Fast Moving Consumer Goods · NSE: HINDUNILVR · BSE: 500696
Hindustan Unilever: how the business works
Hindustan Unilever sells soaps, detergents, shampoos, tea and coffee in India; FY26 revenue was ₹64,468 crore.
Hindustan Unilever Limited · Mumbai, Maharashtra · Founded 1933
Last updated · Reviewed by Cityfort Research on
- Revenue, FY26 (without ice cream)
- ₹64,468 cr
- Profit to shareholders, FY26 (incl. one-off demerger gain)
- ₹15,040 cr
- Profit from continuing business, FY26
- ₹10,633 cr
- Retail outlets reached, FY26
- 9 million+
- Unilever group holding, Sep 2026
- 61.90%
01 · The business in one line
What does Hindustan Unilever do?
Distributors and stores pay HUL for household brands; materials take ₹49 of every ₹100, and ₹16 is profit.
- Shoppers buy its brands, such as Surf excel, Lux and Red Label tea, in over 9 million shops across India.
- In FY26, advertising took ₹9.6 of every ₹100 that came in. Royalty and fees to parent Unilever took about ₹3.1.
02 · What it sells
What does Hindustan Unilever sell?
Home Care
Detergents (Surf excel, Rin, Wheel), dishwash (Vim) and fabric conditioner (Comfort). 36.7% of FY26 revenue.
Beauty & Wellbeing
Hair care (Sunsilk, Clinic Plus, Dove, TRESemmé, Indulekha). Skin care and make-up (Pond's, Lakmé, Vaseline, Minimalist). Supplements (OZiva). 23.3% of FY26 revenue.
Personal Care
Bathing soaps (Lux, Lifebuoy, Dove, Pears), toothpaste (Closeup, Pepsodent) and deodorants (Rexona). 14.8% of FY26 revenue.
Foods
Tea (Red Label, Taaza, Lipton), coffee (Bru) and health drinks (Horlicks, Boost). Also ketchup (Kissan), soups (Knorr) and mayonnaise (Hellmann's). 21.8% of FY26 revenue.
Others
Includes exports and other items. 3.4% of FY26 revenue.
Think of it like this
If you have bought Surf excel, Lux soap or Red Label tea, some of that money reached HUL.
What it does
- Does: Makes most of its products in 26 factories it owns, and also uses outside manufacturers.
- Does: Sells through 3,500+ distributors to over 9 million shops, plus retail chains and online platforms.
- Does: Pays its parent, Unilever, to use many of its brands and its technology.
- Does: Exports to 79 countries; exports were 2.6% of HUL's own FY26 turnover (excluding subsidiaries).
What it does not do
- Does not: No longer sells ice cream. Kwality Wall's, Cornetto and Magnum moved to a separate listed company on 1 Dec 2025.
- Does not: No longer sells Pureit water purifiers. It sold that business on 1 Nov 2024.
- Does not: Is not Unilever PLC. It is Unilever's listed Indian company, 61.90% owned by Unilever group companies.
- Does not: Does not sell to most shoppers directly. Distributors, shops and online sellers do.
Source: Integrated Annual Report 2025-26 (FY26), incl. standalone and consolidated financial statements
03 · Who pays it
Who pays Hindustan Unilever?
Distributors
Not disclosed
3,500+ distributors buy from HUL. They supply over 9 million retail outlets, from small family-owned stores to large chains.
Organised retail and online
Not disclosed
Supermarket chains, e-commerce sites and quick-commerce apps. HUL has a separate team for quick commerce. It says its e-commerce sales grew more than 25% in FY26.
Buyers outside India
4%
of revenue
Exports and overseas units. Revenue from outside India was ₹2,518 crore in FY26.
How spread out the customers are
HUL does not disclose revenue by customer or by channel. It sells through thousands of distributors and retailers and names no single large customer.
Source: Business Responsibility and Sustainability Report FY 2025-26; Integrated Annual Report 2025-26 (FY26), incl. standalone and consolidated financial statements
04 · How the money flows · FY26
How does money flow through Hindustan Unilever?
Money in
- Revenue from operations (continuing business)₹64,468 cr
- Other income₹751 cr
The company
Hindustan Unilever
₹65,219 cr came in
Money out
- Materials and goods bought₹31,665 cr
- Advertising and promotion₹6,261 cr
- Other running costs (incl. ₹2,041 crore royalty and fees to Unilever)₹8,313 cr
- Employee costs₹3,175 cr
- Depreciation, interest and net one-off charges₹1,993 cr
- Tax₹3,160 cr
- Profit from the continuing business (₹10,633 crore to HUL shareholders, ₹19 crore to minority partners)₹10,652 cr
- In FY26 customers paid HUL ₹64,468 crore. It also earned ₹751 crore of other income.
- Materials and goods bought for resale took the biggest share: ₹31,665 crore.
- Advertising took ₹6,261 crore. Staff and other running costs, including fees to Unilever, took ₹11,488 crore.
- Depreciation, interest, net one-off charges and tax took ₹5,153 crore.
- The ₹10,652 crore left was profit. The demerged ice cream business's ₹4,407 crore profit, which includes a one-off ₹4,611 crore demerger gain, is left out.
