Hatsun Agro Product Limited (HATSUN.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-34.9%

₹678.36

vs ₹1,041.65 price

Levered DCF

₹1,130.24

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

8.03

Safe zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	57.75×	72.2×	86.75×	111.72×	106.09×	63.42×	73.88×	98.75×
P/B	10.58×	11.72×	14.75×	12.87×	20.84×	15.3×	9.18×	14.1×
P/S	2.07×	2.32×	2.91×	2.56×	3.64×	2.82×	1.57×	2.39×
EV / EBITDA	18.78×	22.02×	28.07×	28.54×	34.28×	21.34×	17.4×	27.68×
Gross margin	21.4%	30.2%	29.2%	28.0%	30.3%	31.3%	33.5%	34.6%
Operating margin	6.1%	6.2%	6.2%	4.7%	6.5%	9.2%	4.8%	5.2%
Net margin	3.6%	3.2%	3.4%	2.3%	3.4%	4.4%	2.1%	2.4%
Current ratio	0.52×	0.63×	0.86×	0.62×	0.57×	0.54×	0.52×	0.6×
Debt / equity	0.95×	1.5×	1.72×	1.24×	1.75×	1.59×	1.59×	1.28×
Interest coverage	4.12×	2.97×	3.18×	2.71×	3.87×	4.69×	2.4×	2.91×
Dividend yield	0.6%	0.7%	0.6%	0.7%	0.6%	0.8%	1.4%	0.8%
Payout ratio	37.5%	47.9%	50.0%	78.0%	59.4%	52.5%	103.3%	81.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	18.3%	16.2%	17.0%	11.5%	19.7%	24.1%	12.4%	14.3%
Return on invested capital	11.9%	9.2%	8.5%	7.6%	10.4%	12.6%	7.6%	9.5%
Return on assets	8.0%	5.7%	5.6%	4.5%	6.2%	7.9%	4.1%	5.1%
Free cash flow yield	4.9%	3.9%	-2.6%	1.5%	-0.1%	0.6%	0.1%	0.2%
Earnings yield	1.7%	1.4%	1.2%	0.9%	0.9%	1.6%	1.4%	1.0%
Enterprise value	₹223.6B	₹226.4B	₹258.3B	₹202.9B	₹250.1B	₹172.1B	₹96.9B	₹123.4B
Net debt / EBITDA	1.5×	2.44×	2.88×	2.47×	2.61×	1.97×	2.5×	2.23×
Cash conversion cycle (days)	13	45	82	28	39	42	25	27