Is there is any thorough procedure for this analysis? I would like to know about the procedure to conduct Hypsometric analysis of a watershed, data required for it etc.
see this publication an associated Arcgis extension :
CalHypso: J.V. Pérez-Peña An ArcGIS extension to calculate hypsometric curves and their statistical moments. Applications to drainage basin analysis in SE Spain. Computer and geoscience, Volume 35, Issue 6, June 2009, Pages 1214–1223