Hindustan Unilever Limited (NSE: HINDUNILVR | BSE: 500696)
Source: Hindustan Unilever Limited Annual Report FY 2025-26 (Fiscal Year Ended March 31, 2026) 📊 Stock Screeners
Hindustan Unilever Limited is an operating powerhouse anchored in the bedrock conviction that “What is good for India is good for HUL.” With a legacy spanning over nine decades, the Company operates an integrated fast-moving consumer goods platform that touches over 9 million retail outlets across urban and rural India through a network exceeding 3,500 dedicated distributors. Over 90% of Indian households utilize one or more of HUL’s 50 brands across 15 consumer categories.
- Core Business & Market Position: Hindustan Unilever Limited (HUL) is India’s largest Fast-Moving Consumer Goods (FMCG) enterprise, touching 9 out of 10 Indian households across 50 brands spanning 15 distinct FMCG categories in Home Care, Beauty & Wellbeing, Personal Care, and Foods.
- FY26 Financial Trajectory: Consolidated Revenue from Operations reached ₹64,468.00 Crores in FY 2025-26, advancing 5.12% YoY from ₹61,328.00 Crores, while Total Profit After Tax (including discontinued operations) jumped 41.12% to ₹15,059.00 Crores, buoyed by an exceptional gain of ₹4,611.00 Crores from the demerger of the Ice Cream business. Continuing operations Profit After Tax stood at ₹10,652.00 Crores.
- Key Growth Catalyst: Aggressive premiumisation anchored by the science-backed, aesthetically elevated, sensorially delightful, culturally advocated, and youthful SASSY framework, reinforced by strategic D2C/masstige acquisitions including a 90.50% controlling interest in Uprising Science Private Limited (Minimalist) and 100% ownership consolidation in Zywie Ventures Private Limited (OZiva).
- Primary Balance Sheet / Operational Watchpoint: Navigating commodity price volatility (particularly stubborn inflation in crude derivatives and palm oil alongside domestic tea deflation), while successfully managing the operational carve-out and listing of Kwality Wall’s (India) Limited.
📋 Quick Facts / Company Snapshot: Hindustan Unilever Limited (NSE: HINDUNILVR | BSE: 500696)
- Core Business & Market Position: Hindustan Unilever Limited (HUL) is India’s largest Fast-Moving Consumer Goods (FMCG) enterprise, touching 9 out of 10 Indian households across 50 brands spanning 15 distinct FMCG categories in Home Care, Beauty & Wellbeing, Personal Care, and Foods.
- FY26 Financial Trajectory: Consolidated Revenue from Operations reached ₹64,468.00 Crores in FY 2025-26, advancing 5.12% YoY from ₹61,328.00 Crores, while Total Profit After Tax (including discontinued operations) jumped 41.12% to ₹15,059.00 Crores, buoyed by an exceptional gain of ₹4,611.00 Crores from the demerger of the Ice Cream business. Continuing operations Profit After Tax stood at ₹10,652.00 Crores.
- Key Growth Catalyst: Aggressive premiumisation anchored by the science-backed, aesthetically elevated, sensorially delightful, culturally advocated, and youthful SASSY framework, reinforced by strategic D2C/masstige acquisitions including a 90.50% controlling interest in Uprising Science Private Limited (Minimalist) and 100% ownership consolidation in Zywie Ventures Private Limited (OZiva).
- Primary Balance Sheet / Operational Watchpoint: Navigating commodity price volatility (particularly stubborn inflation in crude derivatives and palm oil alongside domestic tea deflation), while successfully managing the operational carve-out and listing of Kwality Wall’s (India) Limited.
| Attribute | Disclosed Detail |
|---|---|
| Official Company Name | Hindustan Unilever Limited |
| Corporate Identity Number (CIN) | L15140MH1933PLC002030 |
| ISIN | INE030A01027 |
| Stock Exchange Listing | BSE: 500696 | NSE: HINDUNILVR |
| Date of Incorporation / Founding Year | 1933 |
| Registered Office & Corporate Headquarters | Unilever House, B. D. Sawant Marg, Chakala, Andheri (East), Mumbai – 400099, Maharashtra, India |
| Telephone & Official Investor Relations Email | +91 (0) 022 – 5043 2790 / 32516 / 32754 | levercare.shareholder@unilever.com |
| Chairman / Managing Director & CEO | Nitin Paranjpe (Non-Executive Chairman) | Priya Nair (Managing Director & CEO) |
| Chief Financial Officer (CFO) & Company Secretary (CS) | Niranjan Gupta (Executive Director, Finance & CFO) | Radhika Shah (Company Secretary & Compliance Officer) |
| Promoter & Holding Group | Unilever PLC and its Associates (61.90% total promoter holding; Unilever PLC holds 47.43% directly) |
| Industry / Sector Classification | Fast-Moving Consumer Goods (FMCG) / Manufacturing (NIC Codes: 202301, 202302, 202304, 202305, 202306, 202307, 107601, 107602, 105006, 103004, 962201) |
| Total Workforce Split & Attrition Rate | 7,499 Total Employees (7,191 Permanent, 308 Other than Permanent); 17,490 Total Workers (10,286 Permanent, 7,204 Other than Permanent); Permanent Employee Attrition: 18.40% (12.30% voluntary, 6.20% involuntary); Permanent Worker Attrition: 5.60% |
| Manufacturing Plants & Offices Count | 25 Manufacturing Plants and 13 Sales/Corporate Offices across India |
| Credit Ratings & Rating Agency | CRISIL AAA/Stable (Long-term Facilities / Debt Instruments by CRISIL) |
| Statutory, Secretarial & Cost Auditors | Statutory: M/s. Walker Chandiok & Co LLP | Secretarial: M/s. Parikh & Associates | Cost: M/s. R Nanabhoy & Co. |
| Registrar and Share Transfer Agent (RTA) | KFin Technologies Limited (Selenium Building, Tower-B, Plot No 31 & 32, Financial District, Nanakramguda, Serilingampally, Hyderabad – 500032) |
🏢 The Corporate Identity: Hindustan Unilever Overview, Promoters & History
The Big Picture: Business Model & Core Value Proposition
Hindustan Unilever Limited is an operating powerhouse anchored in the bedrock conviction that “What is good for India is good for HUL.” With a legacy spanning over nine decades, the Company operates an integrated fast-moving consumer goods platform that touches over 9 million retail outlets across urban and rural India through a network exceeding 3,500 dedicated distributors. Over 90% of Indian households utilize one or more of HUL’s 50 brands across 15 consumer categories.