Source: Integrated Annual Report 2025-26 (FY26), incl. standalone and consolidated financial statements; Outcome of board meeting: standalone and consolidated financial results, Q4 FY26 and FY26 audited (year ended 31 Mar 2026)
05 · Where the money goes · FY26
Where does ₹100 of Hindustan Unilever's money go?
Hindustan Unilever · FY26
Receipt for every ₹100
| Materials and goods bought | ₹48.6 |
|---|---|
| Advertising and promotion | ₹9.6 |
| Other running costs, incl. fees to Unilever | ₹12.7 |
| Employees | ₹4.9 |
| Depreciation, interest and net one-off charges | ₹3.1 |
| Tax | ₹4.8 |
| Kept as profit for HUL shareholders | ₹16.3 |
| Total | ₹100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly ₹100 because of rounding.
Source: Integrated Annual Report 2025-26 (FY26), incl. standalone and consolidated financial statements; Outcome of board meeting: standalone and consolidated financial results, Q4 FY26 and FY26 audited (year ended 31 Mar 2026)
06 · What it needs to run
What does Hindustan Unilever need to run?
Raw materials
Crisil (3 Oct 2025) lists palm oil, linear alkyl benzene (a detergent chemical), crude-oil derivatives, wheat and sugar. Materials took ₹48.6 of every ₹100 in FY26.
Factories
The FY26 annual report counts 26 factories owned by HUL. Crisil notes it also uses many outsourced plants across India.
Unilever brands and technology
HUL pays Unilever a royalty to use trademarks and technology, plus a fee for central services.
Advertising
HUL spent ₹6,261 crore on advertising and promotion in FY26, 9.7% of revenue.
People
HUL itself (excluding subsidiaries) had 7,499 employees and 17,490 workers in FY26, according to its BRSR.
Source: Crisil Ratings rating rationale, Hindustan Unilever Ltd, 3 Oct 2025 (Crisil AAA/Stable reaffirmed; Crisil A1+ assigned; ₹6,000 cr bank facilities); Integrated Annual Report 2025-26 (FY26), incl. standalone and consolidated financial statements; Integrated Annual Report 2022-23 (FY23), incl. standalone and consolidated financial statements and 2 more
07 · Why it makes money
Why does Hindustan Unilever make money?
Known brands sold in over 9 million shops, with prices and ad spend steered to a target margin
HUL sells low-priced items that people buy again and again, through over 9 million shops. Advertising keeps the brands familiar: ₹9.7 of every ₹100 of revenue in FY26. Management said in Apr 2025 it would hold EBITDA margin at 22–23% to invest more. On 30 Apr 2026 it said it expects margin around 22.5–23.5%.
EBITDA before one-off items per ₹100 of revenue (continuing business)
₹24.0₹23.4
FY25 to FY26
- Shoppers buy the same daily-use brands again and again
- Distributors keep over 9 million shops stocked
- Large volumes spread factory and advertising costs
- Price rises pass on part of input-cost changes
- Management steers margin to a stated range
- Spending on ads and new products supports the brands
↺ Step 6 feeds back into step 1.
Source: Integrated Annual Report 2025-26 (FY26), incl. standalone and consolidated financial statements
08 · Business segments · FY26
Which businesses make up Hindustan Unilever?
Home Care
37%Detergents, dishwash and household cleaners. ₹19.1 of segment profit per ₹100 of sales in FY26.
Revenue ₹23,672 cr · Operating profit ₹4,521 cr
Beauty & Wellbeing
23%Hair care, skin care, make-up and supplements. The highest segment margin: ₹27.8 per ₹100 of sales in FY26.
Revenue ₹14,990 cr · Operating profit ₹4,161 cr
Personal Care
15%Soaps, toothpaste and deodorants. ₹18.9 of segment profit per ₹100 of sales in FY26.
Revenue ₹9,564 cr · Operating profit ₹1,805 cr
Foods
22%Tea, coffee, health drinks, ketchup and soups. FY24 in the chart includes ice cream; FY25 and FY26 do not.
Revenue ₹14,061 cr · Operating profit ₹2,824 cr
Others
3%Includes exports and other items.
Revenue ₹2,181 cr · Operating profit ₹410 cr
How the mix changed
- Home Care
- Beauty & Wellbeing
- Personal Care
- Foods
- Others
Revenue by segment, FY24 to FY26.
₹ crore · Source: Integrated Annual Report 2024-25 (FY25), incl. standalone and consolidated financial statements; Integrated Annual Report 2025-26 (FY26), incl. standalone and consolidated financial statements
See the numbers
Source: Integrated Annual Report 2025-26 (FY26), incl. standalone and consolidated financial statements; Integrated Annual Report 2024-25 (FY25), incl. standalone and consolidated financial statements
09 · Where it sells · FY26
Where does Hindustan Unilever sell?
- India96%
- Outside India4%
Source: Integrated Annual Report 2025-26 (FY26), incl. standalone and consolidated financial statements
10 · Competitors and what protects it
Who does Hindustan Unilever compete with?
Nestlé India
NSE: NESTLEIND
Sells Maggi noodles and sauces, Nescafé coffee and milk nutrition products in India; FY26 revenue ₹23,155 crore.
ITC (FMCG-Others)
NSE: ITC
ITC's FMCG-Others business sells Fiama and Savlon soaps plus packaged foods; FY26 segment revenue ₹24,204 crore.
