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Today's prices ask more of Marico than of Hindustan Unilever.
At current prices, buyers of Hindustan Unilever are assuming about 8% growth against 3% in its own record; for Marico it is 16% against 9%. 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 4.0 times Marico on the stock market.
- Record: Marico has grown revenue faster: Hindustan Unilever compounded at about 7% a year (FY2018–FY2026) and Marico at about 10% (FY2018–FY2026).
- What to watch: volume growth at Hindustan Unilever; copra prices at Marico.
| Hindustan Unilever | Marico | |
|---|---|---|
| Price | ₹1,993 | ₹900 |
| Market cap | ₹4.68L Cr | ₹1.17L Cr |
| P/E | 31.1 | 58.0 |
| P/B | 9.61 | 27.79 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Discounted cash flow | Discounted cash flow |
01Two businesses
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.
Coconut oil, edible oil and beyond
Marico was founded in 1990 by Harsh Mariwala and is based in Mumbai. Parachute coconut oil, Saffola edible oils and oats, Nihar and Hair & Care are its core brands.
02The records side by side
Marico has grown revenue faster: Hindustan Unilever compounded at about 7% a year (FY2018–FY2026) and Marico at about 10% (FY2018–FY2026). By revenue, Hindustan Unilever is about 4.7 times the size of Marico. Hindustan Unilever kept 23.4% of revenue as net profit in FY2026; Marico kept 13.3% 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: Hindustan Unilever · Marico.
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
- 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.
- Copra pricesCoconut costs swing Parachute's margins.
- Volume growthSteady household demand underpins the core.
05What could go wrong
- 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.
- Commodity spikesSharp rises in copra or oil costs squeeze margins.
- Bangladesh instabilityPolitical or currency shocks hit a big market.
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 Hindustan Unilever or Marico 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, Hindustan Unilever trades at 31.1 times earnings and 9.61 times book value, and Marico at 58.0 times earnings and 27.79 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 Hindustan Unilever and Marico?
Hindustan Unilever is India's largest fast-moving consumer goods company and is majority-owned by Unilever. Marico was founded in 1990 by Harsh Mariwala and is based in Mumbai.
Are Hindustan Unilever and Marico valued the same way?
Yes — both on discounted cash flow, so their workings compare like for like.
What does today's price assume for Hindustan Unilever and Marico?
Worked backwards from the share price, Hindustan Unilever needs about 8% growth and Marico about 16% growth, against 3% and 9% in their own records.