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Today's prices ask more of Hindustan Unilever than of Dabur.
At current prices, buyers of Dabur are assuming about 5% growth against 5% 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 6.9 times Dabur on the stock market.
- Record: On revenue the two have grown at much the same pace: Dabur compounded at about 7% a year (FY2018–FY2026) and Hindustan Unilever at about 7% (FY2018–FY2026).
- What to watch: rural demand at Dabur; volume growth at Hindustan Unilever.
| Dabur | Hindustan Unilever | |
|---|---|---|
| Price | ₹380 | ₹1,993 |
| Market cap | ₹0.68L Cr | ₹4.68L Cr |
| P/E | 33.4 | 31.1 |
| P/B | 5.91 | 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
A 140-year-old Ayurveda company
Dabur was founded in Kolkata in 1884 by Dr S. K. Burman and is still controlled by the Burman family. It is one of India's largest consumer-goods companies, best known for Ayurvedic and natural products: Dabur Chyawanprash, Honey, Hajmola, Dabur Red toothpaste and Vatika hair oil.
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
On revenue the two have grown at much the same pace: Dabur compounded at about 7% a year (FY2018–FY2026) and Hindustan Unilever at about 7% (FY2018–FY2026). By revenue, Hindustan Unilever is about 4.9 times the size of Dabur. Dabur kept 14.2% of revenue as net profit in FY2026; Hindustan Unilever kept 23.4% of revenue as net profit in FY2026.
Full ten-year tables and charts are on each company's page: Dabur · 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
- Rural demandMonsoons and rural incomes swing volumes.
- Healthcare brandsAyurvedic health products earn the best margins.
- 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
- Weak rural demandPoor monsoons cut spending.
- CompetitionPatanjali and new brands target the same shoppers.
- 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 Dabur 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, Dabur trades at 33.4 times earnings and 5.91 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 Dabur and Hindustan Unilever?
Dabur was founded in Kolkata in 1884 by Dr S. Hindustan Unilever is India's largest fast-moving consumer goods company and is majority-owned by Unilever.
Are Dabur 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 Dabur and Hindustan Unilever?
Worked backwards from the share price, Dabur needs about 5% growth and Hindustan Unilever about 8% growth, against 5% and 3% in their own records.