ContextTalking point
Stock has lagged the business
Over 5 years profit compounded at 13.5% a year while the stock fell 7.4% a year.
Importance 61 / 95 · business vs stock
Hindustan Unilever · Research view
Hindustan Unilever Ltd.
NSE: HINDUNILVRBSE: 500696ISIN INE030A01027Face value ₹1consolidated
₹1,841
−1.39% · 2026-10-01 · 52-wk ₹1,841–₹2,604
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
StrengthTalking point
Profit compounding faster than revenue
Over 7 years profit compounded at 13.9% a year while revenue compounded at 7.3% a year.
Importance 59 / 95 · growth
StrengthTalking point
Book value compounding
Net worth compounded at 29.8% a year over 7 years (₹7,885 → ₹49,008) — though FY2021 saw a one-off step-change of 478% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Importance 52 / 95 · financial health
Section 03 · The company
Who is this company?
Classified by the exchange under Fast Moving Consumer Goods › Fast Moving Consumer Goods › Diversified FMCG › Diversified FMCG.
- Market cap
- ₹4.33 L cr
- FY2026 revenue
- ₹64,468 cr
- FY2026 net profit
- ₹15,059 cr
- Net worth
- ₹49,008 cr
- Total debt
- ₹0 crnet cash
- EPS (basic)
- ₹64.01
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 2 diversified fmcg.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Over 7 years profit compounded at 13.9% a year while revenue compounded at 7.3% a year.
Rule PROFIT_CAGR_VS_REVENUE_CAGR
- Revenue growth per year
- +7.3%over 7 years
- Revenue growth
- +2.1%vs last year
- Net profit growth
- +41.1%vs last year
- Change in net profit since FY19
- +148%
Reported net profit grew 41.1% (FY2025 → FY2026), but pre-tax profit was ₹13,827 — an unusually low tax charge this year accounts for most of the gain, so the underlying trend is softer than the headline.
Revenue has compounded at 7.3% a year over 7 years (₹39,310 → ₹64,468) — steady rather than rapid.
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 interest (finance cost) was ₹75 cr, down 40.9% from ₹127 cr a year earlier.
Rule QTR_INTEREST_EXPENSE_CHANGE_YOY
Strength
Q1 FY27 revenue of ₹17,341 cr is the highest of the 16 quarters on record for this company.
Rule QTR_REVENUE_AT_RECORD
Watch
Q1 FY27 effective tax rate was 26.2% (tax ₹952 cr on PBT ₹3,632 cr), vs 16.2% a year earlier.
Rule QTR_TAX_RATE_CHANGE_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 15,926 | — | 2,595 | — | 16.3% |
| Q3 FY25 | 15,818 | +1.6% | 2,989 | +19.2% | 18.9% |
| Q4 FY25 | 15,670 | +3.0% | 2,475 | −3.4% | 15.8% |
| Q1 FY26 | 16,514 | +5.1% | 2,768 | +6.0% | 16.8% |
| Q2 FY26 | 16,241 | +2.0% | 2,694 | +3.8% | 16.6% |
| Q3 FY26 | 16,441 | +3.9% | 6,603 | +120.9% | 40.2% |
| Q4 FY26 | 16,351 | +4.3% | 2,994 | +21.0% | 18.3% |
| Q1 FY27 | 17,341 | +5.0% | 2,680 | −3.2% | 15.5% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹66,374 crTTM
- EBITDA
- ₹16,043 crTTM
- EBIT
- ₹14,647 crTTM
- PBT
- ₹14,059 crTTM
- Net profit
- ₹14,971 crTTM
C. Corporate actions
23 Jun 2026DividendFinal Dividend - Rs. - 22.0000 — ₹22.00/share
5 Dec 2025DemergerSpin Off
7 Nov 2025DividendInterim Dividend - Rs. - 19.0000 — ₹19.00/share
23 Jun 2025DividendFinal Dividend - Rs. - 24.0000 — ₹24.00/share
6 Nov 2024DividendSpecial Dividend - Rs. - 10.0000 — ₹10.00/share
6 Nov 2024DividendInterim Dividend - Rs. - 19.0000 — ₹19.00/share
14 Jun 2024DividendFinal Dividend - Rs. - 24.0000 — ₹24.00/share
2 Nov 2023DividendInterim Dividend - Rs. - 18.0000 — ₹18.00/share
19 Jun 2023DividendFinal Dividend - Rs. - 22.0000 — ₹22.00/share
1 Nov 2022DividendInterim Dividend - Rs. - 17.0000 — ₹17.00/share
15 Jun 2022DividendFinal Dividend - Rs. - 19.0000 — ₹19.00/share
26 Oct 2021DividendInterim Dividend - Rs. - 15.0000 — ₹15.00/share
14 Jun 2021DividendFinal Dividend - Rs. - 17.0000 — ₹17.00/share
28 Oct 2020DividendInterim Dividend - Rs. - 14.0000 — ₹14.00/share
30 Jul 2020DividendSpecial Dividend - Rs. - 9.5000 — ₹9.50/share
19 Jun 2020DividendFinal Dividend - Rs. - 14.0000 — ₹14.00/share
23 Oct 2019DividendInterim Dividend - Rs. - 11.0000 — ₹11.00/share
20 Jun 2019DividendFinal Dividend - Rs. - 13.0000 — ₹13.00/share
25 Oct 2018DividendInterim Dividend - Rs. - 9.0000 — ₹9.00/share
21 Jun 2018DividendFinal Dividend - Rs. - 12.0000 — ₹12.00/share
1 Nov 2017DividendInterim Dividend - Rs. - 8.0000 — ₹8.00/share
22 Jun 2017DividendFinal Dividend - Rs. - 10.0000 — ₹10.00/share
1 Nov 2016DividendInterim Dividend - Rs. - 7.0000 — ₹7.00/share
22 Jun 2016DividendFinal Dividend - Rs. - 9.5000 — ₹9.50/share
19 Oct 2015DividendInterim Dividend - Rs. - 6.5000 — ₹6.50/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Watch
ROE rose from 21.1% to 30.5%, but reported profit this year was lifted by an unusually low tax charge this year (pre-tax profit was ₹13,827) — the operating return moved less than this.
