હિન્દુસ્તાન યુનિલીવર: નુવામા 'ખરીદો' રેટિંગ શરૂ કરે છે, આઈસ્ક્રીમ ડીમર્જર પર 33% અપસાઇડનો લક્ષ્યાંક

Consumer Products

Published on 20th November 2025, 6:09 AM

Author

Satyam Jha | Whalesbook News Team

Overview

અગ્રણી બ્રોકરેજ નુવામાએ હિન્દુસ્તાન યુનિલીવર (HUL) પર 'ખરીદો' (Buy) રેટિંગ શરૂ કરી છે, જેની લક્ષ્યાંક કિંમત રૂ. 3,200 છે, જે 33% ની સંભવિત અપસાઇડ સૂચવે છે. આ અપગ્રેડ HUL ના આઈસ્ક્રીમ વ્યવસાયના ડીમર્જર (demerger) દ્વારા પ્રેરિત છે, જેના માટે 5 ડિસેમ્બર, 2025 ની રેકોર્ડ તારીખ (record date) નક્કી કરવામાં આવી છે. શેરધારકોને HUL ના દરેક શેર દીઠ નવી આઈસ્ક્રીમ એન્ટિટી KWIL નો એક શેર મળશે. નુવામા અપેક્ષા રાખે છે કે આ વિભાજન HUL ના EBITDA માર્જિનને 50-60 બેસિસ પોઇન્ટ્સ (basis points) સુધારશે અને મજબૂત બજાર વૃદ્ધિ (market growth) અને અનુકૂળ કર ફેરફારો (favourable tax changes) ની પૃષ્ઠભૂમિમાં આઈસ્ક્રીમ વ્યવસાયને તેની સંપૂર્ણ ક્ષમતા પ્રાપ્ત કરવામાં મદદ કરશે.

Hindustan Unilever Ltd

₹ 2,4340.22%

21 Nov – close price

🔗hul.co.in•BSE: 500696•NSE: HINDUNILVR

Market Cap₹ 5,71,655 Cr.

Current Price₹ 2,434

High / Low₹ 2,780

Stock P/E54.4

Book Value₹ 208

Dividend Yield1.77 %

ROCE27.6 %

ROE20.6 %

Face Value₹ 1.00

Sales₹ 62,138 Cr.

OPM22.8 %

Mar Cap₹ 5,71,655 Cr.

ABOUT

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]

KEY POINTS

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:

Peer Comparision

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

Quarterly Results

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

Profit & Loss

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%	–

Compounded Sales Growth

10 Years:7%

5 Years:10%

3 Years:6%

TTM:2%

Compounded Profit Growth

10 Years:11%

5 Years:8%

3 Years:5%

TTM:4%

Stock Price CAGR

10 Years:12%

5 Years:3%

3 Years:-1%

1 Year:0%

Return on Equity

10 Years:29%

5 Years:21%

3 Years:20%

Last Year:21%

Balance Sheet

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

Cash Flows

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

Ratios

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%

Shareholding Pattern
Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	61.90%	61.90%	61.90%	61.90%	61.90%	61.90%	61.90%	61.90%	61.90%	61.90%	61.90%	61.90%
FIIs	14.32%	14.36%	14.48%	13.90%	13.65%	12.67%	11.87%	12.17%	11.43%	10.62%	10.18%	10.79%
DIIs	11.50%	11.51%	11.47%	11.90%	12.31%	13.21%	14.09%	14.13%	14.67%	15.48%	15.99%	15.62%
Public	12.23%	12.17%	12.09%	12.26%	12.11%	12.19%	12.11%	11.75%	11.94%	11.93%	11.86%	11.62%