Hindustan Unilever Ltd.
NSE: HINDUNILVR
Consumer Defensive · Household & Personal Products
₹1,814.70 last close on 23 Oct 2026 −0.74%
Research updated
Colgate-Palmolive (India) Ltd.
NSE: COLPALConsumer DefensiveHousehold & Personal Products
- Last close
- ₹1,605.00
- Day change
- −₹80.00 (−4.75%)vs
- Market cap
- ₹45,830 crIndian rupees
- Research updated
- 3 reports
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About Colgate-Palmolive (India)
Colgate-Palmolive (India) Ltd. is a prominent company engaged in the production, distribution, and sale of oral care products across India. As a subsidiary of Colgate-Palmolive Company, it primarily focuses on offering a comprehensive range of dental hygiene solutions, including toothpastes, toothbrushes, mouthwashes, and specialized dental care products. The company's oral care product line plays a critical role in promoting dental health and hygiene standards across diverse demographics. Operating in the fast-moving consumer goods (FMCG) sector, Colgate-Palmolive (India) Ltd. impacts several industries such as healthcare, retail, and consumer products. The brand is well-regarded for its widespread availability and market penetration throughout urban and rural areas in India, enabling it to maintain a significant presence in the oral care market. Colgate-Palmolive (India) Ltd. holds substantial market significance, being synonymous with oral care in India. The company continues to innovate and expand its product portfolio, aligning with contemporary consumer needs and preferences, thus reinforcing its position as a leader in the FMCG landscape. Headquartered in Mumbai, it remains an influential player in shaping consumer behavior towards personal hygiene.
- Sector
- Consumer Defensive
- Industry
- Household & Personal Products
- Listing
- NSE: COLPAL
- Chief executive
- Mr. Manish Anandani
- Employees
- 2,276
- Headquarters
- Mumbai, India
- ISIN
- INE259A01022
- Website
- colgatepalmolive.co.in
Public research · Report of
Business model & financial foundation
Colgate India (NSE: COLPAL), Personal care - oral care (toothpaste, toothbrushes, mouthwash) and personal care: revenue of ₹6,035 crore in FY26 (-0.1% on FY25), an EBITDA margin of 31.0%, net profit of ₹1,325 crore and net cash of ₹1,379 crore.
- Revenue, FY26 (₹ crore)
- 6,035
- standalone
- Revenue growth, FY26
- -0.1%
- on FY25
- EBITDA margin, FY26
- 31.0%
- EBITDA (Operating EBITDA before exceptional items) / revenue
- Net profit, FY26 (₹ crore)
- 1,325
- to owners
- Return on equity, FY26
- 81.6%
- on average equity
- Net debt, FY26 (₹ crore)
- -1,379
- Net debt (negative net cash)
- Market capitalisation (₹ crore)
- 45,830
- at the close of 22 Oct 2026
Company profile
Colgate-Palmolive (India) is the country's leading oral-care company, selling Colgate toothpaste, toothbrushes and mouthwash and Palmolive personal care through 1.7 million direct outlets and 7.1 million total reach. Toothpaste leadership is about three times the number-two brand. Four owned plants (Goa, Baddi, Sri City, Sanand) manufacture for India and small exports to group companies (4.6% of FY26 revenue). It is 51% owned by Colgate-Palmolive Company, USA, pays a royalty to the parent and distributes almost all earnings as dividends.
| Item | Value |
|---|---|
| Legal name | Colgate-Palmolive (India) Limited |
| Exchange and ticker | NSE: COLPAL; BSE: 500830 |
| ISIN | INE259A01022 |
| CIN | L24200MH1937PLC002700 |
| Sector | Fast Moving Consumer Goods |
| Industry | Personal care - oral care (toothpaste, toothbrushes, mouthwash) and personal care |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | S R B C & CO LLP (since 2017) |
| Market capitalisation | ₹45,830 crore (22 Oct 2026) |
| Shares outstanding | 27.20 crore shares (FY26) |
| Price | ₹1,685 (close, 22 Oct 2026) |
| 52-week range | ₹1,678 - ₹2,310 (to 22 Oct 2026) |
| Website | https://www.colgateinvestors.co.in |
Corporate structure and shareholding
Parent: Colgate-Palmolive Company, USA (51.00% with Colgate-Palmolive (Asia) Pte Ltd, Sep 2026 shareholding).
No subsidiary is recorded.
