Whalesbook
рдЖрдШрд╛рдбреАрдЪреА рдмреНрд░реЛрдХрд░реЗрдЬ рдлрд░реНрдо рдиреБрд╡рд╛рдорд╛ (Nuvama) рдиреЗ рд╣рд┐рдВрджреБрд╕реНрддрд╛рди рдпреВрдирд┐рд▓реАрд╡рд░ (HUL) рд╕рд╛рдареА 'рдмрд╛рдп' (Buy) рд░реЗрдЯрд┐рдВрдЧ рд╕реБрд░реВ рдХреЗрд▓реА рдЖрд╣реЗ, рдЬреНрдпрд╛рдордзреНрдпреЗ 3,200 рд░реБрдкрдпрд╛рдВрдЪреЗ рд▓рдХреНрд╖реНрдп рднрд╛рд╡ (target price) рдареЗрд╡рдгреНрдпрд╛рдд рдЖрд▓реЗ рдЖрд╣реЗ. рдпрд╛рдореБрд│реЗ 33% рдкрд░реНрдпрдВрдд рд╡рд╛рдвреАрдЪреА (upside) рд╢рдХреНрдпрддрд╛ рдЖрд╣реЗ. HUL рдЪреНрдпрд╛ рдЖрдЗрд╕рдХреНрд░реАрдо рд╡реНрдпрд╡рд╕рд╛рдпрд╛рдЪреНрдпрд╛ рдбреАрдорд░реНрдЬрд░рдореБрд│реЗ (demerger) рд╣реЗ рдЕрдкрдЧреНрд░реЗрдб рдХрд░рдгреНрдпрд╛рдд рдЖрд▓реЗ рдЖрд╣реЗ, рдЬреНрдпрд╛рд╕рд╛рдареА 5 рдбрд┐рд╕реЗрдВрдмрд░, 2025 рд╣реА рд░реЗрдХреЙрд░реНрдб рддрд╛рд░реАрдЦ (record date) рдирд┐рд╢реНрдЪрд┐рдд рдХреЗрд▓реА рдЖрд╣реЗ. рднрд╛рдЧрдзрд╛рд░рдХрд╛рдВрдирд╛ HUL рдЪреНрдпрд╛ рдкреНрд░рддреНрдпреЗрдХ рд╢реЗрдЕрд░рдорд╛рдЧреЗ рдирд╡реАрди рдЖрдЗрд╕рдХреНрд░реАрдо рдХрдВрдкрдиреА, KWIL рдЪрд╛ рдПрдХ рд╢реЗрдЕрд░ рдорд┐рд│реЗрд▓. рдиреБрд╡рд╛рдорд╛рдЪреНрдпрд╛ рдорддреЗ, рдпрд╛ рд╡рд┐рднрд╛рдЬрдирд╛рдореБрд│реЗ HUL рдЪреЗ EBITDA рдорд╛рд░реНрдЬрд┐рдиреНрд╕ 50-60 рдмреЗрд╕рд┐рд╕ рдкреЙрдЗрдВрдЯреНрд╕рдиреА (basis points) рд╡рд╛рдврддреАрд▓ рдЖрдгрд┐ рдЖрдЗрд╕рдХреНрд░реАрдо рд╡реНрдпрд╡рд╕рд╛рдпрд╛рд▓рд╛ рдордЬрдмреВрдд рдмрд╛рдЬрд╛рд░рдкреЗрдареЗрддреАрд▓ рд╡рд╛рдв рдЖрдгрд┐ рдЕрдиреБрдХреВрд▓ рдХрд░ рдмрджрд▓рд╛рдВрдЪреНрдпрд╛ (favourable tax changes) рдкрд╛рд░реНрд╢реНрд╡рднреВрдореАрд╡рд░ рдкреВрд░реНрдг рдХреНрд╖рдорддрд╛ рдЧрд╛рдардгреНрдпрд╛рд╕ рдорджрдд рд╣реЛрдИрд▓.
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 |
| тАУ | 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 тВ╣ 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 тВ╣ 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% | тАУ |
Standalone figures in тВ╣ 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 | тАУ |
Accumulated Depreciation | 2,021 | 2,264 | 304 | 688 | 1,125 | 1,616 | 2,319 | 3,165 | 3,765 | 4,459 | 5,224 | 5,883 | тАУ |
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 тВ╣ 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 тВ╣ 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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