# Hindustan Unilever (HINDUNILVR.NSE)

Canonical: https://gigainvestors.com/s/HINDUNILVR.NSE

Analysis as of: 2026-10-16T07:33:23.831Z. Financial observations: FY2012–FY2026.

Listing currency: INR. Reporting currency: INR.

## Verdict

A wonderful business

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: INR 1,897.10 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.07×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.18×

- FY2018: 0.20×

- FY2019: 0.21×

- FY2020: 0.22×

- FY2021: 0.22×

- FY2022: 0.22×

- FY2023: 0.21×

- FY2024: 0.22×

- FY2025: 0.22×

- FY2026: 0.21×

### moat: pass

- The return floor includes all equity, debt and leases without deducting cash or goodwill. Only a floor above the hurdle establishes a pass.

- Conservative return floor, median: 38.8%

- Conservative return floor, second lowest: 17.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.3%

- ROIC including acquisitions, ten-year median: 26.4%

### economics: pass

- Owner earnings / net income, 5-yr: 0.96×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: INR 526B

- Net income, five-year total: INR 550B

- Return on incremental invested capital: 604.3%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 1.9 pp

- Working capital / revenue, final three-year average: -6.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.95×

- FY2023: 0.95×

- FY2024: 0.96×

- FY2025: 0.95×

- FY2026: 0.97×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- Per-share earnings: 20.68 to 45.32 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.8%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: INR 2.86T

- Cumulative retained earnings: INR 105B

- Diluted shares, 10-year annual growth: 0.8%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 10.3%

- Per-share value change: INR 24.64

- Per-share value, starting three-year median: INR 20.68

- Per-share value, ending three-year median: INR 45.32

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.0%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: INR 855B

- ROIC, last three-year median: 38.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: INR 20.68

- FY2018: INR 24.08

- FY2019: INR 27.96

- FY2020: INR 31.17

- FY2021: INR 34.03

- FY2022: INR 37.79

- FY2023: INR 43.07

- FY2024: INR 43.74

- FY2025: INR 45.32

- FY2026: INR 64.00

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: 5.1%

- Receivables to sales index (DSRI): 0.84×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 0.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.73×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.01×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -4.5%

- FY2018: -4.7%

- FY2019: 1.4%

- FY2020: -4.3%

- FY2021: -1.7%

- FY2022: -0.2%

- FY2023: 0.2%

- FY2024: -6.6%

- FY2025: -1.5%

- FY2026: 5.1%

## Holders

## Price story

Down 36% since Sep 2024 · sales +5.1%

Story as of 2026-10-16T09:59:55.966Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +5.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 332B 

- FY2018: INR 355B 

- FY2019: INR 393B 

- FY2020: INR 398B 

- FY2021: INR 470B 

- FY2022: INR 524B 

- FY2023: INR 606B 

- FY2024: INR 619B 

- FY2025: INR 613B 

- FY2026: INR 645B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in diversified fmcg; annual sales are INR 644.7 billion.

- Source: https://www.screener.in/company/HINDUNILVR/consolidated/ (filed 2026-10-16T07:33:23.831Z); FY2026: revenue 644680000000; operatingIncome 137060000000; margin = operatingIncome / revenue.

### Why customers stay

Margins ranged from 21.3% to 21.9% during 2024–26; it earns 37.1% on its capital.

- Source: https://www.screener.in/company/HINDUNILVR/consolidated/ (filed 2026-10-16T07:33:23.831Z); FY2024: operatingIncome / revenue = 21.7%.

- Source: https://www.screener.in/company/HINDUNILVR/consolidated/ (filed 2026-10-16T07:33:23.831Z); FY2025: operatingIncome / revenue = 21.9%.

- Source: https://www.screener.in/company/HINDUNILVR/consolidated/ (filed 2026-10-16T07:33:23.831Z); FY2026: operatingIncome / revenue = 21.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.831Z); 10-year return on capital observations [[2023,0.3365533203989244],[2024,0.35942551577121795],[2025,0.38222435651171727],[2026,0.39353720552115407]]; median 0.3708249361414676. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 18.5% of cash earnings; earns over 100% on new investment.

- Source: https://www.screener.in/company/HINDUNILVR/consolidated/ (filed 2026-10-16T07:33:23.831Z); FY2017: growth capex 1049891396.2248344; upkeep 10080108603.775166; owner earnings 38999891396.22484. Growth capex / owner earnings = 0.026920367176367654.

