HINDUNILVR

Hindustan Unilever share price & financials

Price
₹2,194.6
Market cap
₹5.0L Cr
Sector
Fast Moving Consumer Goods
Calls analysed
9
Latest concall · Q1 FY27 · call held 28 Jul 2026

Hindustan Unilever Limited Q1 FY27

EBITDA Margin 23% PAT ₹2,731 cr +9%

What went well

  • Highest Underlying Sales Growth (10%) in 13 quarters, driven equally by volume and price.
  • Strong Underlying Volume Growth (5%) demonstrating competitive market share gains.
  • EBITDA Margin maintained at 23% despite cost pressures, reflecting financial discipline.

What to watch

  • Profit After Tax (after exceptional items) declined 2% year-on-year to ₹2,680 crores, primarily due to a one-off tax credit of ~₹330 crores in the base period of June quarter 2025.
  • Continued volatility in crude-linked derivatives and commodity markets, posing ongoing cost pressures.
Read the full call →

What Hindustan Unilever Limited does

Hindustan Unilever Limited is India's largest fast-moving consumer goods company, making and selling everyday home, beauty, personal care and foods products under 50+ brands across 15 categories. It earns revenue by manufacturing at scale and distributing through an extensive network of distributors and retail outlets, backed by deep consumer research and one of the country's oldest and largest R&D operations. HUL is the local Unilever operation and benefits from Unilever's global technology, trademarks and innovation.

Segments

  • Home Care
  • Beauty & Wellbeing
  • Personal Care
  • Foods
Market position
India's largest FMCG company
Brands
50+ across 15 categories
Brands with over Rs 1,000 Cr annual turnover
19
Owned factories
27
Contract manufacturers
50+
Units produced annually
80 billion+
Headquarters Mumbai, IndiaEmployees 18,400 (FY2024-25 (31 March 2025) Company website

Guidance record · Q1 FY27

what the last two calls moved 9 tracked 6 delivered 0 missed 3 open
  • EBITDA Margin delivered, diluted said Q2 FY25 Promised: maintain at current healthy levels (23.8%) Q1 FY27: Actual 23.0%, within the revised 22.5-23.5% guidance range.
  • B&W Portfolio Shift to Premium on track said Q3 FY25 Promised: 900 bps improvement over the next few years Q1 FY27: Premium Skin Care continued to grow at double-digits, supporting the premiumization trend. However, the specific 900 bps metric was not mentioned again.

All 9 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 10.1%, net profit down 3.2% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue15,926 15,556 15,190 15,757 15,919 −0%16,441 +6%16,351 +8%17,341 +10%
EBITDA3,787 3,689 3,618 3,639 3,782 −0%3,781 +2%3,837 +6%3,947 +8%
Net profit2,595 2,989 2,475 2,768 2,694 +4%6,603 +121%2,994 +21%2,680 −3%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −27.1% 1Y

₹2.0k₹2.2k₹2.4k₹2.6kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 23 Oct 2025Q3 FY26 — 12 Feb 2026Q4 FY26 — 30 Apr 2026Q1 FY27 — 28 Jul 2026

1Y: ₹2,643.5 on 10 Sept 2025 → ₹1,927. High ₹2,643.5 (10 Sept 2025), low ₹1,927 (11 Sept 2026).

How the price took the results

close before → close after

Q1 FY27
−7.0%
28 Jul
Q4 FY26
−2.7%
30 Apr
Q3 FY26
−2.2%
12 Feb
Q2 FY26
+0.4%
23 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 2.1% a year over 3 years, FY23 to FY26. Operating margin held at 23.3%.

Year endingFY23FY24FY25FY26
Revenue₹60.6k Cr₹61.9k Cr₹62.4k Cr₹64.5k Cr
Operating profit₹14.1k Cr₹14.7k Cr₹14.8k Cr₹15.0k Cr
Operating margin23.4%23.7%23.8%23.3%
Interest₹114 Cr₹334 Cr₹389 Cr₹410 Cr
Depreciation₹1.1k Cr₹1.2k Cr₹1.3k Cr₹1.3k Cr
Net profit₹10.1k Cr₹10.3k Cr₹10.7k Cr₹15.1k Cr
Net margin16.7%16.6%17.1%23.4%
ROCE27.0%27.0%28.0%28.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹235 Cr₹235 Cr₹235 Cr₹235 Cr₹235 Cr₹235 Cr
Reserves₹47.4k Cr₹48.8k Cr₹50.1k Cr₹51.0k Cr₹48.5k Cr₹48.5k Cr
Borrowings₹0 Cr₹1.0k Cr₹1.2k Cr₹1.5k Cr₹1.8k Cr₹1.5k Cr
Other liabilities₹21.1k Cr₹20.4k Cr₹21.6k Cr₹25.8k Cr₹31.5k Cr₹29.5k Cr
Total liabilities₹68.7k Cr₹70.5k Cr₹73.1k Cr₹78.5k Cr₹82.0k Cr₹79.7k Cr
Fixed assets₹51.4k Cr₹51.5k Cr₹52.7k Cr₹53.7k Cr₹58.1k Cr₹57.4k Cr
Capital work in progress₹745 Cr₹1.3k Cr₹1.1k Cr₹1.0k Cr₹1.0k Cr₹880 Cr
Investments₹2.7k Cr₹3.5k Cr₹2.9k Cr₹4.6k Cr₹4.0k Cr₹4.4k Cr
Other assets₹13.8k Cr₹14.2k Cr₹16.4k Cr₹19.1k Cr₹18.9k Cr₹17.1k Cr
Total assets₹68.7k Cr₹70.5k Cr₹73.1k Cr₹78.5k Cr₹82.0k Cr₹79.7k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +0.93 pp while FIIs trimmed −0.68 pp. The shareholder count shrank 4% to 11,15,507.