No subsidiaries, JVs or associates. Promoter group: Colgate-Palmolive Company 40.06%, Colgate-Palmolive (Asia) Pte Ltd 10.94%, Norwood International ~0.00% (S19, Sep 2026). Royalty paid to parent ~4.2% of revenue plus withholding tax.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 51.00% | 51.00% | 51.00% | 51.00% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 15.18% | 13.60% | 13.59% | 13.71% |
| Domestic institutions | 13.79% | 15.53% | 15.82% | 15.46% |
| of which mutual funds | 6.11% | 7.45% | 7.23% | 7.38% |
| Retail | 17.51% | 17.25% | 17.01% | 17.25% |
| Other | 2.52% | 2.62% | 2.58% | 2.58% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Colgate India is a standalone oral-care franchise: no subsidiary, associate or JV exists, so the listed entity is the whole operating business. It sells toothpaste, toothbrushes, mouthwash and Palmolive personal care through broad traditional, modern and digital distribution. Economics are brand-led pricing and mix, high gross margin, modest capex and near-full payout; the parent group owns 51%.
| Peer | Why the dossier compares them |
|---|---|
| Hindustan Unilever (HINDUNILVR) | |
| Dabur India (DABUR) | Number two toothpaste player (Dabur Red, Meswak) competing in naturals/ayurvedic oral care. |
| Gillette India (PGHL) | P&G-controlled MNC subsidiary with Oral-B; comparable royalty-paying, high-ROCE MNC structure. |
| Procter & Gamble Hygiene and Health Care (PGHH) | |
| Nestle India (NESTLEIND) | |
| Emami (EMAMILTD) | |
| Britannia Industries (BRITANNIA) | Large-cap staples peer with similar mass-market rural/urban demand exposure. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 5,095 | 5,220 | 5,680 | 6,040 | 6,035 |
| Cost of revenue (vendor classification) * | 1,890 | 2,048 | 1,988 | 2,135 | 2,167 |
| Other operating costs (vendor classification) * | 1,250 | 1,246 | 1,373 | 1,491 | 1,513 |
| EBITDA (vendor classification) * | 1,593 | 1,600 | 1,978 | 2,097 | 1,961 |
| Operating EBIT before other income and exceptional items | 1,415 | 1,415 | 1,729 | 1,795 | 1,724 |
| Finance costs | 5.89 | 4.91 | 5.00 | 4.32 | 3.79 |
| Profit before tax | 1,409 | 1,410 | 1,781 | 1,930 | 1,784 |
| Total tax | 330.7 | 362.5 | 457.7 | 493.0 | 458.7 |
| Profit after tax | 1,078 | 1,047 | 1,324 | 1,437 | 1,325 |
| Diluted EPS (₹) | 39.65 | 38.50 | 48.67 | 52.83 | 48.73 |
| Other income | 76.5 | 138.8 | 89.1 | ||
| Materials consumed | 1,458 | 1,579 | 1,538 | ||
| Purchased stock-in-trade | 244.9 | 309.9 | 275.7 | ||
| Inventory change expense | 20.5 | -70.7 | 22.9 | ||
| Employee benefits | 411.7 | 446.8 | 474.9 | ||
| Other expenses | 1,645 | 1,817 | 1,853 | ||
| Depreciation and amortisation | 171.5 | 162.7 | 146.1 | ||
| Exceptional signed PBT contribution | -19.5 | 0.00 | -25.0 | ||
| Profit attributable to shareholders | 1,324 | 1,437 | 1,325 | ||
| Materials plus purchases plus inventory change | 1,723 | 1,818 | 1,837 | ||
| Operating EBITDA before exceptional items | 1,901 | 1,958 | 1,870 | ||
| Current tax before earlier-period adjustment | 493.7 | 496.5 | 474.7 | ||
| Earlier-period tax adjustment | 0.00 | -1.61 | -7.10 | ||
| Deferred tax expense / credit | -36.0 | -1.90 | -8.90 | ||
| Minorities structurally inapplicable | 0.00 | 0.00 | 0.00 | ||
| Associate share structurally inapplicable | 0.00 | 0.00 | 0.00 | ||
| Advertising within other expenses | 822.5 | 819.4 | |||
