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Today's prices ask more of Hindustan Unilever than of Maruti Suzuki.
At current prices, buyers of Hindustan Unilever are assuming about 8% growth against 3% in its own record; for Maruti Suzuki it is 2% against 19%. 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: the two are worth roughly the same on the stock market.
- Record: Maruti Suzuki has grown revenue faster: Hindustan Unilever compounded at about 7% a year (FY2018–FY2026) and Maruti Suzuki at about 11% (FY2019–FY2026).
- What to watch: volume growth at Hindustan Unilever; suv share at Maruti Suzuki.
| Hindustan Unilever | Maruti Suzuki | |
|---|---|---|
| Price | ₹1,993 | ₹12,854 |
| Market cap | ₹4.68L Cr | ₹4.04L Cr |
| P/E | 31.1 | 30.0 |
| P/B | 9.61 | 3.77 |
| 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.
India's carmaker
Maruti Suzuki India is the country's largest carmaker and is majority-owned by Japan's Suzuki Motor Corporation. Its range runs from hatchbacks such as the Alto, Wagon R and Swift to SUVs such as the Brezza, Grand Vitara and Fronx, sold through India's largest dealer and service network.
02The records side by side
Maruti Suzuki has grown revenue faster: Hindustan Unilever compounded at about 7% a year (FY2018–FY2026) and Maruti Suzuki at about 11% (FY2019–FY2026). By revenue, Maruti Suzuki is about 2.8 times the size of Hindustan Unilever. Hindustan Unilever kept 23.4% of revenue as net profit in FY2026; Maruti Suzuki kept 8.0% 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 · Maruti Suzuki.
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.
- SUV shareMaruti was late to SUVs and lost share as the market shifted to them; its newer SUVs decide how much of that it wins back.
- Small-car demandThe September 2025 GST cut on small cars lowered prices for Maruti's core buyers — a test of how much demand was held back by price.
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.
- The EV transitionRivals moved into electric cars earlier; a fast shift could cost Maruti share.
- CompetitionTata, Mahindra and Hyundai are all fighting for the same SUV buyers.
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 Maruti Suzuki 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 Maruti Suzuki at 30.0 times earnings and 3.77 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 Maruti Suzuki?
Hindustan Unilever is India's largest fast-moving consumer goods company and is majority-owned by Unilever. Maruti Suzuki India is the country's largest carmaker and is majority-owned by Japan's Suzuki Motor Corporation.
Are Hindustan Unilever and Maruti Suzuki 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 Maruti Suzuki?
Worked backwards from the share price, Hindustan Unilever needs about 8% growth and Maruti Suzuki about 2% growth, against 3% and 19% in their own records.