Dabur India
NSE: DABUR
Sells oral care, hair care, home care and Real juices across India; FY26 consolidated revenue ₹13,193 crore.
Godrej Consumer Products
NSE: GODREJCP
Sells soaps, household insecticides and hair colour in India and abroad; FY26 consolidated revenue ₹15,178 crore.
Marico
NSE: MARICO
Sells Parachute hair oils, Saffola foods and premium personal care; FY26 consolidated revenue ₹13,611 crore.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Distribution reach5 of 5
HUL's brands reach over 9 million outlets through 3,500+ distributors (FY26 BRSR). About 1.4 million retailers are signed up to its Shikhar ordering app.
- Brand portfolio4 of 5
20 HUL brands each had over ₹1,000 crore of turnover in FY26. Crisil says its brands "hold the top two spots in most categories where they operate".
- Scale in making and buying3 of 5
HUL made over 85 billion units in FY26, in 26 owned factories plus outsourced plants. Crisil says this mix saves freight costs.
Weak spot
Slow volume growth in crowded categories
HUL's underlying volume growth was flat in Q2 FY26 and 4% for FY26 as a whole (company figures). Crisil says rivals, including multinationals, keep entering its categories.
Source: Nestlé India Ltd: Annual Report FY 2025-26 (competitor evidence); ITC Ltd: Annual Report FY 2025-26 (competitor evidence); Dabur India Ltd: Annual Report FY 2025-26 (competitor evidence) and 7 more
11 · Where growth could come from
Where could Hindustan Unilever's growth come from?
Management said on 30 Apr 2026 that it expects FY27 to be better than FY26. It expects EBITDA margin to stay "around our current guided range of 22.5% to 23.5%". On 28 Jul 2026 it repeated both points. Company EBITDA leaves out one-off items and is divided by turnover, so it differs slightly from this page's figures.
Volume-led growth
Working10% sales growth, 5% volume, Q1 FY27
Underlying sales growth rose from 2% in Q2 FY26 to 10% in Q1 FY27. Management said Q1 FY27 growth came equally from volume and price.
Status: Working, on track against what the company said.
Beauty & Wellbeing and acquisitions
Working+10.8% Beauty & Wellbeing revenue, FY26
Minimalist, bought in April 2025, added ₹652 crore of that revenue; without it, growth was about 6%. HUL took full ownership of OZiva on 12 Feb 2026.
Status: Working, on track against what the company said.
Online and quick commerce
Working>25% e-commerce growth, FY26
HUL says e-commerce sales grew more than 25% in FY26. It runs a separate team for quick-commerce apps.
Status: Working, on track against what the company said.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
Source: Earnings call transcript, Q4 FY26 (call held 30 Apr 2026); Earnings call transcript, Q1 FY27 (call held 28 Jul 2026); Press release: consolidated results for Q4 and FY26 and 3 more
12 · The numbers · Consolidated · ₹ crore
How has Hindustan Unilever done?
Revenue
₹64,468 crFY26
Revenue rose from ₹52,446 crore in FY22 to ₹64,468 crore in FY26; FY22–FY24 and Q2 FY25 include ice cream.
₹ crore · Source: Integrated Annual Report 2022-23 (FY23), incl. standalone and consolidated financial statements; Integrated Annual Report 2021-22 (FY22), incl. standalone and consolidated financial statements; Integrated Annual Report 2023-24 (FY24), incl. standalone and consolidated financial statements and 7 more
See the numbers
Net profit
₹15,040 crFY26
FY26 profit of ₹15,040 crore includes a one-off ₹4,611 crore demerger gain; continuing-business profit was ₹10,633 crore, down 0.2%.
₹ crore · Source: Integrated Annual Report 2022-23 (FY23), incl. standalone and consolidated financial statements; Integrated Annual Report 2021-22 (FY22), incl. standalone and consolidated financial statements; Integrated Annual Report 2023-24 (FY24), incl. standalone and consolidated financial statements and 2 more
See the numbers
Profit kept per ₹100 of revenue
₹23.3FY26
Net profit per ₹100 of revenue was ₹16.6–₹17.4 in FY22–FY25; FY26's ₹23.3 includes the one-off demerger gain. Quarterly EBITDA includes one-offs: Q3 FY25 +₹538 crore (mainly Pureit sale), Q3 FY26 −₹576 crore (mainly acquisition liabilities).
₹ of profit per ₹100 of revenue (net margin) · Source: Integrated Annual Report 2022-23 (FY23), incl. standalone and consolidated financial statements; Integrated Annual Report 2021-22 (FY22), incl. standalone and consolidated financial statements; Integrated Annual Report 2023-24 (FY24), incl. standalone and consolidated financial statements and 2 more
See the numbers
Free cash flow
₹9,638 crFY26
Free cash flow was ₹9,638 crore in FY26; FY24's peak of ₹13,992 crore included a ₹3,148 crore tax refund.
₹ crore · cash from operations minus spending on plants and equipment · Source: Integrated Annual Report 2022-23 (FY23), incl. standalone and consolidated financial statements; Integrated Annual Report 2021-22 (FY22), incl. standalone and consolidated financial statements; Integrated Annual Report 2023-24 (FY24), incl. standalone and consolidated financial statements and 2 more
See the numbers
See all yearly numbers
EBITDA = profit before interest, tax and wear-and-tear of assets. Financial year runs April to March (March year end). Net profit is the share belonging to the company's owners.
