Gillette India Ltd (GILLETTE)

Fast Moving Consumer Goods · FMCG · NSE · Updated 13 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹7,307.85 ↓ 26.68% (1Y)

🎯 Key Takeaways

Gillette India is in a phase of mature growth with signs of stabilization after a period of margin pressure, characterized by consistent profitability and strong returns on capital despite flat promoter ownership. The company maintains a dominant market position in FMCG razors and blades, supported by enduring brand equity and distribution reach, but faces volume headwinds reflected in modest revenue growth and declining return ratios over the past year.
Revenue declined 1.1% QoQ to ₹783 in Q1FY27.
⚠️ The company faces volume pressure in its core razor and blade segments, as reflected in softening revenue trends despite pricing and productivity gain

Market Cap

₹23,813

P/E Ratio

35.6

P/B Ratio

25.16

ROE

70.6%

ROCE

96.3%

Debt/Equity

0.00

Div Yield

0.82%

Promoter

75.0%

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📖 The Story

Gillette India is in a phase of mature growth with signs of stabilization after a period of margin pressure, characterized by consistent profitability and strong returns on capital despite flat promoter ownership. The company maintains a dominant market position in FMCG razors and blades, supported by enduring brand equity and distribution reach, but faces volume headwinds reflected in modest revenue growth and declining return ratios over the past year. Its financial resilience is underpinned by zero debt and high ROCE, though recent earnings growth has slowed, prompting strategic leadership changes focused on operational renewal.

📰 What's Happening

In Q1 FY2026, Gillette India reported 11% YoY revenue growth to ₹783 crore and 9% PAT growth to ₹159 crore, driven by portfolio strength and productivity initiatives, despite a challenging macro environment. The board approved these unaudited results alongside a limited review by Kalyaniwalla & Mistry LLP, noting profit margins held at 26.8% OPM. Concurrently, Robin Thadathil was appointed as Additional Executive Director effective August 1, 2026, bringing 16 years of global P&G leadership experience, particularly in APAC operations, to bolster talent development and turnaround capabilities. The 42nd AGM scheduled for August 25, 2026, will seek shareholder approval for his appointment and other director nominations, signaling a focus on governance continuity and strategic execution.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	811	790	792	783
Operating Profit	188	228	258	210
OPM %	23.2%	28.9%	32.6%	26.8%
Net Profit	144	172	193	159
EPS	₹44.08	₹52.93	₹59.08	₹48.93

Revenue has shown sequential improvement from ₹811 crore in September 2025 to ₹783 crore in June 2026, though still below the peak of ₹792 crore in March 2026, indicating stabilization after a recent downturn. Operating margins have fluctuated between 23.2% and 32.6%, with the latest quarter’s 26.8% suggesting margin normalization after an unusually high peak, while net profit growth has moderated to 9% YoY. EPS trends reflect this moderation, declining from ₹59.08 in March 2026 to ₹48.93 in June 2026, aligning with management’s emphasis on sustainable, execution-driven growth rather than volume-led expansion.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance on revenue or earnings growth in the latest filings, but consistently emphasizes operational discipline, productivity, and brand-led innovation as pillars of long-term value creation. The appointment of Robin Thadathil underscores a strategic focus on strengthening human capital and organizational resilience to navigate market volatility. The company continues to prioritize ESG integration and stakeholder engagement as part of its growth framework, with no indication of aggressive expansion or capital return initiatives in the near term.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	33	33	33	33
Reserves	1,052	991	1,130	914
Borrowings	0	0	0	0
Total Liabilities	1,970	1,918	2,149	1,871
Fixed Assets	344	342	322	304
Investments	0	0	0	0
Total Assets	1,970	1,918	2,149	1,871

The balance sheet remains exceptionally strong with zero debt and growing equity reserves, reflecting a conservative capital structure and disciplined financial management. Total assets declined slightly from ₹2,149 crore to ₹1,871 crore between March 2025 and March 2026, while equity reserves increased to ₹1,130 crore, suggesting reduced asset deployment or off-balance sheet adjustments without increasing leverage. This financial profile supports strategic flexibility, including potential investments in innovation or M&A, but also implies limited reinvestment in volume growth initiatives.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	+607
Investing	-16
Financing	-740
Net Cash Flow	-149

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	75.0%	75.0%	75.0%	75.0%
FII	5.0%	4.8%	4.4%	4.3%
DII	9.2%	8.9%	9.3%	8.8%
Public	6.1%	6.6%	6.8%	7.2%
# Shareholders	52,984	60,907	62,885	66,389

Institutional ownership has remained relatively stable, with FII holding at 4.33% in Q1FY27 and DII at 8.76%, though both have shown minor fluctuations over the past year. Promoter holding remains steady at 75%, indicating no signs of dilution or stake sale. The growing number of shareholders — from 52,984 in Q2FY26 to 66,389 in Q1FY27 — suggests increasing retail participation, which may enhance liquidity and market interest over time.

⚖️ Peer Comparison — FMCG

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
HINDUNILVR	4.54 L Cr	30.4	29.8%	30.7%	0.00
ITC	3.26 L Cr	16.4	36.0%	27.8%	0.03
NESTLEIND	2.67 L Cr	70.0	99.2%	73.9%	0.00
VBL	1.41 L Cr	41.6	21.5%	17.4%	0.10
BRITANNIA	1.20 L Cr	46.0	54.1%	51.1%	0.27
LENSKART	1.19 L Cr	178.0	11.9%	7.7%	0.03
MARICO	1.04 L Cr	55.1	54.2%	46.4%	0.08
TATACONSUM	98,128	60.0	10.2%	8.0%	0.10
GODREJCP	88,470	46.2	17.8%	15.1%	0.33
DABUR	66,789	33.9	21.3%	17.1%	0.09

🔗 Peer Stock Analyses

HINDUNILVR ITC NESTLEIND VBL BRITANNIA

⚠️ Risk Factors

The company faces volume pressure in its core razor and blade segments, as reflected in softening revenue trends despite pricing and productivity gains, which could constrain top-line growth. High ROCE and ROE are increasingly difficult to sustain if margin compression persists, especially amid competitive and macroeconomic headwinds. Additionally, the reliance on a narrow product portfolio and distribution concentration in urban markets pose execution risks if rural or emerging segments fail to contribute meaningfully to growth.

📋 Recent Filings

🧠 Analyst's Read

Gillette India demonstrates financial resilience and operational discipline, but its growth trajectory appears to be transitioning from expansion to stabilization, requiring effective execution of leadership-driven improvements to regain momentum. Investors should monitor volume trends, margin trajectory, and the impact of new leadership on operational performance in the coming quarters.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-13.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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