The enterprise functions across four unified core operating divisions: Home Care, Beauty & Wellbeing, Personal Care, and Foods. The commercial machine couples consumer insight with world-class scientific research and digital infrastructure. Through its proprietary B2B e-commerce platform, Shikhar, HUL has digitally connected approximately 1.4 million general trade retailers, transforming conventional distributor-retailer operations into a data-led, demand-sensing ecosystem capable of rapid fulfillment and dynamic assortment planning.
The Founders, Promoters & Their Legacy
HUL traces its foundation to the establishment of Lever Brothers India Limited in 1933, followed by subsequent amalgamations that unified Unilever’s operating entities across the subcontinent. Today, the Company remains a core subsidiary of the multinational consumer goods titan Unilever PLC. The promoter group collectively controls 61.90% of the aggregate equity share capital (1,45,44,12,858 equity shares), with Unilever PLC directly holding 47.43% (1,11,43,70,148 shares) and Unilever subsidiaries—such as Unilever Group Limited, Unilever Overseas Holdings AG, Unilever UK&CN Holdings Limited, Unilever South India Estates Limited, Unilever Assam Estates Limited, and Unilever Overseas Holdings B V—holding the remaining 14.47%.
The promoter group continues to empower the Indian enterprise through the Technical Collaboration Agreement (TCA) and Trademark License Agreement (TMLA), granting HUL continuous access to over 20,000 international patents, 5,000 global Unilever R&D scientists, and proprietary product formulation chassis.
The Journey: Corporate History & Key Milestones
HUL’s corporate history has been defined by strategic market creation, continuous brand elevation, and structural portfolio interventions:
- 1933: Incorporation of Lever Brothers India Limited, formalizing operations in soaps and household cleaning.
- 1956: Consolidation of operating entities to form Hindustan Lever Limited, accompanied by public share issues.
- 2013: Execution of the foundational Technical Collaboration Agreement and Trademark License Agreement with Unilever.
- 2020: Transformational amalgamation with GlaxoSmithKline Consumer Healthcare Limited (GSK CH), integrating marquee functional nutrition mega-brands Horlicks and Boost into the Foods division.
- 2023: Strategic foray into the premium, clean-label Health & Wellbeing category via majority equity acquisitions in Zywie Ventures Private Limited (OZiva) and Nutritionalab Private Limited.
- FY 2025-26: Execution of the demerger of the Ice Cream business undertaking into Kwality Wall’s (India) Limited (effective December 1, 2025; listed February 16, 2026), acquisition of a 90.50% controlling interest in Uprising Science Private Limited (Minimalist) for ₹2,706.00 Crores, consolidation of 100% equity in Zywie Ventures (OZiva) for ₹824.00 Crores, and divestment of the 19.80% minority interest in Nutritionalab for ₹307.00 Crores.
The Corporate Umbrella & Group Structure
As of March 31, 2026, the corporate umbrella comprises the parent operating company, Hindustan Unilever Limited, 11 direct subsidiaries, and 11 step-down subsidiaries. Operating subsidiaries include Unilever India Limited (housing the advanced spray-dried detergent plant at Sumerpur), Lakme Lever Private Limited (operating beauty salons and Gandhidham manufacturing), Unilever India Exports Limited (handling global cross-border FMCG shipments), Uprising Science Private Limited (Minimalist), Zywie Ventures Private Limited (OZiva), and Unilever Nepal Limited (publicly listed subsidiary serving the Nepalese market).
⚙️ The Business Engine: Hindustan Unilever Segments, Brands, Products & Operations
The Core Divisions & Segment Revenue Breakdown
The Company evaluates and directs business operations through four reportable business segments, alongside an ‘Others’ division that encompasses export operations and specialized commercial consignments. In compliance with Ind AS 105, the performance of the Ice Cream Undertaking is segregated and treated under Discontinued Operations for both the current and comparative periods.
| Business Segment | Segment Revenue (₹ in Crores) | % Share of Total Revenue | Segment Results / EBIT (₹ in Crores) | Segment Assets (₹ in Crores) | Segment Liabilities (₹ in Crores) |
|---|---|---|---|---|---|
| Home Care | 23,672.00 | 36.72% | 4,521.00 | 6,395.00 | 6,331.00 |
| Beauty & Wellbeing | 14,990.00 | 23.25% | 4,161.00 | 8,422.00 | 4,673.00 |
| Foods | 14,061.00 | 21.81% | 2,824.00 | 50,228.00 | 3,597.00 |
| Personal Care | 9,564.00 | 14.84% | 1,805.00 | 3,768.00 | 2,869.00 |
| Others (includes Exports) | 2,181.00 | 3.38% | 410.00 | 1,114.00 | 559.00 |
| Total Continuing Operations | 64,468.00 | 100.00% | 13,721.00 | 69,927.00 | 18,029.00 |
| Discontinued Operations (Ice Cream) | 1,257.00 | — | (122.00) | — | — |
| Unallocated Corporate Assets / Liabilities | — | — | — | 9,825.00 | 12,715.00 |
| Consolidated Total | 65,725.00 | — | 13,599.00 | 79,752.00 | 30,744.00 |
Home Care generated ₹23,672.00 Crores in segment revenue with an EBIT of ₹4,521.00 Crores, demonstrating resilience through accelerated volume upgradation to laundry liquids and machine-wash capsules. Beauty & Wellbeing generated ₹14,990.00 Crores, delivering the highest operating profitability among product segments with an EBIT margin of 27.76% (₹4,161.00 Crores). The Foods division delivered ₹14,061.00 Crores in segment turnover, backed by ₹50,228.00 Crores in segment assets, reflecting significant goodwill and indefinite-life brand intangibles recognized upon the historical GSK CH merger.
