HUL logo

HUL

HINDUNILVR NSE

Key Fundamentals

LargecapDiversified FMCGFMCG
Market Cap
4.5L Cr
Volatility
Moderate
P/E Ratio
30.27
EBITDA
₹15,805 Cr
Return on Equity
21.74%
Debt to Equity
0.03
Book Value
₹207.44
EPS
₹43.99
52W High
₹2,623.64
52W Low
₹1,936

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 92.4%

Weaknesses

3
  • Stock is trading at 9.29 times its book value
  • The company has delivered a poor sales growth of 6.51% over past five years.
  • Earnings include an other income of Rs.4,933 Cr.

Growth Rate

Revenue Growth
1.69% lower than 3Y
Net Income Growth
-0.18% lower than 3Y
Cash Flow Change
-7.46% higher than 3Y
ROE
1.07% lower than 3Y
ROCE
-5.26% lower than 3Y
EBITDA Margin (Avg.)
-2.06% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Hindustan Unilever Ltd, with a market cap of ₹4,53,401 Cr, is India's largest FMCG company trading at a PE of 30.4x and a price-to-book of 9.34x. The company is virtually debt-free with a robust ROE of 31% (last year) and maintains a 92.4% dividend payout, though topline growth has been muted at a 2% CAGR over three years and the stock has declined 23% over the past one year.

Bull Case 7
  • Near debt-free balance sheet provides significant financial flexibility and resilience through economic cycles
  • Last-year ROE of 31% and 5-year average ROE of 22% indicate consistently high capital efficiency and strong competitive moats
  • Dividend payout ratio of 92.4% with a current yield of 2.11% offers steady income in a sector where peers typically yield below 1.5%
  • Compounded profit growth of 14% over 10 years demonstrates long-term earnings compounding ability despite revenue headwinds
  • TTM profit growth of 4% is recovering alongside TTM sales growth of 6%, suggesting improving operating leverage after a period of volume softness
  • 10-year compounded sales CAGR of 7% reflects durable demand for its portfolio of essential consumer staples across urban and rural India
  • 10-year stock CAGR of 8% has been delivered with low financial risk given the debt-free status, offering a lower-volatility exposure to India's consumption story
Bear Case 8
  • Stock has declined 23% over the past 1 year and delivered a negative 7% CAGR over 3 years, significantly underperforming broader market indices
  • 3-year compounded sales growth of just 2% points to persistent volume and pricing challenges in the core FMCG portfolio
  • Trading at 9.34x book value is a steep premium, leaving limited margin of safety if earnings growth does not accelerate
  • Earnings quality is diluted by other income of ₹4,933 Cr, which flatters reported profits and may not be sustainable or recurring
  • PE of 30.4x prices in meaningful future growth, yet 5-year sales CAGR is only 6.51%, creating a valuation-growth mismatch
  • 5-year stock CAGR of -6% suggests the market has been de-rating the stock as growth expectations have moderated
  • TTM revenue growth of 6% barely keeps pace with nominal GDP growth, indicating the company may be losing wallet share to emerging D2C and regional FMCG brands
  • A 92.4% dividend payout, while shareholder-friendly, leaves very little retained earnings for organic reinvestment or inorganic growth opportunities

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 3
  • Regional player resurgence threat Sep 6

    Management acknowledges resurgence of small and regional players in tea and detergent bars, growing significantly ahead of large players after vacating during peak inflation.

  • Aggressive competitive spending required Sep 6

    Aggregate media deployment in HUL's categories has increased over 20% YoY. Company commits to keeping share of voice ahead of share of market, pressuring near-term profitability.

  • Material cost inflation persists Sep 6

    HUL faces 8-10% material cost inflation, managing with calibrated price increases of 2-5%. Balancing premiumisation with mass market affordability remains a challenge.

Positives 6
  • New India growth strategy unveiled Sep 9

    HUL outlined volume-led growth strategy targeting 22-24% EBITDA margins, expanding into new categories like protein and skincare through premiumisation and market making.

  • Strong margin and capital efficiency Sep 6

    EBITDA margin hit 23.7% in Q4 FY26, at the higher end of guidance. ROE improved to 30.69% in FY26 with free cash flow margins consistently at 18-21%.

  • Premiumisation delivering 2.5x growth Sep 6

    Premium products growing at over 2.5x mass portfolio. Bodywash turnover tripled in three years, gaining ~400bps market share. Premium now targets 40% of incremental turnover.