- Source: https://www.screener.in/company/HINDUNILVR/consolidated/ (filed 2026-10-16T07:33:23.831Z); FY2018: growth capex 2681472761.1921234; upkeep 6268527238.807877; owner earnings 51071472761.19212. Growth capex / owner earnings = 0.05250431632803244.

- Source: https://www.screener.in/company/HINDUNILVR/consolidated/ (filed 2026-10-16T07:33:23.831Z); FY2019: growth capex 2020000000; upkeep 5650000000; owner earnings 60540000000. Growth capex / owner earnings = 0.03336636934258341.

- Source: https://www.screener.in/company/HINDUNILVR/consolidated/ (filed 2026-10-16T07:33:23.831Z); FY2020: growth capex 0; upkeep 8620000000; owner earnings 68880000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/HINDUNILVR/consolidated/ (filed 2026-10-16T07:33:23.831Z); FY2021: growth capex 23360621035.325367; upkeep 18269378964.674633; owner earnings 72420621035.32536. Growth capex / owner earnings = 0.32256863723842566.

- Source: https://www.screener.in/company/HINDUNILVR/consolidated/ (filed 2026-10-16T07:33:23.831Z); FY2022: growth capex 1370000000; upkeep 10910000000; cash acquisitions 0; owner earnings 84720000000. Growth capex plus acquisitions / owner earnings = 0.016170915958451368.

- Source: https://www.screener.in/company/HINDUNILVR/consolidated/ (filed 2026-10-16T07:33:23.831Z); FY2023: growth capex 550000000; upkeep 11370000000; cash acquisitions 3340000000; owner earnings 96530000000. Growth capex plus acquisitions / owner earnings = 0.04029835284367554.

- Source: https://www.screener.in/company/HINDUNILVR/consolidated/ (filed 2026-10-16T07:33:23.831Z); FY2024: growth capex 2610000000; upkeep 12160000000; cash acquisitions 0; owner earnings 98540000000. Growth capex plus acquisitions / owner earnings = 0.02648670590623097.

- Source: https://www.screener.in/company/HINDUNILVR/consolidated/ (filed 2026-10-16T07:33:23.831Z); FY2025: growth capex 0; upkeep 12750000000; cash acquisitions 0; owner earnings 101290000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.screener.in/company/HINDUNILVR/consolidated/ (filed 2026-10-16T07:33:23.831Z); FY2026: growth capex 280000000; upkeep 13330000000; cash acquisitions 26610000000; owner earnings 145330000000. Growth capex plus acquisitions / owner earnings = 0.1850271795224661.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.831Z); Incremental return on capital 6.042988782051282, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.831Z); Dividend observations: [[2017,35720000000],[2018,39110000000],[2019,45540000000],[2020,51960000000],[2021,88110000000],[2022,75260000000],[2023,84740000000],[2024,94160000000],[2025,124730000000],[2026,101240000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price is 6.9 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.831Z); Closing price 1897.1 INR; reporting-to-trading FX 1; FY2026 annual sales per share 274.331914893617; price multiple 6.91534559781597. FY2026 cash earnings/share 61.84255319148936. Closing-price date 2026-10-15.

