Scope

As at 31 Aug 2026 · IST₹ · ₹ cr · BSE 500 TRI

NSE: HINDUNILVR· FMCGCore · Aug 26Large cap

Hindustan Unilever

Broadest lever on the volume recovery

Last close: ₹1,863.80; 29 Sept 2026 · reference
1D · 1M: −1.7% · −7.3%; price-only
Weight: 3.3%; 31 Jul 2026 · Aug rank 9
Thesis review: 8 Sep 2026; Why We Own, p32

Coverage owner: Research (per book); latest results Q Jun-26Screener ↗Tijori ↗NSE ↗

Analysis · industrial rules · FY21–FY26

What the numbers say

data to 30 Jun 2026

Growth

3.2

Profitability

3.8

Balance sheet

4.8

Cash conversion

3.9

Valuation

2.3

Sales64,468 cr FY26

Net Profit15,040 cr FY26

Operating margin23.4% FY26

ROCE22.6% FY26

Revenue CAGR 3y

2.1%

5y 6.5%

Net profit CAGR 3y

14.1%

5y 13.5%

Operating margin

23.4%

3y avg 23.7%

CFO / PAT, 3y

1.07x

FCF ₹34,303 cr cumulative

ROCE

22.6%

3y avg 22.4%

Debt / equity

0.00x

interest cover 34.7x

Cash conversion cycle

-108 days

-82 days three years earlier

P/E

30.6x

PEG 2.2 on 3y PAT growth

Promoter holding

61.9%

FII 9.5% · DII 16.9%

Growth. Revenue compounded 2.1% a year over FY23–FY26, net profit 14.1%; the latest year grew 5.1% (profit 41.2%). · Tijori P&L, annual
Margins. Operating margin 23.4% in FY26, −0.3 pp against the prior three-year average. · Tijori P&L (OPM)
Cash conversion. Operating cash flow was 1.07x reported profit across the last three years; free cash flow of ₹34,303 cr after capex. · Tijori cash flow vs P&L
Returns on capital. ROCE 22.6% and ROE 30.9% in FY26 (three-year average ROCE 22.4%). · Tijori ratios sheet
Balance sheet. Effectively debt-free. · Tijori ratios sheet
Working capital. Cash conversion cycle shortened from -82 to -108 days over three years. · Tijori ratios sheet
Valuation. 30.6x trailing earnings, 30.4x EV/EBITDA, 9.9x book — 2.2x the three-year profit growth rate; dividend yield 2.0%. · Tijori valuation ratios at the latest price
Latest quarter. Q Jun-26: revenue 10.1% YoY, net profit −3.0% YoY; 4 of the last 4 quarters grew revenue year on year. · Tijori quarterly results

Forensic flags · Tijori

Accounting & Shareholding

Contingent Liabilities: Company does not have significant contingent liabilities
Depreciation Effect: Depreciation accounting is not leading to increase in profits
Other Income: Other income is not affecting ratios of the company
Pledge: Promoters have not pledged a significant portion of their holding
Retail Holding: Retail has been buying the stock which is usually a sign of exuberance
Promoter Holding: Promoter has not sold any shares in the last 90 days
Revenue Recognition: Company is converting accounting profit to cash

Price & Performance

Capex vs ROCE: Roce of the company has increased over the last three years
Share price: Share price has increased over last 10 years due to earnings
Working Capital: Working capital of the company seems to be under control
Current vs Historic Valuation: Company is trading at a discount to 3yr historic valuations
Debt: Company should not have issues servicing its debt
ROE: Roe has decreased vs 10 year trend
Sales Growth: Sales of the company has grown at a slow pace
Margin Stability: Margins of the company are volatile
ROCE Strength: Roce of the company is consistently strong
Balance Sheet Strength: Balance sheet of the company is strong. it shouldnt have solvency or liquidity issues

Rules over the stated numbers only — CAGRs need positive start and end values, margins use the company's own OPM line, cash conversion is cumulative operating cash flow over cumulative profit for the last three fiscal years. Scores are 0–5 rule outputs, not a recommendation. Source: Tijori Finance normalised statements; Buoyant's own estimates are shown separately below and never blended in.

Cross-check

Same metric, every source · Hindustan Unilever

Where the app shows the same metric in more than one place, this table lists each figure with its period and definition. No two sources disagree on the same period and definition; every difference below is a period or definition difference.

Metric	Source	Period	Definition	Value	Verdict
Return on equity	Tijori ratio table	FY26	net profit ÷ year-end equity (Tijori)	30.86%	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	TTM	trailing 12 months (Tijori)	30.86%
	House model (one-pager)	FY26	net profit ÷ average equity, standalone	31.00%
Net profit	Tijori P&L	FY26	consolidated, annual	₹15,040 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori P&L	TTM Jun-26	trailing 12 months	₹14,985 cr
	Tijori screener	TTM	trailing 12 months	₹14,985 cr
	House model (one-pager)	FY26	standalone, annual	₹15,059 cr
	Tijori quarterly table	Q Jun-26	single quarter	₹2,673 cr
P/E	Tijori screener	TTM at 2026-09-28	price ÷ trailing EPS	30.40x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori ratio table	FY26 year-end	year-end price ÷ that year's EPS	32.12x
	House model (one-pager)	FY27E	FY27E / FY28E P/E (Buoyant sheet)	46.20x
P/B	Tijori screener	at 2026-09-28	price ÷ book value per share	9.33x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
P/B	Tijori ratio table	FY26 year-end	year-end price ÷ book value	9.92x
Market cap	BSE master	2026-09-28	BSE full market cap	₹4,58,018 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	latest Tijori refresh	price × shares	₹4,54,645 cr
	House one-pager	31-Jul-26	₹ lakh crore as printed	₹4,95,000 cr
Promoter holding	Tijori screener	latest filing	% of shares	61.90%	One source

Tolerance for a conflict: 1.5% on the same period and definition (3% for market cap, which moves with the price date). Tijori's ratio table uses its own definitions; the quarterly table and operating metrics carry the company's reported figures; the house model is standalone and dated.