13 · Financial strength · 31 Mar 2026
How much debt does Hindustan Unilever have?
- Total debt₹0 cr
- Cash and investments₹7,495 cr
- Net cash (cash minus debt)₹7,495 cr
- Net worth (shareholders' money)₹48,739 cr
- Debt to equity
- 0×
- ₹ of debt for every ₹1 of shareholders' money
- Contingent liabilities
- ₹3,093 cr
- possible future payments, e.g. disputed claims
- Debt here means borrowings only. Lease liabilities (rent owed under leases) were a further ₹1,478 crore.
- Cash and liquid investments fell from ₹11,305 crore a year earlier. In FY26 HUL paid ₹10,124 crore of dividends and ₹3,485 crore for Minimalist and OZiva.
- Goodwill and other intangible assets, mostly brands, were ₹49,246 crore, 62% of total assets. That is more than net worth (₹48,739 crore). Most came from past deals such as the 2020 GSK Consumer Healthcare merger and the 2025 Minimalist purchase.
- Contingent liabilities (claims the company disputes) were ₹3,093 crore, of which ₹2,405 crore were income-tax matters.
- Cash and liquid investments = cash, bank balances and short-term investments. Net worth = equity belonging to HUL shareholders.
Source: Integrated Annual Report 2025-26 (FY26), incl. standalone and consolidated financial statements; Crisil Ratings rating rationale, Hindustan Unilever Ltd, 3 Oct 2025 (Crisil AAA/Stable reaffirmed; Crisil A1+ assigned; ₹6,000 cr bank facilities)
14 · Who owns it · Q2 FY27
Who owns Hindustan Unilever?
- Promoters (founders or parent company)61.9%
- Foreign institutions (FII)9.3%
- Indian institutions (DII)17.1%
- Public and others11.7%
Promoter pledge
No promoter shares were pledged in Q2 FY27.
How ownership changed
* Pledged = share of the promoters' own holding reported as pledged. In older filings this can include shares “otherwise encumbered”; the governance flags say when.
Source: Shareholding pattern (XBRL), quarter ended Dec 2023; Shareholding pattern (XBRL), quarter ended Mar 2024; Shareholding pattern (XBRL), quarter ended Jun 2024 and 9 more
15 · What it does with profit
What does Hindustan Unilever do with its profit?
Dividend per share
₹41.00FY26
Dividend paid for each share, by financial year.
₹ per share · Source: Integrated Annual Report 2021-22 (FY22), incl. standalone and consolidated financial statements; Integrated Annual Report 2022-23 (FY23), incl. standalone and consolidated financial statements; Integrated Annual Report 2023-24 (FY24), incl. standalone and consolidated financial statements and 2 more
See the numbers
No buybacks or fund raises in the period covered.
16 · Who runs it
Who runs Hindustan Unilever, and did they deliver?
Priya Nair
Chief Executive Officer and Managing Director · since 2025
Took over on 1 Aug 2025 from Rohit Jawa. Her term runs to 31 Jul 2030.
Niranjan Gupta
Executive Director, Finance, and Chief Financial Officer · since 2025
CFO from 1 Nov 2025. He succeeded Ritesh Tiwari, who moved to Unilever PLC.
Nitin Paranjpe
Chairman (non-executive)
Ashu Suyash
Independent Director; chairs the Audit Committee
On 30 Apr 2026 the board approved her re-appointment for five years from 12 Nov 2026, subject to shareholder approval.
What they said, and what happened
2 delivered · 3 too early to tell
Said on 24 Apr 2025
Keep EBITDA margin in a 22–23% range for some quarters while stepping up investment.
DeliveredWhat happened
On 23 Oct 2025 management said the ice cream demerger would add 0.5–0.6 points to margin. FY26 company EBITDA margin was 23.6%, "at the higher end of our guidance".
Said on 22 Jan 2025
Demerge the ice cream business into a separate company and list it.
DeliveredWhat happened
The demerger took effect on 1 Dec 2025. Kwality Wall's (India) Ltd shares began trading on 16 Feb 2026.
Said on 22 Jan 2025
Buy the remaining 9.5% of Minimalist (Uprising Science) after the first 90.5%, as set out in the deal terms.
Too early to tellWhat happened
HUL bought 90.5% on 21 Apr 2025. The FY26 annual report says the remaining 9.5% is to be bought within two years.
Said on 30 Apr 2026
Expects FY27 to be better than FY26.
Too early to tellWhat happened
Q1 FY27 underlying sales growth was 10% and volume growth 5%, against 5% and 4% for FY26. The full-year check comes after FY27.
Said on 30 Apr 2026
Expects EBITDA margin around 22.5–23.5% over the mid term.
Too early to tellWhat happened
Q1 FY27 company EBITDA margin was 23.0%.
Source: Exchange announcement: Change in Director(s) (Board change 10Jul2025); Exchange announcement: Shareholders meeting (PostalBallot PriyaNair); Exchange announcement: Outcome of Board Meeting (CFO change 21Aug2025) and 13 more
17 · Governance signals
What do Hindustan Unilever's governance filings show?
- Auditor
- Walker Chandiok & Co LLP, since 2024
- Auditor changes
- 21 Jun 2024: B S R & Co. LLP → Walker Chandiok & Co LLP (B S R's term ended at the June 2024 AGM. Walker Chandiok was appointed for five years. This was not a resignation.)
