# FMCG - Personal Care — company-by-company sector analysis

> FMCG - Personal Care: Hindustan Unilever Ltd owns the largest revenue base; Zydus Wellness Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

The 52-week sector comparison is unavailable. 3 of 12 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Hindustan Unilever Ltd leads with revenue of ₹65,225 crore, based on 12 of 12 comparable companies through Mar 2026. Zydus Wellness Ltd has the fastest current revenue growth at 46.2%, across 12 of 12 comparable companies.

### Is the FMCG - Personal Care sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 3 of 12 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which FMCG - Personal Care company is largest by revenue?

Hindustan Unilever Ltd leads with revenue of ₹65,225 crore, based on 12 of 12 comparable companies through Mar 2026.

### Which FMCG - Personal Care company is growing fastest?

Zydus Wellness Ltd has the fastest current revenue growth at 46.2%, across 12 of 12 comparable companies.

### Which FMCG - Personal Care company has the strongest 4-Factor Sector Score?

Bajaj Consumer Care Ltd ranks first at 73.3/100 with 100% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which FMCG - Personal Care company has the least gross debt?

Gillette India Ltd has the lowest comparable gross debt at ₹0 crore. Godrej Consumer Products Ltd has the highest at ₹4,421 crore.

### Which FMCG - Personal Care company has the lowest comparable PEG?

Gillette India Ltd has the lowest comparable Guarded PEG at 1.27, among 10 of 12 companies that pass the metric’s comparability rules.

### How much history does this FMCG - Personal Care comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

The 52-week comparison of FMCG - Personal Care against NIFTY 500 is not available from the current market series. 3 of 12 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Bajaj Consumer Care Ltd is the strongest against the sector itself at +47.5%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 3/12
Stocks leading sector: 6/12

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 12
Combined market value: ₹9.6 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Bajaj Consumer Care Ltd (BAJAJCON): 73/100 — Favorable setup; evidence 100%
   - Growth & earnings 32.3/35 | Capital efficiency 17.3/25 | Valuation 9.7/20 | Relative strength 14.0/20
   - Exact sum: 32.3 + 17.3 + 9.7 + 14 = 73.3
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Gillette India Ltd (GILLETTE): 72/100 — Favorable setup; evidence 90%
   - Growth & earnings 27.4/35 | Capital efficiency 20.0/25 | Valuation 16.2/20 | Relative strength 8.3/20
   - Exact sum: 27.4 + 20 + 16.2 + 8.3 = 71.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Procter & Gamble Hygiene and Health Care Ltd (PGHH): 63/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 22.7/35 | Capital efficiency 21.4/25 | Valuation 14.3/20 | Relative strength 4.4/20
   - Exact sum: 22.7 + 21.4 + 14.3 + 4.4 = 62.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Marico Ltd (MARICO): 61/100 — Mixed-positive evidence; evidence 79%
   - Growth & earnings 21.6/35 | Capital efficiency 15.4/25 | Valuation 6.1/20 | Relative strength 18.3/20
   - Exact sum: 21.6 + 15.4 + 6.1 + 18.3 = 61.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Hindustan Unilever Ltd (HINDUNILVR): 53/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 17.7/35 | Capital efficiency 14.9/25 | Valuation 8.5/20 | Relative strength 12.2/20
   - Exact sum: 17.7 + 14.9 + 8.5 + 12.2 = 53.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Dabur India Ltd (DABUR): 47/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 17.7/35 | Capital efficiency 14.3/25 | Valuation 6.1/20 | Relative strength 9.0/20
   - Exact sum: 17.7 + 14.3 + 6.1 + 9 = 47.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Colgate-Palmolive (India) Ltd (COLPAL): 44/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 10.8/35 | Capital efficiency 19.1/25 | Valuation 5.7/20 | Relative strength 8.6/20
   - Exact sum: 10.8 + 19.1 + 5.7 + 8.6 = 44.2
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
8. Zydus Wellness Ltd (ZYDUSWELL): 44/100 — Mixed-negative evidence; evidence 96%
   - Growth & earnings 10.6/35 | Capital efficiency 8.0/25 | Valuation 6.3/20 | Relative strength 19.2/20
   - Exact sum: 10.6 + 8 + 6.3 + 19.2 = 44.1
   - Decision use: Price leads the evidence: RS versus the benchmark is 26%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
9. Godrej Consumer Products Ltd (GODREJCP): 41/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 15.2/35 | Capital efficiency 10.8/25 | Valuation 4.5/20 | Relative strength 10.7/20
   - Exact sum: 15.2 + 10.8 + 4.5 + 10.7 = 41.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Emami Ltd (EMAMILTD): 39/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 6.9/35 | Capital efficiency 17.0/25 | Valuation 9.9/20 | Relative strength 5.5/20
   - Exact sum: 6.9 + 17 + 9.9 + 5.5 = 39.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Jyothy Labs Ltd (JYOTHYLAB): 38/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 7.8/35 | Capital efficiency 14.7/25 | Valuation 11.1/20 | Relative strength 4.1/20
   - Exact sum: 7.8 + 14.7 + 11.1 + 4.1 = 37.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Polo Queen Industrial and Fintech Ltd (PQIF): 36/100 — Thin evidence · provisional; evidence 51%
   - Growth & earnings 14.8/35 | Capital efficiency 9.3/25 | Valuation 8.5/20 | Relative strength 3.0/20
   - Exact sum: 14.8 + 9.3 + 8.5 + 3 = 35.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Hindustan Unilever Ltd is the scale leader at ₹65,225 crore, 324% ahead of Godrej Consumer Products Ltd. Zydus Wellness Ltd's growth is 46.2% from a ₹3,961 crore base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Hindustan Unilever Ltd is the scale benchmark; Zydus Wellness Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Hindustan Unilever Ltd's growth falls below Zydus Wellness Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Hindustan Unilever Ltd · ₹65,225 crore | 324% versus #2 · Godrej Consumer Products Ltd | 5/8 recent comparable periods | 12/12 companies · 218 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Hindustan Unilever Ltd (HINDUNILVR): ₹65.2K Cr
2. Godrej Consumer Products Ltd (GODREJCP): ₹15.4K Cr
3. Marico Ltd (MARICO): ₹13.6K Cr
4. Dabur India Ltd (DABUR): ₹13.2K Cr
5. Colgate-Palmolive (India) Ltd (COLPAL): ₹6.0K Cr

### Revenue growth — fastest growers
1. Zydus Wellness Ltd (ZYDUSWELL): 46%
2. Marico Ltd (MARICO): 26%
3. Bajaj Consumer Care Ltd (BAJAJCON): 25%
4. Godrej Consumer Products Ltd (GODREJCP): 7.7%
5. Gillette India Ltd (GILLETTE): 7.6%

