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Hindustan Unilever Limited

HINDUNILVR.NS
52
Household & Personal Products · Consumer Defensive
Price
₹2096.00
+16.50 (+0.79%)
Market Cap
₹4.92T
Exchange
National Stock Exchange of India
Winston Score
52
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 9, 2026 · filings through Jun 30, 2026

Hindustan Unilever Limited (HUL) is one of India's largest consumer goods companies. It makes and sells everyday products like soaps, shampoos, detergents, toothpaste, skincare creams, and packaged foods. Its brands include Dove, Lux, Surf Excel, Lifebuoy, Pond's, and Horlicks, and it sells to hundreds of millions of Indian households across urban and rural areas.

HUL earns money by manufacturing and selling these products through a massive distribution network of millions of retail stores across India. It is a subsidiary of the global giant Unilever, which gives it access to world-class brands and research. HUL's main competitive advantage is its deep rural distribution reach and strong brand recognition built over decades. The key growth driver is rising incomes and consumer spending in India's growing middle class, while the main risk is pressure on profit margins from rising raw material costs and increasing competition from local and regional brands.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+21.4% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

Declining (-100% vs prior year)

0.0% of revenue

Below sector average (2%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

62.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$0 cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Hindustan Unilever Limited is growing revenue at 4% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 2.35B (2022) → 2.35B (2026)

Score breakdown

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Quality

Gross Margin
49.1%
Healthy — 49.1% gross margin
Operating Margin
20.9%
Excellent — 20.9% operating margin
ROCE
7.4%
Weak — 7.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY
+3.3%
Slow sales growth (+3.3% YoY)
EPS YoY
+38.5%
Earnings growing fast (+38.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Cash Conversion
42%
Weak — only 42% of profit becomes cash
FCF Margin
8.6%
Modest free cash flow (8.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
N/A
Data not available
Interest Cover
37.80x
Comfortably covers interest (37.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
32.9x
Pricey — P/E 32.9

P/E above the market average. People are paying up for expected growth.

P/E vs Forward
-2.9
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield
1.95%
Small dividend — 1.95% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth
+16.0%
Dividend growing fast (16.0% YoY)

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