Rule ROE_IMPROVED_YOY
- EBITDA margin now
- 24.5%
- 8-year range
- 24.0–26.4%
- ROE FY2026
- 30.5%
- ROCE FY2026
- 29.3%
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Net worth compounded at 29.8% a year over 7 years (₹7,885 → ₹49,008) — though FY2021 saw a one-off step-change of 478% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Rule NET_WORTH_COMPOUNDING
Operating cash flowNet profit
- Total debt
- ₹0 crnet cash
- Operating cash flow ÷ net profit
- 0.73×FY2026
- Free cash flow
- ₹9,770 cr
- Current ratio
- 1.22×
Free cash flow has been positive in 6 of the last 6 years.
Section 08 · Relative position
How does it compare with peers?
Ranked against 2 diversified fmcg (FY2026, consolidated). No peer-relative rule fired for this company.
Not enough peers in this set report the underlying metrics yet for a ranking.
- P / E
- 28.9×TTM to Jun 26
- P / B
- 8.8×latest book
- P / S
- 6.5×TTM sales
- Earnings yield
- 3.5%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 28.7× · P/S 6.6× · ROE 30.5%.
Section 09 · The stock
How has the stock performed?
Context
Over 5 years profit compounded at 13.5% a year while the stock fell 7.4% a year.
Rule STOCK_LAGGED_EARNINGS
- 1-year return
- −27.4%
- 3-year return
- −25.3%
- 5-year return
- −31.9%
- From 52-wk high
- −29.3%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹2,017
- vs 200-day avg
- Below₹2,188
- RSI (14)
- 27.5oversold
- MACD histogram
- -5.5
- From 52-wk high
- −29.3%
- From 52-wk low
- 0.0%
- 30-day volatility
- 15.4%ann.
- 6-month return
- −11.3%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchReturns improvingROE rose from 21.1% to 30.5%, but reported profit this year was lifted by an unusually low tax charge this year (pre-tax profit was ₹13,827) — the operating return moved less than this.ROE_IMPROVED_YOY · conviction 49
- WatchProfit growingReported net profit grew 41.1% (FY2025 → FY2026), but pre-tax profit was ₹13,827 — an unusually low tax charge this year accounts for most of the gain, so the underlying trend is softer than the headline.PROFIT_GREW_YOY · conviction 44
- Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 39,310 | 39,783 | 47,028 | 52,446 | 60,580 | 61,896 | 63,121 | 64,468 |
| Total income | 39,860 | 40,415 | 47,438 | 52,704 | 61,092 | 62,707 | 64,138 | 65,219 |
| EBITDA | 9,430 | 10,493 | 12,036 | 13,115 | 14,661 | 15,474 | 15,868 | 15,805 |
| Profit before tax | 8,604 | 9,173 | 10,606 | 11,874 | 13,346 | 13,930 | 14,423 | 13,827 |
| Net profit | 6,060 | 6,756 | 7,999 | 8,892 | 10,143 | 10,282 | 10,671 | 15,059 |
| EPS (₹) | 28.0 | 31.2 | 34.0 | 37.8 | 43.1 | 43.7 | 45.3 | 64.0 |
| Net worth | 7,885 | 8,246 | 47,694 | 49,087 | 50,522 | 51,423 | 49,609 | 49,008 |
| Total debt | 99 | 0 | 0 | 0 | 98 | 13 | 1 | 0 |
| Operating cash flow | — | — | 9,163 | 9,048 | 9,991 | 15,469 | 11,886 | 10,999 |
| Free cash flow | — | — | 8,422 | 7,969 | 8,938 | 14,021 | 10,645 | 9,770 |
| Ratio | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Growth | ||||||||
| Revenue growth YoY | — | 1.2 | 18.2 | 11.5 | 15.5 | 2.2 | 2.0 | 2.1 |
| Profit growth YoY | — | 11.5 | 18.4 | 11.2 | 14.1 | 1.4 | 3.8 | 41.1 |
| Profitability | ||||||||
| EBITDA margin % | 24.0 | 26.4 | 25.6 | 25.0 | 24.2 | 25.0 | 25.1 | 24.5 |
| Net margin % | 15.2 | 16.7 | 16.9 | 16.9 | 16.6 | 16.4 | 16.6 | 23.1 |
| Return on equity % | 76.9 | 83.8 | 28.6 | 18.4 | 20.4 | 20.2 | 21.1 | 30.5 |
| Return on capital % | 111.0 | 117.0 | 39.2 | 24.8 | 27.1 | 27.9 | 28.7 | 29.3 |
| Leverage & cash | ||||||||
| Debt to equity | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash flow ÷ profit | — | — | 1.15 | 1.02 | 0.99 | 1.50 | 1.11 | 0.73 |
| Current ratio | 1.37 | 1.32 | 1.28 | 1.37 | 1.41 | 1.66 | 1.33 | 1.22 |