### 20-quarter Revenue history
- HINDUNILVR: Sep 2021 ₹13.0K Cr | Dec 2021 ₹13.4K Cr | Mar 2022 ₹13.8K Cr | Jun 2022 ₹14.6K Cr | Sep 2022 ₹15.1K Cr | Dec 2022 ₹15.6K Cr | Mar 2023 ₹15.2K Cr | Jun 2023 ₹15.5K Cr | Sep 2023 ₹15.6K Cr | Dec 2023 ₹15.6K Cr | Mar 2024 ₹15.2K Cr | Jun 2024 ₹15.7K Cr | Sep 2024 ₹15.9K Cr | Dec 2024 ₹15.6K Cr | Mar 2025 ₹15.2K Cr | Jun 2025 ₹16.5K Cr | Sep 2025 ₹15.9K Cr | Dec 2025 ₹16.4K Cr | Mar 2026 ₹16.4K Cr | Jun 2026 —
- MARICO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.5K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹3.3K Cr | Jun 2026 —
- GODREJCP: Sep 2021 ₹3.2K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹3.4K Cr | Dec 2022 ₹3.6K Cr | Mar 2023 ₹3.2K Cr | Jun 2023 ₹3.4K Cr | Sep 2023 ₹3.6K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹3.4K Cr | Jun 2024 ₹3.3K Cr | Sep 2024 ₹3.7K Cr | Dec 2024 ₹3.8K Cr | Mar 2025 ₹3.5K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹4.0K Cr | Mar 2026 ₹3.9K Cr | Jun 2026 —
- DABUR: Sep 2021 ₹2.8K Cr | Dec 2021 ₹2.9K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹3.1K Cr | Sep 2023 ₹3.2K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹3.3K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.6K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 —
- COLPAL: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- PGHH: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹973 Cr | Jun 2022 ₹776 Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹883 Cr | Jun 2023 ₹853 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹932 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹992 Cr | Jun 2025 ₹937 Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹941 Cr | Jun 2026 —
- GILLETTE: Sep 2021 ₹573 Cr | Dec 2021 ₹563 Cr | Mar 2022 ₹567 Cr | Jun 2022 ₹553 Cr | Sep 2022 ₹620 Cr | Dec 2022 ₹619 Cr | Mar 2023 ₹619 Cr | Jun 2023 ₹619 Cr | Sep 2023 ₹668 Cr | Dec 2023 ₹639 Cr | Mar 2024 ₹681 Cr | Jun 2024 ₹645 Cr | Sep 2024 ₹782 Cr | Dec 2024 ₹686 Cr | Mar 2025 ₹767 Cr | Jun 2025 ₹707 Cr | Sep 2025 ₹811 Cr | Dec 2025 ₹790 Cr | Mar 2026 ₹792 Cr | Jun 2026 —
- ZYDUSWELL: Sep 2021 ₹384 Cr | Dec 2021 ₹388 Cr | Mar 2022 ₹640 Cr | Jun 2022 ₹697 Cr | Sep 2022 ₹429 Cr | Dec 2022 ₹416 Cr | Mar 2023 ₹713 Cr | Jun 2023 ₹702 Cr | Sep 2023 ₹440 Cr | Dec 2023 ₹403 Cr | Mar 2024 ₹783 Cr | Jun 2024 ₹841 Cr | Sep 2024 ₹493 Cr | Dec 2024 ₹462 Cr | Mar 2025 ₹913 Cr | Jun 2025 ₹861 Cr | Sep 2025 ₹650 Cr | Dec 2025 ₹965 Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- EMAMILTD: Sep 2021 ₹789 Cr | Dec 2021 ₹972 Cr | Mar 2022 ₹766 Cr | Jun 2022 ₹778 Cr | Sep 2022 ₹814 Cr | Dec 2022 ₹983 Cr | Mar 2023 ₹836 Cr | Jun 2023 ₹826 Cr | Sep 2023 ₹865 Cr | Dec 2023 ₹996 Cr | Mar 2024 ₹891 Cr | Jun 2024 ₹906 Cr | Sep 2024 ₹891 Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹963 Cr | Jun 2025 ₹904 Cr | Sep 2025 ₹799 Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹925 Cr | Jun 2026 —
- JYOTHYLAB: Sep 2021 ₹585 Cr | Dec 2021 ₹539 Cr | Mar 2022 ₹547 Cr | Jun 2022 ₹597 Cr | Sep 2022 ₹659 Cr | Dec 2022 ₹613 Cr | Mar 2023 ₹617 Cr | Jun 2023 ₹687 Cr | Sep 2023 ₹732 Cr | Dec 2023 ₹678 Cr | Mar 2024 ₹660 Cr | Jun 2024 ₹742 Cr | Sep 2024 ₹734 Cr | Dec 2024 ₹704 Cr | Mar 2025 ₹667 Cr | Jun 2025 ₹751 Cr | Sep 2025 ₹736 Cr | Dec 2025 ₹740 Cr | Mar 2026 ₹717 Cr | Jun 2026 —
- BAJAJCON: Sep 2021 ₹216 Cr | Dec 2021 ₹229 Cr | Mar 2022 ₹218 Cr | Jun 2022 ₹249 Cr | Sep 2022 ₹232 Cr | Dec 2022 ₹230 Cr | Mar 2023 ₹249 Cr | Jun 2023 ₹270 Cr | Sep 2023 ₹235 Cr | Dec 2023 ₹239 Cr | Mar 2024 ₹240 Cr | Jun 2024 ₹246 Cr | Sep 2024 ₹234 Cr | Dec 2024 ₹234 Cr | Mar 2025 ₹250 Cr | Jun 2025 ₹273 Cr | Sep 2025 ₹265 Cr | Dec 2025 ₹306 Cr | Mar 2026 ₹327 Cr | Jun 2026 ₹342 Cr
- PQIF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹19 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹17 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter Revenue growth history
- HINDUNILVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 16% | Dec 2022 16% | Mar 2023 11% | Jun 2023 6.0% | Sep 2023 3.2% | Dec 2023 -0.2% | Mar 2024 -0.0% | Jun 2024 1.4% | Sep 2024 1.9% | Dec 2024 -0.1% | Mar 2025 -0.1% | Jun 2025 5.1% | Sep 2025 -0.0% | Dec 2025 5.7% | Mar 2026 7.6% | Jun 2026 —
- MARICO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -1.9% | Mar 2024 1.7% | Jun 2024 6.7% | Sep 2024 7.6% | Dec 2024 15% | Mar 2025 20% | Jun 2025 23% | Sep 2025 31% | Dec 2025 27% | Mar 2026 22% | Jun 2026 —
- GODREJCP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.0% | Sep 2022 7.2% | Dec 2022 9.0% | Mar 2023 9.7% | Jun 2023 10% | Sep 2023 6.2% | Dec 2023 1.7% | Mar 2024 5.8% | Jun 2024 -3.4% | Sep 2024 1.8% | Dec 2024 3.0% | Mar 2025 3.8% | Jun 2025 9.9% | Sep 2025 4.3% | Dec 2025 6.1% | Mar 2026 11% | Jun 2026 —
- DABUR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.0% | Sep 2022 6.0% | Dec 2022 3.4% | Mar 2023 6.4% | Jun 2023 11% | Sep 2023 7.3% | Dec 2023 7.0% | Mar 2024 5.1% | Jun 2024 7.0% | Sep 2024 -5.5% | Dec 2024 3.1% | Mar 2025 0.5% | Jun 2025 1.7% | Sep 2025 5.4% | Dec 2025 6.1% | Mar 2026 7.4% | Jun 2026 —
- COLPAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.7% | Sep 2022 2.6% | Dec 2022 0.9% | Mar 2023 3.8% | Jun 2023 11% | Sep 2023 6.1% | Dec 2023 8.1% | Mar 2024 10% | Jun 2024 13% | Sep 2024 10% | Dec 2024 4.7% | Mar 2025 -1.8% | Jun 2025 -4.2% | Sep 2025 -6.1% | Dec 2025 1.6% | Mar 2026 9.0% | Jun 2026 —
- PGHH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.4% | Sep 2022 -1.2% | Dec 2022 4.0% | Mar 2023 -9.3% | Jun 2023 9.9% | Sep 2023 8.9% | Dec 2023 -0.4% | Mar 2024 13% | Jun 2024 9.3% | Sep 2024 -0.3% | Dec 2024 10% | Mar 2025 -1.0% | Jun 2025 0.5% | Sep 2025 1.3% | Dec 2025 1.1% | Mar 2026 -5.1% | Jun 2026 —
- GILLETTE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 8.2% | Dec 2022 10.0% | Mar 2023 9.2% | Jun 2023 12% | Sep 2023 7.7% | Dec 2023 3.2% | Mar 2024 10% | Jun 2024 4.2% | Sep 2024 17% | Dec 2024 7.4% | Mar 2025 13% | Jun 2025 9.6% | Sep 2025 3.7% | Dec 2025 15% | Mar 2026 3.3% | Jun 2026 —
- ZYDUSWELL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 12% | Dec 2022 7.2% | Mar 2023 11% | Jun 2023 0.7% | Sep 2023 2.6% | Dec 2023 -3.1% | Mar 2024 9.8% | Jun 2024 20% | Sep 2024 12% | Dec 2024 15% | Mar 2025 17% | Jun 2025 2.4% | Sep 2025 32% | Dec 2025 109% | Mar 2026 63% | Jun 2026 —
- EMAMILTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 3.2% | Dec 2022 1.1% | Mar 2023 9.1% | Jun 2023 6.2% | Sep 2023 6.3% | Dec 2023 1.3% | Mar 2024 6.6% | Jun 2024 9.7% | Sep 2024 3.0% | Dec 2024 5.3% | Mar 2025 8.1% | Jun 2025 -0.2% | Sep 2025 -10% | Dec 2025 9.8% | Mar 2026 -4.0% | Jun 2026 —
- JYOTHYLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 13% | Dec 2022 14% | Mar 2023 13% | Jun 2023 15% | Sep 2023 11% | Dec 2023 11% | Mar 2024 7.0% | Jun 2024 8.0% | Sep 2024 0.3% | Dec 2024 3.8% | Mar 2025 1.1% | Jun 2025 1.2% | Sep 2025 0.3% | Dec 2025 5.1% | Mar 2026 7.5% | Jun 2026 —
- BAJAJCON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 7.4% | Dec 2022 0.4% | Mar 2023 14% | Jun 2023 8.4% | Sep 2023 1.3% | Dec 2023 3.9% | Mar 2024 -3.6% | Jun 2024 -8.9% | Sep 2024 -0.4% | Dec 2024 -2.1% | Mar 2025 4.2% | Jun 2025 11% | Sep 2025 13% | Dec 2025 31% | Mar 2026 31% | Jun 2026 25%
- PQIF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -28% | Mar 2024 18% | Jun 2024 71% | Sep 2024 77% | Dec 2024 24% | Mar 2025 -46% | Jun 2025 -33% | Sep 2025 -11% | Dec 2025 -3.0% | Mar 2026 — | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Gillette India Ltd leads opm at 35%; Bajaj Consumer Care Ltd leads margin change at +9 percentage points.

Investor read: Gillette India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Gillette India Ltd · 35% | 9.4% versus #2 · Colgate-Palmolive (India) Ltd | 8/8 recent comparable periods | 12/12 companies · 228 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Gillette India Ltd (GILLETTE): 35%
2. Colgate-Palmolive (India) Ltd (COLPAL): 32%
3. Bajaj Consumer Care Ltd (BAJAJCON): 24%
4. Hindustan Unilever Ltd (HINDUNILVR): 23%
5. Procter & Gamble Hygiene and Health Care Ltd (PGHH): 23%

### Margin change — fastest expanders
1. Bajaj Consumer Care Ltd (BAJAJCON): +9.0 pp
2. Gillette India Ltd (GILLETTE): +6.0 pp
3. Procter & Gamble Hygiene and Health Care Ltd (PGHH): +2.0 pp
4. Polo Queen Industrial and Fintech Ltd (PQIF): +0.3 pp — older report
5. Dabur India Ltd (DABUR): 0.0 pp

### 20-quarter OPM history
- HINDUNILVR: Sep 2021 25% | Dec 2021 25% | Mar 2022 24% | Jun 2022 23% | Sep 2022 23% | Dec 2022 24% | Mar 2023 23% | Jun 2023 24% | Sep 2023 24% | Dec 2023 24% | Mar 2024 23% | Jun 2024 24% | Sep 2024 24% | Dec 2024 24% | Mar 2025 24% | Jun 2025 23% | Sep 2025 24% | Dec 2025 23% | Mar 2026 23% | Jun 2026 —
- MARICO: Sep 2021 17% | Dec 2021 18% | Mar 2022 16% | Jun 2022 21% | Sep 2022 17% | Dec 2022 18% | Mar 2023 18% | Jun 2023 23% | Sep 2023 20% | Dec 2023 21% | Mar 2024 19% | Jun 2024 24% | Sep 2024 20% | Dec 2024 19% | Mar 2025 17% | Jun 2025 20% | Sep 2025 16% | Dec 2025 17% | Mar 2026 16% | Jun 2026 —
- GODREJCP: Sep 2021 21% | Dec 2021 20% | Mar 2022 16% | Jun 2022 17% | Sep 2022 16% | Dec 2022 20% | Mar 2023 20% | Jun 2023 19% | Sep 2023 20% | Dec 2023 23% | Mar 2024 22% | Jun 2024 22% | Sep 2024 21% | Dec 2024 20% | Mar 2025 22% | Jun 2025 19% | Sep 2025 19% | Dec 2025 22% | Mar 2026 22% | Jun 2026 —
- DABUR: Sep 2021 22% | Dec 2021 21% | Mar 2022 18% | Jun 2022 19% | Sep 2022 20% | Dec 2022 20% | Mar 2023 15% | Jun 2023 19% | Sep 2023 21% | Dec 2023 20% | Mar 2024 17% | Jun 2024 20% | Sep 2024 18% | Dec 2024 20% | Mar 2025 15% | Jun 2025 20% | Sep 2025 18% | Dec 2025 21% | Mar 2026 15% | Jun 2026 —
- COLPAL: Sep 2021 30% | Dec 2021 30% | Mar 2022 33% | Jun 2022 27% | Sep 2022 29% | Dec 2022 28% | Mar 2023 33% | Jun 2023 32% | Sep 2023 33% | Dec 2023 34% | Mar 2024 36% | Jun 2024 34% | Sep 2024 31% | Dec 2024 31% | Mar 2025 34% | Jun 2025 32% | Sep 2025 31% | Dec 2025 30% | Mar 2026 32% | Jun 2026 —
- PGHH: Sep 2021 28% | Dec 2021 27% | Mar 2022 17% | Jun 2022 8.6% | Sep 2022 20% | Dec 2022 26% | Mar 2023 17% | Jun 2023 25% | Sep 2023 25% | Dec 2023 27% | Mar 2024 26% | Jun 2024 13% | Sep 2024 26% | Dec 2024 30% | Mar 2025 21% | Jun 2025 28% | Sep 2025 25% | Dec 2025 32% | Mar 2026 23% | Jun 2026 —
- GILLETTE: Sep 2021 22% | Dec 2021 20% | Mar 2022 23% | Jun 2022 20% | Sep 2022 22% | Dec 2022 20% | Mar 2023 22% | Jun 2023 23% | Sep 2023 21% | Dec 2023 25% | Mar 2024 24% | Jun 2024 27% | Sep 2024 24% | Dec 2024 27% | Mar 2025 29% | Jun 2025 30% | Sep 2025 26% | Dec 2025 31% | Mar 2026 35% | Jun 2026 —
- ZYDUSWELL: Sep 2021 8.0% | Dec 2021 8.3% | Mar 2022 22% | Jun 2022 21% | Sep 2022 3.8% | Dec 2022 7.0% | Mar 2023 20% | Jun 2023 17% | Sep 2023 4.0% | Dec 2023 3.0% | Mar 2024 21% | Jun 2024 18% | Sep 2024 4.0% | Dec 2024 3.0% | Mar 2025 21% | Jun 2025 18% | Sep 2025 4.0% | Dec 2025 6.0% | Mar 2026 18% | Jun 2026 —
- EMAMILTD: Sep 2021 35% | Dec 2021 35% | Mar 2022 21% | Jun 2022 22% | Sep 2022 24% | Dec 2022 30% | Mar 2023 24% | Jun 2023 23% | Sep 2023 27% | Dec 2023 32% | Mar 2024 24% | Jun 2024 24% | Sep 2024 28% | Dec 2024 32% | Mar 2025 23% | Jun 2025 23% | Sep 2025 22% | Dec 2025 33% | Mar 2026 20% | Jun 2026 —
- JYOTHYLAB: Sep 2021 11% | Dec 2021 11% | Mar 2022 10% | Jun 2022 10% | Sep 2022 12% | Dec 2022 14% | Mar 2023 15% | Jun 2023 17% | Sep 2023 18% | Dec 2023 18% | Mar 2024 16% | Jun 2024 18% | Sep 2024 19% | Dec 2024 16% | Mar 2025 17% | Jun 2025 15% | Sep 2025 14% | Dec 2025 13% | Mar 2026 13% | Jun 2026 —
- BAJAJCON: Sep 2021 22% | Dec 2021 17% | Mar 2022 16% | Jun 2022 15% | Sep 2022 13% | Dec 2022 14% | Mar 2023 17% | Jun 2023 18% | Sep 2023 16% | Dec 2023 15% | Mar 2024 14% | Jun 2024 15% | Sep 2024 14% | Dec 2024 11% | Mar 2025 13% | Jun 2025 15% | Sep 2025 18% | Dec 2025 18% | Mar 2026 23% | Jun 2026 24%
- PQIF: Sep 2021 7.1% | Dec 2021 6.6% | Mar 2022 11% | Jun 2022 6.6% | Sep 2022 10% | Dec 2022 7.1% | Mar 2023 4.6% | Jun 2023 7.2% | Sep 2023 5.0% | Dec 2023 8.1% | Mar 2024 2.5% | Jun 2024 4.2% | Sep 2024 4.4% | Dec 2024 7.2% | Mar 2025 7.7% | Jun 2025 7.0% | Sep 2025 5.6% | Dec 2025 7.6% | Mar 2026 — | Jun 2026 —