The Product & Service Catalog (with Operational KPIs, Order Book & Customer Concentration)
HUL’s product operations encompass high-volume daily consumable goods produced across multiple pack formats. Key operational highlights include:
- Annual Finished Unit Volume: Over 85 Billion individual units produced during FY 2025-26 across 26 company-owned and consolidated manufacturing sites.
- Advanced 4IR Lighthouses: 5 manufacturing plants are formally recognized as Advanced Fourth Industrial Revolution (4IR) Lighthouses by the World Economic Forum—the highest count for any corporate entity in India.
- Customer Concentration (Ind AS 108): The Group is not reliant on revenues from transactions with any single external customer. No single customer accounts for 10% or more of total corporate revenues.
- Export Contribution: Exports contributed 2.60% of total entity turnover, servicing cross-border requirements for Unilever global entities and catering to Indian diaspora demand across 79 countries.
- Raw Material Dynamics: Sourcing strategies actively manage structural inflation across imported crude oil derivatives, palm oil, and palm fatty acid distillates through domestic substitution, forward covers, and proprietary low-Total Fatty Matter (TFM) formulations such as the patented STRATOS soap technology.
The Names You Know: Key Brands & Flagship Portfolio
HUL directs a multi-tiered portfolio designed to address consumers at every rung of the socioeconomic ladder, spanning mass democratization to ultra-premium masstige offerings.
| Brand / Product Name | Category / Business Segment | Target Market & Key Positioning |
|---|---|---|
| Surf excel | Home Care (Fabric Wash) | Premium laundry brand with annual turnover exceeding ₹11,000 Crores; delivers premium stain removal across powders, Matic liquids, and single-dose Smart Shots capsules. |
| Comfort | Home Care (Fabric Conditioners) | ₹1,000 Crore+ fabric conditioner brand; pioneered the luxury fragrance space through the Comfort Perfume Deluxe range. |
| Vim | Home Care (Household Care) | Category-defining dishwashing masterbrand across bars and ProClean liquids powered by RhamnoTech biosurfactants; expanded into floor cleaners. |
| Wheel & Sunlight | Home Care (Mass Fabric Wash) | High-volume mass-market laundry detergent brands providing accessible cleaning efficacy for value-conscious households across India’s heartland. |
| Dove | Personal Care & B&W (Hair/Skin) | Masstige masterbrand spanning serum-infused beauty bathing bars, ultra-hydrating bodywashes, and Peptide Bond Strength hair damage repair regimes. |
| Lakme | Beauty & Wellbeing (Color Cosmetics) | India’s premier trend-setting color cosmetics and high-performance skincare masterbrand, driving fashion-forward accessibility via Lakme Fashion Week. |
| Minimalist | Beauty & Wellbeing (Actives Skincare) | D2C and masstige skincare brand acquired in FY 2025-26; focuses on high-efficacy serums, chemical exfoliants, and transparent ingredient concentrations. |
| TRESemme | Beauty & Wellbeing (Hair Care) | Salon-grade hair care line delivering advanced post-wash treatments, bond repair solutions, and lamellar gloss shine serums. |
| Pears | Personal Care (Skin Cleansing) | Glycerine-enriched premium transparent soap bar and bodywash franchise catering to consumers seeking gentle, hydration-first skincare. |
| Closeup | Personal Care (Oral Care) | Youth-focused freshness and optical tooth-whitening toothpaste franchise, reinforced by Closeup White Now purple color-correcting formulations. |
| Horlicks & Boost | Foods (Lifestyle Nutrition) | Market-leading functional nutrition drinks pivoted from traditional health food drinks into everyday lifestyle nutrition, zero-sugar, and specialized adult protein variants. |
| Taj Mahal, Red Label & Taaza | Foods (Beverages – Tea) | Flagship tea portfolio spanning regional blends, gourmet artisanal black teas (Taj Mahal), family blends (Red Label), and unpackaged-to-packaged conversion drivers (Taaza). |
| Bru | Foods (Beverages – Coffee) | Pioneering Indian coffee brand across instant agglomerated coffee, freeze-dried chicory blends, roast-and-ground formats, and emerging ready-to-drink options. |
| Kissan | Foods (Packaged Foods) | Mega food franchise spanning fruit jams, tomato ketchups, and newly scaled culinary chutney portfolios adapted to modern Indian meal occasions. |
Mapping the Domestic & Global Reach (India vs. Exports)
The vast majority of HUL’s operating revenue is derived within the Republic of India, with secondary cross-border commercial flows routed through its wholly owned export trading arm, Unilever India Exports Limited, and foreign manufacturing subsidiaries.
| Geographical Market | FY 2025-26 Revenue (₹ in Crores) | % Share of Total Revenue | Segment Assets (₹ in Crores) |
|---|---|---|---|
| India (Domestic) | 61,950.00 | 96.09% | 69,372.00 |
| Outside India (Exports & Overseas) | 2,518.00 | 3.91% | 555.00 |
| Total Segment Geographic Footprint | 64,468.00 | 100.00% | 69,927.00 |
HUL’s international sales footprint reaches across 79 countries worldwide. These export operations leverage domestic manufacturing capacity to deliver India-customized and diaspora-oriented FMCG portfolios across Southeast Asia, the Middle East, Europe, and North America.
The Brick & Mortar Footprint: Manufacturing Plants, R&D & Offices
The Company maintains an extensive industrial footprint consisting of 25 domestic manufacturing plants and 13 operational and corporate offices across India:
- Central Region: Chhindwara (Madhya Pradesh); Etah, Orai, and Sumerpur (Uttar Pradesh).
- Southern Region: Cochin (Kerala); Hosur (Tamil Nadu); Mysore (Karnataka); Pondicherry; Rajahmundry (Andhra Pradesh).
- Western Region: Chiplun and Khamgaon (Maharashtra); Amli and Silvassa (Dadra & Nagar Haveli).
- Northern Region: Haridwar (Uttarakhand); Nabha and Rajpura (Punjab); Sonipat (Haryana).