- Audit qualifications
- None reported
- Related-party dealings
- HUL pays Unilever group companies a royalty for trademarks and technology, plus fees for central services. A five-year agreement from 1 Feb 2023 raised the rate in steps from about 2.65% of turnover. For the continuing business, payments were ₹2,041 crore in FY26 (royalty ₹1,171 crore, fees ₹870 crore). In FY22 they were ₹1,352 crore. HUL's FY23 annual report says Deloitte benchmarked the rates.
- Credit rating
- Crisil AAA (long term) / A1+ (short term) (Stable), 3 Oct 2025
A credit rating describes the company's ability to repay debt. It is not a rating of the share.
Flags to know about
related party · 1 Feb 2023
Royalty and fees to the parent
Royalty and central-services fees to Unilever were 2.6% of revenue in FY22 and about 3.2% in FY26 (continuing business). The agreement runs for five years from 1 Feb 2023.
disclosure · 1 Dec 2025
Ice cream demerger breaks comparisons
FY25 and the quarters from Q3 FY25 were re-presented without ice cream. FY22–FY24 and Q2 FY25 were not, and still include it.
other · 7 Jan 2026
Income-tax demands
Tax officers raised demands of ₹1,986.25 crore (Oct 2025) and ₹1,559.69 crore (Jan 2026) for FY21 and FY22. HUL said the orders have no material financial impact and that it would appeal.
Source: Exchange announcement: Change in Auditors (Auditor change Apr2024); Integrated Annual Report 2025-26 (FY26), incl. standalone and consolidated financial statements; Integrated Annual Report 2023-24 (FY24), incl. standalone and consolidated financial statements and 6 more
18 · What the market paid · price as of 30 Jun 2026
What did the market pay for Hindustan Unilever on 30 Jun 2026?
Price as of 30 Jun 2026 (shown for education; prices change daily).
Price as of 30 Jun 2026 (data at least 3 months old, shown for education): ₹2,118.20 on NSE. Market value: ₹497,690 crore. This price is after the ice cream demerger. P/E is the share price divided by one year's profit per share: here FY26 reported profit per share of ₹64.01. That FY26 profit includes a one-off, non-cash ₹4,611 crore demerger gain. On continuing-business profit per share (₹45.25), the ratio is 46.8. P/B divides the price by shareholders' equity per share. EV/EBITDA compares the value of the whole business, after adjusting for cash, with one year's EBITDA.
- Share price
- ₹2,118.20
- Market value (market cap)
- ₹497,690 cr
- P/E
- 33.1×
- P/B
- 10.2×
- EV/EBITDA
- 33.1×
Source: NSE security-wise bhavcopy (full), 30 Jun 2026; Shareholding pattern (XBRL), quarter ended Jun 2026; Integrated Annual Report 2025-26 (FY26), incl. standalone and consolidated financial statements
19 · What could go wrong
What could go wrong for Hindustan Unilever?
- Competition
Slow volume growth in crowded categories
Crisil says HUL faces intense competition, including multinationals entering soaps, detergents, personal care and packaged foods. HUL's volume growth was flat in Q2 FY26 and 4% for FY26 as a whole.
Watch Underlying volume growth (UVG) each quarter; it was 5% in Q1 FY27.
- Raw-material prices
Raw material prices
Materials took ₹48.6 of every ₹100 in FY26. Crisil lists palm oil, linear alkyl benzene, crude derivatives, wheat and sugar as volatile inputs. On 28 Jul 2026 management said commodities and currencies "remain elevated".
Watch Company EBITDA margin against the 22.5–23.5% range management gave on 30 Apr 2026.
- Governance
Rising payments to the parent
Royalty and fees to Unilever rose from 2.6% of revenue in FY22 to about 3.2% in FY26. This follows an agreement effective 1 Feb 2023, which runs for five years.
Watch Terms of the next agreement after the current five-year term ends.
- Legal
Income-tax demands
Tax officers raised demands of ₹1,986.25 crore (Oct 2025) and ₹1,559.69 crore (Jan 2026). HUL's filings say the orders disallowed payments to related parties or challenged their value (transfer pricing), and disallowed some depreciation. HUL said the orders have no material financial impact and that it would appeal. A separate ₹962.75 crore demand concerns tax not deducted on HUL's payment for GSK's health-drink brand rights. The Bombay High Court dismissed HUL's petition on 23 Sep 2024 because an appeal route existed. HUL then appealed to the Commissioner of Income-tax (Appeals), Mumbai. On 28 Nov 2024 it paid ₹192.55 crore, 20% of that demand. HUL said this was funded by an indemnity claim under its purchase agreement.
Watch Appeal outcomes. Income-tax contingent liabilities were ₹2,405 crore on 31 Mar 2026.
- Other
Large brand values on the books
Goodwill and other intangible assets, mostly brands, were ₹49,246 crore on 31 Mar 2026, 62% of total assets. The auditor named the Foods unit's impairment test a key audit matter. A write-down would cut reported profit, not cash.
Watch The yearly impairment test of the Foods unit (Horlicks, Boost, tea and coffee) in each annual report.
