On this page ▾
Today's prices ask more of Pidilite than of Hindustan Unilever.
At current prices, buyers of Hindustan Unilever are assuming about 8% growth against 3% in its own record; for Pidilite it is 30% against 10%. 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 3.0 times Pidilite on the stock market.
- Record: Pidilite has grown revenue faster: Hindustan Unilever compounded at about 7% a year (FY2018–FY2026) and Pidilite at about 11% (FY2018–FY2026).
- What to watch: volume growth at Hindustan Unilever; construction and furniture demand at Pidilite.
| Hindustan Unilever | Pidilite | |
|---|---|---|
| Price | ₹1,993 | ₹1,526 |
| Market cap | ₹4.68L Cr | ₹1.55L Cr |
| P/E | 31.1 | 57.9 |
| P/B | 9.61 | 14.35 |
| 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.
The company behind Fevicol
Pidilite Industries, controlled by the Parekh family, makes adhesives and sealants sold to carpenters, plumbers, households and industry. Fevicol, Fevikwik, M-Seal and Araldite (whose Indian business it bought in 2020) dominate their categories.
02The records side by side
Pidilite has grown revenue faster: Hindustan Unilever compounded at about 7% a year (FY2018–FY2026) and Pidilite at about 11% (FY2018–FY2026). By revenue, Hindustan Unilever is about 4.4 times the size of Pidilite. Hindustan Unilever kept 23.4% of revenue as net profit in FY2026; Pidilite kept 16.9% of revenue as net profit in FY2026.
Full ten-year tables and charts are on each company's page: Hindustan Unilever · Pidilite.
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.
- Construction and furniture demandReal-estate and renovation cycles drive volumes.
- Pricing powerBrand strength lets Pidilite pass on costs.
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 very high valuation leaves little room for slowdown.
- Input costsCrude-linked chemicals can spike.
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 Pidilite 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 Pidilite at 57.9 times earnings and 14.35 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 Pidilite?
Hindustan Unilever is India's largest fast-moving consumer goods company and is majority-owned by Unilever. Pidilite Industries, controlled by the Parekh family, makes adhesives and sealants sold to carpenters, plumbers, households and industry.
Are Hindustan Unilever and Pidilite 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 Pidilite?
Worked backwards from the share price, Hindustan Unilever needs about 8% growth and Pidilite about 30% growth, against 3% and 10% in their own records.