| Royalty excluding withholding within other expenses | 237.9 | 239.9 | 250.8 | ||
| Withholding on royalty within other expenses | 42.3 | 44.3 | |||
| Freight forwarding within other expenses | 167.2 | 160.7 | |||
| Power fuel within other expenses | 51.2 | 49.6 | |||
| Income tax refund interest within other income | 64.8 | 21.8 | |||
| Parent awards expense within employee cost | 12.5 | 11.1 | |||
| Basic EPS (₹) | 48.67 | 52.83 | 48.73 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 1,735 | 1,716 | 1,874 | 1,664 | 1,584 |
| Lease liabilities; no bank borrowing | 83.1 | 69.0 | 71.7 | 60.8 | 47.4 |
| Cash and cash equivalents | 724.1 | 806.1 | 889.0 | 668.1 | 1,426 |
| Trade receivables | 224.7 | 157.4 | 167.4 | 226.3 | 209.2 |
| Inventories | 357.2 | 335.5 | 296.4 | 377.3 | 376.3 |
| Trade payables | 771.4 | 761.1 | 881.9 | 920.8 | 1,386 |
| Property plant and equipment | 794.1 | 776.5 | 718.3 | ||
| Capital work in progress | 121.8 | 114.1 | 110.3 | 38.4 | 27.2 |
| Total assets | 2,902 | 2,883 | 3,197 | 3,019 | 3,408 |
| Total liabilities | 1,322 | 1,354 | 1,824 | ||
| Equity share capital | 27.2 | 27.2 | 27.2 | ||
| Current lease liabilities | 12.2 | 15.4 | 14.0 | ||
| Non-current lease liabilities | 59.5 | 45.4 | 33.5 | ||
| Unrestricted 3-12 month bank deposits | 448.3 | 384.9 | 0.00 | ||
| Other bank balances including earmarked | 484.8 | 427.0 | 42.8 | ||
| Lien bank deposits over 12 months | 2.52 | 2.52 | 2.52 | ||
| Investment securities | 0.00 | 0.00 | 0.00 | ||
| Bank and other borrowings excluding leases | 0.00 | 0.00 | 0.00 | ||
| Inter-corporate deposit loan asset | 6.30 | 6.30 | 6.30 | ||
| Net debt (negative net cash) | -1,266 | -992.1 | -1,379 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after direct taxes | 1,199 | 1,394 | 1,806 | ||
| Free cash flow (vendor definition) * | 1,576 | 1,106 | 1,123 | 1,323 | 1,730 |
| Cash dividends paid (positive use of cash) | -1,057 | -1,057 | 1,167 | 1,626 | 1,387 |
| Cash purchases of PPE (positive use of cash) | -49.5 | -69.5 | 75.6 | 71.4 | 76.5 |
| Lease principal repayment (positive outflow) | 14.0 | 13.2 | 14.9 | ||
| CFO less cash PPE capex | 1,123 | 1,323 | 1,730 | ||
| Parent stock awards cash settlement | 27.6 | 16.2 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding (paid-up capital over face value) | 27.20 | 27.20 | 27.20 | 27.20 | 27.20 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,462 | 1,463 | 1,434 | 1,520 | 1,486 | 1,595 | 1,603 | 1,706 |
| Cost of revenue (vendor classification) * | 439.9 | 429.8 | 445.6 | 446.3 | 480.9 | 481.5 | ||
| Other operating costs (vendor classification) * | 458.8 | 427.5 | 417.7 | 480.0 | 484.0 | 509.5 | ||
| EBITDA (vendor classification) * | 474.8 | 517.1 | 470.5 | 481.3 | 526.5 | 505.8 | ||
| Operating EBIT excluding non-operating income | 413.2 | 459.6 | 415.0 | 428.2 | 405.8 | 474.6 | 443.8 | |
| Finance cost | 1.11 | 1.08 | 1.02 | 0.99 | 0.97 | 0.81 | 1.03 | 0.81 |
| Profit before tax | 432.5 | 477.6 | 432.0 | 442.3 | 435.7 | 474.0 | 462.2 | 460.2 |
| Tax expense | 109.7 | 122.6 | 111.3 | 114.8 | 111.8 | 120.7 | 119.1 | 118.7 |
| Profit after tax | 322.8 | 355.0 | 320.6 | 327.5 | 323.9 | 353.3 | 343.1 | 341.6 |
| Diluted EPS (₹) | 11.87 | 13.05 | 11.79 | 12.04 | 11.91 | 12.99 | 12.61 | 12.56 |
| COGS | 439.9 | 429.8 | 445.6 | 464.2 | 446.3 | 480.9 | 481.5 | 513.5 |