- Eastern Region: Haldia, Garden Reach, and Kidderpore (Kolkata, West Bengal); Doom Dooma / Tinsukia (Assam).
- R&D Centers & Advanced Laboratories: World-class research hubs situated in Mumbai and Bengaluru, housing the newly inaugurated Liquids Lab of the Future (LLoTF) in Mumbai (automated robotics, AI-driven prototyping, and phygital twins) and the Agile Innovation Hub 2.0.
📊 The Financial Health: Hindustan Unilever Financial Statements & Numbers Simplified
Multi-Year Financial Highlights (₹ in Crores)
The historical performance illustrates steady top-line expansion, structural margin defense, and robust operating cash generation across commodity cycles. Note that ratios and metrics for FY 2025-26 and FY 2024-25 reflect Continuing Operations following the formal demerger of the Ice Cream business.
| Financial Parameter (₹ in Crores) | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | Latest YoY (%) |
|---|---|---|---|---|---|---|
| Turnover | 63,763.00 | 60,573.00 | 60,966.00 | 59,549.00 | 51,548.00 | +5.27% |
| Profit After Tax (PAT) – Continuing Operations | 10,652.00 | 10,680.00 | 10,282.00 | 10,144.00 | 8,887.00 | -0.26% |
| Basic EPS (₹) – Continuing Operations | 45.25 | 45.36 | 43.74 | 43.07 | 37.77 | -0.24% |
| Dividend Per Share (₹) | 41.00 | 43.00 | 42.00 | 39.00 | 34.00 | -4.65% |
| Property, Plant and Equipment (Standalone) | 9,076.00 | 9,657.00 | 9,068.00 | 8,093.00 | 7,495.00 | -6.02% |
| Intangible Assets (Standalone) | 49,246.00 | 45,710.00 | 45,713.00 | 45,729.00 | 45,304.00 | +7.74% |
| Total Equity / Net Worth (Standalone) | 49,008.00 | 49,609.00 | 51,423.00 | 50,522.00 | 49,087.00 | -1.21% |
| Return on Capital Employed (ROCE) % (Standalone) | 21.37% | 21.24% | 96.30% | 101.90% | 107.80% | – |
| Return on Net Worth (RONW) % (Standalone) | 31.80% | 21.20% | 20.00% | 20.10% | 18.60% | – |
| Economic Value Added (EVA) | 5,401.00 | 4,686.00 | 4,808.00 | 4,435.00 | 4,435.00 | +15.26% |
| Cash Generated from Operations (Pre-Tax) | 15,839.00 | 14,154.00 | — | — | — | +11.90% |
Earnings, Expenses, & Take-Home Profits (Consolidated Profit & Loss)
The Consolidated Statement of Profit and Loss below outlines revenue growth, operating expenditures, exceptional charges, and the net contribution from both continuing operations and the demerged ice cream business undertaking.
| Consolidated Statement of Profit and Loss Line Item | FY 2025-26 (₹ in Crores) | FY 2024-25 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| CONTINUING OPERATIONS: INCOME | |||
| Revenue from Operations | 64,468.00 | 61,328.00 | +5.12% |
| Other Income | 751.00 | 1,017.00 | -26.16% |
| TOTAL INCOME | 65,219.00 | 62,345.00 | +4.61% |
| EXPENSES | |||
| Cost of Materials Consumed | 20,981.00 | 19,034.00 | +10.23% |
| Purchases of Stock-in-Trade | 11,113.00 | 10,861.00 | +2.32% |
| Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade | (429.00) | (125.00) | +243.20% |
| Employee Benefits Expense | 3,175.00 | 2,952.00 | +7.55% |
| Finance Costs | 410.00 | 381.00 | +7.61% |
| Depreciation and Amortisation Expense | 1,333.00 | 1,253.00 | +6.38% |
| Other Expenses | 14,574.00 | 13,900.00 | +4.85% |
| TOTAL EXPENSES | 51,157.00 | 48,256.00 | +6.01% |
| Operating Profit (EBIT from Continuing Operations) | 13,721.00 | 13,453.00 | +1.99% |
| Profit Before Exceptional Items, Tax and Share of Equity-Accounted Investee | 14,062.00 | 14,089.00 | -0.19% |
| Share of Loss of Equity-Accounted Investee (Net of Tax) | (15.00) | (8.00) | +87.50% |
| Profit Before Exceptional Items and Tax from Continuing Operations | 14,047.00 | 14,081.00 | -0.24% |
| Exceptional Items [Net (Charge) / Credit] | (235.00) | 347.00 | N/M |
| Profit Before Tax from Continuing Operations | 13,812.00 | 14,428.00 | -4.27% |
| Current Tax | (3,163.00) | (3,618.00) | -12.58% |
| Deferred Tax Credit / (Charge) | 3.00 | (130.00) | N/M |
| Profit for the Year from Continuing Operations (A) | 10,652.00 | 10,680.00 | -0.26% |
| DISCONTINUED OPERATIONS | |||
| Profit / (Loss) Before Exceptional Items and Tax from Discontinued Operations | (135.00) | 29.00 | N/M |
| Exceptional Items of Discontinued Operations [Net Credit / (Charge)] | 4,471.00 | (42.00) | N/M |
| Tax Credit of Discontinued Operations | 71.00 | 4.00 | +1675.00% |
| Profit / (Loss) for the Year from Discontinued Operations (B) | 4,407.00 | (9.00) | N/M |
| PROFIT FOR THE YEAR (A + B) | 15,059.00 | 10,671.00 | +41.12% |
| Attributable to Owners of the Holding Company | 15,040.00 | 10,649.00 | +41.23% |
| Attributable to Non-Controlling Interests | 19.00 | 22.00 | -13.64% |
| Basic Earnings Per Share (Continuing Operations) (₹) | 45.25 | 45.36 | -0.24% |
| Diluted Earnings Per Share (Continuing Operations) (₹) | 45.25 | 45.36 | -0.24% |
| Basic Earnings Per Share (Continuing & Discontinued) (₹) | 64.01 | 45.32 | +41.24% |
Assets, Borrowings, & Net Worth (Consolidated Balance Sheet)
The Consolidated Balance Sheet illustrates an asset-rich, virtually debt-free capital structure supported by strong cash reserves and substantial brand intangibles resulting from strategic business combinations.
