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Hindustan Unilever Limited (HINDUNILVR)

Fast Moving Consumer Goods · Diversified FMCG · NSE · Updated 5 July 2026

₹2,201.2 ↓ 5.9% (1Y)

🎯 Key Takeaways

Hindustan Unilever Limited is in a mature growth phase, characterized by stable profitability and incremental volume-led expansion rather than high-growth reinvention. Management is focused on sustaining margins through premiumization, omni-channel investments, and targeted capex in high-potential formats like Quick Commerce, while navigating inflationary pressures.
Revenue grew 1.2% QoQ to ₹16,441 in Q3FY26.
⚠️ Input cost inflation remains a concern due to Brent crude at $120 and rupee depreciation below 95, which could pressure margins despite modest price h

Market Cap

₹5.34 L Cr

P/E Ratio

36.8

P/B Ratio

10.81

ROE

29.4%

ROCE

27.4%

Debt/Equity

0.00

Div Yield

0.00%

Promoter

61.9%

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📖 The Story

Hindustan Unilever Limited is in a mature growth phase, characterized by stable profitability and incremental volume-led expansion rather than high-growth reinvention. Management is focused on sustaining margins through premiumization, omni-channel investments, and targeted capex in high-potential formats like Quick Commerce, while navigating inflationary pressures. The company maintains exceptional returns on capital and a near-zero debt profile, reinforcing its position as a cash-generative FMCG leader with disciplined capital allocation.

📰 What's Happening

In Q4 FY26, HUL reported 8% consolidated revenue growth and 7% underlying sales growth, with EBITDA expanding to 23.7% margin and PAT rising 4% to Rs. 2,711 crores. Management highlighted volume-led growth across Home Care, Beauty & Wellbeing, and Foods, supported by premiumization and omni-channel investments. A strategic capex of Rs. 2,000 crores is being deployed to scale Quick Commerce formats, while exiting the quarter with underlying sales growth accelerating to 7% from 2% in FY25. Management projects operating margins between 22.5% and 23.5%, with double-digit growth expected in Lifestyle Nutrition and modest price hikes due to macro volatility.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY24	Q1FY25	Q2FY25	Q3FY25	Q4FY25	Q1FY26	Q2FY26	Q3FY26
Revenue	15,210	15,707	15,926	15,818	15,670	16,514	16,241	16,441
Operating Profit	3,844	3,953	3,996	4,434	3,790	3,792	4,060	3,351
OPM %	23.2%	23.8%	23.8%	23.4%	23.1%	22.5%	23.0%	23.0%
Net Profit	2,561	2,612	2,595	2,989	2,475	2,768	2,694	6,603
EPS	₹10.89	₹11.11	₹11.03	₹12.70	₹10.48	₹11.73	₹11.43	₹28.12

The company has delivered consistent operating margins around 23% over the past eight quarters, with Q4 FY26 marking the highest EBITDA margin in recent history at 23.7%. Profit growth has moderated (4% PAT growth in Q4 FY26 vs double-digit growth in prior quarters), reflecting margin discipline amid inflation. Revenue growth has stabilized at 5-8% consolidated levels, with underlying sales growth improving sequentially. EPS trends show volatility due to share consolidation but remain structurally stable. The financial trajectory reflects a company leveraging scale and efficiency to drive profitability rather than aggressive top-line expansion.

🔮 Management Outlook & What's Next

Management has provided forward guidance targeting operating margins of 22.5% to 23.5% for the upcoming period, underpinned by disciplined pricing and cost management. Capex of Rs. 2,000 crores is planned for premium Quick Commerce formats to capture emerging demand. Management expects double-digit growth in Lifestyle Nutrition to continue, while acknowledging input price volatility from Brent crude at $120 and rupee depreciation below 95. No major M&A or structural shifts are anticipated, with growth to be driven by category expansion, innovation, and channel diversification.