### 20-quarter Margin change history
- HINDUNILVR: Sep 2021 −0.3 pp | Dec 2021 +1.1 pp | Mar 2022 −0.5 pp | Jun 2022 −0.7 pp | Sep 2022 −1.8 pp | Dec 2022 −1.4 pp | Mar 2023 −1.0 pp | Jun 2023 +0.7 pp | Sep 2023 +1.0 pp | Dec 2023 0.0 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 +1.0 pp | Jun 2025 −1.0 pp | Sep 2025 0.0 pp | Dec 2025 −1.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- MARICO: Sep 2021 −2.1 pp | Dec 2021 −1.6 pp | Mar 2022 +0.2 pp | Jun 2022 +1.6 pp | Sep 2022 −0.1 pp | Dec 2022 +0.1 pp | Mar 2023 +2.0 pp | Jun 2023 +2.4 pp | Sep 2023 +2.7 pp | Dec 2023 +3.0 pp | Mar 2024 +1.0 pp | Jun 2024 +1.0 pp | Sep 2024 0.0 pp | Dec 2024 −2.0 pp | Mar 2025 −2.0 pp | Jun 2025 −4.0 pp | Sep 2025 −4.0 pp | Dec 2025 −2.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- GODREJCP: Sep 2021 −2.2 pp | Dec 2021 −2.5 pp | Mar 2022 −4.2 pp | Jun 2022 −4.1 pp | Sep 2022 −4.9 pp | Dec 2022 −0.2 pp | Mar 2023 +4.1 pp | Jun 2023 +2.3 pp | Sep 2023 +4.0 pp | Dec 2023 +3.0 pp | Mar 2024 +2.0 pp | Jun 2024 +3.0 pp | Sep 2024 +1.0 pp | Dec 2024 −3.0 pp | Mar 2025 0.0 pp | Jun 2025 −3.0 pp | Sep 2025 −2.0 pp | Dec 2025 +2.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- DABUR: Sep 2021 −0.6 pp | Dec 2021 +0.3 pp | Mar 2022 −0.9 pp | Jun 2022 −1.9 pp | Sep 2022 −1.9 pp | Dec 2022 −1.3 pp | Mar 2023 −3.0 pp | Jun 2023 −0.3 pp | Sep 2023 +0.9 pp | Dec 2023 0.0 pp | Mar 2024 +2.0 pp | Jun 2024 +1.0 pp | Sep 2024 −3.0 pp | Dec 2024 0.0 pp | Mar 2025 −2.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 +1.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- COLPAL: Sep 2021 −2.2 pp | Dec 2021 −0.4 pp | Mar 2022 +0.1 pp | Jun 2022 −3.3 pp | Sep 2022 −0.2 pp | Dec 2022 −1.7 pp | Mar 2023 0.0 pp | Jun 2023 +4.8 pp | Sep 2023 +3.6 pp | Dec 2023 +6.0 pp | Mar 2024 +3.0 pp | Jun 2024 +2.0 pp | Sep 2024 −2.0 pp | Dec 2024 −3.0 pp | Mar 2025 −2.0 pp | Jun 2025 −2.0 pp | Sep 2025 0.0 pp | Dec 2025 −1.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- PGHH: Sep 2021 −5.0 pp | Dec 2021 −6.5 pp | Mar 2022 +0.0 pp | Jun 2022 −0.9 pp | Sep 2022 −8.0 pp | Dec 2022 −1.1 pp | Mar 2023 +0.1 pp | Jun 2023 +16.4 pp | Sep 2023 +4.5 pp | Dec 2023 +1.0 pp | Mar 2024 +9.0 pp | Jun 2024 −12.0 pp | Sep 2024 +1.0 pp | Dec 2024 +3.0 pp | Mar 2025 −5.0 pp | Jun 2025 +15.0 pp | Sep 2025 −1.0 pp | Dec 2025 +2.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- GILLETTE: Sep 2021 −3.8 pp | Dec 2021 −5.7 pp | Mar 2022 −3.0 pp | Jun 2022 +8.2 pp | Sep 2022 +0.1 pp | Dec 2022 −0.3 pp | Mar 2023 −1.2 pp | Jun 2023 +2.8 pp | Sep 2023 −0.9 pp | Dec 2023 +5.0 pp | Mar 2024 +2.0 pp | Jun 2024 +4.0 pp | Sep 2024 +3.0 pp | Dec 2024 +2.0 pp | Mar 2025 +5.0 pp | Jun 2025 +3.0 pp | Sep 2025 +2.0 pp | Dec 2025 +4.0 pp | Mar 2026 +6.0 pp | Jun 2026 —
- ZYDUSWELL: Sep 2021 +0.0 pp | Dec 2021 −4.7 pp | Mar 2022 −1.9 pp | Jun 2022 −2.2 pp | Sep 2022 −4.2 pp | Dec 2022 −1.3 pp | Mar 2023 −2.1 pp | Jun 2023 −4.3 pp | Sep 2023 +0.2 pp | Dec 2023 −4.0 pp | Mar 2024 +1.0 pp | Jun 2024 +1.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 +3.0 pp | Mar 2026 −3.0 pp | Jun 2026 —
- EMAMILTD: Sep 2021 −0.1 pp | Dec 2021 −1.5 pp | Mar 2022 −1.6 pp | Jun 2022 −3.6 pp | Sep 2022 −11.0 pp | Dec 2022 −4.8 pp | Mar 2023 +3.5 pp | Jun 2023 +1.2 pp | Sep 2023 +3.3 pp | Dec 2023 +2.0 pp | Mar 2024 0.0 pp | Jun 2024 +1.0 pp | Sep 2024 +1.0 pp | Dec 2024 0.0 pp | Mar 2025 −1.0 pp | Jun 2025 −1.0 pp | Sep 2025 −6.0 pp | Dec 2025 +1.0 pp | Mar 2026 −3.0 pp | Jun 2026 —
- JYOTHYLAB: Sep 2021 −6.0 pp | Dec 2021 −5.4 pp | Mar 2022 −4.3 pp | Jun 2022 −2.0 pp | Sep 2022 +0.6 pp | Dec 2022 +2.7 pp | Mar 2023 +5.0 pp | Jun 2023 +7.0 pp | Sep 2023 +6.0 pp | Dec 2023 +4.0 pp | Mar 2024 +1.0 pp | Jun 2024 +1.0 pp | Sep 2024 +1.0 pp | Dec 2024 −2.0 pp | Mar 2025 +1.0 pp | Jun 2025 −3.4 pp | Sep 2025 −5.0 pp | Dec 2025 −3.1 pp | Mar 2026 −4.5 pp | Jun 2026 —
- BAJAJCON: Sep 2021 −5.3 pp | Dec 2021 −8.2 pp | Mar 2022 −8.9 pp | Jun 2022 −9.6 pp | Sep 2022 −9.1 pp | Dec 2022 −2.9 pp | Mar 2023 +1.1 pp | Jun 2023 +3.4 pp | Sep 2023 +2.8 pp | Dec 2023 +1.0 pp | Mar 2024 −3.0 pp | Jun 2024 −3.0 pp | Sep 2024 −2.0 pp | Dec 2024 −4.0 pp | Mar 2025 −1.0 pp | Jun 2025 0.0 pp | Sep 2025 +4.0 pp | Dec 2025 +7.0 pp | Mar 2026 +10.0 pp | Jun 2026 +9.0 pp
- PQIF: Sep 2021 +5.9 pp | Dec 2021 −3.1 pp | Mar 2022 +7.8 pp | Jun 2022 +2.2 pp | Sep 2022 +3.0 pp | Dec 2022 +0.5 pp | Mar 2023 −6.2 pp | Jun 2023 +0.6 pp | Sep 2023 −5.0 pp | Dec 2023 +1.0 pp | Mar 2024 −2.1 pp | Jun 2024 −3.0 pp | Sep 2024 −0.6 pp | Dec 2024 −0.9 pp | Mar 2025 +5.2 pp | Jun 2025 +2.8 pp | Sep 2025 +1.1 pp | Dec 2025 +0.3 pp | Mar 2026 — | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Hindustan Unilever Ltd leads with ₹15,059 crore of TTM profit, 705.7% above Dabur India Ltd. Bajaj Consumer Care Ltd shows 77% growth from a ₹223 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Hindustan Unilever Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Hindustan Unilever Ltd · ₹15,059 crore | 705.7% versus #2 · Dabur India Ltd | 6/8 recent comparable periods | 12/12 companies · 218 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Hindustan Unilever Ltd (HINDUNILVR): ₹15.1K Cr
2. Dabur India Ltd (DABUR): ₹1.9K Cr
3. Godrej Consumer Products Ltd (GODREJCP): ₹1.9K Cr
4. Marico Ltd (MARICO): ₹1.8K Cr
5. Colgate-Palmolive (India) Ltd (COLPAL): ₹1.3K Cr

### Profit growth — fastest growers
1. Bajaj Consumer Care Ltd (BAJAJCON): 77%
2. Hindustan Unilever Ltd (HINDUNILVR): 41%
3. Gillette India Ltd (GILLETTE): 23%
4. Procter & Gamble Hygiene and Health Care Ltd (PGHH): 19%
5. Marico Ltd (MARICO): 9.4%

