Hindustan Unilever Ltd.
NSE: HINDUNILVR
Consumer Defensive · Household & Personal Products
Research updated
NSE: GODREJCPConsumer DefensiveHousehold & Personal Products
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Godrej Consumer Products Ltd. is a leading manufacturer of consumer goods in India. The primary function of this company is to produce and market a diverse range of products across personal care, household care, and hair care segments. Its product portfolio includes soaps, hair dyes, household insecticides, and air fresheners, among others. Notable for its strong brand presence, Godrej Consumer Products Ltd. caters to a broad customer base spanning various demographics and geographies. The company is part of the Godrej Group, one of India's most established conglomerates, which enhances its credibility and market reach. Godrej Consumer Products Ltd. has a significant impact not only domestically but also in several emerging markets across Asia, Africa, and Latin America. Its strategic approach to sustainable and inclusive growth stands out, with a commitment to environmental stewardship and social responsibility. In the financial markets, Godrej Consumer Products Ltd. plays a vital role as a stable performer within the fast-moving consumer goods (FMCG) sector, reflecting the sector’s importance in everyday consumer activities and economic resilience.
Public research · Report of
Godrej Consumer Products (NSE: GODREJCP), Household and personal products: revenue of ₹15,178 crore in FY26 (+8.4% on FY25), an EBITDA margin of 20.8%, net profit of ₹1,861 crore and net debt of ₹363.7 crore.
Godrej Consumer Products sells household insecticides, soaps, hair colour and adjacent home/personal-care formats. India is the core franchise; Indonesia and Africa including Strength of Nature are material international operations. Distribution and category development drive volumes, while input prices, mix and currencies drive the earnings conversion.
| Item | Value |
|---|---|
| Legal name | Godrej Consumer Products Limited |
| Exchange and ticker | NSE: GODREJCP; BSE: 532424 |
| ISIN | INE102D01028 |
| CIN | L24246MH2000PLC129806 |
| Sector | Consumer staples |
| Industry | Household and personal products |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP |
| Market capitalisation | ₹89,396 crore (13 Oct 2026) |
| Shares outstanding | 102.32 crore shares (FY26) |
| Price | ₹852.0 (close, 13 Oct 2026) |
| 52-week range | ₹832.6 - ₹1,274 (to 13 Oct 2026) |
| Website | https://www.godrejcp.com |
| Entity | Holding | Business |
|---|---|---|
| PT Godrej Consumer Products Indonesia | 100% | Indonesia household and personal products |
| Godrej Africa Holdings | 100% | African consumer-products holding structure |
| Godrej Mauritius Africa Holdings | 100% | African consumer-products holding structure |
| Strength of Nature LLC | 100% | US hair-care brands; product-liability litigation exposure |
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 53.06% | 53.05% | 53.05% | 53.05% |
| Foreign institutions | 18.24% | 15.41% | 13.94% | 12.33% |
| Domestic institutions | 13.58% | 16.48% | 18.00% | 19.59% |
| of which mutual funds | 8.08% | 9.60% | 9.73% | 10.76% |
| Retail | 3.63% | 3.62% | 3.55% | 3.60% |
| Other | 11.49% | 11.44% | 11.46% | 11.43% |
The promoter holding pledged is a share of the promoter's own holding.
