rests on three verifiable facts: FY26 revenue of Rs 9,959.22 crore with profit up 27.8%, borrowings cut by roughly Rs 730 crore in a single year, and a GST structure that now favours packaged dairy over loose product.<\/p>\n<p>The case against is equally clear. A price to earnings ratio near 72 on a net margin of about 3.6%, a Rs 1,000 crore capex year ahead, procurement costs up 13% and a 13% free float add up to a share that moves violently on ordinary news. Buying this dairy stock after a 24% run means paying a demanding price for a good business, and staggered entry with a defined exit level makes more sense than one large position.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information and may or may not be accurate. Please verify all data independently before making any investment decision. Past returns do not guarantee future returns. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/div>\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=\"Which_dairy_stock_rose_24_in_1_year\"><\/span><strong>Which dairy stock rose 24% in 1 year?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Hatsun Agro Product Ltd (NSE: HATSUN) is the dairy stock that gained approximately 24% over one year, from Rs 925.60 on 18 September 2025 to Rs 1,150.30 on the morning of 18 September 2026. It is India&#8217;s largest private dairy company and owns the Arun and Ibaco ice cream brands.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_did_the_Hatsun_Agro_share_price_rise_over_the_past_year\"><\/span><strong>Why did the Hatsun Agro share price rise over the past year?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The rise came from the September 2025 GST cut on dairy products, a 70.31% jump in Q2 FY26 profit reported on 27 October 2025, FY26 net profit of Rs 356.20 crore and a sharp cut in borrowings. Q1 FY27 revenue crossing Rs 3,000 crore for the first time added to it.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_were_the_FY26_results_of_Hatsun_Agro\"><\/span><strong>What were the FY26 results of Hatsun Agro?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> FY26 net sales at this dairy stock were Rs 9,959.22 crore, up 14.5%, and net profit was Rs 356.20 crore, up 27.8% over FY25. Earnings per share improved to Rs 15.99 from Rs 12.51 and operating cash flow came in at around Rs 1,557 crore.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_this_dairy_stock_expensive_at_current_levels\"><\/span><strong>Is this dairy stock expensive at current levels?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> On trailing numbers it is demanding, with a price to earnings ratio of approximately 72 against an industry figure of about 37 and a price to book near 13.55. A net margin of roughly 3.6% means earnings must keep growing for the dairy stock to hold that multiple.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_52-week_high_and_low_of_the_Hatsun_Agro_share_price\"><\/span><strong>What is the 52-week high and low of the Hatsun Agro share price?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The 52-week high is Rs 1,349.70, set on 15 September 2026, and the 52-week low is Rs 855.30, recorded on 30 January 2026. The share traded at Rs 1,150.30 on the morning of 18 September 2026, down approximately 2.65% on the day.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_Hatsun_Agro_share_price_target\"><\/span><strong>What is the Hatsun Agro share price target?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No current verified brokerage target is available publicly. The most recent verified figure is Rs 1,150 from a domestic brokerage dated 28 October 2025, a level the share has already reached, so it should be treated as stale rather than forward guidance.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_do_milk_procurement_costs_affect_this_dairy_stock\"><\/span><strong>How do milk procurement costs affect this dairy stock?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Raw milk procurement cost rose approximately 13% over the past year on higher cattle feed prices, adverse weather and costlier milk fat, and cost of materials in Q4 FY26 rose 23.51% to Rs 1,809.31 crore. With net margin near 3.6%, that input swing is the biggest single driver of quarterly profit at this dairy stock.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Have_institutional_investors_been_buying_this_dairy_stock\"><\/span><strong>Have institutional investors been buying this dairy stock?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No. Foreign institutional holding slipped from 3.39% in June 2025 to 3.12% in June 2026 and domestic institutional holding was flat near 10.26%. Promoter holding stayed unchanged at 73.17% across five quarters, so the move came from a public free float of roughly 13%.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Which dairy stock rose 24% in 1 year?