### 20-quarter Net profit history
- HINDUNILVR: Sep 2021 ₹2.2K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.6K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹6.6K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 —
- MARICO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹333 Cr | Mar 2023 ₹305 Cr | Jun 2023 ₹436 Cr | Sep 2023 ₹360 Cr | Dec 2023 ₹386 Cr | Mar 2024 ₹320 Cr | Jun 2024 ₹474 Cr | Sep 2024 ₹433 Cr | Dec 2024 ₹406 Cr | Mar 2025 ₹345 Cr | Jun 2025 ₹513 Cr | Sep 2025 ₹432 Cr | Dec 2025 ₹460 Cr | Mar 2026 ₹408 Cr | Jun 2026 —
- GODREJCP: Sep 2021 ₹479 Cr | Dec 2021 ₹528 Cr | Mar 2022 ₹363 Cr | Jun 2022 ₹345 Cr | Sep 2022 ₹359 Cr | Dec 2022 ₹546 Cr | Mar 2023 ₹452 Cr | Jun 2023 ₹319 Cr | Sep 2023 ₹433 Cr | Dec 2023 ₹581 Cr | Mar 2024 ₹-1.9K Cr | Jun 2024 ₹451 Cr | Sep 2024 ₹491 Cr | Dec 2024 ₹498 Cr | Mar 2025 ₹412 Cr | Jun 2025 ₹452 Cr | Sep 2025 ₹459 Cr | Dec 2025 ₹498 Cr | Mar 2026 ₹452 Cr | Jun 2026 —
- DABUR: Sep 2021 ₹504 Cr | Dec 2021 ₹503 Cr | Mar 2022 ₹294 Cr | Jun 2022 ₹440 Cr | Sep 2022 ₹490 Cr | Dec 2022 ₹477 Cr | Mar 2023 ₹293 Cr | Jun 2023 ₹457 Cr | Sep 2023 ₹507 Cr | Dec 2023 ₹506 Cr | Mar 2024 ₹341 Cr | Jun 2024 ₹494 Cr | Sep 2024 ₹418 Cr | Dec 2024 ₹516 Cr | Mar 2025 ₹313 Cr | Jun 2025 ₹508 Cr | Sep 2025 ₹445 Cr | Dec 2025 ₹554 Cr | Mar 2026 ₹362 Cr | Jun 2026 —
- COLPAL: Sep 2021 ₹269 Cr | Dec 2021 ₹252 Cr | Mar 2022 ₹324 Cr | Jun 2022 ₹210 Cr | Sep 2022 ₹278 Cr | Dec 2022 ₹243 Cr | Mar 2023 ₹316 Cr | Jun 2023 ₹274 Cr | Sep 2023 ₹340 Cr | Dec 2023 ₹330 Cr | Mar 2024 ₹380 Cr | Jun 2024 ₹364 Cr | Sep 2024 ₹395 Cr | Dec 2024 ₹323 Cr | Mar 2025 ₹355 Cr | Jun 2025 ₹321 Cr | Sep 2025 ₹328 Cr | Dec 2025 ₹324 Cr | Mar 2026 ₹353 Cr | Jun 2026 —
- PGHH: Sep 2021 ₹218 Cr | Dec 2021 ₹212 Cr | Mar 2022 ₹103 Cr | Jun 2022 ₹43 Cr | Sep 2022 ₹154 Cr | Dec 2022 ₹207 Cr | Mar 2023 ₹165 Cr | Jun 2023 ₹151 Cr | Sep 2023 ₹211 Cr | Dec 2023 ₹229 Cr | Mar 2024 ₹154 Cr | Jun 2024 ₹81 Cr | Sep 2024 ₹212 Cr | Dec 2024 ₹269 Cr | Mar 2025 ₹156 Cr | Jun 2025 ₹192 Cr | Sep 2025 ₹210 Cr | Dec 2025 ₹301 Cr | Mar 2026 ₹153 Cr | Jun 2026 —
- GILLETTE: Sep 2021 ₹82 Cr | Dec 2021 ₹71 Cr | Mar 2022 ₹69 Cr | Jun 2022 ₹68 Cr | Sep 2022 ₹87 Cr | Dec 2022 ₹74 Cr | Mar 2023 ₹103 Cr | Jun 2023 ₹92 Cr | Sep 2023 ₹93 Cr | Dec 2023 ₹104 Cr | Mar 2024 ₹99 Cr | Jun 2024 ₹116 Cr | Sep 2024 ₹133 Cr | Dec 2024 ₹126 Cr | Mar 2025 ₹159 Cr | Jun 2025 ₹146 Cr | Sep 2025 ₹144 Cr | Dec 2025 ₹172 Cr | Mar 2026 ₹193 Cr | Jun 2026 —
- ZYDUSWELL: Sep 2021 ₹21 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹133 Cr | Jun 2022 ₹137 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹145 Cr | Jun 2023 ₹110 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹150 Cr | Jun 2024 ₹148 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹172 Cr | Jun 2025 ₹128 Cr | Sep 2025 ₹-53 Cr | Dec 2025 ₹-40 Cr | Mar 2026 ₹162 Cr | Jun 2026 —
- EMAMILTD: Sep 2021 ₹185 Cr | Dec 2021 ₹220 Cr | Mar 2022 ₹356 Cr | Jun 2022 ₹74 Cr | Sep 2022 ₹184 Cr | Dec 2022 ₹233 Cr | Mar 2023 ₹142 Cr | Jun 2023 ₹137 Cr | Sep 2023 ₹180 Cr | Dec 2023 ₹261 Cr | Mar 2024 ₹147 Cr | Jun 2024 ₹151 Cr | Sep 2024 ₹211 Cr | Dec 2024 ₹279 Cr | Mar 2025 ₹162 Cr | Jun 2025 ₹164 Cr | Sep 2025 ₹148 Cr | Dec 2025 ₹319 Cr | Mar 2026 ₹143 Cr | Jun 2026 —
- JYOTHYLAB: Sep 2021 ₹45 Cr | Dec 2021 ₹38 Cr | Mar 2022 ₹37 Cr | Jun 2022 ₹48 Cr | Sep 2022 ₹65 Cr | Dec 2022 ₹67 Cr | Mar 2023 ₹59 Cr | Jun 2023 ₹96 Cr | Sep 2023 ₹104 Cr | Dec 2023 ₹91 Cr | Mar 2024 ₹78 Cr | Jun 2024 ₹102 Cr | Sep 2024 ₹105 Cr | Dec 2024 ₹87 Cr | Mar 2025 ₹76 Cr | Jun 2025 ₹97 Cr | Sep 2025 ₹88 Cr | Dec 2025 ₹81 Cr | Mar 2026 ₹68 Cr | Jun 2026 —
- BAJAJCON: Sep 2021 ₹47 Cr | Dec 2021 ₹38 Cr | Mar 2022 ₹36 Cr | Jun 2022 ₹34 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹33 Cr | Mar 2023 ₹40 Cr | Jun 2023 ₹46 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹36 Cr | Mar 2024 ₹36 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹31 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹42 Cr | Dec 2025 ₹46 Cr | Mar 2026 ₹64 Cr | Jun 2026 ₹71 Cr
- PQIF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter Profit growth history
- HINDUNILVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 22% | Dec 2022 7.9% | Mar 2023 13% | Jun 2023 6.9% | Sep 2023 -0.5% | Dec 2023 1.1% | Mar 2024 -1.5% | Jun 2024 2.2% | Sep 2024 -2.3% | Dec 2024 19% | Mar 2025 -3.4% | Jun 2025 6.0% | Sep 2025 3.8% | Dec 2025 121% | Mar 2026 21% | Jun 2026 —
- MARICO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 16% | Mar 2024 4.9% | Jun 2024 8.7% | Sep 2024 20% | Dec 2024 5.2% | Mar 2025 7.8% | Jun 2025 8.2% | Sep 2025 -0.2% | Dec 2025 13% | Mar 2026 18% | Jun 2026 —
- GODREJCP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -17% | Sep 2022 -25% | Dec 2022 3.4% | Mar 2023 25% | Jun 2023 -7.5% | Sep 2023 21% | Dec 2023 6.4% | Mar 2024 -519% | Jun 2024 41% | Sep 2024 13% | Dec 2024 -14% | Mar 2025 — | Jun 2025 0.2% | Sep 2025 -6.5% | Dec 2025 0.0% | Mar 2026 9.7% | Jun 2026 —
- DABUR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.7% | Sep 2022 -2.8% | Dec 2022 -5.2% | Mar 2023 -0.3% | Jun 2023 3.9% | Sep 2023 3.5% | Dec 2023 6.1% | Mar 2024 16% | Jun 2024 8.1% | Sep 2024 -18% | Dec 2024 2.0% | Mar 2025 -8.2% | Jun 2025 2.8% | Sep 2025 6.5% | Dec 2025 7.4% | Mar 2026 16% | Jun 2026 —
- COLPAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -9.9% | Sep 2022 3.4% | Dec 2022 -3.6% | Mar 2023 -2.5% | Jun 2023 30% | Sep 2023 22% | Dec 2023 36% | Mar 2024 20% | Jun 2024 33% | Sep 2024 16% | Dec 2024 -2.1% | Mar 2025 -6.6% | Jun 2025 -12% | Sep 2025 -17% | Dec 2025 0.3% | Mar 2026 -0.6% | Jun 2026 —
- PGHH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -12% | Sep 2022 -29% | Dec 2022 -2.4% | Mar 2023 60% | Jun 2023 251% | Sep 2023 37% | Dec 2023 11% | Mar 2024 -6.7% | Jun 2024 -46% | Sep 2024 0.5% | Dec 2024 17% | Mar 2025 1.3% | Jun 2025 137% | Sep 2025 -0.9% | Dec 2025 12% | Mar 2026 -1.9% | Jun 2026 —
- GILLETTE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 143% | Sep 2022 6.1% | Dec 2022 4.2% | Mar 2023 49% | Jun 2023 35% | Sep 2023 6.9% | Dec 2023 41% | Mar 2024 -3.9% | Jun 2024 26% | Sep 2024 43% | Dec 2024 21% | Mar 2025 61% | Jun 2025 26% | Sep 2025 8.3% | Dec 2025 37% | Mar 2026 21% | Jun 2026 —
- ZYDUSWELL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.6% | Sep 2022 -62% | Dec 2022 -13% | Mar 2023 9.0% | Jun 2023 -20% | Sep 2023 -25% | Dec 2023 -100% | Mar 2024 3.5% | Jun 2024 35% | Sep 2024 250% | Dec 2024 — | Mar 2025 15% | Jun 2025 -14% | Sep 2025 -352% | Dec 2025 -767% | Mar 2026 -5.8% | Jun 2026 —
- EMAMILTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -5.1% | Sep 2022 -0.5% | Dec 2022 5.9% | Mar 2023 -60% | Jun 2023 85% | Sep 2023 -2.2% | Dec 2023 12% | Mar 2024 3.5% | Jun 2024 10% | Sep 2024 17% | Dec 2024 6.9% | Mar 2025 10% | Jun 2025 8.6% | Sep 2025 -30% | Dec 2025 14% | Mar 2026 -12% | Jun 2026 —
- JYOTHYLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 44% | Dec 2022 76% | Mar 2023 59% | Jun 2023 100% | Sep 2023 60% | Dec 2023 36% | Mar 2024 32% | Jun 2024 6.3% | Sep 2024 1.0% | Dec 2024 -4.4% | Mar 2025 -2.6% | Jun 2025 -4.9% | Sep 2025 -16% | Dec 2025 -6.9% | Mar 2026 -11% | Jun 2026 —
- BAJAJCON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -32% | Dec 2022 -13% | Mar 2023 11% | Jun 2023 35% | Sep 2023 16% | Dec 2023 9.1% | Mar 2024 -10% | Jun 2024 -20% | Sep 2024 -14% | Dec 2024 -31% | Mar 2025 -14% | Jun 2025 2.7% | Sep 2025 31% | Dec 2025 84% | Mar 2026 106% | Jun 2026 87%
- PQIF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 28% | Mar 2024 536% | Jun 2024 40% | Sep 2024 272% | Dec 2024 -17% | Mar 2025 -55% | Jun 2025 9.1% | Sep 2025 9.0% | Dec 2025 15% | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/12 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Hindustan Unilever Ltd has the clearest covered balance-sheet capacity with ₹5,515 crore net cash and gross debt of ₹1,478 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Gillette India Ltd · ₹0 crore | 100% versus #2 · Procter & Gamble Hygiene and Health Care Ltd | 8/8 recent comparable periods | 12/12 companies · 193 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Gillette India Ltd (GILLETTE): ₹0 Cr
2. Procter & Gamble Hygiene and Health Care Ltd (PGHH): ₹1 Cr
3. Polo Queen Industrial and Fintech Ltd (PQIF): ₹11 Cr — older report
4. Bajaj Consumer Care Ltd (BAJAJCON): ₹16 Cr
5. Colgate-Palmolive (India) Ltd (COLPAL): ₹47 Cr

### Net debt — lowest net debt
1. Hindustan Unilever Ltd (HINDUNILVR): ₹-5.5K Cr
2. Dabur India Ltd (DABUR): ₹-3.9K Cr
3. Colgate-Palmolive (India) Ltd (COLPAL): ₹-1.4K Cr
4. Jyothy Labs Ltd (JYOTHYLAB): ₹-763 Cr
5. Emami Ltd (EMAMILTD): ₹-720 Cr