- Execution
Charges linked to acquisitions
HUL still has to buy the remaining 9.5% of Minimalist. Changes in the value of acquisition-related liabilities cost ₹502 crore in FY26, booked as one-off items.
Watch One-off items in quarterly results, and the purchase of the rest of Minimalist.
Source: Crisil Ratings rating rationale, Hindustan Unilever Ltd, 3 Oct 2025 (Crisil AAA/Stable reaffirmed; Crisil A1+ assigned; ₹6,000 cr bank facilities); Investor presentation, Q2 FY26; Press release: consolidated results for Q4 and FY26 and 11 more
20 · How it got here
How did Hindustan Unilever get here?
1933
Milestone
Company incorporated
The company that is now Hindustan Unilever was incorporated in 1933, according to its corporate identity number.
2020
Business-model change
GSK Consumer Healthcare merged in
HUL added Horlicks and Boost health drinks, which sit in today's Foods segment.
2023
Milestone
New royalty agreement with Unilever
From 1 Feb 2023, royalty and service fees to Unilever began rising in steps from about 2.65% of turnover.
2024
Milestone
Beauty and personal care split
From 1 Apr 2024, HUL reports Beauty & Wellbeing and Personal Care as separate segments.
2024
Milestone
Pureit water purifiers sold
HUL sold Pureit to A. O. Smith India Water Products on 1 Nov 2024. It booked a ₹595 crore profit in FY25.
2025
Business-model change
Minimalist bought
HUL bought 90.5% of Uprising Science, owner of the Minimalist skin-care brand, on 21 Apr 2025.
2025
Milestone
New chief executive
Priya Nair became CEO and Managing Director on 1 Aug 2025.
2025
Business-model change
Ice cream demerged
Kwality Wall's, Cornetto and Magnum moved to Kwality Wall's (India) Ltd from 1 Dec 2025.
2026
Milestone
Kwality Wall's listed; OZiva fully owned
The ice cream company's shares began trading on 16 Feb 2026. HUL took full ownership of OZiva on 12 Feb 2026.
Source: Outcome of board meeting: standalone and consolidated financial results, Q3 FY26 (quarter ended 31 Dec 2025); Crisil Ratings rating rationale, Hindustan Unilever Ltd, 3 Oct 2025 (Crisil AAA/Stable reaffirmed; Crisil A1+ assigned; ₹6,000 cr bank facilities); Integrated Annual Report 2022-23 (FY23), incl. standalone and consolidated financial statements and 10 more
21 · Both sides
What do supporters and critics point to?
What supporters point to
- HUL had no borrowings and ₹7,495 crore in cash and liquid investments on 31 Mar 2026.
- Its brands reach over 9 million outlets, and 20 brands each had over ₹1,000 crore of turnover in FY26.
- Underlying sales growth rose from 2% in Q2 FY26 to 10% in Q1 FY27, with 5% volume growth.
- Crisil rated HUL AAA/Stable on 3 Oct 2025.
- Dividends per share were 90–96% of earnings per share in FY22–FY24, and 116.9% in FY25, including a ₹10 special dividend.
What critics point to
- Profit from the continuing business fell 0.2% in FY26, to ₹10,633 crore.
- Royalty and fees to parent Unilever rose from 2.6% of revenue in FY22 to about 3.2% in FY26.
- Dividends paid exceeded free cash flow in FY25 and FY26; cash and liquid investments fell to ₹7,495 crore.
- Underlying volume growth was flat in Q2 FY26 and 4% for FY26 as a whole.
- Tax officers raised income-tax demands of ₹1,986.25 crore (Oct 2025) and ₹1,559.69 crore (Jan 2026). HUL said it would appeal and that they have no material financial impact.
22 · What to watch next
What should you watch next at Hindustan Unilever?
Next event
Q2 FY27 results (board meeting)
28 Oct 2026
Date confirmed by the company
Margin against guidance
Management said on 28 Jul 2026 it expects EBITDA margin around its 22.5–23.5% range. Q1 FY27 was 23.0%.
Volume growth
Underlying volume growth was 5% in Q1 FY27. Management said on 30 Apr and 28 Jul 2026 that it expects FY27 to be better than FY26.
Minimalist and one-off charges
HUL is to buy the remaining 9.5% of Minimalist. Watch one-off charges linked to acquisition liabilities in each quarter.
23 · Key facts
Key facts about Hindustan Unilever
- What does Hindustan Unilever do?
- Hindustan Unilever (HUL) makes and sells everyday household products in India. Its brands include Surf excel, Lux, Pond's and Red Label tea. In FY26 Hindustan Unilever sold 50 brands across 15 categories.
- How does Hindustan Unilever make money?
- Hindustan Unilever earns money by selling its products through distributors and stores. Of its ₹64,468 crore FY26 revenue, Home Care was 36.7% and Beauty & Wellbeing 23.3%. Foods was 21.8% and Personal Care 14.8%.
- Who are Hindustan Unilever's customers?
- According to its FY26 BRSR, Hindustan Unilever sells through 3,500+ distributors that supply over 9 million retail outlets. It also sells to organised retail chains and online platforms. Hindustan Unilever does not disclose revenue by customer.
- How big is Hindustan Unilever?
- Hindustan Unilever's FY26 revenue was ₹64,468 crore, up 5.1% from ₹61,328 crore in FY25 (both without ice cream). FY26 profit to shareholders was ₹15,040 crore, or ₹10,633 crore from the continuing business.