| Consolidated Balance Sheet Line Item | As at 31st March, 2026 (₹ in Crores) | As at 31st March, 2025 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| NON-CURRENT ASSETS | |||
| Property, Plant and Equipment | 8,182.00 | 8,625.00 | -5.14% |
| Capital Work-in-Progress | 880.00 | 1,009.00 | -12.78% |
| Goodwill | 18,062.00 | 17,466.00 | +3.41% |
| Other Intangible Assets | 31,184.00 | 28,244.00 | +10.41% |
| Investments Accounted for Using the Equity Method | 0.00 | 57.00 | -100.00% |
| Non-Current Financial Assets: Investments | 112.00 | 2.00 | +5500.00% |
| Non-Current Financial Assets: Loans | 85.00 | 87.00 | -2.30% |
| Non-Current Financial Assets: Other Financial Assets | 709.00 | 763.00 | -7.08% |
| Deferred Tax Assets (Net) | 14.00 | 17.00 | -17.65% |
| Non-Current Tax Assets (Net) | 1,146.00 | 1,199.00 | -4.42% |
| Other Non-Current Assets | 357.00 | 360.00 | -0.83% |
| Total Non-Current Assets | 60,731.00 | 57,829.00 | +5.02% |
| CURRENT ASSETS | |||
| Inventories | 4,789.00 | 4,415.00 | +8.47% |
| Current Financial Assets: Investments | 4,247.00 | 3,751.00 | +13.22% |
| Current Financial Assets: Trade Receivables | 3,379.00 | 3,819.00 | -11.52% |
| Current Financial Assets: Cash and Cash Equivalents | 2,583.00 | 6,071.00 | -57.45% |
| Current Financial Assets: Other Bank Balances | 665.00 | 1,483.00 | -55.16% |
| Current Financial Assets: Loans | 50.00 | 46.00 | +8.70% |
| Current Financial Assets: Other Financial Assets | 1,979.00 | 1,488.00 | +33.00% |
| Current Tax Assets (Net) | 156.00 | 0.00 | N/M |
| Other Current Assets | 1,159.00 | 955.00 | +21.36% |
| Assets Held for Sale | 14.00 | 23.00 | -39.13% |
| Total Current Assets | 19,021.00 | 22,051.00 | -13.74% |
| TOTAL ASSETS | 79,752.00 | 79,880.00 | -0.16% |
| EQUITY | |||
| Equity Share Capital | 235.00 | 235.00 | 0.00% |
| Other Equity | 48,504.00 | 49,167.00 | -1.35% |
| Non-Controlling Interests | 269.00 | 207.00 | +29.95% |
| Total Equity (Net Worth) | 49,008.00 | 49,609.00 | -1.21% |
| NON-CURRENT LIABILITIES | |||
| Non-Current Borrowings | 0.00 | 0.00 | N/M |
| Non-Current Lease Liabilities | 1,104.00 | 1,243.00 | -11.18% |
| Other Non-Current Financial Liabilities | 1,241.00 | 680.00 | +82.50% |
| Non-Current Provisions | 1,684.00 | 1,528.00 | +10.21% |
| Deferred Tax Liabilities (Net) | 7,474.00 | 6,685.00 | +11.80% |
| Non-Current Tax Liabilities (Net) | 3,692.00 | 3,598.00 | +2.61% |
| Total Non-Current Liabilities | 15,195.00 | 13,734.00 | +10.64% |
| CURRENT LIABILITIES | |||
| Current Borrowings | 0.00 | 1.00 | -100.00% |
| Current Lease Liabilities | 374.00 | 404.00 | -7.43% |
| Trade Payables: Micro and Small Enterprises | 458.00 | 263.00 | +74.14% |
| Trade Payables: Other than Micro and Small Enterprises | 12,867.00 | 11,052.00 | +16.42% |
| Other Current Financial Liabilities | 845.00 | 1,280.00 | -33.98% |
| Other Current Liabilities | 736.00 | 959.00 | -23.25% |
| Current Provisions | 265.00 | 675.00 | -60.74% |
| Current Tax Liabilities (Net) | 4.00 | 1,903.00 | -99.79% |
| Total Current Liabilities | 15,549.00 | 16,537.00 | -5.97% |
| Total Liabilities | 30,744.00 | 30,271.00 | +1.56% |
| TOTAL EQUITY AND LIABILITIES | 79,752.00 | 79,880.00 | -0.16% |
Working Capital Cycle & Schedule III Statutory Ratio Explanations
The Company operates an exceptionally lean cash conversion architecture, underpinned by negative trade working capital on a standalone basis (₹-4,023.00 Crores). HUL utilizes scale advantages, rapid distributor collections, and structured supplier financing arrangements to self-fund daily operations.
| Schedule III Statutory Ratio (Standalone) | FY 2025-26 | FY 2024-25 | Variance (%) | Mandatory Schedule III Variance Explanation |
|---|---|---|---|---|
| Return on Net Worth (RONW) (%) | 31.80% | 21.20% | +50.00% | Improvement in RONW from 21.20% to 31.80% is driven by exceptional gains arising on the demerger of the Ice Cream business. Excluding this gain, normal operating RONW stood at 22.40%. |
| Return on Capital Employed (ROCE) (%) | 110.90% | 108.20% | +2.50% | Maintained industry-leading return metrics above 100% due to sustained operating profitability and negative working capital. |
| Trade Receivables Turnover (Times) | 18.90 | 19.80 | -4.55% | Stable distributor credit collection cycles across all commercial channels. |
| Inventory Turnover (Times) | 14.40 | 15.20 | -5.26% | Reflects disciplined inventory maintenance across regional mother warehouses and distribution hubs. |
| Current Ratio (Times) | 1.20 | 1.30 | -7.69% | Prudent short-term asset coverage relative to operational liabilities. |
| Debt Equity Ratio (Times) | 0.00 | 0.00 | 0.00% | Zero external bank borrowings; balance sheet operates without financial gearing. |
| Operating Profit Margin (%) | 21.70% | 21.50% | +0.93% | Disciplined price-value management offsetting volatile raw material input cycles. |
| Net Profit Margin (%) | 18.00% | 17.50% | +2.86% | Operational cost control and supply chain efficiencies driving bottom-line margins. |
| Debt Service Coverage Ratio (Times) | 21.90 | 20.50 | +6.83% | Substantial operating cash flows comfortably covering lease and financial debt service obligations. |
| Interest Coverage Ratio (Times) | 109.00 | 100.50 | +8.46% | Strong earnings relative to minimal finance charges. |
Cash Flow: Tracking the Money Movement
HUL’s cash generation capabilities remain one of its core financial attributes. Pre-tax cash generated from operations expanded to ₹15,839.00 Crores in FY 2025-26, demonstrating superior conversion of accounting profits into liquid cash.