### 20-quarter Gross debt history
- HINDUNILVR: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- MARICO: Sep 2021 — | Dec 2021 — | Mar 2022 ₹479 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹608 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹528 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹554 Cr | Jun 2025 — | Sep 2025 ₹575 Cr | Dec 2025 — | Mar 2026 ₹557 Cr | Jun 2026 —
- GODREJCP: Sep 2021 ₹2.2K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹3.3K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.8K Cr | Dec 2024 ₹3.8K Cr | Mar 2025 ₹4.0K Cr | Jun 2025 ₹4.0K Cr | Sep 2025 ₹4.1K Cr | Dec 2025 ₹4.1K Cr | Mar 2026 ₹4.4K Cr | Jun 2026 —
- DABUR: Sep 2021 ₹818 Cr | Dec 2021 ₹818 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹950 Cr | Jun 2025 ₹950 Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- COLPAL: Sep 2021 ₹96 Cr | Dec 2021 ₹96 Cr | Mar 2022 ₹83 Cr | Jun 2022 ₹83 Cr | Sep 2022 ₹82 Cr | Dec 2022 ₹82 Cr | Mar 2023 ₹69 Cr | Jun 2023 ₹69 Cr | Sep 2023 ₹69 Cr | Dec 2023 ₹69 Cr | Mar 2024 ₹72 Cr | Jun 2024 ₹72 Cr | Sep 2024 ₹70 Cr | Dec 2024 ₹70 Cr | Mar 2025 ₹61 Cr | Jun 2025 ₹61 Cr | Sep 2025 ₹60 Cr | Dec 2025 ₹60 Cr | Mar 2026 ₹47 Cr | Jun 2026 —
- PGHH: Sep 2021 ₹3 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 — | Jun 2024 ₹3 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- GILLETTE: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 — | Jun 2024 ₹0 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- ZYDUSWELL: Sep 2021 ₹540 Cr | Dec 2021 ₹540 Cr | Mar 2022 ₹387 Cr | Jun 2022 ₹387 Cr | Sep 2022 ₹216 Cr | Dec 2022 ₹216 Cr | Mar 2023 ₹297 Cr | Jun 2023 ₹297 Cr | Sep 2023 ₹352 Cr | Dec 2023 ₹352 Cr | Mar 2024 ₹329 Cr | Jun 2024 ₹329 Cr | Sep 2024 ₹154 Cr | Dec 2024 ₹154 Cr | Mar 2025 ₹188 Cr | Jun 2025 ₹188 Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 —
- EMAMILTD: Sep 2021 ₹128 Cr | Dec 2021 ₹128 Cr | Mar 2022 ₹282 Cr | Jun 2022 ₹282 Cr | Sep 2022 ₹97 Cr | Dec 2022 ₹97 Cr | Mar 2023 ₹91 Cr | Jun 2023 ₹91 Cr | Sep 2023 ₹107 Cr | Dec 2023 ₹107 Cr | Mar 2024 ₹94 Cr | Jun 2024 ₹94 Cr | Sep 2024 ₹74 Cr | Dec 2024 ₹74 Cr | Mar 2025 ₹90 Cr | Jun 2025 ₹90 Cr | Sep 2025 ₹72 Cr | Dec 2025 ₹72 Cr | Mar 2026 ₹162 Cr | Jun 2026 —
- JYOTHYLAB: Sep 2021 ₹158 Cr | Dec 2021 ₹158 Cr | Mar 2022 ₹171 Cr | Jun 2022 ₹171 Cr | Sep 2022 ₹160 Cr | Dec 2022 ₹160 Cr | Mar 2023 ₹47 Cr | Jun 2023 ₹47 Cr | Sep 2023 ₹45 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹51 Cr | Jun 2024 ₹51 Cr | Sep 2024 ₹56 Cr | Dec 2024 ₹56 Cr | Mar 2025 ₹61 Cr | Jun 2025 ₹61 Cr | Sep 2025 ₹54 Cr | Dec 2025 ₹54 Cr | Mar 2026 ₹52 Cr | Jun 2026 —
- BAJAJCON: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 ₹18 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹16 Cr | Jun 2026 ₹16 Cr
- PQIF: Sep 2021 — | Dec 2021 — | Mar 2022 ₹16 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹14 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹15 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹11 Cr | Jun 2025 — | Sep 2025 ₹11 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Net debt history
- HINDUNILVR: Sep 2021 ₹-5.7K Cr | Dec 2021 ₹-5.7K Cr | Mar 2022 ₹-6.1K Cr | Jun 2022 ₹-6.1K Cr | Sep 2022 ₹-6.3K Cr | Dec 2022 ₹-6.3K Cr | Mar 2023 ₹-6.0K Cr | Jun 2023 ₹-6.0K Cr | Sep 2023 ₹-10.9K Cr | Dec 2023 ₹-10.9K Cr | Mar 2024 ₹-10.4K Cr | Jun 2024 ₹-10.4K Cr | Sep 2024 ₹-11.2K Cr | Dec 2024 ₹-11.2K Cr | Mar 2025 ₹-9.4K Cr | Jun 2025 ₹-9.4K Cr | Sep 2025 ₹-6.5K Cr | Dec 2025 ₹-6.5K Cr | Mar 2026 ₹-5.5K Cr | Jun 2026 —
- GODREJCP: Sep 2021 ₹542 Cr | Dec 2021 ₹542 Cr | Mar 2022 ₹-228 Cr | Jun 2022 ₹-228 Cr | Sep 2022 ₹-507 Cr | Dec 2022 ₹-507 Cr | Mar 2023 ₹-1.4K Cr | Jun 2023 ₹-1.4K Cr | Sep 2023 ₹734 Cr | Dec 2023 ₹734 Cr | Mar 2024 ₹962 Cr | Jun 2024 ₹962 Cr | Sep 2024 ₹869 Cr | Dec 2024 ₹869 Cr | Mar 2025 ₹486 Cr | Jun 2025 ₹486 Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- DABUR: Sep 2021 ₹-785 Cr | Dec 2021 ₹-785 Cr | Mar 2022 ₹-384 Cr | Jun 2022 ₹-384 Cr | Sep 2022 ₹-7 Cr | Dec 2022 ₹-7 Cr | Mar 2023 ₹122 Cr | Jun 2023 ₹122 Cr | Sep 2023 ₹-682 Cr | Dec 2023 ₹-682 Cr | Mar 2024 ₹-958 Cr | Jun 2024 ₹-958 Cr | Sep 2024 ₹-929 Cr | Dec 2024 ₹-929 Cr | Mar 2025 ₹-1.7K Cr | Jun 2025 ₹-1.7K Cr | Sep 2025 ₹-3.1K Cr | Dec 2025 ₹-3.1K Cr | Mar 2026 ₹-3.9K Cr | Jun 2026 —
- COLPAL: Sep 2021 ₹-714 Cr | Dec 2021 ₹-714 Cr | Mar 2022 ₹-641 Cr | Jun 2022 ₹-641 Cr | Sep 2022 ₹-880 Cr | Dec 2022 ₹-880 Cr | Mar 2023 ₹-737 Cr | Jun 2023 ₹-737 Cr | Sep 2023 ₹-1.2K Cr | Dec 2023 ₹-1.2K Cr | Mar 2024 ₹-1.3K Cr | Jun 2024 ₹-817 Cr | Sep 2024 ₹-1.3K Cr | Dec 2024 ₹-1.3K Cr | Mar 2025 ₹-992 Cr | Jun 2025 ₹-992 Cr | Sep 2025 ₹-1.3K Cr | Dec 2025 ₹-1.3K Cr | Mar 2026 ₹-1.4K Cr | Jun 2026 —
- PGHH: Sep 2021 ₹-645 Cr | Dec 2021 ₹-1.0K Cr | Mar 2022 ₹-1.0K Cr | Jun 2022 ₹-620 Cr | Sep 2022 ₹-620 Cr | Dec 2022 ₹-942 Cr | Mar 2023 ₹-942 Cr | Jun 2023 ₹-960 Cr | Sep 2023 ₹-974 Cr | Dec 2023 ₹-698 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹-479 Cr | Jun 2025 ₹-479 Cr | Sep 2025 ₹-791 Cr | Dec 2025 ₹-791 Cr | Mar 2026 ₹-567 Cr | Jun 2026 —
- GILLETTE: Sep 2021 ₹-164 Cr | Dec 2021 ₹-232 Cr | Mar 2022 ₹-232 Cr | Jun 2022 ₹-289 Cr | Sep 2022 ₹-289 Cr | Dec 2022 ₹-331 Cr | Mar 2023 ₹-331 Cr | Jun 2023 ₹-453 Cr | Sep 2023 ₹-456 Cr | Dec 2023 ₹-406 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹-419 Cr | Jun 2025 ₹-419 Cr | Sep 2025 ₹-590 Cr | Dec 2025 ₹-590 Cr | Mar 2026 ₹-269 Cr | Jun 2026 —
- ZYDUSWELL: Sep 2021 ₹242 Cr | Dec 2021 ₹242 Cr | Mar 2022 ₹191 Cr | Jun 2022 ₹191 Cr | Sep 2022 ₹132 Cr | Dec 2022 ₹132 Cr | Mar 2023 ₹189 Cr | Jun 2023 ₹189 Cr | Sep 2023 ₹98 Cr | Dec 2023 ₹98 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹-234 Cr | Dec 2024 ₹-234 Cr | Mar 2025 ₹79 Cr | Jun 2025 ₹79 Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 —
- EMAMILTD: Sep 2021 ₹-575 Cr | Dec 2021 ₹-575 Cr | Mar 2022 ₹99 Cr | Jun 2022 ₹126 Cr | Sep 2022 ₹-153 Cr | Dec 2022 ₹-153 Cr | Mar 2023 ₹-208 Cr | Jun 2023 ₹-208 Cr | Sep 2023 ₹-310 Cr | Dec 2023 ₹-310 Cr | Mar 2024 ₹-316 Cr | Jun 2024 ₹-268 Cr | Sep 2024 ₹-545 Cr | Dec 2024 ₹-545 Cr | Mar 2025 ₹-716 Cr | Jun 2025 ₹-736 Cr | Sep 2025 ₹-732 Cr | Dec 2025 ₹-732 Cr | Mar 2026 ₹-720 Cr | Jun 2026 —
- JYOTHYLAB: Sep 2021 ₹9 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹-33 Cr | Jun 2022 ₹-38 Cr | Sep 2022 ₹-3 Cr | Dec 2022 ₹-3 Cr | Mar 2023 ₹-231 Cr | Jun 2023 ₹-231 Cr | Sep 2023 ₹-401 Cr | Dec 2023 ₹-401 Cr | Mar 2024 ₹-565 Cr | Jun 2024 ₹-559 Cr | Sep 2024 ₹-374 Cr | Dec 2024 ₹-374 Cr | Mar 2025 ₹-693 Cr | Jun 2025 ₹-538 Cr | Sep 2025 ₹-527 Cr | Dec 2025 ₹-527 Cr | Mar 2026 ₹-763 Cr | Jun 2026 —
- BAJAJCON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹-619 Cr | Dec 2022 ₹-619 Cr | Mar 2023 ₹-582 Cr | Jun 2023 ₹-582 Cr | Sep 2023 ₹-572 Cr | Dec 2023 ₹-572 Cr | Mar 2024 ₹-620 Cr | Jun 2024 ₹-620 Cr | Sep 2024 ₹-426 Cr | Dec 2024 ₹-426 Cr | Mar 2025 ₹-448 Cr | Jun 2025 ₹-448 Cr | Sep 2025 ₹-270 Cr | Dec 2025 ₹-270 Cr | Mar 2026 ₹-390 Cr | Jun 2026 ₹-390 Cr