Godrej Consumer Products sells household insecticides, soaps, hair colour and adjacent home- and personal-care products. FY26 consolidated operations revenue was INR15,177.90cr, statutory cost-stack EBITDA INR3,156.24cr and owners' PAT INR1,861.47cr. India is the core profit pool (FY26 statutory geography revenue INR9,474.11cr, result INR2,226.53cr), followed by Indonesia, Africa including Strength of Nature, and other geographies. GCPL controls brands, formulations, distribution and pricing. It does not control palm, crude and LPG derivatives, African and Latin American currencies, weather-driven insecticide demand or US product-liability litigation. Under the FY26 revenue-presentation change, customer promotional consideration is netted against revenue. FY25 is restated; FY24 is not.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| India (statutory geography) | 9,474 | 62.4% | 2,227 | 70.6% |
| Indonesia (statutory geography) | 1,823 | 12.0% | 480.6 | 15.2% |
| Africa including Strength of Nature (statutory geography) | 3,154 | 20.8% | 376.7 | 11.9% |
| Others (statutory geography) | 976.7 | 6.4% | 115.4 | 3.7% |
| Signed intersegment eliminations (not business segment) | -249.9 | -1.6% | -44.4 | -1.4% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Hindustan Unilever (HINDUNILVR) | India home and personal care brands, distribution and input basket |
| Dabur India (DABUR) | Consumer brands and international FMCG operations |
| Marico (MARICO) | Personal care, overseas markets and commodity pricing exposure |
| Emami (EMAMILTD) | Indian personal-care brands and distribution |
| Jyothy Labs (JYOTHYLAB) | Household insecticides, laundry and soaps |
| Colgate-Palmolive India (COLPAL) | Consumer-brand cash economics, not identical product mix |
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 12,174 | 13,199 | 14,096 | 13,997 | 15,178 |
| Cost of revenue (vendor classification) * | 6,412 | 7,044 | 6,633 | 6,872 | 7,863 |
| Other operating costs (vendor classification) * | 2,185 | 2,543 | 3,061 | 2,900 | 2,848 |
| EBITDA (vendor classification) * | 2,399 | 2,554 | 1,738 | 3,263 | 3,353 |
| Operating EBIT pre-exceptionals | 2,228 | 2,240 | 2,703 | 2,769 | 2,889 |
| Finance cost | 72.4 | 107.1 | 296.4 | 350.1 | 331.6 |
| Profit before tax | 2,155 | 2,133 | 198.2 | 2,672 | 2,590 |
| Total tax expense | 371.9 | 430.3 | 758.8 | 819.6 | 728.7 |
| PAT including NCI | 1,783 | 1,702 | -560.6 | 1,852 | 1,861 |
| Diluted EPS (₹) | 17.44 | 16.65 | -5.48 | 18.11 | 18.19 |
| Materials consumed | 5,678 | 5,729 | 5,835 | ||
| Purchases of stock in trade | 655.5 | 865.0 | 1,671 | ||
| Inventory change expense signed | -13.1 | -58.1 | -112.2 | ||
| Employee cost | 1,249 | 1,149 | 1,232 | ||
| Other expenses | 3,583 | 3,309 | 3,395 | ||
| Other income | 269.0 | 316.1 | 266.2 | ||
| Depreciation and amortisation | 241.0 | 234.0 | 267.5 | ||
| Exceptional gain / loss signed | -2,477 | -63.2 | -233.2 | ||
| Current tax | 394.6 | 446.8 | 605.4 | ||
| Deferred tax | 364.2 | 372.8 | 123.3 | ||
| Profit attributable to NCI | 0.00 | 0.00 | 0.00 | ||
| Share of associates profit | n.a. | n.a. | n.a. | ||
