Hindustan Unilever Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Home care: 36.0% • Beauty & Wellbeing: 22.8% • Foods: 21.4%
AI Sector View
AI GENERATEDFast Moving Consumer Goods
Rural demand proxies are mixed. Tractor sales rose 18.0% YoY (2026-07) and 2-wheelers were up 23.0% YoY (2026-06), but rural employment slowed to 1.0% YoY (2026-07), fertiliser sales were 0.0% YoY (2026-05), and food inflation of 5.52% (Jul/26) can pressure household budgets. FPI outflows remain heavy at INR -8081 crore over 3 months to 2026-08-31, limiting upside.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 28.8%
- Company has a good return on equity (ROE) track record: 3 Years ROE 21.1%
- Company has consistently been profitable over the last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.21x)
- Company has been maintaining a healthy dividend payout of 64.1%
CONS
- Stock is trading at 9.9x its book value
- Company has delivered a poor profit growth of 5.9% over past five years
- Recurring exceptional / one-off items are inflating headline profit
- Company has delivered a poor sales growth of 6.5% over past five years
- Rich enterprise valuation - EV/EBITDA of 30.4x
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| HINDUNILVR | 1934.00 | 30.38 | 454410.95 | 2.12 | 2680.00 | -3.18 | 17341.00 | 6.24 | 28.98 | 22.76 |
| GODREJCP | 864.60 | 46.24 | 88474.95 | 2.31 | 504.52 | 11.51 | 4225.47 | 16.02 | 17.96 | 18.96 |
| DABUR | 376.50 | 33.87 | 66789.48 | 2.19 | 586.16 | 15.32 | 3764.39 | 10.57 | 21.37 | 19.68 |
| COLPAL | 1797.60 | 112.63 | 48892.14 | 2.67 | 3430.80 | 970.05 | 16033.00 | 1018.01 | 110.06 | 30.12 |
| CUPID | 280.00 | 274.07 | 37650.50 | 0.00 | 441.49 | 2841.89 | 1569.80 | 2524.64 | 33.93 | 39.70 |
| PGHH | 7519.40 | 30.87 | 24408.53 | 3.39 | 126.27 | -34.25 | 891.46 | -4.67 | 157.81 | 19.08 |
| GILLETTE | 7307.85 | 35.64 | 23812.79 | 3.28 | 159.45 | 9.44 | 783.02 | 10.80 | 90.62 | 29.09 |
| EMAMILTD | 363.90 | 21.23 | 15884.24 | 2.75 | 138.94 | -15.41 | 1039.21 | 14.95 | 29.54 | 21.61 |
| GALAXYSURF | 2188.10 | 21.93 | 7757.85 | 1.01 | 165.92 | 108.73 | 1781.90 | 39.44 | 13.39 | 13.99 |
| SAFARI | 1543.70 | 45.83 | 7563.71 | 0.26 | 47.75 | -5.43 | 588.58 | 11.51 | 21.55 | 12.81 |
| SFL | 691.25 | 35.19 | 7548.68 | 0.14 | 62.34 | 770.67 | 1031.94 | 25.63 | 6.76 | 10.85 |
| JYOTHYLAB | 195.00 | 19.33 | 7160.68 | 1.79 | 76.27 | -2.41 | 666.96 | 1.06 | 30.71 | 15.49 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 15,267 | 15,364 | 15,294 | 15,041 | 15,523 | 15,729 | 15,353 | 14,985 | 16,323 | 16,061 | 16,235 | 16,207 | 17,341 | |
| 11,831 | 11,826 | 11,901 | 11,675 | 11,963 | 12,133 | 11,867 | 11,571 | 12,796 | 12,512 | 12,653 | 12,510 | 13,822 | |
| Operating Profit | 3,436 | 3,538 | 3,393 | 3,366 | 3,560 | 3,596 | 3,486 | 3,414 | 3,527 | 3,549 | 3,582 | 3,697 | 3,519 |
| OPM % | 22.51% | 23.03% | 22.19% | 22.38% | 22.93% | 22.86% | 22.71% | 22.78% | 21.61% | 22.10% | 22.06% | 22.81% | 20.29% |
| 146 | 178 | 184 | 309 | 209 | 203 | 770 | 175 | 74 | 331 | -437 | 511 | 263 | |
| Interest | 50 | 88 | 91 | 105 | 93 | 110 | 109 | 77 | 127 | 129 | 88 | 76 | 75 |
| Depreciation | 286 | 297 | 313 | 320 | 329 | 338 | 318 | 318 | 361 | 358 | 337 | 348 | 353 |
| Profit before Tax | 3,475 | 3,590 | 3,446 | 3,419 | 3,531 | 3,548 | 4,032 | 3,399 | 3,304 | 3,573 | 2,926 | 3,928 | 3,632 |
| Tax % | 26.42% | 25.93% | 27.19% | 25.10% | 25.97% | 26.69% | 24.95% | 26.39% | 16.19% | 24.52% | 27.38% | 23.47% | 26.21% |
| Net Profit | 0 | 0 | 0 | 0 | 2,612 | 2,595 | 2,989 | 2,475 | 2,768 | 2,694 | 66,030 | 2,994 | 2,680 |
| 10.87 | 11.30 | 10.68 | 10.89 | 11.11 | 11.03 | 12.86 | 10.59 | 11.73 | 11.43 | 9.03 | 12.76 | 11.38 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 33,162 | 35,545 | 39,310 | 39,783 | 47,028 | 52,446 | 60,580 | 61,896 | 61,328 | 64,468 | 65,844 | |
| 26,822 | 28,046 | 30,430 | 29,922 | 35,402 | 39,589 | 46,431 | 47,233 | 46,622 | 49,414 | 51,497 | |
| Operating Profit | 6,340 | 7,499 | 8,880 | 9,861 | 11,626 | 12,857 | 14,149 | 14,663 | 14,706 | 15,054 | 14,347 |