| Consolidated Statement of Cash Flows Line Item | FY 2025-26 (₹ in Crores) | FY 2024-25 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| Profit Before Tax from Continuing Operations | 13,812.00 | 14,428.00 | -4.27% |
| Profit / (Loss) Before Tax from Discontinued Operations | 4,336.00 | (13.00) | N/M |
| Operating Adjustments (Depreciation, Finance Costs, Non-Cash & Demerger Gain) | (2,995.00) | 527.00 | N/M |
| Cash Generated from Operations Before Working Capital Changes | 15,153.00 | 14,942.00 | +1.41% |
| Working Capital Adjustments (Inventories, Receivables, Payables, Assets/Liab) | 686.00 | (788.00) | N/M |
| Cash Flows Generated from Operations Before Tax | 15,839.00 | 14,154.00 | +11.90% |
| Income Taxes Paid (Net of Refunds) | (4,840.00) | (2,268.00) | +113.40% |
| Net Cash Flows Generated from Operating Activities [A] | 10,999.00 | 11,886.00 | -7.46% |
| Purchase of Property, Plant and Equipment (CapEx) | 1,258.00 | 1,254.00 | +0.32% |
| Sale Proceeds of Property, Plant and Equipment | 21.37% | 21.24% | – |
| Purchase Consideration Towards Business Combination (USPL/Minimalist) | (2,661.00) | 0.00 | N/M |
| Purchase of Non-Controlling Interests (Zywie/OZiva Balance 49%) | (824.00) | 0.00 | N/M |
| Consideration Received on Disposal of Joint Venture (Nutritionalab) | 298.00 | 0.00 | N/M |
| Net (Purchase) / Sale of Current & Non-Current Investments and Bank Deposits | 455.00 | 6,897.00 | -93.40% |
| Interest, Dividends & Other Non-Operating Receipts | 277.00 | 817.00 | -66.10% |
| Net Cash Flows (Used in) / Generated from Investing Activities [B] | (3,684.00) | 6,473.00 | N/M |
| Dividends Paid to Shareholders | (10,124.00) | (12,473.00) | -18.83% |
| Principal & Interest Payment of Lease Liabilities | (636.00) | (625.00) | +1.76% |
| Repayment of / Interest on Borrowings | (50.00) | (3.00) | +1566.67% |
| Net Cash Flows Used in Financing Activities [C] | (10,810.00) | (13,101.00) | -17.49% |
| Net (Decrease) / Increase in Cash and Cash Equivalents [A + B + C] | (3,495.00) | 5,258.00 | N/M |
| Cash and Cash Equivalents at the Beginning of the Year | 6,070.00 | 812.00 | +647.54% |
| Add: Cash Acquired Under Business Combination / Less: Demerger Impact | 8.00 | 0.00 | N/M |
| Cash and Cash Equivalents at the End of the Year | 2,583.00 | 6,070.00 | -57.45% |
Funding the Future: CapEx, CWIP, R&D Intensity & Net Foreign Exchange
The Company actively directs capital into future-ready manufacturing automation and specialized R&D infrastructure to support sustainable long-term expansion:
- Proposed ₹2,000 Crore CapEx Program: In line with core priorities, HUL announced a proposed investment of up to ₹2,000.00 Crores to build manufacturing capacities in fast-growing premium lines across Beauty & Wellbeing and Home Care liquids.
- FY 2025-26 Actual Capital Outlay: Cash capital expenditure for property, plant, and equipment stood at ₹1,258.00 Crores, alongside software and intangible asset acquisitions of ₹103.00 Crores. Standalone capital expenditure including intangibles reached ₹1,274.00 Crores.
- Capital Work-in-Progress (CWIP): Closing CWIP stood at ₹880.00 Crores, with ₹247.00 Crores in overdue projects, including the Foods technology advancement project (₹58.00 Crores), Home Care powder capacity expansion (₹22.00 Crores), STRATOS soap technology scaleup (₹16.00 Crores), and Project Nakshatra (₹7.00 Crores).
- R&D Ecosystem & Science Platforms: Driven by over 800 scientists, R&D investments are focused on three forward-looking science platforms: Microbiome & Biotics, Next-generation Materials, and Biotechnology. R&D facilities include the new Liquids Lab of the Future (LLoTF) in Mumbai and the Bars Advanced Manufacturing Center.
- Foreign Exchange Balance: Total foreign exchange earned through direct exports and services in FY 2025-26 reached ₹1,466.00 Crores, against total foreign exchange outgo of ₹6,818.00 Crores, primarily reflecting the importation of essential palm oil derivatives, active cosmetic ingredients, and capital equipment.
