Hatsun Agro Product Limited (HATSUN) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Cofacto Research Published October 17, 2026 4 min read

Quick Details

Results date	October 22, 2026
Quarter	Q2 FY 2026-2027
Previous quarter revenue	Rs. 3,090.49 Cr
Previous quarter PAT	Rs. 133.69 Cr
Previous quarter EBITDA margin	11.44%
Market cap	Rs. 25,885.58 Cr
CMP	Rs. 1,162.1

Hatsun Agro Product Limited Q2 Results Date and Time

The Board of Directors will meet on Thursday, October 22, 2026 at the Sholinganallur, Chennai corporate office to approve the unaudited financial results for the quarter and half-year ended September 30, 2026. The trading window remains closed from October 1 to October 24, 2026 under SEBI (PIT) Regulations per intimation dated September 26, 2026.

Key Things To Watch

Guidance scorecard: FY27/FY28 revenue, capex and procurement targets: Management's October 12, 2026 guidance set a steep two-year path that this call will be measured against.

Revenue ~Rs. 12,000 Cr by FY27 — Q1 FY27 grew 19.31% YoY; check whether management reiterates the figure and its condition that Q1's 19% growth sustains
Revenue Rs. 14,000-15,000 Cr by FY28 — reiteration and phasing of the 'up to 50% growth over two financial years' path
Capex ~Rs. 1,000 Cr in FY27 — Rs. 3-4 billion already spent as of October 12, 2026; check H1 deployment
Milk procurement 5 million litres/day by FY28 — progress from ~4.3 million litres/day via the 13,000-strong collection network

Product launches and outlet rollout: Several dated launch and network commitments should now have verifiable status.

Protein-rich drinks launch — due within 1-2 months of August 5, 2026; earlier commitment was 3-6 months from November 2025
Over 5,000 outlets by FY-end — Q1 filing showed 4,700+ exclusive outlets against ~4,100 HAP Daily and 220 Ibaco at August 5, 2026
Pack sales ~2.4 crore packs/day within two years — baseline 1.84 crore packs/day as of August 5, 2026

Milk Mantra amalgamation and debt trajectory: Reporting structure and balance-sheet direction both carry pending updates.

Milk Mantra Dairy merger — NCLT Cuttack sanction on March 10, 2026 with appointed date April 1, 2025; effects of the transition to standalone reporting
Debt trajectory — total debt Rs. 1,331.95 Cr and debt-equity 0.68 at FY26-end; check continued reduction against the 'further improvement' expectation

Risks and headwinds to monitor: Management has framed the external cost environment as the key swing factor.

Deficient monsoon at 87.4% of LPA (fourth-lowest since 2001) into the fodder season, against milk procurement progress toward 5 million litres/day
Milk fat shortage from unusual fat exports pressuring the ice cream and cultured portfolio, with farm-gate fat prices up Rs. 15-20/kg in recent months
FSSAI's September 24, 2026 draft notification restricting paneer not derived from milk — management views potential regulation of the unorganized sector as a tailwind for organized players

Frequently Asked Questions

Is Hatsun Agro on track to meet its Rs. 12,000 crore revenue guidance for FY27?

Management guided to 'close to Rs. 12,000 crore' FY27 revenue on October 12, 2026, explicitly conditioned on Q1's 19% growth sustaining, and set a Rs. 14,000-15,000 Cr target for FY28 described as 'up to 50% growth over two financial years'. Q1 FY27 revenue of Rs. 3,090.49 Cr grew 19.31% YoY, so the Q2 print is the next checkpoint on that condition.

Why does Hatsun Agro claim 29-30% margins when its reported EBITDA margin is much lower?

Management cites margins 'around 29% to 30%' at 1.5 to 2 times listed peers, attributing the advantage to its proprietary distribution network of ~4,500 outlets, while the derived reported EBITDA margin was 11.44% in Q1 FY27. The company has not disclosed the basis of the 29-30% figure, and a specific follow-up on this remains warranted on the call.

What was Hatsun Agro's revenue in Q1 FY27 and was it a record?

Q1 FY27 revenue was Rs. 3,090.49 Cr, up 19.31% YoY — the first quarter above Rs. 3,000 Cr in company history. PAT was Rs. 133.69 Cr with EBITDA of Rs. 353.59 Cr and EPS of Rs. 6.00.

When will Hatsun Agro launch its protein-rich drinks?

The launch was guided 'within 1-2 months' as of August 5, 2026, having earlier been announced in November 2025 for a 3-6 month window. The launch status should be confirmable on the Q2 FY27 earnings call.