| Employee benefits expense | 108.8 | 107.3 | 118.2 | 118.1 | 117.8 | 120.8 | 129.3 | 135.9 |
| Other expenses | 458.8 | 427.5 | 417.7 | 471.8 | 480.0 | 484.0 | 509.5 | 582.9 |
| Operating EBITDA | 454.4 | 498.0 | 452.6 | 465.4 | 442.0 | 509.6 | 483.0 | 473.5 |
| Other income | 20.4 | 19.1 | 17.9 | 15.0 | 39.3 | 16.9 | 22.8 | 21.7 |
| Depreciation and amortisation | 41.1 | 38.4 | 37.5 | 37.2 | 36.3 | 35.1 | 39.2 | 34.2 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | -8.39 | -16.6 | -3.34 | 0.00 |
| Profit attributable to owners | 322.8 | 355.0 | 320.6 | 327.5 | 323.9 | 353.3 | 343.1 | 341.6 |
| Non-controlling interest: standalone, not applicable | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | |
| Share of associate/JV profit: entity has none | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | |
| Sales net of GST | 1,452 | 1,452 | 1,421 | 1,507 | 1,473 | 1,583 | 1,591 | 1,692 |
| Other operating income | 9.63 | 10.5 | 13.4 | 12.3 | 13.2 | 12.6 | 12.7 | 14.2 |
| Cost of materials consumed | 345.4 | 386.5 | 345.7 | 393.7 | 372.2 | 426.8 | 432.8 | 429.9 |
| Purchases of stock-in-trade | 98.6 | 65.3 | 40.0 | 84.4 | 74.2 | 77.1 | 89.5 | 89.4 |
| Changes in inventories | -4.19 | -22.0 | 59.9 | -13.9 | -0.08 | -23.0 | -40.8 | -5.83 |
| Advertising | 200.1 | 180.6 | 188.4 | 225.1 | 206.8 | 199.1 | 251.9 | 314.8 |
| Other expenses excluding advertising | 258.7 | 246.9 | 229.3 | 246.7 | 273.1 | 284.9 | 257.7 | 268.0 |
| Current tax | 113.0 | 132.3 | 114.6 | 118.5 | 114.3 | 127.3 | 122.8 | 122.7 |
| Deferred tax | -3.29 | -8.10 | -3.22 | -3.68 | -2.47 | 0.47 | -3.70 | -4.05 |
| Adjustment of tax relating to earlier years | 0.00 | -1.61 | 0.00 | 0.00 | 0.00 | -7.10 | 0.00 | |
| Basic EPS (₹) | 11.87 | 13.05 | 11.79 | 12.04 | 11.91 | 12.99 | 12.61 | 12.56 |
Standalone, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 5.3% | 2.4% | 8.8% | 6.3% | -0.1% |
| EBITDA margin | 33.5% | 32.4% | 31.0% | ||
| Net margin | 23.3% | 23.8% | 22.0% | ||
| Return on equity | 73.7% | 81.2% | 81.6% | ||
| Return on capital employed | 92.0% | 78.5% | 92.7% | 97.8% | 102.7% |
| Return on assets | 43.5% | 46.2% | 41.2% | ||
| Net debt (₹ crore) | -1,266 | -992.1 | -1,379 | ||
| Net debt / EBITDA | -0.67x | -0.51x | -0.74x | ||
| Interest cover | 240.2x | 288.1x | 346.1x | 415.6x | 454.8x |
| Asset turnover | 1.76x | 1.80x | 1.87x | 1.94x | 1.88x |
| Receivable days | 16 | 11 | 11 | 14 | 13 |
| Inventory days (on revenue) | 26 | 23 | 19 | 23 | 23 |
| Payable days (on revenue) | 55 | 53 | 57 | 56 | 84 |
| Cash conversion | 0.91x | 0.97x | 1.36x | ||
| Capex intensity | 1.0% | 1.3% | 1.3% | 1.2% | 1.3% |
| Free cash flow (₹ crore) | 1,123 | 1,323 | 1,730 | ||
| Dividend payout | 88.2% | 113.2% | 104.7% | ||
| EPS, diluted (₹) | 39.65 | 38.50 | 48.67 | 52.83 | 48.73 |
| Book value per share (₹) | 63.78 | 63.11 | 68.91 | 61.19 | 58.24 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA before exceptional items) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (negative net cash).
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA before exceptional items).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 22 Oct 2026); market data at the close of 22 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Reports on Colgate-Palmolive (India)
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