Financials Hindustan Unilever Limited

Equities

HINDUNILVR

INE030A01027

Personal Products

Market Closed - NSE India S.E. Other stock markets 04:35:08 15/05/2026 pm IST			5-day change	1st Jan Change
2,272.20 ^INR	+1.05%		-0.68%	-1.89%

07/05	India's Dabur flags further price increases as Middle East war drives up costs	RE
05/05	India's Marico expects annual revenue above view on premium push; margin pressure to weigh	RE

Projected Income Statement: Hindustan Unilever Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	4,59,960	5,11,930	5,91,440	6,04,690	6,14,690	6,19,750	6,95,848	7,54,378
Change	-	11.3%	15.53%	2.24%	1.65%	0.82%	12.28%	8.41%
EBITDA ¹	1,13,240	1,25,030	1,36,320	1,41,900	1,42,890	1,44,640	1,60,267	1,77,542
Change	-	10.41%	9.03%	4.09%	0.7%	1.22%	10.8%	10.78%
EBIT ¹	1,03,120	1,14,780	1,26,020	1,30,930	1,30,650	1,32,780	1,47,769	1,63,804
Change	-	11.31%	9.79%	3.9%	-0.21%	1.63%	11.29%	10.85%
Interest Paid ¹	-1,080	-980	-1,140	-3,020	-3,640	-3,630	-4,001	-4,163
Earnings before Tax (EBT) ¹	1,04,900	1,17,390	1,30,790	1,36,750	1,43,000	1,40,800	1,50,698	1,67,929
Change	-	11.91%	11.41%	4.56%	4.57%	-1.54%	7.03%	11.43%
Net income ¹	79,540	88,180	99,620	1,01,140	1,06,440	1,54,270	1,13,025	1,25,471
Change	-	10.86%	12.97%	1.53%	5.24%	44.94%	-26.74%	11.01%
Announcement Date	29/04/21	27/04/22	27/04/23	24/04/24	24/04/25	30/04/26	-	-

¹INR in Million

Estimates

Fiscal Period: March	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	1,05,600	1,14,420	1,18,620	1,21,320	1,19,150	1,27,240	1,30,920	1,34,620	1,42,720	1,47,510	1,52,280	1,48,930	1,51,480	1,52,760	1,51,880	1,48,570	1,53,390	1,55,080	1,54,080	1,52,140	1,59,310	1,56,283	1,58,818	1,60,006	1,73,368	1,77,203	1,77,203	1,81,038
Change	-	8.35%	3.67%	2.28%	-1.79%	6.79%	2.89%	2.83%	6.02%	3.36%	3.23%	-2.2%	1.71%	0.84%	-0.58%	-2.18%	3.24%	1.1%	-0.64%	-1.26%	4.71%	-1.9%	1.62%	0.75%	8.35%	2.21%	0%	2.16%
EBITDA ¹	26,440	28,690	28,540	29,570	28,470	31,320	32,790	32,450	32,470	33,770	35,370	34,710	35,210	36,940	35,400	34,350	36,060	36,470	40,790	34,660	35,580	34,929	36,864	37,136	39,875	40,847	40,847	41,820
Change	-	8.51%	-0.52%	3.61%	-3.72%	10.01%	4.69%	-1.04%	0.06%	4%	4.74%	-1.87%	1.44%	4.91%	-4.17%	-2.97%	4.98%	1.14%	11.85%	-15.03%	2.65%	-1.83%	5.54%	0.74%	7.38%	2.44%	0%	2.38%
EBIT ¹	24,020	26,200	25,820	27,080	26,030	28,670	30,240	29,840	29,870	31,290	32,770	32,090	32,640	34,250	32,580	31,460	33,080	33,420	37,710	31,530	32,340	31,876	33,218	33,110	36,345	37,386	37,386	38,428
Change	-	9.08%	-1.45%	4.88%	-3.88%	10.14%	5.48%	-1.32%	0.1%	4.75%	4.73%	-2.08%	1.71%	4.93%	-4.88%	-3.44%	5.15%	1.03%	12.84%	-16.39%	2.57%	-1.43%	4.21%	-0.33%	9.77%	2.87%	0%	2.79%
Charge d'intérêts	-290	-290	-410	-90	-110	-260	-250	-360	-260	-250	-260	-290	-470	-720	-810	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	24,110	26,610	25,960	28,220	26,330	29,540	30,240	31,280	30,860	31,910	33,770	34,250	33,650	36,310	34,320	32,470	34,320	35,360	39,780	33,540	32,440	32,828	34,281	35,069	-	-	-	-
Change	-	10.37%	-2.44%	8.71%	-6.7%	12.19%	2.37%	3.44%	-1.34%	3.4%	5.83%	1.42%	-1.75%	7.9%	-5.48%	-5.39%	5.7%	3.03%	12.5%	-15.69%	-3.28%	1.2%	4.43%	2.3%	-	-	-	-
Net income ¹	18,810	20,090	19,210	21,430	20,610	21,870	22,430	23,270	22,890	26,160	25,050	25,520	24,720	27,170	25,190	24,060	25,380	26,120	30,010	24,930	27,320	25,169	26,291	26,197	-	-	-	-
Change	-	6.8%	-4.38%	11.56%	-3.83%	6.11%	2.56%	3.74%	-1.63%	14.29%	-4.24%	1.88%	-3.13%	9.91%	-7.29%	-4.49%	5.49%	2.92%	14.89%	-16.93%	9.59%	-7.88%	4.46%	-0.36%	-	-	-	-
Announcement Date	21/07/20	20/10/20	27/01/21	29/04/21	22/07/21	19/10/21	20/01/22	27/04/22	19/07/22	21/10/22	19/01/23	27/04/23	20/07/23	19/10/23	19/01/24	24/04/24	23/07/24	23/10/24	22/01/25	24/04/25	31/07/25	-	-	-	-	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2024 S1	2025 S1	2026 S1
Net sales ¹	3,04,240	3,08,470	3,15,160
Change	-	1.39%	2.17%
EBITDA ¹	-	72,530	71,210
Change	-	-	-1.82%
EBIT	-	-	-
Change	-	-	-
Charge d'intérêts	-	-	-
Earnings before Tax (EBT)	-	-	-
Change	-	-	-
Net income	-	-	-
Change	-	-	-
Announcement Date	19/10/23	23/10/24	23/10/25