| OPM % | 19.12% | 21.10% | 22.59% | 24.79% | 24.72% | 24.51% | 23.36% | 23.69% | 23.98% | 23.35% | 21.79% |
| 606 | 351 | 322 | 432 | 171 | 214 | 448 | 817 | 1,364 | 516 | 668 | |
| Interest | 35 | 26 | 33 | 118 | 117 | 106 | 114 | 334 | 381 | 410 | 368 |
| Depreciation | 432 | 520 | 565 | 1,002 | 1,074 | 1,091 | 1,138 | 1,216 | 1,253 | 1,333 | 1,396 |
| Profit before Tax | 6,479 | 7,304 | 8,604 | 9,173 | 10,606 | 11,874 | 13,344 | 13,926 | 14,428 | 13,812 | 14,059 |
| Tax % | 30.51% | 28.46% | 29.57% | 26.26% | 24.57% | 25.16% | 23.99% | 26.17% | 25.98% | 22.88% | 25.26% |
| Net Profit | 4,502 | 5,225 | 6,060 | 6,764 | 8,000 | 8,887 | 10,143 | 10,282 | 10,680 | 10,652 | 10,508 |
| EPS | 20.67 | 24.08 | 27.96 | 31.17 | 34.03 | 37.79 | 43.07 | 43.73 | 45.31 | 64.00 | — |
| Dividend Payout % | 82.04% | 82.85% | 78.49% | 80.02% | 119.04% | 89.99% | 90.56% | 96.04% | 116.96% | 64.06% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 7%
- 5 Years:
- 7%
- 3 Years:
- 2%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 14%
- 5 Years:
- 13%
- 3 Years:
- 14%
STOCK PRICE CAGR
- 10 Years:
- 8%
- 5 Years:
- -7%
- 3 Years:
- -8%
- 1 Year:
- -27%
RETURN ON EQUITY
- 10 Years:
- 44%
- 5 Years:
- 20%
- 3 Years:
- 21%
- Last Year:
- 22%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 216 | 216 | 216 | 216 | 235 | 235 | 235 | 235 | 235 | 235 |
| Minority Interest | 22 | 20 | 18 | 17 | 20 | 26 | 218 | 205 | 207 | 269 |
| 6,499 | 7,036 | 7,627 | 7,998 | 47,434 | 48,826 | 50,069 | 50,983 | 49,156 | 48,477 | |
| 558 | 316 | 493 | 939 | 1,027 | 1,098 | 1,765 | 1,834 | 1,924 | 2,345 | |
| Trade Payables | 6,186 | 7,170 | 7,206 | 7,535 | 8,802 | 9,068 | 9,574 | 10,486 | 11,315 | 13,325 |
| 2,055 | 2,802 | 2,696 | 3,164 | 11,222 | 11,253 | 11,216 | 14,746 | 17,026 | 15,087 | |
| Total Liabilities | 15,536 | 17,560 | 18,256 | 19,869 | 68,740 | 70,506 | 73,077 | 78,489 | 79,863 | 79,738 |
| 4,419 | 4,528 | 4,715 | 5,479 | 51,443 | 51,473 | 52,678 | 53,744 | 54,335 | 57,428 | |
| Capital Work in Progress | 229 | 461 | 406 | 597 | 745 | 1,313 | 1,132 | 1,025 | 1,009 | 880 |
| 3,794 | 2,873 | 2,716 | 1,255 | 2,709 | 3,521 | 2,882 | 4,625 | 3,810 | 4,359 | |
| 2,541 | 2,513 | 2,574 | 2,767 | 3,579 | 4,096 | 4,251 | 4,022 | 4,415 | 4,789 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,997 | 3,819 | 3,379 | |
| Cash & Bank | 1,828 | 3,485 | 3,757 | 5,113 | 4,471 | 3,846 | 4,678 | 7,559 | 7,554 | 3,248 |
| 2,725 | 3,700 | 4,088 | 4,658 | 5,793 | 6,257 | 7,456 | 4,517 | 4,921 | 5,655 | |
| Total Assets | 15,536 | 17,560 | 18,256 | 19,869 | 68,740 | 70,506 | 73,077 | 78,489 | 79,863 | 79,738 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 7,078 | 8,321 | 8,567 | 10,134 | 11,571 | 11,829 | 13,129 | 15,469 | 11,886 | 10,999 | |
| Cash from Investing | -1,173 | -1,063 | -438 | 1,791 | -1,528 | -1,728 | -1,494 | -5,324 | 6,473 | -3,684 |
| Cash from Financing | -4,214 | -4,975 | -5,390 | -6,819 | -9,309 | -8,015 | -8,953 | -10,034 | -13,101 | -10,810 |
| -202 | 21 | -28 | 2,595 | -1,674 | -695 | -456 | 111 | 5,258 | -3,495 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Hindustan Unilever Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-09-09 - Hindustan Unilever Limited has informed the Exchange about Investor Presentation
2026-09-06 - Video Recording of Capital Markets Day, 2026
2026-09-04 - Schedule of Analyst/Investor Meet
2026-09-04 - Hindustan Unilever Limited has informed the Exchange about Investor Presentation
2026-08-21 - Copy of Newspaper Publication dated 21.08.2026
2026-08-12 - Schedule of Analyst/Investor Meet
2026-08-04 - Transcript of the Earnings Conference Call for the quarter ended 30th June, 2026
2026-07-31 - Copy of Newspaper Publication regarding extract of the Unaudited Standalone and Consolidated Financial Results for the quarter ended 30th June, 2026
News
Recent coverage and analyst commentary for HINDUNILVR
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