Broadest lever on the volume recovery
Hindustan Unilever Ltd. is an India-based consumer goods company. The Company’s consumer goods business comprises of home and personal care, foods and refreshments. Its segments are home care, which includes detergent bars, detergent powders, detergent liquids, scourers and water business; Beauty & Personal Care, which includes products in the categories of oral care, skin care, hair care, deodorants, color cosmetics and salon services; Foods & Refreshment, which includes staples, culinary products, tea and coffee and frozen desserts. The Company also provides health food drinks such as Horlicks and Boost.
Hindustan Unilever Limited, a fast-moving consumer goods company, manufactures and sells food, home care, and personal care products in India and internationally. It operates through Home Care, Beauty & Wellbeing, Personal Care, Foods, and Others segments. The company offers detergent bars, detergent powders, detergent liquids, and scourers; skin care and hair care products; skin cleansing, oral care, bodywash, and deodorants; and culinary products, such as tomato based products, fruit based products, soups, etc., as well as tea, coffee, functional nutrition drinks, and lifestyle nutrition products. It is also involved in beauty salons, job work, real estate, and discharge trust business. Hindustan Unilever Limited was founded in 1888 and is headquartered in Mumbai, India.
Key people: Ms. Priya Nair (CEO, MD & Director) · Mr. Niranjan Kumar Gupta (CFO, Executive Director of Finance & Director) · Mr. Bittianda Ponnappa Biddappa (Chief People, Transformation and Sustainability Officer & Executive Director) · Mr. Yogesh Mulgaonkar (Head of Investor Relations & Head of Finance, Personal Care) · Ms. Radhika Kartik Shah (Company Secretary & Compliance Officer) · Dr. Vivek Mittal (Executive Director of Legal & Corporate Affairs)
Hindustan Unilever major competitors are Nestle India, Varun Beverages, Britannia Industries, Godrej Consumer Prod, Dabur India, P&G Hygiene & Health, Hindustan Foods. Market Cap of Hindustan Unilever is ₹4,57,360 Crs. While the median market cap of its peers are ₹89,033 Crs.
Hindustan Unilever seems to be less financially stable compared to its competitors.Altman Z score of Hindustan Unilever is 11.08 and is ranked 5 out of its 8 competitors.
Yahoo profile 23 Sept 2026 · Tijori 23 Sept 2026
Latest reported mix as compiled by Tijori from company disclosures; percentages of revenue.
As the company reports them. They can differ from the ratio table on the Financials tab, which uses Tijori's own definitions (for example NIM on average total assets rather than on interest-earning assets); the Cross-check panel there lines both up.
India's largest FMCG company (Unilever subsidiary) selling home care (Surf, Rin, Vim), beauty & wellbeing (Dove, Lakme, Ponds), personal care (Lifebuoy, Lux, Closeup) and foods (Horlicks, Kissan, Knorr, Bru) through ~9 million retail outlets. FY26 consolidated revenue was Rs 64,468 cr with 23-24% EBITDA margin; the ice-cream business (Kwality Wall's) was demerged and listed separately on 16-Feb-2026. Market-share leadership in most categories it operates in (company claims ~9 of 10 Indian households use an HUL brand); exact category shares not disclosed in sources used.
Stock at Rs 1,960 has de-rated from ~Rs 2,250 (May-26) after the Q1FY27 miss; ICICI Direct values at 46x FY28E vs current ~42x FY27E / ~36x FY28E on its numbers - below the ~50-60x forward PE HUL commanded in 2020-22 (5-yr average not sourced; treat as qualitative). EV/EBITDA 30.1x; dividend yield 2.1%.
| Nestle India | Nestle trades at 72.7x trailing PE (mcap Rs 2.70 lakh cr) vs HUL 41.8x; Nestle's 74% ROE is superior but HUL offers 2.1% dividend yield vs 0.9% and a broader, less milk-price-exposed portfolio. |
| ITC | ITC is cheaper (16.7x PE, 5.5% yield) but Jun-26 quarter sales fell 10.9% YoY and 3-yr sales CAGR is 4%; tobacco regulatory overhang and hotels demerger make it a value/yield play rather than a volume-growth compounder. |
| Dabur | Dabur is cheaper at 33.7x but 3-yr sales/profit CAGR is only 5%/4% with ROE of 17% vs HUL's ~21-24% (3-yr avg) and Q1FY27 double-digit USG. |
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
FMCG — 9.5%: the main stake, for the first time in ten years
Every era in Indian markets has a sector nobody wants right before it becomes the main stake. Post-COVID, demonetisation, GST and a capex-first fiscal stance took money out of household hands and consumption went into a five-year hiatus. Starting in 2024 the wheel turned: states began putting money directly into households — women-centric cash transfers alone run at ~₹1.7 lakh crore a year across fifteen-plus states and 120 million beneficiaries, and our aggregate estimate of the welfare shift is close to ₹6 lakh crore, or 1.7% of GDP. Add GST 2.0 (September 2025 moved soaps, toothpaste, biscuits, noodles, apparel under ₹2,500 to the 5% slab), 125 bp of rate cuts and a normal monsoon, and the income impulse is real. The evidence is arriving: ex-cigarette staples volumes are at a two-year high, rural volumes have out-grown urban for seven straight quarters, and we expect a broad set of companies to print double-digit growth this year. The setup mirrors 2021 in reverse. Then, consumption's fundamentals were eroding but investors would not let go of the multiples. Today the money has moved but nobody is looking — HUL is down from ₹2,250 to ₹1,960, Britannia −17% and Trent −23% over a year, Varun −14%. We are buying the operating leverage of a volume recovery in franchises whose multiples have compressed to 40–50x from 55–70x. The sales point is not "India has a large population"; it is that a cash-flow transfer the size of the IT salary bill has already happened.
Nestlé India is a superb business at 60x+ with the least GST benefit and the slowest volume growth of the group; ITC is cigarettes-led (we specifically exclude cigarettes from the volume thesis) and now a hotels demerger story; Dabur and Godrej Consumer have weaker execution and portfolio issues (honey/chyawanprash seasonality; GCPL's African drag). Marico is a copra-cost story, not a volume story. Tata Consumer pays 60x for tea. In discretionary, V-Mart and ABFRL lack Trent's unit economics and balance sheet, and Shoppers Stop is the wrong price point for a transfer-led recovery.
| Beauty & Personal Care - Market Share | 37 % | as of Mar 18 |
| Dishwashing Detergents Market Share | 55 % | as of Mar 18 |
| Shampoo - Market Share | 47 % | as of Mar 18 |
| Skin Care Segment Market Share | 54 % | as of Mar 18 |
| Tea Segment Market Share | 12 % | as of Mar 18 |
| Toothpaste - Market Share | 17 % | as of Mar 18 |