Hindustan Unilever Limited (HINDUNILVR)
Large CapFMCG stocks · Large cap · NSE
Hindustan Unilever Limited (HUL) is a leading Indian consumer goods company. It operates across Home Care, Beauty & Wellbeing, Personal Care, and Foods segments. Recent strategic actions include the demerger of its Ice Cream business, acquisition of OZiva, and scaling up Minimalist, alongside significant capex in premium formats.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100PAT -3% YoY · margin compression · Rev +10% YoY · +6% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹17,341 Cr | +10.1% | +6.0% |
| EBITDA | ₹3,947 Cr | +8.5% | +2.9% |
| Operating margin | 23.0% | +0 bps | +0 bps |
| PAT | ₹2,680 Cr | -3.2% | -10.5% |
| PAT margin | 15.4% | -212 bps | -286 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
HUL reported a sequential step-up in performance for MQ'26 with 7% Underlying Sales Growth (USG) and 6% Underlying Volume Growth (UVG). EBITDA grew 6% with a 23.7% margin. FY'26 saw 5% USG and 4% UVG, with flat PAT (bei).
HUL demonstrated sequential growth improvement in MQ'26, driven by volume. Strategic initiatives like portfolio rotation, capex in premium formats, and omni-channel execution are progressing. While input cost volatility and subdued mass skin care are noted, management expects FY'27 to be better, supported by strong brands and operational agility.
FY'26 Revenue Contribution by Segment
Latest issuer-disclosed distribution across 4 reported categories.
Premiumization Strategy
₹2,000 cr. capex committed towards premium formats; 4X expansion of Masstige & Wellbeing portfolio; double-digit growth in Skin Care market development cells.
Omni-channel Execution
Doubled turnover in Q-commerce in FY'26; 25%+ turnover growth in E-commerce in FY'26; ~2 lakh increase in stores covered in General Trade.
Home Care Segment Strength
Delivered strongest growth in 11 quarters; double-digit, broad-based growth in Fabric Wash; double-digit volume growth in Household Care.
Beauty & Wellbeing Momentum
Strong double-digit growth in Hair Care driven by volume; strong performance in premium skin care.
Capex for Premium Formats
₹2,000 cr. capex committed towards premium formats.
Stable Underlying Demand
MQ'26 operating context noted a stable underlying demand trend.
Supportive Macro-economic Backdrop
MQ'26 operating context highlighted supportive monetary and fiscal policies.
Input Cost Volatility
Escalation in crude and crude-linked derivative costs in MQ'26 and FY'26.
Rupee Depreciation
FY'26 saw Rupee depreciation contributing to business impact of geo-political tension.
Subdued Mass Skin Care
Strong performance in premium skin care was offset by subdued performance in mass skin in Beauty & Wellbeing.
Input Cost Inflation
Supply-led inflation in crude-linked derivatives and crude price escalation pose a risk to margins.
Geo-political Disruption
Heightened geo-political tension can impact business through supply-led inflation and currency depreciation.
Intense Competition
Safe harbour statement mentions risks from intense competition and the pricing environment in the market.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
MQ'26 results highlight recent momentum and the impact of strategic actions, while FY'26 provides a comprehensive view of annual performance and the broader trajectory of the business, which is crucial for a consumer company with seasonal elements.
Underlying Volume Growth (UVG)
MQ'26 UVG at 6%; FY'26 UVG at 4%.
EBITDA Margin
MQ'26 EBITDA as a % of Turnover was 23.7% (-50 bps YoY); FY'26 EBITDA as a % of Turnover was 23.6% (-70 bps YoY).
Distribution Expansion (General Trade)
General Trade direct coverage increased by ~2 lakh stores in FY'26 vs FY'25.
Market Share Gains
Home Care strengthened market leadership, Hair Care strengthened market leadership, ~400 bps share gain in Bodywash, highest ever market share in Laundry powders, Closeup gained market shares.
FY'27 Outlook
Management expects FY'27 to be better than FY'26, led by portfolio and channel transformation.
Growth Focus
Focus is on driving competitive, volume-led revenue growth anchored to four key priorities.
Margin Management
Judicious balancing of pricing, savings, and media investments to neutralize short-term impacts from the Middle East situation.
EBITDA Margin Guidance
Consolidated EBITDA margin is expected to be around the current guided range.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Underlying Volume Growth (UVG) | MQ'26 UVG at 6% | Sustained high-single digit UVG, indicating successful volume-led growth strategy. |
| EBITDA Margin | MQ'26 EBITDA margin at 23.7% | Stability around the current guided range, despite input cost pressures and reinvestments. |
| Premiumization Success | ₹2,000 cr. capex committed to premium formats | Tangible market share gains and accelerated growth in premium and masstige segments. |
| Omni-channel Performance | Doubled Q-commerce turnover in FY'26 | Continued strong turnover growth and expanded reach in Q-commerce, E-commerce, and General Trade. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
27Bearishfull bear SMA stack · SMA20 -4.4% / mo · MACD − · near 52W low
Technical chart
HINDUNILVRdaily · 1Y · AUTO-12.5%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 37.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~4.6% over last month) — short-term momentum negative.
- RSI(14) at 37 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 9.2% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.1%.
- Both 3-month and 6-month returns are negative.
Valuation & score drivers
U-Score 61 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 61 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 31.1%.
- Quality contributes 18/20 to the score.
Main drags
- Valuation is weaker at 8/30; verify the latest quarterly trend.
- Growth is weaker at 12/25; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 98th percentile of the scored universe and 93rd percentile within FMCG. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 61.9%.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · FMCG: 93rd pctile, median 78 · Large: 94th pctile, median 73
172 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 61.9%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.6%.
- ▸12 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 42.00
- P/B
- 9.53
- EV/EBITDA
- 27.84
- Market Cap
- 463668.00Cr
Profitability
- ROE
- 31.00%
- ROCE
- 28.40%
- ROA
- 18.78%
- Dividend Y
- 2.08%
Growth (CAGR)
- Revenue 5Y
- 7.00%
- EPS 5Y
- 13.00%
- Revenue 3Y
- 2.00%
- EPS 3Y
- 14.00%
Balance Sheet
- Debt/Equity
- 0.03
- Interest Coverage
- 42.28×
- Altman Z
- 8.54
- Book Value
- 207.00
Cash Flow
- FCF Yield
- 1.58%
- FCF Positive Y
- 12/5
- OCF
- 10999.00 Cr
- EPS TTM
- 63.66
Shareholding
- Promoter Hold
- 61.90%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 4%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in FMCG — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.