| PAT attributable to owners | -560.6 | 1,852 | 1,861 | ||
| Materials purchases and inventory cost | 6,320 | 6,536 | 7,394 | ||
| Operating EBITDA excluding other income | 2,943 | 3,003 | 3,156 | ||
| Stores and spares | 36.1 | 39.5 | 43.6 | ||
| Power and fuel | 150.9 | 138.4 | 141.7 | ||
| Rent net | 63.4 | 56.5 | 56.8 | ||
| Repairs and maintenance | 108.5 | 115.0 | 133.4 | ||
| Insurance | 37.3 | 35.6 | 37.5 | ||
| Rates and taxes | 39.2 | 45.4 | 49.4 | ||
| Processing and other manufacturing charges | 275.8 | 295.5 | 424.5 | ||
| Travel and conveyance | 74.0 | 81.4 | 88.8 | ||
| Legal and professional charges | 99.9 | 113.6 | 110.7 | ||
| Donations | 6.82 | 0.87 | 0.78 | ||
| Sales promotion | 309.2 | 116.1 | 104.5 | ||
| Advertising and publicity | 1,336 | 1,223 | 1,172 | ||
| Selling and distribution expenses | 220.9 | 313.9 | 282.2 | ||
| Freight | 437.4 | 468.0 | 456.3 | ||
| Royalty | 0.92 | 0.62 | 0.86 | ||
| Commission | 21.2 | 20.5 | 22.6 | ||
| Bank charges | 13.2 | 10.9 | 12.1 | ||
| PPE net sale loss and writeoffs | 0.65 | 1.01 | 0.19 | ||
| Net FX transaction translation loss | 127.0 | 0.00 | 2.26 | ||
| Bad debts written off | 4.79 | 4.76 | 6.34 | ||
| Miscellaneous expenses net | 219.6 | 228.6 | 248.7 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 11,556 | 13,794 | 12,599 | 12,004 | 12,653 |
| Borrowings excluding leases | 1,704 | 1,130 | 3,155 | 3,883 | 4,136 |
| Cash and equivalents | 750.9 | 357.6 | 402.8 | 454.9 | 976.9 |
| Trade receivables | 1,116 | 1,245 | 1,535 | 1,819 | 1,837 |
| Inventory | 2,130 | 1,537 | 1,271 | 1,419 | 1,659 |
| Total trade payables | 2,163 | 1,823 | 1,675 | 2,142 | 2,302 |
| Net PPE excluding ROU and investment property | 2.88 | 4.44 | 1,281 | 1,229 | 1,878 |
| Capital work in progress | 168.8 | 59.4 | 78.2 | 458.0 | 219.8 |
| Total assets | 16,134 | 17,499 | 18,496 | 19,672 | 21,334 |
| Investment property | 10.6 | 86.1 | 85.3 | ||
| Right of use assets | 165.1 | 214.1 | 386.9 | ||
| Goodwill | 5,026 | 5,145 | 5,715 | ||
| Other intangible assets | 3,957 | 4,002 | 4,490 | ||
| Intangibles under development | 5.21 | 5.60 | 9.19 | ||
| Noncurrent investments | 1,787 | 541.9 | 914.5 | ||
| Noncurrent loans | 0.01 | 0.00 | 0.03 | ||
| Other noncurrent financial assets | 24.9 | 47.2 | 47.2 | ||
| Deferred tax assets net | 384.2 | 374.3 | 391.5 | ||
| Noncurrent tax assets | 121.6 | 147.1 | 89.2 | ||
| Other noncurrent assets | 92.9 | 83.6 | 61.1 | ||
| Total noncurrent assets | 12,935 | 12,334 | 14,289 | ||
| Current investments | 1,716 | 3,103 | 1,852 | ||
| Bank balances other than cash equivalents | 144.2 | 28.1 | 28.5 | ||
| Current loans | 0.01 | 0.01 | 0.00 | ||
| Other current financial assets | 83.5 | 63.3 | 76.9 | ||
| Other current assets | 400.6 | 440.0 | 589.0 | ||
| Total current assets | 5,553 | 7,327 | 7,020 | ||
| Noncurrent assets held for sale | 7.74 | 11.1 | 25.2 | ||
| Equity share capital | 102.3 | 102.3 | 102.3 | ||
| Other equity | 12,496 | 11,902 | 12,551 | ||
| Current borrowings | 3,155 | 3,883 | 4,136 | ||
| Noncurrent borrowings | 0.00 | 0.00 | 0.00 | ||
| Noncurrent lease liabilities | 35.8 | 92.3 | 217.5 | ||