## Return On Capital Employed

What the numbers say: Procter & Gamble Hygiene and Health Care Ltd leads ROCE at 157%, 49 percentage points above Colgate-Palmolive (India) Ltd. Gillette India Ltd has the strongest latest improvement at +21.2 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Procter & Gamble Hygiene and Health Care Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Procter & Gamble Hygiene and Health Care Ltd · 157% | 45.4% versus #2 · Colgate-Palmolive (India) Ltd | 7/8 recent comparable periods | 12/12 companies · 151 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Procter & Gamble Hygiene and Health Care Ltd (PGHH): 157%
2. Colgate-Palmolive (India) Ltd (COLPAL): 108%
3. Gillette India Ltd (GILLETTE): 91%
4. Marico Ltd (MARICO): 47%
5. Bajaj Consumer Care Ltd (BAJAJCON): 30%

### ROCE change — fastest improvers
1. Gillette India Ltd (GILLETTE): +21.2 pp
2. Procter & Gamble Hygiene and Health Care Ltd (PGHH): +18.5 pp
3. Bajaj Consumer Care Ltd (BAJAJCON): +16.3 pp
4. Marico Ltd (MARICO): +2.0 pp
5. Polo Queen Industrial and Fintech Ltd (PQIF): +0.6 pp — older report

### 20-quarter ROCE history
- HINDUNILVR: Sep 2021 14% | Dec 2021 — | Mar 2022 20% | Jun 2022 — | Sep 2022 21% | Dec 2022 — | Mar 2023 21% | Jun 2023 — | Sep 2023 21% | Dec 2023 23% | Mar 2024 20% | Jun 2024 23% | Sep 2024 20% | Dec 2024 23% | Mar 2025 23% | Jun 2025 23% | Sep 2025 16% | Dec 2025 28% | Mar 2026 21% | Jun 2026 —
- GODREJCP: Sep 2021 21% | Dec 2021 — | Mar 2022 19% | Jun 2022 — | Sep 2022 16% | Dec 2022 — | Mar 2023 16% | Jun 2023 — | Sep 2023 17% | Dec 2023 19% | Mar 2024 22% | Jun 2024 5.0% | Sep 2024 24% | Dec 2024 5.0% | Mar 2025 22% | Jun 2025 23% | Sep 2025 21% | Dec 2025 23% | Mar 2026 21% | Jun 2026 —
- DABUR: Sep 2021 23% | Dec 2021 — | Mar 2022 23% | Jun 2022 — | Sep 2022 21% | Dec 2022 — | Mar 2023 19% | Jun 2023 — | Sep 2023 18% | Dec 2023 24% | Mar 2024 18% | Jun 2024 24% | Sep 2024 17% | Dec 2024 22% | Mar 2025 16% | Jun 2025 21% | Sep 2025 16% | Dec 2025 21% | Mar 2026 17% | Jun 2026 —
- COLPAL: Sep 2021 77% | Dec 2021 — | Mar 2022 77% | Jun 2022 — | Sep 2022 79% | Dec 2022 — | Mar 2023 77% | Jun 2023 — | Sep 2023 84% | Dec 2023 95% | Mar 2024 89% | Jun 2024 102% | Sep 2024 107% | Dec 2024 110% | Mar 2025 103% | Jun 2025 102% | Sep 2025 103% | Dec 2025 106% | Mar 2026 104% | Jun 2026 —
- PGHH: Sep 2021 — | Dec 2021 79% | Mar 2022 — | Jun 2022 96% | Sep 2022 — | Dec 2022 70% | Mar 2023 — | Jun 2023 78% | Sep 2023 99% | Dec 2023 78% | Mar 2024 99% | Jun 2024 87% | Sep 2024 87% | Dec 2024 88% | Mar 2025 112% | Jun 2025 113% | Sep 2025 104% | Dec 2025 106% | Mar 2026 131% | Jun 2026 —
- GILLETTE: Sep 2021 — | Dec 2021 42% | Mar 2022 — | Jun 2022 46% | Sep 2022 — | Dec 2022 45% | Mar 2023 — | Jun 2023 42% | Sep 2023 48% | Dec 2023 43% | Mar 2024 51% | Jun 2024 51% | Sep 2024 56% | Dec 2024 58% | Mar 2025 61% | Jun 2025 67% | Sep 2025 58% | Dec 2025 70% | Mar 2026 82% | Jun 2026 —
- ZYDUSWELL: Sep 2021 7.0% | Dec 2021 — | Mar 2022 6.5% | Jun 2022 — | Sep 2022 6.3% | Dec 2022 — | Mar 2023 6.1% | Jun 2023 — | Sep 2023 5.4% | Dec 2023 5.0% | Mar 2024 5.3% | Jun 2024 6.5% | Sep 2024 5.9% | Dec 2024 6.6% | Mar 2025 6.2% | Jun 2025 6.5% | Sep 2025 3.5% | Dec 2025 3.9% | Mar 2026 3.7% | Jun 2026 —
- EMAMILTD: Sep 2021 29% | Dec 2021 — | Mar 2022 29% | Jun 2022 — | Sep 2022 24% | Dec 2022 — | Mar 2023 27% | Jun 2023 — | Sep 2023 30% | Dec 2023 32% | Mar 2024 31% | Jun 2024 34% | Sep 2024 30% | Dec 2024 34% | Mar 2025 31% | Jun 2025 35% | Sep 2025 26% | Dec 2025 31% | Mar 2026 26% | Jun 2026 —
- JYOTHYLAB: Sep 2021 17% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 13% | Dec 2022 18% | Mar 2023 17% | Jun 2023 24% | Sep 2023 22% | Dec 2023 28% | Mar 2024 23% | Jun 2024 28% | Sep 2024 23% | Dec 2024 26% | Mar 2025 30% | Jun 2025 — | Sep 2025 27% | Dec 2025 — | Mar 2026 24% | Jun 2026 —
- BAJAJCON: Sep 2021 28% | Dec 2021 — | Mar 2022 21% | Jun 2022 — | Sep 2022 16% | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 18% | Dec 2023 24% | Mar 2024 17% | Jun 2024 22% | Sep 2024 19% | Dec 2024 21% | Mar 2025 16% | Jun 2025 19% | Sep 2025 20% | Dec 2025 28% | Mar 2026 27% | Jun 2026 36%

### 20-quarter ROCE change history
- HINDUNILVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.7 pp | Dec 2022 — | Mar 2023 +1.5 pp | Jun 2023 — | Sep 2023 +0.1 pp | Dec 2023 — | Mar 2024 −0.9 pp | Jun 2024 — | Sep 2024 −0.9 pp | Dec 2024 −0.3 pp | Mar 2025 +2.6 pp | Jun 2025 0.0 pp | Sep 2025 −4.3 pp | Dec 2025 +5.0 pp | Mar 2026 −1.8 pp | Jun 2026 —
- GODREJCP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.6 pp | Dec 2022 — | Mar 2023 −2.6 pp | Jun 2023 — | Sep 2023 +1.6 pp | Dec 2023 — | Mar 2024 +6.0 pp | Jun 2024 — | Sep 2024 +6.1 pp | Dec 2024 −14.3 pp | Mar 2025 −0.2 pp | Jun 2025 +18.3 pp | Sep 2025 −2.6 pp | Dec 2025 +17.7 pp | Mar 2026 −0.8 pp | Jun 2026 —
- DABUR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.2 pp | Dec 2022 — | Mar 2023 −3.8 pp | Jun 2023 — | Sep 2023 −3.1 pp | Dec 2023 — | Mar 2024 −0.6 pp | Jun 2024 — | Sep 2024 −1.3 pp | Dec 2024 −2.1 pp | Mar 2025 −2.2 pp | Jun 2025 −2.7 pp | Sep 2025 −0.6 pp | Dec 2025 −0.8 pp | Mar 2026 +0.6 pp | Jun 2026 —
- COLPAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.1 pp | Dec 2022 — | Mar 2023 0.0 pp | Jun 2023 — | Sep 2023 +4.8 pp | Dec 2023 — | Mar 2024 +12.0 pp | Jun 2024 — | Sep 2024 +22.7 pp | Dec 2024 +15.1 pp | Mar 2025 +14.9 pp | Jun 2025 0.0 pp | Sep 2025 −3.2 pp | Dec 2025 −4.7 pp | Mar 2026 +0.3 pp | Jun 2026 —
- PGHH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −8.4 pp | Mar 2023 — | Jun 2023 −18.1 pp | Sep 2023 — | Dec 2023 +8.0 pp | Mar 2024 — | Jun 2024 +9.5 pp | Sep 2024 −12.0 pp | Dec 2024 +10.1 pp | Mar 2025 +13.0 pp | Jun 2025 +26.0 pp | Sep 2025 +17.0 pp | Dec 2025 +18.1 pp | Mar 2026 +18.5 pp | Jun 2026 —
- GILLETTE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +2.8 pp | Mar 2023 — | Jun 2023 −3.3 pp | Sep 2023 — | Dec 2023 −1.8 pp | Mar 2024 — | Jun 2024 +9.0 pp | Sep 2024 +8.5 pp | Dec 2024 +14.3 pp | Mar 2025 +9.9 pp | Jun 2025 +15.2 pp | Sep 2025 +2.0 pp | Dec 2025 +12.2 pp | Mar 2026 +21.2 pp | Jun 2026 —
- ZYDUSWELL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 — | Mar 2023 −0.4 pp | Jun 2023 — | Sep 2023 −0.9 pp | Dec 2023 — | Mar 2024 −0.8 pp | Jun 2024 — | Sep 2024 +0.5 pp | Dec 2024 +1.6 pp | Mar 2025 +0.9 pp | Jun 2025 0.0 pp | Sep 2025 −2.4 pp | Dec 2025 −2.7 pp | Mar 2026 −2.5 pp | Jun 2026 —
- EMAMILTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.2 pp | Dec 2022 — | Mar 2023 −2.3 pp | Jun 2023 — | Sep 2023 +5.8 pp | Dec 2023 — | Mar 2024 +3.8 pp | Jun 2024 — | Sep 2024 +0.8 pp | Dec 2024 +2.1 pp | Mar 2025 +0.4 pp | Jun 2025 +0.7 pp | Sep 2025 −4.4 pp | Dec 2025 −2.6 pp | Mar 2026 −4.8 pp | Jun 2026 —
- JYOTHYLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.3 pp | Dec 2022 — | Mar 2023 +3.7 pp | Jun 2023 — | Sep 2023 +9.0 pp | Dec 2023 +9.4 pp | Mar 2024 +5.8 pp | Jun 2024 +4.0 pp | Sep 2024 +0.3 pp | Dec 2024 −1.5 pp | Mar 2025 +7.1 pp | Jun 2025 — | Sep 2025 +4.1 pp | Dec 2025 — | Mar 2026 −6.5 pp | Jun 2026 —
- BAJAJCON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −11.4 pp | Dec 2022 — | Mar 2023 −4.2 pp | Jun 2023 — | Sep 2023 +2.2 pp | Dec 2023 — | Mar 2024 +0.7 pp | Jun 2024 — | Sep 2024 +0.2 pp | Dec 2024 −2.7 pp | Mar 2025 −1.7 pp | Jun 2025 −2.4 pp | Sep 2025 +1.7 pp | Dec 2025 +7.0 pp | Mar 2026 +11.1 pp | Jun 2026 +16.3 pp

## Valuation Against Growth & Quality

What the numbers say: Gillette India Ltd has the lowest comparable Guarded PEG at 1.27×, 22.6% below Bajaj Consumer Care Ltd. Only 10 of 12 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Gillette India Ltd · 1.27× | 22.6% versus #2 · Bajaj Consumer Care Ltd | 0/8 recent comparable periods | 10/12 companies · 85 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Gillette India Ltd (GILLETTE): 1.3
2. Bajaj Consumer Care Ltd (BAJAJCON): 1.6
3. Procter & Gamble Hygiene and Health Care Ltd (PGHH): 1.7
4. Zydus Wellness Ltd (ZYDUSWELL): 1.8
5. Emami Ltd (EMAMILTD): 3.0