  • ₹2,000Cr capex for premium expansion Sep 6

    Signed off ₹2,000 crore capex for capacity in premium liquid formats across Home Care, Personal Care and Beauty. Q1 FY27 delivered 10% underlying sales growth with 5% volume growth.

  • Digital-first media transformation Sep 6

    Digital media spending now exceeds 60% of total media spend, up from 32% two years ago. Influencer network of 30,000 creators has nearly doubled YoY.

  • Boost crosses ₹1,000Cr milestone Sep 6

    Boost became HUL's 21st brand in the ₹1,000 crore-plus club. Lifestyle Nutrition posted its fifth consecutive quarter of positive underlying volume growth with double-digit growth in Horlicks and Boost.

Neutral 2
  • Delhi HC bars Beco disparaging ads Sep 10

    Delhi High Court granted interim injunction stopping Beco from airing comparative ads disparaging Surf Excel and Vim. HUL had moved court on Aug 20 over claims linking its products to skin irritation.

  • Investor meets and Capital Markets Day Sep 4

    HUL participated in three physical investor meetings in early September with Barclays and UBS, and released its Capital Markets Day 2026 'Winning in New India' presentation on Sep 4.

TL;DR: HUL is executing a well-articulated premiumisation and efficiency playbook, with Q4 FY26 EBITDA margins at 23.7%, strong volume-led growth of 5%, and aggressive ₹2,000Cr capex directed at premium categories. Key risks include regional player resurgence in mass segments and rising competitive ad spending that could pressure near-term margins. The strategic direction is clearly improving, but sustained execution through FY27 will determine whether the premium valuation is justified.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
15,496
15,623
15,567
15,210
15,707
15,926
15,556
15,190
15,757
15,919
16,441
16,351
17,341
Expenses
11,832
11,828
11,902
11,675
11,965
12,139
11,867
11,572
12,118
12,137
12,660
12,514
13,394
Operating Profit
3,664
3,795
3,665
3,535
3,742
3,787
3,689
3,618
3,639
3,782
3,781
3,837
3,947
OPM %
24%
24%
24%
23%
24%
24%
24%
24%
23%
24%
23%
23%
23%
Other Income
146
178
184
309
209
203
733
149
103
269
4,048
503
113
Interest
50
88
91
105
93
110
109
77
122
124
88
76
75
Depreciation
286
297
313
320
329
338
318
318
326
322
337
348
353
PBT
3,474
3,588
3,445
3,419
3,529
3,542
3,995
3,372
3,294
3,605
7,404
3,916
3,632
Tax %
26%
26%
27%
25%
26%
27%
25%
27%
16%
25%
11%
24%
26%
Net Profit
2,556
2,657
2,508
2,561
2,612
2,595
2,989
2,475
2,768
2,694
6,603
2,994
2,680
EPS in Rs
10.87
11.3
10.68
10.89
11.11
11.03
12.7
10.49
11.73
11.43
28.12
12.73
11.38
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
31,972
32,186
33,162
35,545
39,310
39,783
47,028
52,446
60,580
61,896
61,328
64,468
66,052
Expenses
26,560
26,276
26,834
28,046
30,430
29,922
35,402
39,589
46,433
47,237
46,630
49,429
50,705
Operating Profit
5,412
5,910
6,328
7,499
8,880
9,861
11,626
12,857
14,147
14,659
14,698
15,039
15,347
OPM %
17%
18%
19%
21%
23%
25%
25%
25%
23%
24%
24%
23%
23%
Other Income
1,247
486
606
353
322
424
170
219
448
817
1,355
4,923
4,933
Interest
18
17
35
26
33
118
117
106
114
334
381
410
363
Depreciation
322
353
432
520
565
1,002
1,074
1,091
1,137
1,216
1,253
1,333
1,360
PBT
6,320
6,026
6,467
7,306
8,604
9,165
10,605
11,879
13,344
13,926
14,419
18,219
18,557
Tax %
31%
31%
31%
28%
30%
26%
25%
25%
24%
26%
26%
17%
—
Net Profit
4,376
4,151
4,490
5,227
6,060
6,756
7,999
8,892
10,143
10,282
10,671
15,059
14,971
EPS in Rs
20.17
19.18
20.68
24.09
27.97
31.17
34.03
37.79
43.07
43.74
45.32
64.01
63.66
Div. Payout %
74%
83%
82%
83%
78%
80%
119%
90%
91%
96%
117%
64%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
216
216
216
216
216
216
235
235
235
235
235
235
Reserves
3,811
6,357
6,528
7,065
7,651
8,013
47,439
48,826
50,069
50,983
49,167
48,504
Borrowings
43
177
277
0
99
0
0
1,043
1,219
1,484
1,648
1,478
Other Liabilities
10,359
8,043
8,685
10,581
10,663
11,924
21,066
20,402
21,554
25,787
28,813
29,521
Total Liabilities
14,430
14,793
15,706
17,862
18,629
20,153
68,740
70,506
73,077
78,489
79,863
79,738
Fixed Assets
2,821
3,258
4,419
4,528
4,715
5,479
51,443
51,473
52,678
53,744
54,335
57,428
CWIP
516
408
229
461
406
597
745
1,313
1,132
1,025
1,009
880
Investments
3,025
2,592
3,794
2,873
2,716
1,255
2,709
3,521
2,882
4,625
3,810
4,359
Other Assets
8,067
8,535
7,264
10,000
10,792
12,822
13,843
14,199
16,385
19,095
20,709
17,071
Total Assets
14,430
14,793
15,706
17,862
18,629
20,153
68,740
70,506
73,077
78,489
79,863
79,738
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
3,292
4,171
5,185
6,059
5,800
7,623
9,163
9,048
9,991
15,469
11,886
10,999
Investing
138
-282
-1,173
-1,063
-438
1,791
-1,228
-1,728
-1,484
-5,324
6,473
-3,676
Financing
-3,462
-3,864
-4,214
-4,975
-5,390
-6,819
-9,309
-8,015
-8,953
-10,034
-13,101
-10,810
Net Cash Flow
-33
25
-202
21
-28
2,595
-1,374
-695
-446
111
5,258
-3,487
Free Cash Flow
3,246
3,460
4,248
5,196
5,046
6,813
5,097
7,995
8,980
14,012
10,624
9,667
CFO/OP
95
100
111
111
96
103
100
92
93
108
96
105
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
12
14
12
13
17
11
14
16
19
18
23
19
Inventory Days
77
75
67
65
59
65
66
65
55
55
61
61
Days Payable
148
156
164
185
166
176
163
145
123
143
156
169
Cash Conversion Cycle
-60
-67
-85
-107
-90
-101
-83
-64
-50
-70
-72
-89
Working Capital Days
-53
-26
-35
-37
-30
-31
-32
-22
-15
-22
-34
-23
ROCE %
139%
112%
91%
103%
116%
117%
39%
25%
27%
27%
28%
28%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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73 extracted metrics + investor summaries across FY09–FY27.

