I would not suggest you to increase your SGA size, as it may cause swapping of memory. But low hot ratio does not mean that your system is performing bad or high buffer hit ratio does not mean that your system is performing well. But to tune your system, you need to concentrate on LIO. Your main goal should be reducing Logical IO (LIO) which will reduce the physical IO. For this, you may install the statspack and take a snapshot during peak hours and analyze your report and find out the queries which are doing lots of LIO.
My 2 cents to add something to good answer from Shailandra.
Do you have any response time probem? If not, don't worry about hit ratio or others?
If you have some performance issue, before statspack verify that you are not swapping. And with statspack, before analyzing all SQL statements to reduce LIO, take a look at the wait section of statspack report. It shows you where Oracle waits. May be this is not LIO but switch log too often, dbwr too slow, file I/O too slow, access to same block, contention on header... the waiting events show where are the bottlenecks. Have also a look at hard parses ratio (-> not use of bind variables), recursive call ratio (-> dictionary cache too small)...
Remember to set timed_statistics to true before running statspack.