### P/E — lowest P/E
1. Jyothy Labs Ltd (JYOTHYLAB): 19.9
2. Emami Ltd (EMAMILTD): 22.7
3. Bajaj Consumer Care Ltd (BAJAJCON): 32.2
4. Hindustan Unilever Ltd (HINDUNILVR): 33.1
5. Procter & Gamble Hygiene and Health Care Ltd (PGHH): 34.0

### 20-quarter Guarded PEG history
- HINDUNILVR: Sep 2021 7.3 | Dec 2021 5.3 | Mar 2022 3.4 | Jun 2022 6.4 | Sep 2022 6.3 | Dec 2022 7.7 | Mar 2023 4.8 | Jun 2023 4.2 | Sep 2023 4.2 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 8.1 | Jun 2026 —
- GODREJCP: Sep 2021 3.6 | Dec 2021 3.6 | Mar 2022 3.0 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.7 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 4.6 | Sep 2025 7.8 | Dec 2025 — | Mar 2026 5.5 | Jun 2026 —
- DABUR: Sep 2021 3.1 | Dec 2021 3.0 | Mar 2022 3.7 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 7.3 | Sep 2024 7.0 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- COLPAL: Sep 2021 1.6 | Dec 2021 1.7 | Mar 2022 2.5 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.4 | Sep 2023 7.9 | Dec 2023 5.3 | Mar 2024 2.9 | Jun 2024 1.8 | Sep 2024 2.8 | Dec 2024 2.1 | Mar 2025 3.1 | Jun 2025 6.1 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PGHH: Sep 2021 1.4 | Dec 2021 6.8 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 4.8 | Dec 2023 1.8 | Mar 2024 1.5 | Jun 2024 2.4 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 2.4 | Dec 2025 2.3 | Mar 2026 1.7 | Jun 2026 —
- GILLETTE: Sep 2021 1.8 | Dec 2021 4.6 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.4 | Sep 2023 2.5 | Dec 2023 2.4 | Mar 2024 1.7 | Jun 2024 3.6 | Sep 2024 4.3 | Dec 2024 2.7 | Mar 2025 2.6 | Jun 2025 1.7 | Sep 2025 1.5 | Dec 2025 1.8 | Mar 2026 1.3 | Jun 2026 —
- ZYDUSWELL: Sep 2021 1.5 | Dec 2021 — | Mar 2022 0.6 | Jun 2022 1.7 | Sep 2022 1.4 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 2.6 | Jun 2025 1.8 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- EMAMILTD: Sep 2021 — | Dec 2021 8.1 | Mar 2022 0.8 | Jun 2022 — | Sep 2022 — | Dec 2022 2.6 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 3.5 | Mar 2024 — | Jun 2024 2.8 | Sep 2024 6.5 | Dec 2024 2.7 | Mar 2025 3.5 | Jun 2025 4.2 | Sep 2025 3.0 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- JYOTHYLAB: Sep 2021 2.2 | Dec 2021 — | Mar 2022 1.1 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.6 | Jun 2023 1.0 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.6 | Dec 2024 2.6 | Mar 2025 5.2 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BAJAJCON: Sep 2021 1.0 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.5 | Sep 2023 — | Dec 2023 1.3 | Mar 2024 0.8 | Jun 2024 1.6 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- HINDUNILVR: Sep 2021 74.4 | Dec 2021 62.8 | Mar 2022 49.8 | Jun 2022 58.1 | Sep 2022 66.0 | Dec 2022 59.5 | Mar 2023 58.2 | Jun 2023 59.2 | Sep 2023 53.5 | Dec 2023 58.0 | Mar 2024 49.4 | Jun 2024 54.1 | Sep 2024 64.5 | Dec 2024 51.2 | Mar 2025 49.0 | Jun 2025 49.9 | Sep 2025 52.9 | Dec 2025 50.2 | Mar 2026 44.6 | Jun 2026 —
- MARICO: Sep 2021 60.8 | Dec 2021 55.0 | Mar 2022 51.1 | Jun 2022 50.8 | Sep 2022 56.0 | Dec 2022 53.4 | Mar 2023 49.6 | Jun 2023 52.7 | Sep 2023 53.5 | Dec 2023 50.3 | Mar 2024 43.9 | Jun 2024 53.5 | Sep 2024 59.0 | Dec 2024 51.6 | Mar 2025 52.6 | Jun 2025 58.2 | Sep 2025 54.2 | Dec 2025 57.8 | Mar 2026 56.2 | Jun 2026 —
- GODREJCP: Sep 2021 59.6 | Dec 2021 54.7 | Mar 2022 38.3 | Jun 2022 45.4 | Sep 2022 54.1 | Dec 2022 55.2 | Mar 2023 59.8 | Jun 2023 63.3 | Sep 2023 57.2 | Dec 2023 63.0 | Mar 2024 68.4 | Jun 2024 84.6 | Sep 2024 81.0 | Dec 2024 60.4 | Mar 2025 68.8 | Jun 2025 63.5 | Sep 2025 62.8 | Dec 2025 65.5 | Mar 2026 53.1 | Jun 2026 —
- DABUR: Sep 2021 64.4 | Dec 2021 56.6 | Mar 2022 50.4 | Jun 2022 50.0 | Sep 2022 56.1 | Dec 2022 55.5 | Mar 2023 54.7 | Jun 2023 59.4 | Sep 2023 56.5 | Dec 2023 56.2 | Mar 2024 51.7 | Jun 2024 57.8 | Sep 2024 59.7 | Dec 2024 50.3 | Mar 2025 50.0 | Jun 2025 48.8 | Sep 2025 49.7 | Dec 2025 47.9 | Mar 2026 40.0 | Jun 2026 —
- COLPAL: Sep 2021 43.0 | Dec 2021 37.8 | Mar 2022 38.6 | Jun 2022 38.2 | Sep 2022 41.8 | Dec 2022 39.0 | Mar 2023 38.6 | Jun 2023 43.5 | Sep 2023 48.4 | Dec 2023 57.9 | Mar 2024 57.8 | Jun 2024 57.8 | Sep 2024 72.4 | Dec 2024 50.5 | Mar 2025 44.5 | Jun 2025 45.0 | Sep 2025 43.4 | Dec 2025 42.8 | Mar 2026 38.3 | Jun 2026 —
- PGHH: Sep 2021 70.0 | Dec 2021 81.4 | Mar 2022 83.3 | Jun 2022 73.7 | Sep 2022 78.3 | Dec 2022 92.2 | Mar 2023 85.4 | Jun 2023 81.7 | Sep 2023 85.9 | Dec 2023 76.8 | Mar 2024 72.7 | Jun 2024 72.4 | Sep 2024 78.9 | Dec 2024 69.9 | Mar 2025 61.7 | Jun 2025 59.8 | Sep 2025 53.5 | Dec 2025 50.9 | Mar 2026 34.5 | Jun 2026 —
- GILLETTE: Sep 2021 62.6 | Dec 2021 57.7 | Mar 2022 56.0 | Jun 2022 65.1 | Sep 2022 58.3 | Dec 2022 55.8 | Mar 2023 47.2 | Jun 2023 49.9 | Sep 2023 56.1 | Dec 2023 58.4 | Mar 2024 54.3 | Jun 2024 60.9 | Sep 2024 67.2 | Dec 2024 67.7 | Mar 2025 55.1 | Jun 2025 65.8 | Sep 2025 55.1 | Dec 2025 48.1 | Mar 2026 39.2 | Jun 2026 —
- ZYDUSWELL: Sep 2021 51.2 | Dec 2021 37.3 | Mar 2022 30.4 | Jun 2022 31.9 | Sep 2022 32.5 | Dec 2022 31.4 | Mar 2023 32.7 | Jun 2023 29.5 | Sep 2023 32.7 | Dec 2023 35.4 | Mar 2024 33.2 | Jun 2024 40.5 | Sep 2024 42.1 | Dec 2024 38.5 | Mar 2025 33.4 | Jun 2025 37.9 | Sep 2025 47.7 | Dec 2025 48.0 | Mar 2026 59.0 | Jun 2026 —
- EMAMILTD: Sep 2021 52.8 | Dec 2021 41.2 | Mar 2022 35.0 | Jun 2022 21.1 | Sep 2022 26.6 | Dec 2022 22.4 | Mar 2023 18.5 | Jun 2023 29.3 | Sep 2023 33.7 | Dec 2023 35.5 | Mar 2024 25.9 | Jun 2024 41.3 | Sep 2024 44.1 | Dec 2024 33.1 | Mar 2025 31.9 | Jun 2025 30.7 | Sep 2025 29.8 | Dec 2025 29.8 | Mar 2026 21.4 | Jun 2026 —
- JYOTHYLAB: Sep 2021 29.3 | Dec 2021 26.8 | Mar 2022 30.8 | Jun 2022 34.9 | Sep 2022 40.9 | Dec 2022 40.9 | Mar 2023 32.9 | Jun 2023 36.1 | Sep 2023 47.0 | Dec 2023 53.8 | Mar 2024 46.1 | Jun 2024 42.9 | Sep 2024 53.2 | Dec 2024 38.1 | Mar 2025 32.4 | Jun 2025 33.4 | Sep 2025 31.1 | Dec 2025 28.3 | Mar 2026 20.4 | Jun 2026 —
- BAJAJCON: Sep 2021 17.4 | Dec 2021 14.1 | Mar 2022 12.3 | Jun 2022 11.8 | Sep 2022 14.9 | Dec 2022 17.6 | Mar 2023 16.7 | Jun 2023 20.4 | Sep 2023 21.6 | Dec 2023 20.1 | Mar 2024 18.9 | Jun 2024 24.2 | Sep 2024 24.3 | Dec 2024 20.2 | Mar 2025 17.0 | Jun 2025 22.8 | Sep 2025 25.3 | Dec 2025 25.8 | Mar 2026 29.6 | Jun 2026 40.0
- PQIF: Sep 2021 106.5 | Dec 2021 973.8 | Mar 2022 2,368.3 | Jun 2022 1,197.5 | Sep 2022 1,154.0 | Dec 2022 697.1 | Mar 2023 510.4 | Jun 2023 587.7 | Sep 2023 551.4 | Dec 2023 1,062.5 | Mar 2024 816.2 | Jun 2024 515.2 | Sep 2024 485.9 | Dec 2024 1,415.2 | Mar 2025 550.5 | Jun 2025 751.8 | Sep 2025 569.2 | Dec 2025 409.4 | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Jyothy Labs Ltd leads ev/ebitda at 13.6×; Zydus Wellness Ltd leads p/bv at 3.08×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Jyothy Labs Ltd · 13.6× | 13.9% versus #2 · Emami Ltd | 0/8 recent comparable periods | 12/12 companies · 228 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Jyothy Labs Ltd (JYOTHYLAB): 13.6
2. Emami Ltd (EMAMILTD): 15.8
3. Procter & Gamble Hygiene and Health Care Ltd (PGHH): 23.9
4. Dabur India Ltd (DABUR): 25.2
5. Colgate-Palmolive (India) Ltd (COLPAL): 25.5

### P/BV — lowest P/BV
1. Zydus Wellness Ltd (ZYDUSWELL): 3.1
2. Polo Queen Industrial and Fintech Ltd (PQIF): 3.3 — older report
3. Jyothy Labs Ltd (JYOTHYLAB): 3.6
4. Emami Ltd (EMAMILTD): 6.1
5. Dabur India Ltd (DABUR): 6.6