Trend

Sales and net profit, FY

₹ crore. Actuals only; the last column is a TTM where labelled. Estimates are shown separately below with an "E" and never blended into this series.

Buoyant estimates

Model table from the research book

Buoyant estimates
₹ crore / %	FY24	FY25	FY26
Revenue (₹ cr)	61,896	61,328	64,468
EBITDA (₹ cr)	14,659	14,698	15,039
Net profit (₹ cr)	10,282	10,671	15,059
ROE (%)	n.a.	21.6	31.0

Estimate columns (E) are in green italics.

Consolidated where reported · standalone not separately available in this source

Income statement (annual)
₹ crore unless %	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	TTM Jun-26
Sales	35,545	39,310	39,783	47,028	52,446	60,580	61,896	61,328	64,468	66,374
Operating Expenses	28,046	30,430	29,922	35,402	39,589	46,431	47,233	46,622	49,414	51,069
Raw Material	14,233	15,845	15,697	20,141	22,871	28,427	26,822	26,602	29,158	21,254
Material Cost (%)	39.84	40.34	39.19	41.97	43.57	46.80	43.32	43.17	44.56	31.60
Employee Cost	1,860	1,875	1,820	2,358	2,545	2,854	3,009	2,952	3,175	3,280
Power & Fuel Cost	295	308	110	339	318	384	446	403	426	—
Operating Profit	7,499	8,880	9,861	11,626	12,857	14,149	14,663	14,706	15,054	15,305
Other Income	384	550	632	410	258	512	811	1,017	751	738
OPM (%)	21.10	22.59	24.79	24.72	24.51	23.36	23.69	23.98	23.35	23.06
Depreciation and Amortisation	520	565	1,002	1,074	1,091	1,138	1,216	1,253	1,333	1,396
Interest	26	33	118	117	106	114	334	381	410	368
Profit Before Tax	7,304	8,604	9,173	10,606	11,874	13,344	13,926	14,428	13,812	14,059
Tax	2,079	2,544	2,409	2,606	2,987	3,201	3,644	3,748	3,160	3,551
Net Profit	5,214	6,054	6,748	7,995	8,879	10,120	10,277	10,649	15,040	14,985
Number of shares(Crs)	216	216	216	235	235	235	235	235	235	—
Dividend Payout Ratio(%)	82.85	78.49	80.02	119.00	89.99	90.56	96.04	117.00	64.06	—

Consolidated where the company reports consolidated; Tijori Finance normalisation of company filings. Fiscal years end 31 March; "TTM" columns are trailing twelve months to the stated quarter. Quarterly growth is year-on-year (same quarter, prior year). Quarterly balance-sheet and cash-flow data are not disclosed and are not implied. General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA.

Ratios

Sector-appropriate ratios

Ratio	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Interest Coverage Ratio	186.00	282.00	262.00	78.74	91.65	113.00	118.00	42.69	38.87	34.69
Cash Conversion Cycle	-111.00	-134.00	-130.00	-137.00	-117.00	-104.00	-81.82	-97.87	-109.00	-108.00
Inventory Days	26.88	22.38	20.82	21.31	21.99	24.05	22.48	21.42	21.66	21.98
Days Receivable	11.99	10.61	12.79	11.83	10.07	12.52	14.32	15.73	17.50	17.19
Days Payable	150.00	167.00	163.00	171.00	149.00	141.00	119.00	135.00	148.00	147.00
Debt to Equity Ratio	0.04	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Free Cash Flow/Sales (%)	11.26	14.58	12.84	17.13	10.84	15.24	14.82	22.64	17.32	15.00
Free Cash Flow(est) (Crs)	3,733.00	5,181.00	5,046.00	6,813.00	5,097.00	7,995.00	8,980.00	14,012.00	10,624.00	9,667.00
Gross Margin (%)	58.54	60.16	59.66	60.81	58.03	56.43	53.20	56.68	56.83	55.44
Op Profit Margin (%)	19.12	21.10	22.59	24.79	24.72	24.51	23.36	23.69	23.98	23.35
Net Profit Margin (%)	13.50	14.67	15.40	16.96	17.00	16.93	16.71	16.60	17.36	23.33
ROCE (%)	80.25	84.90	92.45	89.95	19.02	20.30	22.15	21.73	22.85	22.55
ROIC (%)	283.00	357.00	307.00	242.00	16.34	17.52	19.06	19.19	19.86	19.29
ROE (%)	66.37	71.61	76.95	82.00	16.77	18.10	20.12	20.07	21.56	30.86
Net Profit Margin (%)	13.50	14.67	15.40	16.96	17.00	16.93	16.71	16.60	17.36	23.33
P/E	43.90	55.34	60.93	73.56	71.45	54.23	59.42	51.87	49.86	32.12
Price to Book	29.26	39.79	47.03	60.43	11.98	9.81	11.95	10.41	10.75	9.92
EV/EBITDA	29.06	36.16	38.73	46.82	47.09	36.42	40.70	33.96	33.29	30.36
Dividend Yield (%)	1.87	1.50	1.29	1.09	1.67	1.66	1.52	1.85	2.35	1.99

General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA. Suppressed for this preset: none.