## Monthly share-price history (INR per share)

- 2016-11: INR 844.00 per share

- 2016-12: INR 826.35 per share

- 2017-01: INR 855.40 per share

- 2017-02: INR 865.90 per share

- 2017-03: INR 911.75 per share

- 2017-04: INR 934.95 per share

- 2017-05: INR 1,067.00 per share

- 2017-06: INR 1,079.60 per share

- 2017-07: INR 1,155.75 per share

- 2017-08: INR 1,219.75 per share

- 2017-09: INR 1,173.90 per share

- 2017-10: INR 1,237.45 per share

- 2017-11: INR 1,272.45 per share

- 2017-12: INR 1,367.85 per share

- 2018-01: INR 1,369.35 per share

- 2018-02: INR 1,317.75 per share

- 2018-03: INR 1,333.35 per share

- 2018-04: INR 1,508.90 per share

- 2018-05: INR 1,611.45 per share

- 2018-06: INR 1,641.15 per share

- 2018-07: INR 1,731.65 per share

- 2018-08: INR 1,780.10 per share

- 2018-09: INR 1,608.40 per share

- 2018-10: INR 1,621.70 per share

- 2018-11: INR 1,754.00 per share

- 2018-12: INR 1,819.65 per share

- 2019-01: INR 1,763.25 per share

- 2019-02: INR 1,732.65 per share

- 2019-03: INR 1,706.80 per share

- 2019-04: INR 1,757.70 per share

- 2019-05: INR 1,788.50 per share

- 2019-06: INR 1,787.60 per share

- 2019-07: INR 1,726.65 per share

- 2019-08: INR 1,881.90 per share

- 2019-09: INR 1,981.95 per share

- 2019-10: INR 2,175.35 per share

- 2019-11: INR 2,035.30 per share

- 2019-12: INR 1,923.00 per share

- 2020-01: INR 2,034.25 per share

- 2020-02: INR 2,174.75 per share

- 2020-03: INR 2,298.50 per share

- 2020-04: INR 2,195.00 per share

- 2020-05: INR 2,057.35 per share

- 2020-06: INR 2,180.00 per share

- 2020-07: INR 2,209.90 per share

- 2020-08: INR 2,117.35 per share

- 2020-09: INR 2,068.25 per share

- 2020-10: INR 2,071.30 per share

- 2020-11: INR 2,138.20 per share

- 2020-12: INR 2,395.40 per share

- 2021-01: INR 2,263.90 per share

- 2021-02: INR 2,132.05 per share

- 2021-03: INR 2,431.50 per share

- 2021-04: INR 2,353.75 per share

- 2021-05: INR 2,340.05 per share

- 2021-06: INR 2,471.30 per share

- 2021-07: INR 2,333.30 per share

- 2021-08: INR 2,724.10 per share

- 2021-09: INR 2,701.80 per share

- 2021-10: INR 2,393.15 per share

- 2021-11: INR 2,317.55 per share

- 2021-12: INR 2,360.15 per share

- 2022-01: INR 2,273.75 per share

- 2022-02: INR 2,172.10 per share

- 2022-03: INR 2,048.65 per share

- 2022-04: INR 2,234.85 per share

- 2022-05: INR 2,353.25 per share

- 2022-06: INR 2,230.60 per share

- 2022-07: INR 2,637.40 per share

- 2022-08: INR 2,659.85 per share

- 2022-09: INR 2,696.45 per share

- 2022-10: INR 2,550.70 per share

- 2022-11: INR 2,684.35 per share

- 2022-12: INR 2,561.05 per share

- 2023-01: INR 2,576.75 per share

- 2023-02: INR 2,460.65 per share

- 2023-03: INR 2,560.35 per share

- 2023-04: INR 2,457.30 per share

- 2023-05: INR 2,667.55 per share

- 2023-06: INR 2,678.15 per share

- 2023-07: INR 2,560.80 per share

- 2023-08: INR 2,505.05 per share

- 2023-09: INR 2,465.60 per share

- 2023-10: INR 2,484.00 per share

- 2023-11: INR 2,545.55 per share

- 2023-12: INR 2,663.95 per share

- 2024-01: INR 2,481.55 per share

- 2024-02: INR 2,412.30 per share

- 2024-03: INR 2,264.35 per share

- 2024-04: INR 2,230.45 per share

- 2024-05: INR 2,329.05 per share

- 2024-06: INR 2,473.05 per share

- 2024-07: INR 2,705.65 per share

- 2024-08: INR 2,778.00 per share

- 2024-09: INR 2,958.30 per share

- 2024-10: INR 2,528.25 per share

- 2024-11: INR 2,496.15 per share

- 2024-12: INR 2,326.85 per share

- 2025-01: INR 2,468.80 per share

- 2025-02: INR 2,190.25 per share

- 2025-03: INR 2,258.85 per share

- 2025-04: INR 2,342.10 per share

- 2025-05: INR 2,348.30 per share

- 2025-06: INR 2,294.60 per share

- 2025-07: INR 2,521.20 per share

- 2025-08: INR 2,659.80 per share

- 2025-09: INR 2,514.40 per share

- 2025-10: INR 2,465.50 per share

- 2025-11: INR 2,466.60 per share

- 2025-12: INR 2,315.90 per share

- 2026-01: INR 2,373.00 per share

- 2026-02: INR 2,338.10 per share

- 2026-03: INR 2,055.20 per share

- 2026-04: INR 2,250.90 per share

- 2026-05: INR 2,153.50 per share

- 2026-06: INR 2,118.20 per share

- 2026-07: INR 2,101.30 per share

- 2026-08: INR 1,967.40 per share

- 2026-09: INR 1,879.10 per share

- 2026-10: INR 1,897.10 per share

## Annual estimated value (INR per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:09.424Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations