P & G Hygiene

For the fiscal year ended March 31, 2026, P & G Hygiene reported sales of approximately ₹4300 crores, which remained flat compared to the previous year. Despite the flat top-line, the company delivered a Profit After Tax (PAT) of about ₹850 crores, marking a significant 19% increase year-over-year. This profit growth was largely attributed to targeted and cohesive savings programs, which generated ₹86 crores in savings during the year. The company also improved its structural margins by 1 point (100 basis points) over the past year.

The company's integrated growth strategy focuses on a portfolio of daily-use products, superiority across all touchpoints, productivity, constructive disruption, and an engaged organization. Management emphasized that targeted investments in consumer-centric innovation and strengthening go-to-market capabilities are expected to drive sustained, balanced growth. This strategy has historically delivered an 8% compounded annual profit growth and mid-single digit sales growth over the past decade, resulting in cumulative returns of over ₹3000 per share to shareholders.

In the Feminine Care category, Whisper Period Pants, designed for 360-degree leakage protection, sold 10 crore units in the last year, establishing Whisper as the undisputed leader in this new segment. The company also upgraded its Whisper Nights portfolio to provide worry-free sleep. In Personal Healthcare, the Vicks Cough Syrup, a non-drowsy formula, and the upgraded Vicks ZzzQuil Natura Sleep Gummies, now with 5mg melatonin and 50mg ashwagandha, were highlighted as key innovations addressing evolving consumer needs.

The company acknowledged a dynamic operating environment characterized by media fragmentation, inflation impacting consumer spending, and transformative shifts in the retail landscape. Feminine Hygiene is currently growing at 7-10%, while healthcare sub-categories are growing at 2-3%. The Indian economy is estimated to grow at 6.5% for the year, but non-food inflation remains below RBI's 4% target. Competition has intensified, with over 50 new regional and D2C players entering the feminine hygiene category in the last decade.

Management highlighted significant input cost pressures, with crude prices increasing by 30-50% and resin prices also rising, partly due to the West Asia conflict. Despite these challenges, the company's industry-leading supply chain and robust productivity programs have enabled it to maintain product performance and availability. The company remains committed to activating savings programs and securing continuous supplies to mitigate risks and ensure a balanced approach to business growth.

P&G emphasizes employee wellbeing through physical, mental, financial, and work/life support programs. The company's CSR program, P&G Shiksha, reached a milestone of impacting over 1 crore children from underserved communities, focusing on addressing learning gaps. These initiatives, along with brand campaigns and community impact programs, have received external recognition, reinforcing the company's commitment to stakeholders.