On this page ▾
Today's prices ask more of Nestle India than of Hindustan Unilever.
At current prices, buyers of Hindustan Unilever are assuming about 8% growth against 3% in its own record; for Nestle India it is 34% against 0%. 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: Hindustan Unilever on discounted cash flow; Nestle India on estimate withheld.
- Size: Hindustan Unilever is worth about 1.9 times Nestle India on the stock market.
- Record: Nestle India's filed history in the data used here is too short to compare year by year, so only Hindustan Unilever's record is summarised: revenue went from FY2018 to FY2026 at about 7% a year.
- What to watch: volume growth at Hindustan Unilever; volume growth at Nestle India.
| Hindustan Unilever | Nestle India | |
|---|---|---|
| Price | ₹1,993 | ₹1,263 |
| Market cap | ₹4.68L Cr | ₹2.44L Cr |
| P/E | 31.1 | 59.7 |
| P/B | 9.61 | 47.23 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Discounted cash flow | Estimate withheld |
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.
Maggi, Nescafe and a Swiss parent
Nestle India, the Indian arm of Switzerland's Nestle, sells Maggi noodles, Nescafe coffee, KitKat and Munch chocolates, Milkmaid and Everyday dairy products, and infant foods such as Cerelac and Lactogen. The Swiss parent owns the majority of its shares.
02The records side by side
Nestle India's filed history in the data used here is too short to compare year by year, so only Hindustan Unilever's record is summarised: revenue went from FY2018 to FY2026 at about 7% a year.
Full ten-year tables and charts are on each company's page: Hindustan Unilever · Nestle India.
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.
- Volume growthPrice increases have driven much of recent growth; volumes need to follow.
- Commodity costsMilk, coffee, cocoa and wheat prices feed straight into margins.
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 multipleA premium valuation leaves little room for slower growth.
- Food-safety scaresThe 2015 Maggi ban showed how quickly a single product issue can hit sales.
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 Nestle India 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 Nestle India at 59.7 times earnings and 47.23 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 Nestle India?
Hindustan Unilever is India's largest fast-moving consumer goods company and is majority-owned by Unilever. Nestle India, the Indian arm of Switzerland's Nestle, sells Maggi noodles, Nescafe coffee, KitKat and Munch chocolates, Milkmaid and Everyday dairy products, and infant foods such as Cerelac and Lactogen.
Are Hindustan Unilever and Nestle India valued the same way?
No. Hindustan Unilever is valued on discounted cash flow and Nestle India on estimate withheld, because forcing one model onto both would misstate at least one of them.
What does today's price assume for Hindustan Unilever and Nestle India?
Worked backwards from the share price, Hindustan Unilever needs about 8% growth and Nestle India about 34% growth, against 3% and 0% in their own records.