Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Oct
Source: Bse
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.
₹1,850.2
-3.00 · -0.16%
Market cap ₹4,45,717 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result28 Jul, 03:38 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · FMCG P/E 37.8 (n=42)
Technical timing lens
Trend score and candlestick chart
21Bearishfull bear SMA stack · SMA20 -4.6% / mo · MACD + · near 52W low · sector -5.7pp vs Nifty 500 (3M)
Stock trend: 26
Sector RS: 14
Sector 3M: -11.3% vs Nifty 500 -5.6%
FMCG FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
HINDUNILVRD candles · FIT view-20.5%Latest close ₹1850.20 on 2026-10-21
Bar
-0.2%
RSI
41
MACD hist
4.60
52W pos
4%
2026-10-21O ₹1854.00H ₹1869.70L ₹1833.00C ₹1850.20Vol 6.6L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
HINDUNILVRNifty FMCGNifty 500
- HINDUNILVR
- -13.6%
- Nifty 500
- -6.5%
- Nifty FMCG
- -10.7%
- Vs Nifty 500
- -7.1 pp
Chart stats
21 Oct 2026- From 52W high
- -30.6%
- 52W range position
- 4%
- ATR (14)
- 2.0%
- Volume vs 20D
- 0.46x
- Avg traded value
- ₹271 Cr
- 20D price channel
- ₹1,814.4 - ₹1,956.8
₹2,667.2
₹1,814.4 - ₹2,667.2
₹37
Latest completed session
20-session average
25.2% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED61
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +10.1% · PAT -3.2% YoY
Technical
Bearish21
Price trend and sector-relative-strength timing.
Valuation
Legacy model+35.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence85
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -3% YoY · margin compression · Rev +10% YoY · +6% QoQ
Filed 28 Jul 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 40.30
- P/B
- 9.16
- EV/EBITDA
- 26.77
- Market Cap
- 445717.00Cr
Profitability
- ROE
- 31.00%
- ROCE
- 28.40%
- ROA
- 18.78%
- Dividend Y
- 2.19%
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
- 1.64%
- FCF Positive Y
- 12/5
- OCF
- 10999.00 Cr
- EPS TTM
- 63.66
Shareholding
- Promoter Hold
- 61.90%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 11%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 17.3k+6.1% vs prev
Net Profit
₹ CrLatest: 2,680-10.5% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 41.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~4.8% over last month) — short-term momentum negative.
- RSI(14) at 41 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 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.
Valuation & peers
U-Score 61 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 61 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · UNDERVALUEDValuation8/30
Growth12/25
Quality18/20
Balance Sheet12/15
Cash Flow5/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
61
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
61/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 35.4%.
- 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.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
40.3
PB
9.2
EV/EBITDA
26.8
ROE
31.0%
ROCE
28.4%
FCF Yield
1.6%
Debt/Equity
0.0
MoS
+35.4%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
61
Previous: 61
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+35.4%
Previous: +35.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
61
61
61
61
61
61
61
61
61
61
61
61
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹544.51
-239.8% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹2,864.7
+35.4% MoS
PEG
3.01
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
EMAMILTD
Large
Emami Limited
Consumer Goods
match 154
62
21.8
26.2%
+50%
UNDERVALUED
GODREJCP
Large
Godrej Consumer Products Limited
Consumer Goods
match 154
36
43.0
16.1%
-362%
WATCHLIST
GILLETTE
Large
Gillette India Limited
Consumer Goods
match 150
69
35.2
66.5%
+21%
UNDERVALUED
BAJAJCON
Small
Bajaj Consumer Care Limited
Consumer Goods
match 133
46
24.6
24.7%
-325%
FAIR VALUE
DOMS
Large
DOMS Industries Limited
Consumer Goods
match 122
54
58.4
20.7%
-29%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T15:25:18.475Z
Management commentary snapshot
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.
Current business mix
FY'26 Revenue Contribution by Segment
Latest issuer-disclosed distribution across 4 reported categories.
Home Care37.0%
Beauty & Wellbeing23.0%
Personal Care15.0%
Foods22.0%
Growth engines
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.
Capacity and execution
Capex for Premium Formats
₹2,000 cr. capex committed towards premium formats.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
85Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 98th percentile of the scored universe and 91st percentile within FMCG. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
173 docs text-extracted · 27 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
98th percentile
overall median 67 · FMCG: 91st pctile, median 79 · Large: 94th pctile, median 73
Evidence depth
Financial-only
173 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
82
strong · capital discipline
Results
87
strong · quarterly consistency
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.
Continue researching Hindustan Unilever Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 21 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 12 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 28 Jul
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.