On this page ▾
Today's prices ask more of Hindustan Unilever than of Titan Company.
At current prices, buyers of Hindustan Unilever are assuming about 8% growth against 3% in its own record; for Titan Company it is 34% against 32%. 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: Titan Company has grown revenue faster: Hindustan Unilever compounded at about 7% a year (FY2018–FY2026) and Titan Company at about 24% (FY2018–FY2026).
- What to watch: volume growth at Hindustan Unilever; share gains from local jewellers at Titan Company.
| Hindustan Unilever | Titan Company | |
|---|---|---|
| Price | ₹1,993 | ₹4,845 |
| Market cap | ₹4.68L Cr | ₹4.31L Cr |
| P/E | 31.1 | 61.3 |
| P/B | 9.61 | 27.46 |
| 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.
A watchmaker that became a jeweller
Titan Company, a Tata group company promoted jointly with the Tamil Nadu government's TIDCO, began making watches in the 1980s and now earns most of its revenue from jewellery through Tanishq, Mia, Zoya and CaratLane. It also sells watches (Titan, Fastrack, Sonata), eyewear (Titan Eye+), fragrances and Taneira saris.
02The records side by side
Titan Company has grown revenue faster: Hindustan Unilever compounded at about 7% a year (FY2018–FY2026) and Titan Company at about 24% (FY2018–FY2026). By revenue, Titan Company is about 1.4 times the size of Hindustan Unilever. Hindustan Unilever kept 23.4% of revenue as net profit in FY2026; Titan Company kept 5.8% 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 · Titan Company.
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.
- Share gains from local jewellersTanishq's growth has come from customers switching from family jewellers to trusted, hallmarked chains.
- Studded jewelleryDiamond and studded pieces earn much higher margins than plain gold, so the mix matters as much as volume.
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 P/E leaves little room for a slower year.
- Gold volatility and dutiesSudden price swings or changes in import duty disrupt demand and margins.
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 Titan Company 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 Titan Company at 61.3 times earnings and 27.46 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 Titan Company?
Hindustan Unilever is India's largest fast-moving consumer goods company and is majority-owned by Unilever. Titan Company, a Tata group company promoted jointly with the Tamil Nadu government's TIDCO, began making watches in the 1980s and now earns most of its revenue from jewellery through Tanishq, Mia, Zoya and CaratLane.
Are Hindustan Unilever and Titan Company 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 Titan Company?
Worked backwards from the share price, Hindustan Unilever needs about 8% growth and Titan Company about 34% growth, against 3% and 32% in their own records.