¹INR in Million

Estimates

Forecast Balance Sheet: Hindustan Unilever Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-43,210	-36,180	-44,220	-58,420	-57,560	-69,660	-71,780	-88,266
Change	-	16.27%	-22.22%	-32.11%	1.47%	-21.02%	33.81%	-22.97%
Announcement Date	29/04/21	27/04/22	27/04/23	24/04/24	24/04/25	30/04/26	-	-

¹INR in Million

Estimates

Cash Flow Forecast: Hindustan Unilever Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	39,540	7,730	9,210	12,980	11,360	12,450	15,210	15,717
Change	-	-80.45%	19.15%	40.93%	-12.48%	9.6%	17.84%	3.33%
Free Cash Flow (FCF) ¹	50,030	81,910	87,050	1,35,860	1,04,700	92,510	1,13,266	1,33,004
Change	-	63.72%	6.28%	56.07%	-22.94%	-11.64%	-3.8%	17.43%
Announcement Date	29/04/21	27/04/22	27/04/23	24/04/24	24/04/25	30/04/26	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: Hindustan Unilever Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	24.62%	24.42%	23.05%	23.47%	23.25%	23.34%	23.03%	23.53%
EBIT Margin (%)	22.42%	22.42%	21.31%	21.65%	21.25%	21.42%	21.24%	21.71%
EBT Margin (%)	22.81%	22.93%	22.11%	22.61%	23.26%	22.72%	21.66%	22.26%
Net margin (%)	17.29%	17.23%	16.84%	16.73%	17.32%	24.89%	16.24%	16.63%
FCF margin (%)	10.88%	16%	14.72%	22.47%	17.03%	14.93%	16.28%	17.63%
FCF / Net Income (%)	62.9%	92.89%	87.38%	134.33%	98.37%	59.97%	100.21%	106%
Profitability
ROA	18.53%	12.83%	14.07%	13.58%	13.7%	13.9%	14.1%	15.6%
ROE	29.3%	18.39%	20.13%	19.99%	21.26%	22.08%	22.76%	24.8%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	8.6%	1.51%	1.56%	2.15%	1.85%	2.01%	2.19%	2.08%
CAPEX / EBITDA (%)	34.92%	6.18%	6.76%	9.15%	7.95%	8.61%	9.49%	8.85%
CAPEX / FCF (%)	79.03%	9.44%	10.58%	9.55%	10.85%	13.46%	13.43%	11.82%
Items per share
Cash flow per share ¹	38.12	38.14	40.97	63.35	49.39	44.66	55.14	60.75
Change	-	0.07%	7.41%	54.63%	-22.03%	-9.58%	-9.2%	10.17%
Dividend per Share ¹	40.5	34	39	53	53	41	45.74	49.9
Change	-	-16.05%	14.71%	35.9%	0%	-22.64%	-3.8%	9.08%
Book Value Per Share ¹	201.8	207.5	213.7	216.9	209.2	209.5	214.3	219
Change	-	2.8%	3%	1.5%	-3.57%	0.14%	-0.08%	2.16%
EPS ¹	33.85	37.53	42.4	43.05	45.3	65.65	48.1	53.43
Change	-	10.87%	12.98%	1.53%	5.23%	44.92%	8.21%	11.08%
Nbr of stocks (in thousands)	23,49,568	23,49,591	23,49,591	23,49,591	23,49,591	25,84,543	25,84,543	25,84,543
Announcement Date	29/04/21	27/04/22	27/04/23	24/04/24	24/04/25	30/04/26	-	-