- Who owns Hindustan Unilever?
- On 30 Sep 2026, Unilever group companies owned 61.90% of Hindustan Unilever; Unilever PLC alone held 47.43%. Domestic institutions held 17.13%, foreign investors 9.26% and others 11.72%. No promoter shares were pledged.
- Why was Hindustan Unilever's FY26 profit higher than FY25?
- Hindustan Unilever's FY26 profit of ₹15,040 crore includes a one-off, non-cash ₹4,611 crore gain from demerging its ice cream business. Profit from the continuing business was ₹10,633 crore, 0.2% lower than in FY25.
- What happened to Hindustan Unilever's ice cream business?
- From 1 Dec 2025, Hindustan Unilever moved its ice cream business into a separate company, Kwality Wall's (India) Ltd. Its brands include Kwality Wall's, Cornetto and Magnum. Shareholders got one Kwality Wall's share per Hindustan Unilever share. The new company listed on 16 Feb 2026.
- How much does Hindustan Unilever pay Unilever in royalty and fees?
- In FY26 Hindustan Unilever's continuing business paid ₹2,041 crore in royalty and central-services fees to Unilever. That was about 3.2% of revenue, up from 2.6% (₹1,352 crore) in FY22. The rise follows an agreement effective 1 Feb 2023.
- Does Hindustan Unilever have debt?
- On 31 Mar 2026 Hindustan Unilever had no borrowings and ₹7,495 crore in cash and liquid investments. It also owed ₹1,478 crore of lease liabilities (rent due under leases).
- How much dividend does Hindustan Unilever pay?
- Hindustan Unilever declared ₹41 per share of dividends for FY26 (₹19 interim and ₹22 final). For FY25 it declared ₹53 per share, including a ₹10 special dividend.
Source: Integrated Annual Report 2025-26 (FY26), incl. standalone and consolidated financial statements; Business Responsibility and Sustainability Report FY 2025-26; Shareholding pattern (XBRL), quarter ended Sep 2026 and 6 more
Terms on this page
- Capital expenditure (capex)
- Credit rating
- Dividend payout ratio
- EBITDA
- FII and DII holding
- Free cash flow
- Net debt
- Net profit
- Operating margin
- Promoter holding
Each explains the term in plain English, with the same number from other companies on Cityfort.
24 · Sources and changes
Where every number on this page comes from
Sources (56 documents)
- S1Integrated Annual Report 2025-26 (FY26), incl. standalone and consolidated financial statements · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 2 Jun 2026
- S2Integrated Annual Report 2024-25 (FY25), incl. standalone and consolidated financial statements · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 29 May 2025
- S3Integrated Annual Report 2023-24 (FY24), incl. standalone and consolidated financial statements · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 22 May 2024
- S4Integrated Annual Report 2022-23 (FY23), incl. standalone and consolidated financial statements · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 29 May 2023
- S5Integrated Annual Report 2021-22 (FY22), incl. standalone and consolidated financial statements · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 28 May 2022
- S6Outcome of board meeting: standalone and consolidated financial results, Q1 FY27 (quarter ended 30 Jun 2026) · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 28 Jul 2026
- S7Outcome of board meeting: standalone and consolidated financial results, Q4 FY26 and FY26 audited (year ended 31 Mar 2026) · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 30 Apr 2026
- S8Outcome of board meeting: standalone and consolidated financial results, Q3 FY26 (quarter ended 31 Dec 2025) · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 12 Feb 2026
- S9Outcome of board meeting: standalone and consolidated financial results, Q2 FY26 (quarter ended 30 Sep 2025) · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 23 Oct 2025
- S13Outcome of board meeting: standalone and consolidated financial results, Q2 FY25 (quarter ended 30 Sep 2024) · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 23 Oct 2024
- S22Investor presentation, Q2 FY26 · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 23 Oct 2025
- S29Earnings call transcript, Q1 FY27 (call held 28 Jul 2026) · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 4 Aug 2026
- S30Earnings call transcript, Q4 FY26 (call held 30 Apr 2026) · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 7 May 2026
- S32Earnings call transcript, Q2 FY26 (call held 23 Oct 2025) · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 29 Oct 2025
- S34Earnings call transcript, Q4 FY25 (call held 24 Apr 2025) · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 30 Apr 2025
- S37Press release: consolidated results for Q4 and FY26 · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 30 Apr 2026
- S42Business Responsibility and Sustainability Report FY 2025-26 · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 2 Jun 2026
- S43Shareholding pattern (XBRL), quarter ended Dec 2023 · NSE (company filing, XBRL) · Tier 1: company or exchange filing · 19 Jan 2024
- S44Shareholding pattern (XBRL), quarter ended Mar 2024 · NSE (company filing, XBRL) · Tier 1: company or exchange filing · 20 Apr 2024
- S45Shareholding pattern (XBRL), quarter ended Jun 2024 · NSE (company filing, XBRL) · Tier 1: company or exchange filing · 17 Jul 2024
- S46Shareholding pattern (XBRL), quarter ended Sep 2024 · NSE (company filing, XBRL) · Tier 1: company or exchange filing · 21 Oct 2024