| Noncurrent provisions | 166.6 | 149.3 | 150.1 | ||
| Deferred tax liabilities net | 103.8 | 468.1 | 583.4 | ||
| Other noncurrent liabilities | 0.71 | 24.6 | 22.4 | ||
| Total noncurrent liabilities | 307.0 | 734.3 | 973.5 | ||
| Current lease liabilities | 31.7 | 29.6 | 62.3 | ||
| Payables to MSME | 51.5 | 65.1 | 122.1 | ||
| Other trade payables including acceptances | 1,624 | 2,077 | 2,180 | ||
| Other current financial liabilities | 344.0 | 425.6 | 664.9 | ||
| Other current liabilities | 235.0 | 283.8 | 325.0 | ||
| Current provisions | 91.0 | 107.2 | 134.8 | ||
| Current tax liabilities | 58.5 | 62.7 | 82.5 | ||
| Total current liabilities | 5,590 | 6,934 | 7,707 | ||
| Net debt including investments as liquidity | -896.0 | -245.1 | 363.7 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operations | 1,620 | 2,723 | 2,070 | 2,577 | 2,488 |
| Free cash flow (vendor definition) * | 1,451 | 1,923 | 1,763 | 1,977 | 1,919 |
| Dividends paid positive outflow | 511.4 | 2,557 | 2,046 | ||
| Gross cash capex positive outflow | 2.78 | -219.7 | 307.2 | 599.3 | 569.5 |
| Asset sale cash proceeds | 30.6 | 40.2 | 27.4 | ||
| Business acquisition cash net acquired cash | 2,716 | 0.00 | 289.0 | ||
| Payments of acquisition liabilities | 14.2 | 0.00 | 27.2 | ||
| Long-term debt repaid positive outflow | 416.0 | 0.00 | 0.00 | ||
| Net short-term debt proceeds | 2,681 | 731.8 | 26.6 | ||
| Lease principal paid | 80.0 | 42.0 | 68.4 | ||
| Net investing cash flow | -3,363 | -343.6 | 355.4 | ||
| Net financing cash flow | 1,406 | -2,182 | -2,388 | ||
| Cash taxes paid net | 373.9 | 470.1 | 528.6 | ||
| CFO less gross cash capex | 1,763 | 1,977 | 1,919 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Closing fully paid equity shares | 102.25 | 102.26 | 102.28 | 102.30 | 102.32 |
| Weighted average diluted shares | 102.32 | 102.34 | 102.35 | ||
| CFO / reported PAT owners (x) | 1.39x | 1.34x | |||
| Closing receivables / annual revenue days | 40 | 47 | 44 | ||
| Operating EBIT / finance costs (x) | 9.12x | 7.91x | 8.71x | ||
| Quantified contingencies / equity (%) | 4.7% | ||||
| RPT goods and services / revenue (%) | 1.5% |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Total operating revenue, restated where available | n.r. | n.r. | 3,514 | 3,571 | 3,709 | 3,998 | 3,900 | 4,225 |
| Sale of products, restated | n.r. | n.r. | 3,494 | 3,551 | pending | 3,978 | 3,885 | 4,211 |
| Other operating revenue | 19.2 | 19.3 | 20.1 | 20.0 | 22.6 | 19.7 | 15.5 | 14.8 |
| Raw and packing material consumed | 1,527 | 1,469 | 1,443 | 1,480 | 1,524 | 1,397 | 1,435 | 1,728 |
| Purchase of stock-in-trade | 219.9 | 193.4 | 237.1 | 342.6 | 464.7 | 448.2 | 415.9 | 650.0 |
| Signed changes in FG, WIP and stock-in-trade | -119.2 | 66.0 | 28.6 | -61.6 | -156.2 | 86.7 | 18.8 | -183.8 |
| Employee benefits expense | 310.6 | 296.1 | 262.5 | 309.0 | 270.0 | 328.1 | 325.1 | 319.3 |
| Advertisement and publicity, restated | n.r. | n.r. | 280.9 | 271.8 | pending | 306.0 | 274.3 | 305.8 |
| Other expenses - others, restated | n.r. | n.r. | 502.7 | 534.6 | pending | 551.7 | 590.4 | 604.8 |
| Other income | 86.0 | 83.1 | 73.7 | 84.5 | 62.9 | 55.9 | 69.4 | 51.9 |
