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Hindustan Unilever Limited

HINDUNILVR.NS
60
Household & Personal Products · Consumer Defensive
Price
₹2015.00
-13.00 (-0.64%)
Market Cap
₹4.73T
Exchange
National Stock Exchange of India
Winston Score
60
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Strong
Growth
Good
Cash Flow
Mixed
Stability
Good
Valuation
Weak
Dividends
Good

Winston Score History

The full picture

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.

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

Profit per sale
Gross Margin
49.1%
Healthy — 49.1% gross margin
Profit after running costs
Operating Margin
20.9%
Excellent — 20.9% operating margin
Return on the money invested
ROCE
28.5%
Exceptional — 28.5% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

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

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

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
42%
Weak — only 42% of profit becomes cash
Spare cash per sale
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

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
37.80x
Comfortably covers interest (37.8x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
31.7x
Pricey — P/E 31.7

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

Cheaper or dearer next year
P/E vs Forward
-4.1
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
1.95%
Small dividend — 1.95% yield

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

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

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