On this page ▾
Today's prices ask more of DMart than of Hindustan Unilever.
At current prices, buyers of DMart are assuming about 32% growth against 19% in its own record; for Hindustan Unilever it is 8% against 3%. That shows which share needs more to go right — not which is cheaper. How far each trades from its estimated fair value is in the full valuations.
- Valuation method: both on discounted cash flow.
- Size: Hindustan Unilever is worth about 2.1 times DMart on the stock market.
- Record: DMart has grown revenue faster: DMart compounded at about 21% a year (FY2018–FY2026) and Hindustan Unilever at about 7% (FY2018–FY2026).
- What to watch: store openings at DMart; volume growth at Hindustan Unilever.
| DMart | Hindustan Unilever | |
|---|---|---|
| Price | ₹3,439 | ₹1,993 |
| Market cap | ₹2.24L Cr | ₹4.68L Cr |
| P/E | 72.0 | 31.1 |
| P/B | 9.17 | 9.61 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Discounted cash flow | Discounted cash flow |
01Two businesses
Everyday low prices, owned stores
DMart is run by Avenue Supermarts, founded by Radhakishan Damani, which opened its first store in Mumbai in 2002. It sells groceries, household goods and basic apparel at everyday low prices, and also runs DMart Ready for online orders.
The brands in almost every Indian home
Hindustan Unilever is India's largest fast-moving consumer goods company and is majority-owned by Unilever. Its products — Surf Excel, Rin, Lux, Dove, Lifebuoy, Pond's, Brooke Bond, Kissan and, since its 2020 merger with GSK Consumer Healthcare, Horlicks and Boost — reach most Indian households through millions of shops.
02The records side by side
DMart has grown revenue faster: DMart compounded at about 21% a year (FY2018–FY2026) and Hindustan Unilever at about 7% (FY2018–FY2026). By revenue the two are of broadly similar size. DMart kept 4.3% of revenue as net profit in FY2026; Hindustan Unilever kept 23.4% of revenue as net profit in FY2026 — a sign of very different business models.
Full ten-year tables and charts are on each company's page: DMart · Hindustan Unilever.
03What each price assumes
Work backwards from each share price and you can see what buyers are taking for granted — the rate each company must sustain to justify what it costs, against what its own record supports.
04What decides each one's value
- Store openingsNew stores are the main source of growth, and each costs a lot because DMart usually owns the property.
- Same-store growthSales growth in existing stores shows whether the model still works as competition rises.
- Volume growthPrice increases can lift revenue for a while, but lasting value comes from selling more packs. Rural demand is the swing factor.
- Commodity costsPalm oil, crude derivatives and tea flow straight into costs; HUL's pricing power decides how much it can pass on.
05What could go wrong
- Quick-commerce competitionFast delivery apps are taking some urban grocery spending.
- Slower store expansionFinding and buying suitable sites takes time.
- The multiple itselfIf growth stays in low single digits, the market may stop paying a premium P/E.
- Royalty increasesA higher royalty to Unilever moves value from minority shareholders to the parent.
06Which is better value?
Sign in free to see which trades further below its worth
- ✓Both fair values per share — each on the method that fits the business
- ✓Every step of both workings — growth, margins and cost of capital, with sources
- ✓Bull, base and bear cases — for each company
- ✓Downloadable reports — the full write-up for each, yours to keep
08Questions people ask
Is DMart or Hindustan Unilever better value?
That turns on how far each share trades from its estimated fair value. Both figures, with every step of the working, are in the full valuations, free to view once you sign in. On the public numbers, DMart trades at 72.0 times earnings and 9.17 times book value, and Hindustan Unilever at 31.1 times earnings and 9.61 times book value — but multiples alone mislead when two businesses work differently, which is why each is valued on the method that fits it.
What is the difference between DMart and Hindustan Unilever?
DMart is run by Avenue Supermarts, founded by Radhakishan Damani, which opened its first store in Mumbai in 2002. Hindustan Unilever is India's largest fast-moving consumer goods company and is majority-owned by Unilever.
Are DMart and Hindustan Unilever valued the same way?
Yes — both on discounted cash flow, so their workings compare like for like.
What does today's price assume for DMart and Hindustan Unilever?
Worked backwards from the share price, DMart needs about 32% growth and Hindustan Unilever about 8% growth, against 19% and 3% in their own records.