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Hatsun Agro Product Ltd (NSE: HATSUN) is the dairy stock that gained approximately 24% over one year, from Rs 925.60 on 18 September 2025 to Rs 1,150.30 on the morning of 18 September 2026. It is India's largest private dairy company and owns the Arun and Ibaco ice cream brands.\"}},{\"@type\":\"Question\",\"name\":\"Why did the Hatsun Agro share price rise over the past year?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The rise came from the September 2025 GST cut on dairy products, a 70.31% jump in Q2 FY26 profit reported on 27 October 2025, FY26 net profit of Rs 356.20 crore and a sharp cut in borrowings. Q1 FY27 revenue crossing Rs 3,000 crore for the first time added to it.\"}},{\"@type\":\"Question\",\"name\":\"What were the FY26 results of Hatsun Agro?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"FY26 net sales at this dairy stock were Rs 9,959.22 crore, up 14.5%, and net profit was Rs 356.20 crore, up 27.8% over FY25. Earnings per share improved to Rs 15.99 from Rs 12.51 and operating cash flow came in at around Rs 1,557 crore.\"}},{\"@type\":\"Question\",\"name\":\"Is this dairy stock expensive at current levels?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"On trailing numbers it is demanding, with a price to earnings ratio of approximately 72 against an industry figure of about 37 and a price to book near 13.55. A net margin of roughly 3.6% means earnings must keep growing for the dairy stock to hold that multiple.\"}},{\"@type\":\"Question\",\"name\":\"What is the 52-week high and low of the Hatsun Agro share price?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The 52-week high is Rs 1,349.70, set on 15 September 2026, and the 52-week low is Rs 855.30, recorded on 30 January 2026. The share traded at Rs 1,150.30 on the morning of 18 September 2026, down approximately 2.65% on the day.\"}},{\"@type\":\"Question\",\"name\":\"What is the Hatsun Agro share price target?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No current verified brokerage target is available publicly. The most recent verified figure is Rs 1,150 from a domestic brokerage dated 28 October 2025, a level the share has already reached, so it should be treated as stale rather than forward guidance.\"}},{\"@type\":\"Question\",\"name\":\"How do milk procurement costs affect this dairy stock?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Raw milk procurement cost rose approximately 13% over the past year on higher cattle feed prices, adverse weather and costlier milk fat, and cost of materials in Q4 FY26 rose 23.51% to Rs 1,809.31 crore. With net margin near 3.6%, that input swing is the biggest single driver of quarterly profit at this dairy stock.\"}},{\"@type\":\"Question\",\"name\":\"Have institutional investors been buying this dairy stock?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No. Foreign institutional holding slipped from 3.39% in June 2025 to 3.12% in June 2026 and domestic institutional holding was flat near 10.26%. Promoter holding stayed unchanged at 73.17% across five quarters, so the move came from a public free float of roughly 13%.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>One packaged milk and ice cream company has quietly delivered a 24% one-year gain after a GST reset and a record FY26. Here is what drove it and what still caps it.<\/p>\n","protected":false},"author":29,"featured_media":256441,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[6107,6104,6105,6106,5445,6110,6108,6109],"class_list":["post-256443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks","tag-dairy-stock","tag-hatsun-agro","tag-hatsun-agro-share-price","tag-hatsun-agro-share-price-target","tag-high-return-stocks","tag-ice-cream-mix","tag-milk-procurement-cost","tag-value-added-dairy-products"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["256441"],"rank_math_title":["Dairy Stock Rises 24% in 1 Year: What Drove the Re-Rating"],"rank_math_description":["This dairy stock rose approximately 24% in 1 year, from Rs 925.60 to Rs 1,150.30. See the GST cut, FY26 profit jump, capex plan, risks and the analyst view."],"rank_math_focus_keyword":["dairy stock"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/09\/dairy-stock-rises-24-percent-in-1-year.png","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/256443","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=256443"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/256443\/revisions"}],"predecessor-version":[{"id":256444,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/256443\/revisions\/256444"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/256441"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=256443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=256443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=256443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}