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Shareholding Pattern

Others1.67%Promot.61.90%FIIs9.50%Public9.93%DIIs16.99%As ofJun 2026

Documents

Frequently Asked Questions about HUL

What does Hindustan Unilever Ltd do?
Hindustan Unilever is in the FMCG business comprising primarily of Home Care, Beauty & Personal Care and Foods & Refreshment segments. The Company has manufacturing facilities across the country and sells primarily in India.[1]
Where is Hindustan Unilever Ltd (HINDUNILVR) listed?
Hindustan Unilever Ltd trades as HINDUNILVR on the NSE and under code 500696 on the BSE.
Which sector does Hindustan Unilever Ltd belong to?
Hindustan Unilever Ltd is classified under the FMCG sector, in the Diversified FMCG industry.
What is the market capitalisation of Hindustan Unilever Ltd?
Hindustan Unilever Ltd has a market capitalisation of ₹4,53,401 Cr, which places it in the Large Cap band.
What is the PE ratio of Hindustan Unilever Ltd?
Hindustan Unilever Ltd trades at a PE ratio of 30.27, on earnings per share of ₹43.99, against a book value of ₹207.44 per share.
What is the 52-week high and low of Hindustan Unilever Ltd?
Over the last 52 weeks Hindustan Unilever Ltd has traded between ₹1,936 and ₹2,623.64.
Does Hindustan Unilever Ltd pay dividends?
Hindustan Unilever Ltd has a dividend yield of 2.11%.
What is the Return on Equity (ROE) of Hindustan Unilever Ltd?
Hindustan Unilever Ltd reported a return on equity of 21.74%. Its debt-to-equity ratio is 0.03.

Company Information

Hindustan Unilever is in the FMCG business comprising primarily of Home Care, Beauty & Personal Care and Foods & Refreshment segments. The Company has manufacturing facilities across the country and sells primarily in India.[1]

Website hul.co.in
CEO Mr. Bittianda Ponnappa Biddappa
Employees 18,802
Listed 1995-07-06
Face Value ₹ 1
Issued Size 2,34,95,91,262

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