The National Company Law Tribunal (NCLT), Cuttack Bench, has approved the amalgamation of Hatsun Agro Product Ltd's wholly-owned subsidiary Milk Mantra Dairy Private Ltd with the company, with effect from April 1, 2025. According to reports from CNBC TV18, the merger aims to consolidate the group structure, generate operational synergies and strengthen the combined entity's financial flexibility. The tribunal issued its order on March 10, 2026, with retrospective effect from April 1, 2025, as reported by ScanXNews. The scheme will become effective after both companies file certified copies of the NCLT order with the Registrar of Companies.
Under the approved scheme, all assets, liabilities and obligations of Milk Mantra Dairy will be transferred to Hatsun Agro Product without additional legal procedures. As reported by CNBC TV18, no new shares will be issued as part of the amalgamation, leaving the capital structure of the parent company unchanged. The transferee company will account for the amalgamation using the "pooling of interest method" as prescribed under Indian Accounting Standards. Hatsun Agro will inform stock exchanges once the filing process is completed with the Registrar of Companies.
Hatsun Agro Products reported robust financial results for the quarter ended December 31, 2025. According to the company's exchange filing, net profit increased 48% year-on-year to ₹60.6 crore compared with ₹41 crore in the same period last year. Revenue from operations grew 17.6% to ₹2,364 crore from ₹2,010 crore a year earlier, supported by steady consumer demand across core dairy categories and stable milk procurement from the company's farmer network.
The company's operational performance showed continued strength with EBITDA increasing 19.2% year-on-year to ₹256 crore. As reported by CNBC TV18, EBITDA margin improved marginally to 10.8% from 10.7% in the corresponding quarter last year. The strong financial results demonstrate the company's operational efficiency and market position in the dairy sector.
Shares of Hatsun Agro Product Ltd ended lower on Wednesday, March 11, by 1.59% at ₹910.55 on the NSE, according to CNBC TV18. The decline occurred despite the positive regulatory development and strong quarterly results, suggesting market reaction may have been influenced by other factors or broader market conditions. The company has also disclosed receiving an income tax assessment order for AY 2024-25 with a demand of ₹2.89 crores, which it plans to appeal through appropriate legal channels.