### 20-quarter EV/EBITDA history
- HINDUNILVR: Sep 2021 50.4 | Dec 2021 42.4 | Mar 2022 33.8 | Jun 2022 39.3 | Sep 2022 44.2 | Dec 2022 41.0 | Mar 2023 40.0 | Jun 2023 40.9 | Sep 2023 36.8 | Dec 2023 38.6 | Mar 2024 32.6 | Jun 2024 35.6 | Sep 2024 42.3 | Dec 2024 33.2 | Mar 2025 31.9 | Jun 2025 32.6 | Sep 2025 35.4 | Dec 2025 34.0 | Mar 2026 30.9 | Jun 2026 —
- MARICO: Sep 2021 41.9 | Dec 2021 37.7 | Mar 2022 34.8 | Jun 2022 34.8 | Sep 2022 38.3 | Dec 2022 36.2 | Mar 2023 33.2 | Jun 2023 35.1 | Sep 2023 35.7 | Dec 2023 33.4 | Mar 2024 29.4 | Jun 2024 36.5 | Sep 2024 40.4 | Dec 2024 35.8 | Mar 2025 36.6 | Jun 2025 40.2 | Sep 2025 37.8 | Dec 2025 40.3 | Mar 2026 39.3 | Jun 2026 —
- GODREJCP: Sep 2021 41.7 | Dec 2021 38.9 | Mar 2022 27.9 | Jun 2022 33.2 | Sep 2022 39.0 | Dec 2022 39.0 | Mar 2023 41.7 | Jun 2023 42.8 | Sep 2023 37.0 | Dec 2023 40.1 | Mar 2024 42.3 | Jun 2024 44.0 | Sep 2024 43.8 | Dec 2024 33.4 | Mar 2025 36.9 | Jun 2025 37.1 | Sep 2025 37.2 | Dec 2025 38.9 | Mar 2026 31.8 | Jun 2026 —
- DABUR: Sep 2021 46.2 | Dec 2021 40.2 | Mar 2022 35.1 | Jun 2022 33.8 | Sep 2022 38.5 | Dec 2022 37.8 | Mar 2023 36.9 | Jun 2023 39.1 | Sep 2023 36.8 | Dec 2023 36.5 | Mar 2024 33.3 | Jun 2024 37.2 | Sep 2024 38.2 | Dec 2024 31.6 | Mar 2025 31.4 | Jun 2025 30.3 | Sep 2025 30.8 | Dec 2025 29.9 | Mar 2026 25.2 | Jun 2026 —
- COLPAL: Sep 2021 28.5 | Dec 2021 25.1 | Mar 2022 25.7 | Jun 2022 25.4 | Sep 2022 27.7 | Dec 2022 25.9 | Mar 2023 25.7 | Jun 2023 28.2 | Sep 2023 31.6 | Dec 2023 38.0 | Mar 2024 38.3 | Jun 2024 38.7 | Sep 2024 48.7 | Dec 2024 34.0 | Mar 2025 29.9 | Jun 2025 30.4 | Sep 2025 29.2 | Dec 2025 28.6 | Mar 2026 25.5 | Jun 2026 —
- PGHH: Sep 2021 48.5 | Dec 2021 55.8 | Mar 2022 56.6 | Jun 2022 48.7 | Sep 2022 52.1 | Dec 2022 60.7 | Mar 2023 55.5 | Jun 2023 60.7 | Sep 2023 63.5 | Dec 2023 56.1 | Mar 2024 53.5 | Jun 2024 47.5 | Sep 2024 51.2 | Dec 2024 45.8 | Mar 2025 40.4 | Jun 2025 41.0 | Sep 2025 37.1 | Dec 2025 35.1 | Mar 2026 23.9 | Jun 2026 —
- GILLETTE: Sep 2021 39.0 | Dec 2021 34.9 | Mar 2022 34.2 | Jun 2022 37.0 | Sep 2022 34.1 | Dec 2022 32.2 | Mar 2023 26.8 | Jun 2023 30.9 | Sep 2023 35.1 | Dec 2023 36.3 | Mar 2024 34.5 | Jun 2024 37.1 | Sep 2024 41.4 | Dec 2024 42.5 | Mar 2025 34.8 | Jun 2025 43.0 | Sep 2025 36.3 | Dec 2025 31.3 | Mar 2026 25.7 | Jun 2026 —
- ZYDUSWELL: Sep 2021 41.0 | Dec 2021 32.6 | Mar 2022 26.9 | Jun 2022 28.6 | Sep 2022 28.9 | Dec 2022 28.1 | Mar 2023 29.6 | Jun 2023 28.2 | Sep 2023 32.9 | Dec 2023 34.6 | Mar 2024 31.7 | Jun 2024 36.1 | Sep 2024 35.5 | Dec 2024 33.4 | Mar 2025 29.4 | Jun 2025 33.1 | Sep 2025 39.5 | Dec 2025 41.9 | Mar 2026 39.3 | Jun 2026 —
- EMAMILTD: Sep 2021 25.8 | Dec 2021 21.8 | Mar 2022 18.6 | Jun 2022 16.9 | Sep 2022 21.6 | Dec 2022 19.6 | Mar 2023 17.8 | Jun 2023 20.4 | Sep 2023 24.9 | Dec 2023 25.7 | Mar 2024 18.9 | Jun 2024 30.2 | Sep 2024 32.1 | Dec 2024 24.5 | Mar 2025 23.7 | Jun 2025 22.8 | Sep 2025 22.2 | Dec 2025 21.9 | Mar 2026 15.8 | Jun 2026 —
- JYOTHYLAB: Sep 2021 18.7 | Dec 2021 16.9 | Mar 2022 19.1 | Jun 2022 20.9 | Sep 2022 25.4 | Dec 2022 26.2 | Mar 2023 21.6 | Jun 2023 22.8 | Sep 2023 31.2 | Dec 2023 35.9 | Mar 2024 30.9 | Jun 2024 29.3 | Sep 2024 36.3 | Dec 2024 25.9 | Mar 2025 21.8 | Jun 2025 22.2 | Sep 2025 20.8 | Dec 2025 18.9 | Mar 2026 13.6 | Jun 2026 —
- BAJAJCON: Sep 2021 14.0 | Dec 2021 11.2 | Mar 2022 9.8 | Jun 2022 9.4 | Sep 2022 11.8 | Dec 2022 13.8 | Mar 2023 12.7 | Jun 2023 15.4 | Sep 2023 16.5 | Dec 2023 15.4 | Mar 2024 14.6 | Jun 2024 18.8 | Sep 2024 17.9 | Dec 2024 15.0 | Mar 2025 12.6 | Jun 2025 17.0 | Sep 2025 17.8 | Dec 2025 18.9 | Mar 2026 21.9 | Jun 2026 29.9
- PQIF: Sep 2021 35.9 | Dec 2021 364.6 | Mar 2022 764.7 | Jun 2022 388.4 | Sep 2022 406.1 | Dec 2022 298.6 | Mar 2023 229.2 | Jun 2023 244.3 | Sep 2023 229.4 | Dec 2023 326.5 | Mar 2024 302.6 | Jun 2024 274.2 | Sep 2024 248.7 | Dec 2024 784.2 | Mar 2025 284.4 | Jun 2025 363.1 | Sep 2025 273.5 | Dec 2025 198.6 | Mar 2026 — | Jun 2026 —

### 20-quarter P/BV history
- HINDUNILVR: Sep 2021 13.0 | Dec 2021 11.1 | Mar 2022 9.2 | Jun 2022 10.6 | Sep 2022 12.2 | Dec 2022 11.6 | Mar 2023 11.7 | Jun 2023 12.0 | Sep 2023 11.0 | Dec 2023 11.9 | Mar 2024 10.1 | Jun 2024 10.9 | Sep 2024 13.0 | Dec 2024 10.4 | Mar 2025 10.0 | Jun 2025 10.5 | Sep 2025 11.4 | Dec 2025 11.0 | Mar 2026 10.0 | Jun 2026 —
- MARICO: Sep 2021 22.2 | Dec 2021 16.8 | Mar 2022 15.7 | Jun 2022 19.2 | Sep 2022 18.5 | Dec 2022 17.6 | Mar 2023 18.5 | Jun 2023 20.5 | Sep 2023 19.1 | Dec 2023 16.8 | Mar 2024 15.3 | Jun 2024 20.9 | Sep 2024 23.4 | Dec 2024 17.6 | Mar 2025 18.1 | Jun 2025 24.7 | Sep 2025 22.8 | Dec 2025 23.8 | Mar 2026 23.8 | Jun 2026 —
- GODREJCP: Sep 2021 11.3 | Dec 2021 9.4 | Mar 2022 6.7 | Jun 2022 8.6 | Sep 2022 7.3 | Dec 2022 7.0 | Mar 2023 8.6 | Jun 2023 9.6 | Sep 2023 7.3 | Dec 2023 8.0 | Mar 2024 8.8 | Jun 2024 10.2 | Sep 2024 11.3 | Dec 2024 9.0 | Mar 2025 9.7 | Jun 2025 9.6 | Sep 2025 9.9 | Dec 2025 10.2 | Mar 2026 8.5 | Jun 2026 —
- DABUR: Sep 2021 15.0 | Dec 2021 12.6 | Mar 2022 11.3 | Jun 2022 11.8 | Sep 2022 11.5 | Dec 2022 11.3 | Mar 2023 11.5 | Jun 2023 12.1 | Sep 2023 10.9 | Dec 2023 10.4 | Mar 2024 9.8 | Jun 2024 11.9 | Sep 2024 11.4 | Dec 2024 8.7 | Mar 2025 8.7 | Jun 2025 8.7 | Sep 2025 8.2 | Dec 2025 7.9 | Mar 2026 6.8 | Jun 2026 —
- COLPAL: Sep 2021 39.5 | Dec 2021 24.1 | Mar 2022 24.7 | Jun 2022 35.3 | Sep 2022 26.8 | Dec 2022 25.3 | Mar 2023 23.6 | Jun 2023 26.8 | Sep 2023 31.8 | Dec 2023 39.0 | Mar 2024 41.8 | Jun 2024 45.0 | Sep 2024 54.6 | Dec 2024 44.9 | Mar 2025 39.3 | Jun 2025 38.9 | Sep 2025 36.3 | Dec 2025 35.9 | Mar 2026 32.3 | Jun 2026 —
- PGHH: Sep 2021 39.4 | Dec 2021 56.4 | Mar 2022 54.1 | Jun 2022 48.2 | Sep 2022 63.1 | Dec 2022 64.0 | Mar 2023 48.7 | Jun 2023 63.0 | Sep 2023 79.0 | Dec 2023 59.6 | Mar 2024 52.2 | Jun 2024 51.2 | Sep 2024 56.3 | Dec 2024 61.0 | Mar 2025 46.7 | Jun 2025 55.4 | Sep 2025 60.1 | Dec 2025 45.1 | Mar 2026 31.9 | Jun 2026 —
- GILLETTE: Sep 2021 21.3 | Dec 2021 20.8 | Mar 2022 19.4 | Jun 2022 19.7 | Sep 2022 21.4 | Dec 2022 19.0 | Mar 2023 15.5 | Jun 2023 19.2 | Sep 2023 23.2 | Dec 2023 21.4 | Mar 2024 20.6 | Jun 2024 22.9 | Sep 2024 28.0 | Dec 2024 31.5 | Mar 2025 24.1 | Jun 2025 36.2 | Sep 2025 30.4 | Dec 2025 23.7 | Mar 2026 20.9 | Jun 2026 —
- ZYDUSWELL: Sep 2021 3.3 | Dec 2021 2.6 | Mar 2022 2.0 | Jun 2022 2.2 | Sep 2022 2.1 | Dec 2022 1.9 | Mar 2023 2.0 | Jun 2023 1.9 | Sep 2023 1.9 | Dec 2023 2.0 | Mar 2024 1.8 | Jun 2024 2.2 | Sep 2024 2.4 | Dec 2024 2.2 | Mar 2025 1.9 | Jun 2025 2.4 | Sep 2025 2.7 | Dec 2025 2.4 | Mar 2026 2.5 | Jun 2026 —
- EMAMILTD: Sep 2021 14.8 | Dec 2021 11.2 | Mar 2022 9.7 | Jun 2022 10.1 | Sep 2022 9.5 | Dec 2022 8.0 | Mar 2023 7.6 | Jun 2023 9.0 | Sep 2023 10.3 | Dec 2023 10.2 | Mar 2024 7.8 | Jun 2024 13.2 | Sep 2024 13.4 | