Whalesbook
Leading brokerage Nuvama has initiated a 'Buy' rating on Hindustan Unilever (HUL), setting a target price of Rs 3,200, which suggests a potential 33% upside. The upgrade is primarily driven by the upcoming demerger of HUL's ice cream business, with December 5, 2025, set as the record date. Shareholders will receive one share of the new ice cream entity, KWIL, for each HUL share. Nuvama expects this separation to enhance HUL's EBITDA margins by 50-60 basis points and unlock the ice cream business's full potential amid strong market growth and favourable tax changes.
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]
Business Segments & Brand PortfolioThe company has a portfolio of over 50 brands, spanning 16 FMCG categories, including 19 brands with a turnover of more than Rs. 1,000 Cr PA.[1]The products are split into the following segments:
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Hind. Unilever | 2433.70 | 54.36 | 571655.24 | 1.77 | 2690.00 | -2.79 | 15585.00 | 0.50 | 27.64 | 62138.00 | 22.78 | 10516.61 | 2550.54 | 11.68 | 13.30 | 0.03 |
| 2. | ITC | 407.85 | 25.33 | 510922.66 | 3.52 | 5186.55 | 2.91 | 19501.63 | -2.44 | 36.79 | 78551.59 | 33.60 | 20174.47 | 5061.41 | 7.19 | 22.16 | 0.01 |
| 3. | Hindustan Foods | 552.35 | 52.16 | 6593.57 | 0.00 | 35.23 | 53.64 | 1038.59 | 17.59 | 14.34 | 3846.38 | 8.22 | 126.41 | 35.23 | 6.34 | 4.87 | 0.87 |
| 4. | Godavari Bioref. | 249.95 | 27.33 | 1273.40 | 0.00 | -41.59 | 79.91 | 430.75 | 34.21 | 5.79 | 1990.76 | 7.35 | 46.60 | -15.07 | 1.76 | -1.23 | 0.68 |
| 5. | Davangere Sugar | 3.60 | 40.84 | 516.21 | 0.00 | 2.63 | 103.88 | 48.19 | 22.53 | 6.70 | 202.35 | 27.01 | 12.64 | 2.63 | 1.02 | 1.53 | 0.40 |
| – | Median: 5 Co. | 407.85 | 40.84 | 6593.57 | 0.0 | 35.23 | 53.64 | 1038.59 | 17.59 | 14.34 | 3846.38 | 22.78 | 126.41 | 35.23 | 6.34 | 4.87 | 0.4 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 14,751 | 15,228 | 14,893 | 15,148 | 15,276 | 15,188 | 14,857 | 15,339 | 15,508 | 15,408 | 15,214 | 15,931 | 15,585 |
Expenses | 11,374 | 11,691 | 11,422 | 11,627 | 11,582 | 11,648 | 11,422 | 11,733 | 11,861 | 11,838 | 11,748 | 12,373 | 12,022 |
Operating Profit | 3,377 | 3,537 | 3,471 | 3,521 | 3,694 | 3,540 | 3,435 | 3,606 | 3,647 | 3,570 | 3,466 | 3,558 | 3,563 |
Other Income | 87 | 126 | 240 | 148 | 278 | 255 | 203 | 209 | 293 | 821 | 276 | 120 | 412 |
Profit before tax | 3,191 | 3,377 | 3,425 | 3,365 | 3,631 | 3,432 | 3,247 | 3,432 | 3,536 | 3,978 | 3,354 | 3,244 | 3,540 |
Tax % | 18% | 26% | 25% | 27% | 25% | 27% | 26% | 26% | 26% | 25% | 26% | 16% | 24% |
Net Profit | 2,616 | 2,505 | 2,552 | 2,472 | 2,717 | 2,519 | 2,406 | 2,538 | 2,612 | 3,001 | 2,493 | 2,732 | 2,690 |
EPS in Rs | 11.13 | 10.66 | 10.86 | 10.52 | 11.56 | 10.72 | 10.24 | 10.80 | 11.12 | 12.77 | 10.61 | 11.63 | 11.45 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 28,019 | 30,806 | 31,061 | 31,890 | 34,525 | 38,224 | 38,785 | 45,996 | 51,193 | 59,144 | 60,469 | 61,469 | 62,138 |
Expenses | 23,532 | 25,600 | 25,312 | 25,843 | 27,249 | 29,587 | 29,185 | 34,672 | 38,690 | 45,512 | 46,279 | 47,180 | 47,981 |
Operating Profit | 4,488 | 5,205 | 5,749 | 6,047 | 7,276 | 8,637 | 9,600 | 11,324 | 12,503 | 13,632 | 14,190 | 14,289 | 14,157 |
Other Income | 837 | 1,285 | 533 | 767 | 507 | 437 | 536 | 286 | 359 | 578 | 884 | 1,599 | 1,629 |
Interest | 36 | 17 | 15 | 22 | 20 | 28 | 106 | 108 | 98 | 101 | 302 | 364 | 401 |
Depreciation | 261 | 287 | 321 | 396 | 478 | 524 | 938 | 1,012 | 1,025 | 1,030 | 1,097 | 1,224 | 1,269 |
Profit before tax | 5,028 | 6,187 | 5,946 | 6,396 | 7,285 | 8,522 | 9,092 | 10,490 | 11,739 | 13,079 | 13,675 | 14,300 | 14,116 |
Net Profit | 3,867 | 4,315 | 4,137 | 4,490 | 5,237 | 6,036 | 6,738 | 7,954 | 8,818 | 9,962 | 10,114 | 10,644 | 10,916 |
EPS in Rs | 17.88 | 19.95 | 19.12 | 20.75 | 24.19 | 27.88 | 31.12 | 33.85 | 37.53 | 42.40 | 43.05 | 45.30 | 46.46 |
Dividend Payout % | 73% | 75% | 84% | 82% | 82% | 79% | 80% | 120% | 91% | 92% | 98% | 117% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 216 | 216 | 216 | 216 | 216 | 216 | 216 | 235 | 235 | 235 | 235 | 235 | 235 |
Reserves | 3,061 | 3,508 | 6,063 | 6,274 | 6,859 | 7,443 | 7,815 | 47,199 | 48,525 | 49,986 | 50,738 | 48,918 | 48,715 |
Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 943 | 971 | 1,039 | 1,374 | 1,537 | 1,623 |
Other Liabilities | 9,721 | 9,909 | 7,641 | 8,261 | 10,074 | 10,206 | 11,571 | 19,739 | 20,006 | 20,565 | 24,729 | 27,623 | 28,903 |
Total Liabilities | 12,998 | 13,634 | 13,920 | 14,751 | 17,149 | 17,865 | 19,602 | 68,116 | 69,737 | 71,825 | 77,076 | 78,313 | 79,476 |
Fixed Assets | 2,422 | 2,458 | 2,914 | 4,024 | 4,142 | 4,343 | 5,056 | 51,027 | 51,034 | 51,405 | 52,379 | 52,907 | 53,149 |
Gross Block | 4,443 | 4,721 | 3,218 | 4,712 | 5,267 | 5,959 | 7,375 | 54,192 | 54,799 | 55,864 | 57,603 | 58,790 | – |
Accumulated Depreciation | 2,021 | 2,264 | 304 | 688 | 1,125 | 1,616 | 2,319 | 3,165 | 3,765 | 4,459 | 5,224 | 5,883 | – |
CWIP | 320 | 479 | 386 | 203 | 430 | 373 | 513 | 623 | 901 | 1,020 | 915 | 956 | 958 |
Investments | 3,094 | 3,278 | 2,780 | 3,779 | 3,111 | 2,949 | 1,500 | 2,995 | 4,122 | 3,794 | 5,493 | 4,602 | 7,685 |
Other Assets | 7,162 | 7,420 | 7,840 | 6,745 | 9,466 | 10,200 | 12,533 | 13,471 | 13,680 | 15,606 | 18,289 | 19,848 | 17,684 |
Total Assets | 12,998 | 13,634 | 13,920 | 14,751 | 17,149 | 17,865 | 19,602 | 68,116 | 69,737 | 71,825 | 77,076 | 78,313 | 79,476 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 3,724 | 3,272 | 3,974 | 4,953 | 5,913 | 5,728 | 7,305 | 8,957 | 8,964 | 9,626 | 14,884 | 11,606 |
Cash from Investing Activity | -513 | 280 | -51 | -752 | -1,261 | -264 | 1,926 | -1,067 | -1,732 | -1,062 | -4,971 | 6,763 |
Cash from Financing Activity | -2,917 | -3,450 | -4,008 | -4,264 | -4,651 | -5,462 | -6,676 | -9,280 | -7,984 | -8,966 | -9,890 | -13,031 |
Net Cash Flow | 294 | 101 | -85 | -63 | 1 | 2 | 2,555 | -1,390 | -752 | -402 | 23 | 5,338 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 11 | 9 | 12 | 11 | 12 | 16 | 10 | 13 | 14 | 17 | 16 | 20 |
Inventory Days | 83 | 72 | 71 | 65 | 62 | 57 | 63 | 64 | 63 | 53 | 52 | 56 |
Days Payable | 170 | 146 | 155 | 165 | 186 | 167 | 177 | 162 | 145 | 122 | 139 | 148 |
Cash Conversion Cycle | -76 | -65 | -71 | -89 | -111 | -94 | -104 | -86 | -67 | -53 | -71 | -72 |
Working Capital Days | -57 | -55 | -27 | -35 | -39 | -32 | -33 | -33 | -24 | -17 | -23 | -34 |
ROCE % | 154% | 150% | 120% | 97% | 109% | 119% | 120% | 38% | 24% | 26% | 27% | 28% |
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