Promoters
61.9%
FIIs
9.5%
DIIs
16.9%
Government
0.1%
Public
11.6%

Since Jun 2025

  • DIIs +0.93 pp
  • FIIs −0.68 pp
  • Public −0.26 pp

How it drifted, 12 quarters

Over this window DIIs went from 11.9% to 16.9% — +5.0 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 61.9%, FIIs 13.9%, DIIs 11.9%, Government 0.0%, Public 12.3%.Dec '23: Promoters 61.9%, FIIs 13.7%, DIIs 12.3%, Government 0.0%, Public 12.1%.Mar '24: Promoters 61.9%, FIIs 12.7%, DIIs 13.2%, Government 0.0%, Public 12.2%.Jun '24: Promoters 61.9%, FIIs 11.9%, DIIs 14.1%, Government 0.1%, Public 12.1%.Sep '24: Promoters 61.9%, FIIs 12.2%, DIIs 14.1%, Government 0.1%, Public 11.8%.Dec '24: Promoters 61.9%, FIIs 11.4%, DIIs 14.7%, Government 0.1%, Public 11.9%.Mar '25: Promoters 61.9%, FIIs 10.6%, DIIs 15.5%, Government 0.1%, Public 11.9%.Jun '25: Promoters 61.9%, FIIs 10.2%, DIIs 16.0%, Government 0.1%, Public 11.9%.Sep '25: Promoters 61.9%, FIIs 10.8%, DIIs 15.6%, Government 0.1%, Public 11.6%.Dec '25: Promoters 61.9%, FIIs 10.7%, DIIs 15.7%, Government 0.1%, Public 11.6%.Mar '26: Promoters 61.9%, FIIs 10.1%, DIIs 16.3%, Government 0.1%, Public 11.6%.Jun '26: Promoters 61.9%, FIIs 9.5%, DIIs 16.9%, Government 0.1%, Public 11.6%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 3 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Hindustan Unilever Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Unilever Plc 47.43%unchanged
Life Insurance Corporation Of India Insurer6.59%newly disclosed
Unilever Group Limited 4.54%unchanged
Unilever Overseas Holdings Ag 2.93%unchanged
Unilever Uk&Cn Holdings Limited 2.56%unchanged
Unilever South India Estates Limited 2.24%unchanged
ICICI Prudential India Opportunities Fund Mutual fund1.78%newly disclosed
SBI Equity Minimum Variance Fund Mutual fund1.61%newly disclosed
Unilever Assam Estates Limited 1.40%unchanged
Unilever Overseas Holdings B V 0.80%unchanged
LICI New Pension Plus Growth Fund Insurer—off the list
ICICI Prudential Mutual Fund - ICICI Prudential Ni Mutual fund—off the list

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in HINDUNILVR

Filings to Aug 2026

0 new, 16 added, 12 trimmed, 0 sold out — net +18.70 L shares (+2.8%).

Held by funds
₹13.7k Cr
51 schemes
Biggest holder
SBI Nifty 50 ETF
₹3.4k Cr · 1.6% of that fund
SchemeHoldingLast month
SBI Nifty 50 ETF SBI Mutual Fund₹3.4k Cr+0.91 L
SBI BSE Sensex ETF SBI Mutual Fund₹2.4k Cr+1.18 L
Nippon India Large Cap Fund Nippon India Mutual Fund₹1.4k Crheld
Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund₹1.1k Cr+1.08 L
SBI Large Cap Fund SBI Mutual Fund₹807 Crheld
SBI Large and Midcap Fund SBI Mutual Fund₹571 Crheld
Nippon India Small Cap Fund Nippon India Mutual Fund₹570 Cr+8.16 L
Nippon India ETF BSE Sensex Nippon India Mutual Fund₹561 Cr+0.79 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

16 added, 12 trimmed — net +18.70 L shares (+2.8%)

Funds are sitting on
-11%
vs est. average cost
Held by funds
₹13.7k Cr
51 schemes · ≈ 3.0% of the company
Biggest holder
SBI Nifty 50 ETF
₹3.4k Cr · 1.6% of that fund
Longest holder
Nippon India Index Fund - Nifty 50 Plan
14y · since Sep '12

Shares held by these funds +46%

Aug '23 6.75 cr shares Jul '26

What the price assumes

Expensive

To justify its price of ₹1927, this stock must grow earnings at 12% every year for 7 years. Our analysis caps realistic growth at ~5%. At that growth it is worth ₹1181 — downside of 39%.

Growth the price implies
12.0% a year
for 7 years, fading to 5%
It has actually compounded at
3.3% a year
net profit, FY23–FY26 · EPS 3.4%
The gap
0.1 pp
-39% downside if it only repeats history
Price today ₹1,927 Value at the reference growth ₹1,180.97
Why this baseline, and what it is built on

Hindustan Unilever shows stable financials, but recent TTM sales growth is low at 1.81%. The promise track record is good, with many achieved promises, though some were ghosted. Management guides for FY27 to be 'better than FY26' and prioritizes 'volume-led growth', while maintaining an EBITDA margin of 22.5-23.5%. Given the stable FMCG industry, good track record, but vague growth guidance and low recent TTM growth, a conservative g1 of 5.0% is chosen, anticipating a recovery in volume growth. Very low leverage and industry stability support a low discount rate of 9%. A longer 7-year stage-1 growth period with a 4-year fade to a 5% terminal growth rate is appropriate for a mature, market-leading FMCG player.

Through 2026-03-31

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Hindustan Unilever Limited

Guides on how to read this kind of business and the numbers that matter.