👥 Power & Control: Hindustan Unilever Governance, Leadership & Shareholding Pattern
The Brain Trust: Board of Directors & Key Managerial Personnel (KMP)
The Board of Directors comprises nine members, including five Independent Directors (55.56%), three women Directors (33.33%), and three Executive Directors. Board leadership is strictly bifurcated between the Non-Executive Chairman and the Managing Director & CEO.
| Name of Director / KMP | Designation / Role | DIN | Category |
|---|---|---|---|
| Nitin Paranjpe | Non-Executive Chairman | 00045204 | Non-Executive Non-Independent Director |
| Priya Nair | Chief Executive Officer and Managing Director | 07119070 | Executive Director |
| Niranjan Gupta | Executive Director, Finance and Chief Financial Officer | 07806792 | Executive Director |
| B.P. Biddappa | Executive Director and Chief People, Transformation and Sustainability Officer | 06586886 | Executive Director |
| Ashu Suyash | Independent Director (Audit Committee Chairperson) | 00494515 | Non-Executive Independent Director |
| Bobby Parikh | Independent Director | 00019437 | Non-Executive Independent Director |
| Neelam Dhawan | Independent Director | 00871445 | Non-Executive Independent Director |
| Tarun Bajaj | Independent Director (CSR-ESG Committee Chairman) | 02026219 | Non-Executive Independent Director |
| Ranjay Gulati | Independent Director | 03627064 | Non-Executive Independent Director |
| Radhika Shah | Company Secretary & Compliance Officer | Membership No. A19308 | Key Managerial Personnel (KMP) |
Who Owns the Stock? Shareholding Pattern
As of March 31, 2026, the Company’s issued and paid-up equity share capital stood at ₹234.96 Crores (rounded to ₹235.00 Crores in Schedule III statements), divided into 2,34,95,91,262 fully paid equity shares of face value ₹1.00 each.
| Category of Shareholder | Number of Equity Shares | % of Total Issued Capital |
|---|---|---|
| Promoter & Promoter Group (Unilever PLC & Associates) | 1,45,44,12,858 | 61.90% |
| Foreign Portfolio Investors (FPIs) | 23,73,69,621 | 10.10% |
| Insurance Companies | 20,65,44,674 | 8.79% |
| Resident Individuals & Others | 24,65,83,884 | 10.50% |
| Mutual Funds & UTI | 15,56,55,230 | 6.62% |
| Financial Institutions & Banks | 2,31,07,792 | 0.98% |
| NRIs, Foreign Bodies Corporate & Foreign Nationals | 1,74,20,466 | 0.74% |
| Bodies Corporate | 83,42,010 | 0.36% |
| Directors and Their Relatives | 1,54,727 | 0.01% |
| Total Issued Share Capital | 2,34,95,91,262 | 100.00% |
Among public non-promoter institutional shareholders, Life Insurance Corporation of India (LIC) remains the single largest investor, holding 16,25,63,374 equity shares (6.92%), followed by ICICI Prudential Mutual Fund with 4,10,28,018 shares (1.75%), and SBI Mutual Fund holding 3,77,97,514 shares (1.61%). Promoters have pledged zero shares (0.00%), ensuring an unencumbered corporate equity structure.
🗺️ The Corporate Family Tree: Group Structure, Ratings & Contingent Liabilities
Subsidiaries, Associates, & Joint Ventures (Form AOC-1)
The Group’s consolidated network spans operating subsidiaries, trust entities, and specialized investment vehicles across India and international jurisdictions.
| Entity Name | Relationship Status | Country of Incorporation | % Equity Holding |
|---|---|---|---|
| Unilever India Limited | Wholly-Owned Subsidiary | India | 100.00% |
| Lakme Lever Private Limited | Wholly-Owned Subsidiary | India | 100.00% |
| Unilever India Exports Limited | Wholly-Owned Subsidiary | India | 100.00% |
| Zywie Ventures Private Limited (OZiva) | Wholly-Owned Subsidiary | India | 100.00% |
| Zenherb Labs Private Limited | Step-Down Subsidiary (Wholly-Owned by Zywie) | India | 100.00% |
| Uprising Science Private Limited (Minimalist) | Direct Operating Subsidiary | India | 90.50% |
| Unilever Nepal Limited | Direct Listed Subsidiary | Nepal | 80.00% |
| Hindustan Unilever Foundation | Section 8 Not-For-Profit Subsidiary | India | 100.00%* |
| Daverashola Estates Private Limited | Wholly-Owned Subsidiary (No active operations) | India | 100.00% |
| Nutritionalab Private Limited | Former Joint Venture (Divested March 4, 2026) | India | 0.00% |
| Transition Sustainable Energy Services One Pvt Ltd | Strategic Captive Clean Energy SPV | India | 27.66% |
| Lucro Plastecycle Private Limited | Strategic Plastics Circularity Associate | India | 14.30% |
*Note: 76.00% of Hindustan Unilever Foundation is held directly by HUL and 24.00% is held by wholly owned subsidiary Unilever India Exports Limited.
Strategic Investments, Credit Ratings, Banking Consortium & Contingent Liabilities
The Company maintains a strong liquid investment portfolio and disciplined liability controls:
- Liquid & Treasury Investments: Current investments valued at fair value and amortized cost stood at ₹4,247.00 Crores, including ₹2,787.00 Crores in Commercial Papers, ₹1,139.00 Crores in liquid and debt mutual fund schemes, and ₹321.00 Crores in Certificate of Deposits. Non-current strategic investments include ₹100.00 Crores in Lucro Plastecycle and ₹12.00 Crores in Transition Sustainable Energy.
- Credit Ratings: Credit rating agency CRISIL has assigned its highest rating of CRISIL AAA/Stable for HUL’s debt instruments and bank facilities, reflecting superior financial stability.
- Banking Relationships: HUL maintains operational banking arrangements with leading domestic and foreign institutions, including Deutsche Bank, The Hongkong & Shanghai Banking Corporation, Union Bank of India, Citibank, ICICI Bank, State Bank of India, HDFC Bank, Punjab National Bank, Axis Bank, JP Morgan, and Standard Chartered Bank.
- Contingent Liabilities & Litigation: Gross contingent liabilities as of March 31, 2026 stood at ₹3,093.00 Crores, comprising Income Tax disputes of ₹2,405.00 Crores, Indirect Tax assessments of ₹526.00 Crores, and Legal & Other contractual matters of ₹162.00 Crores.
- Capital Commitments: Estimated value of contracts remaining to be executed on capital account (net of capital advances) stood at ₹308.00 Crores as of March 31, 2026.