| Depreciation and amortisation | 50.1 | 61.9 | 72.6 | 59.4 | 65.6 | 66.4 | 76.1 | 75.2 |
| Finance costs | 83.1 | 89.7 | 89.6 | 86.5 | 75.9 | 78.9 | 90.3 | 86.0 |
| Exceptional items, signed (expense negative) | -5.78 | -5.74 | -31.4 | -19.5 | -29.7 | -91.0 | -93.0 | -15.6 |
| Profit before exceptional items and tax | 712.4 | 687.4 | 670.8 | 633.2 | 654.7 | 791.0 | 744.4 | 692.1 |
| Profit before tax | 706.7 | 681.7 | 639.4 | 613.7 | 625.0 | 700.0 | 651.5 | 676.6 |
| Current-year current tax | 140.7 | 119.8 | 68.2 | 124.0 | 138.5 | 147.9 | 158.1 | 132.6 |
| Prior-period current tax adjustment | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 36.9 | 0.00 | 0.00 |
| Deferred tax expense/credit | 74.7 | 63.6 | 159.4 | 37.3 | 27.1 | 17.3 | 41.6 | 39.4 |
| Total group profit after tax | 491.3 | 498.3 | 411.9 | 452.5 | 459.3 | 497.9 | 451.8 | 504.5 |
| Profit attributable to owners | 491.3 | 498.3 | 411.9 | 452.5 | 459.3 | 497.9 | 451.8 | 504.5 |
| Diluted EPS (not annualised) (INR per share) | 4.80 | 4.87 | 4.03 | 4.42 | 4.49 | 4.87 | 4.42 | 4.93 |
| Material/purchase/inventory cost stack | 1,628 | 1,728 | 1,709 | 1,761 | 1,832 | 1,932 | 1,869 | 2,194 |
| Other expenses: advertisement plus others | n.r. | n.r. | 783.6 | 806.4 | pending | 857.6 | 864.7 | 910.6 |
| Statutory cost-stack EBITDA before exceptionals | 759.6 | 755.9 | 759.2 | 694.6 | 733.3 | 880.4 | 841.4 | 801.3 |
| Cost-stack EBIT excluding other income and exceptionals | 709.5 | 694.1 | 686.7 | 635.2 | 667.7 | 814.0 | 765.3 | 726.2 |
| Total current plus prior-period plus deferred tax | 215.4 | 183.4 | 227.5 | 161.3 | 165.7 | 202.1 | 199.7 | 172.0 |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of associate/JV profit (no separate statutory line) | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
Consolidated, restated. 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.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 11.3% | 8.4% | 6.8% | -0.7% | 8.4% |
| EBITDA margin | 20.9% | 21.5% | 20.8% | ||
| Net margin | -4.0% | 13.2% | 12.3% | ||
| Return on equity | -4.2% | 15.1% | 15.1% | ||
| Return on capital employed | 18.1% | 15.9% | 17.6% | 17.5% | 17.7% |
| Return on assets | -3.1% | 9.7% | 9.1% | ||
| Net debt (₹ crore) | -896.0 | -245.1 | 363.7 | ||
| Net debt / EBITDA | -0.30x | -0.08x | 0.12x | ||
| Interest cover | 30.8x | 20.9x | 9.12x | 7.91x | 8.71x |
| Asset turnover | 0.80x | 0.78x | 0.78x | 0.73x | 0.74x |
| Receivable days | 33 | 34 | 40 | 47 | 44 |
| Inventory days (on revenue) | 64 | 43 | 33 | 37 | 40 |
| Payable days (on revenue) | 65 | 50 | 43 | 56 | 55 |
| Cash conversion | -3.69x | 1.39x | 1.34x | ||
| Capex intensity | 0.0% | 1.7% | 2.2% | 4.3% | 3.8% |
| Free cash flow (₹ crore) | 1,617 | 2,503 | 1,763 | 1,977 | 1,919 |
| Dividend payout | -91.2% | 138.1% | 109.9% | ||
| EPS, diluted (₹) | 17.44 | 16.65 | -5.48 | 18.11 | 18.19 |
| Book value per share (₹) | 113.0 | 134.9 | 123.2 | 117.3 | 123.7 |
Computed from the statements above:
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 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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