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

🏦 Balance Sheet (₹ Cr)

Item	2024-2025	2024-2025	2024-2025	2024-2025	2025-2026
Equity Capital	235	235	235	235	235
Reserves	—	50,541	—	49,167	48,481
Borrowings	—	13	—	1	14
Total Liabilities	16,042	29,778	17,248	30,271	32,872
Fixed Assets	—	8,320	—	8,625	8,881
Investments	—	4,259	—	3,753	3,905
Total Assets	77,140	80,765	78,177	79,880	82,034

The balance sheet remains exceptionally strong, with equity of ₹235 crores and reserves of ₹48,481 crores as of FY26, reflecting decades of retained earnings. Borrowings are negligible at ₹14 crores, resulting in a near-zero debt-to-equity ratio. Total assets have grown to ₹82,034 crores, up from ₹79,880 crores in the prior year, driven by organic asset base expansion. The company is capital-light in terms of debt but actively reinvests through strategic capex, particularly in digital and high-growth formats, while maintaining a fortress-like financial position with immense cash generation.

💰 Cash Flow Statement (₹ Cr)

Item	2020-2021
Operating	+9,163
Investing	-1,528
Financing	-9,309
Net Cash Flow	—

👥 Shareholding Pattern

Category	Q4FY24	Q1FY25	Q2FY25	Q3FY25	Q4FY25	Q1FY26	Q2FY26	Q3FY26
Promoters	61.9%	61.9%	61.9%	61.9%	61.9%	61.9%	61.9%	61.9%
FII	12.7%	11.9%	12.2%	11.4%	10.6%	10.2%	10.8%	10.7%
DII	13.3%	14.2%	14.2%	14.7%	15.5%	16.1%	15.7%	15.8%
Public	12.2%	12.1%	11.7%	11.9%	11.9%	11.8%	11.6%	11.6%
# Shareholders	12,05,416	12,10,989	11,05,254	12,18,001	12,33,438	11,67,945	10,95,447	11,12,713

Institutional investor behavior shows mixed trends: FII holding declined slightly from 10.79% in Q2FY26 to 10.18% in Q1FY26, while DII increased from 15.69% to 16.07% over the same period, indicating domestic institutional confidence. Promoter holding remains stable at 61.9% across all quarters. The number of shareholders has fluctuated slightly, with 11.67 million recorded in Q1FY26, suggesting retail participation remains active. No signs of significant promoter pledging or large-scale institutional exits, though foreign investor engagement has softened marginally in recent quarters.

⚖️ Peer Comparison — Diversified FMCG

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Hindustan Unilever Limited	5.34 L Cr	36.8	27.4%	29.4%	0.00
ITC Limited	3.88 L Cr	11.1	38.9%	50.0%	0.00
Hindustan Foods Limited	6,215	58.9	—	—	—
Godavari Biorefineries Limited	1,528	67.7	—	—	—
Rana Sugars Limited	200	5.6	—	—	—

🔗 Peer Stock Analyses

ITC HNDFDS GODAVARIB RANASUG

⚠️ Risk Factors

1. Input cost inflation remains a concern due to Brent crude at $120 and rupee depreciation below 95, which could pressure margins despite modest price hikes. 2. Growth sustainability in key categories like Home Care and Beauty & Wellbeing depends on successful premiumization and omni-channel execution, which faces competitive and operational risks. 3. Macroeconomic slowdown could dampen consumer demand, particularly in price-sensitive segments, limiting volume growth potential. 4. ESG-related investments and sustainability initiatives, while strategically valuable, may pressure near-term profitability if returns are long-gestation.

📋 Recent Filings

🧠 Analyst's Read

Hindustan Unilever remains a high-quality, cash-generative business with resilient margins and strong returns on capital, but its growth trajectory is now mature and dependent on execution in competitive, inflationary conditions. The company's ability to sustain double-digit growth in Lifestyle Nutrition and expand in Quick Commerce will be critical. Investors should monitor margin resilience, input cost trends, and the pace of capex deployment to emerging formats as key near-term catalysts.

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

✨ Deep Dive with AI on HINDUNILVR

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-05.

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