🎯 The Strategic Outlook: Competitive Moats, Risks, Growth Plans & FAQs
Competitive Advantages & Economic Moats
Hindustan Unilever possesses deep structural advantages across the Indian retail ecosystem:
- Omni-Channel Distribution Scale: Direct and indirect reach encompassing over 9 million retail outlets across 28 states and 8 union territories, fortified by the Shikhar digital ordering platform onboarding ~1.4 million retailers.
- Science-Backed SASSY Brand Engine: A deliberate product framework combining category-redefining ingredient Science, elevated modern Aesthetics, rich Sensorial indulgence, credible expert advocacy (Said by others), and Youthful cultural relevance.
- Global R&D Integration: Direct access to Unilever PLC’s international technology ecosystem, supported by over 800 domestic scientists operating across facilities in Mumbai and Bengaluru.
- Negative Working Capital Model: Operational efficiency driven by rapid inventory cycles and strong supplier partnerships, enabling negative trade working capital of ₹-4,023.00 Crores on a standalone basis and zero financial debt.
What Could Go Wrong? Key Challenges & Business Risks
Despite its scale, the Company navigates multiple operational and structural risks:
- Geopolitical Headwinds & Commodity Volatility: Escalations in geopolitical conflicts (such as Middle East instability) expose operations to input cost spikes in crude oil, packaging resins, and palm oil derivatives, alongside foreign exchange depreciation pressures.
- Channel Fragmentation & Quick Commerce Economics: The rapid rise of quick commerce and specialist beauty platforms in urban metros fragments consumer discovery, necessitating customized dark-store packaging, specialized SKUs, and rapid inventory delivery schedules.
- Evolving Plastics Regulations: Regulatory mandates surrounding Extended Producer Responsibility (EPR), recycled content thresholds, and plastic waste management require ongoing capital investments in post-consumer recycled (PCR) packaging.
The Next Chapter: Growth, Order Pipeline & CapEx Initiatives
HUL’s forward-looking operational agenda centers on accelerating volume-led revenue growth:
- Capacity Expansions: Proposed capital expenditure of up to ₹2,000.00 Crores directed toward premium beauty manufacturing, skin care formulations, and Home Care liquids.
- Scaling Health & Wellbeing: Leveraging the newly consolidated 100% ownership of OZiva to expand across plant-based active supplements, adult wellness, and functional nutrition.
- Scaling D2C Masstige Skincare: Expanding Minimalist’s presence across offline general trade and organized beauty retail, unlocking procurement, media, and manufacturing synergies across HUL’s nationwide supply chain.
- Supply Chain Modernisation: Deploying predictive demand algorithms, automated replenishment systems, and expanding the footprint of its 5 World Economic Forum Lighthouse factories.
The Verdict: Strategic Outlook & Conclusion
Hindustan Unilever Limited concluded FY 2025-26 with sequential quarterly operational acceleration—advancing from 3% Underlying Sales Growth in the first half of the year to 7% in the final quarter. Following the strategic carve-out of its capital-intensive ice cream business and targeted bolt-on acquisitions in high-margin active skincare and functional wellness, HUL enters the upcoming fiscal cycle with a focused consumer portfolio. Backed by CRISIL AAA balance sheet stability, robust pre-tax operating cash flow of ₹15,839.00 Crores, and unmatched retail distribution, HUL remains positioned to compound long-term economic value across an aspirational India.
Frequently Asked Questions (FAQs) About Hindustan Unilever
Q1: What does Hindustan Unilever manufacture and what are its flagship brands?
Hindustan Unilever Limited manufactures and distributes Fast-Moving Consumer Goods across four principal operating divisions: Home Care, Beauty & Wellbeing, Personal Care, and Foods. Its flagship brand portfolio includes Surf excel, Rin, Wheel, Vim, and Comfort in Home Care; Dove, Lakme, Minimalist, Sunsilk, TRESemme, Clinic Plus, and POND’S in Beauty & Wellbeing; Lifebuoy, Lux, Pears, Closeup, and Rexona in Personal Care; and Horlicks, Boost, Brooke Bond (Taj Mahal, Red Label, Taaza), Bru, and Kissan in Foods.
Q2: What were Hindustan Unilever’s revenue and net profit in FY 2025-26?
In FY 2025-26, HUL reported consolidated Revenue from Operations of ₹64,468.00 Crores (a 5.12% increase from ₹61,328.00 Crores in FY 2024-25). Consolidated Profit After Tax from continuing operations stood at ₹10,652.00 Crores. Total consolidated Net Profit for the year (incorporating discontinued operations and an exceptional gain of ₹4,611.00 Crores on the demerger of the Ice Cream business) reached ₹15,059.00 Crores.
Q3: Who are the promoters and Managing Director of Hindustan Unilever?
The promoter and holding group of HUL is Unilever PLC and its overseas associates, which collectively hold a 61.90% equity stake in the Company (with Unilever PLC holding 47.43% directly). As of the close of FY 2025-26, the Managing Director & Chief Executive Officer is Priya Nair (who assumed office effective August 1, 2025, succeeding Rohit Jawa), and the Non-Executive Chairman of the Board is Nitin Paranjpe.
Q4: Where are Hindustan Unilever’s manufacturing plants located and what is its export share?
HUL operates 25 manufacturing plants situated across India, including key production hubs in Chhindwara, Etah, Orai, Sumerpur, Cochin, Hosur, Mysore, Pondicherry, Rajahmundry, Chiplun, Khamgaon, Silvassa, Haridwar, Nabha, Rajpura, Sonipat, Haldia, Garden Reach, Kidderpore, and Doom Dooma (Assam). Direct exports account for 2.60% of total entity turnover, reaching 79 international countries.
Q5: What is Hindustan Unilever’s debt profile, credit rating, and net worth?
Hindustan Unilever operates with zero net financial debt (zero long-term external borrowings). The Company holds the top-tier credit rating of CRISIL AAA/Stable from CRISIL. Consolidated Net Worth (Total Equity) stood at ₹49,008.00 Crores as of March 31, 2026, supported by Standalone Return on Capital Employed (ROCE) of 110.90%.
Note: Financial ratios, margins, YoY growth percentages, and % revenue shares are calculated by IndianCompanies.in based on disclosed Ind AS financial statements.
Official Site: https://www.hul.co.in/