- S47Shareholding pattern (XBRL), quarter ended Dec 2024 (revised filing of 31 Jan 2025) · NSE (company filing, XBRL) · Tier 1: company or exchange filing · 31 Jan 2025
- S48Shareholding pattern (XBRL), quarter ended Mar 2025 · NSE (company filing, XBRL) · Tier 1: company or exchange filing · 21 Apr 2025
- S49Shareholding pattern (XBRL), quarter ended Jun 2025 · NSE (company filing, XBRL) · Tier 1: company or exchange filing · 4 Jul 2025
- S50Shareholding pattern (XBRL), quarter ended Sep 2025 · NSE (company filing, XBRL) · Tier 1: company or exchange filing · 21 Oct 2025
- S51Shareholding pattern (XBRL), quarter ended Dec 2025 · NSE (company filing, XBRL) · Tier 1: company or exchange filing · 20 Jan 2026
- S52Shareholding pattern (XBRL), quarter ended Mar 2026 · NSE (company filing, XBRL) · Tier 1: company or exchange filing · 20 Apr 2026
- S53Shareholding pattern (XBRL), quarter ended Jun 2026 · NSE (company filing, XBRL) · Tier 1: company or exchange filing · 21 Jul 2026
- S54Shareholding pattern (XBRL), quarter ended Sep 2026 · NSE (company filing, XBRL) · Tier 1: company or exchange filing · 19 Oct 2026
- S55NSE security-wise bhavcopy (full), 30 Jun 2026 · NSE · Tier 1: company or exchange filing · 30 Jun 2026
- S57Crisil Ratings rating rationale, Hindustan Unilever Ltd, 3 Oct 2025 (Crisil AAA/Stable reaffirmed; Crisil A1+ assigned; ₹6,000 cr bank facilities) · Crisil Ratings Ltd · Tier 2: rating agency or regulator · 3 Oct 2025
- S60Exchange announcement: General Updates (IceCream separation board) · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 25 Nov 2024
- S62Exchange announcement: Scheme of Arrangement (Demerger approval) · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 22 Jan 2025
- S68Exchange announcement: Record Date (Demerger record date) · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 18 Nov 2025
- S79Exchange announcement: General Updates (KWIL update 13Feb) · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 13 Feb 2026
- S80Exchange announcement: Acquisition (Minimalist approval) · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 22 Jan 2025
- S82Exchange announcement: General Updates (Minimalist completion) · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 21 Apr 2025
- S83Exchange announcement: Acquisition (Acquisition 12Feb2026) · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 12 Feb 2026
- S85Exchange announcement: Acquisition (Zywie update) · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 13 Feb 2026
- S89Exchange announcement: Updates (Pureit completion) · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 1 Nov 2024
- S92Exchange announcement: Change in Director(s) (Board change 10Jul2025) · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 10 Jul 2025
- S93Exchange announcement: Outcome of Board Meeting (CFO change 21Aug2025) · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 21 Aug 2025
- S94Exchange announcement: Shareholders meeting (PostalBallot PriyaNair) · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 28 Aug 2025
- S98Exchange announcement: Appointment (ID AshuSuyash) · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 30 Apr 2026
- S105Exchange announcement: Pendency of Litigation(s)/dispute(s) (income-tax assessment order for FY 2021-22, demand ₹1,559.69 cr; not the GSK matter) · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 8 Jan 2026
- S106Exchange announcement: Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company (Tax demand Oct2025) · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 31 Oct 2025
- S111Exchange announcement: General Updates (Tax update 2Dec2024) · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 2 Dec 2024
- S118Exchange announcement: Updates (Tax update 14Oct2024) · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 14 Oct 2024
- S127Exchange announcement: Change in Auditors (Auditor change Apr2024) · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 24 Apr 2024
- S136Exchange announcement: Updates (Tax update 24Sep2024) · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 24 Sep 2024
- S137Exchange announcement: Updates (Tax update 13Sep2024) · Hindustan Unilever Ltd (filed with NSE/BSE; downloaded from NSE archives) · Tier 1: company or exchange filing · 13 Sep 2024
- S138Nestlé India Ltd: Annual Report FY 2025-26 (competitor evidence) · Nestlé India Ltd (filed with NSE; NSE archives) · Tier 1: company or exchange filing · 5 Jun 2026
- S139ITC Ltd: Annual Report FY 2025-26 (competitor evidence) · ITC Ltd (filed with NSE; NSE archives) · Tier 1: company or exchange filing · 26 Jun 2026
- S140Dabur India Ltd: Annual Report FY 2025-26 (competitor evidence) · Dabur India Ltd (filed with NSE; NSE archives) · Tier 1: company or exchange filing · 6 Jul 2026
- S141Godrej Consumer Products Ltd: Annual Report FY 2025-26 (competitor evidence) · Godrej Consumer Products Ltd (filed with NSE; NSE archives) · Tier 1: company or exchange filing · 16 Sep 2026
- S142Marico Ltd: Annual Report FY 2025-26 (competitor evidence) · Marico Ltd (filed with NSE; NSE archives) · Tier 1: company or exchange filing · 9 Jul 2026
Changes to this page (v2 · 26 Oct 2026)
- v2 · 26 Oct 2026Linked competitors that now have their own Cityfort pages. (editorial update, Q1 FY27)
- v1 · 25 Oct 2026First version. (first version)
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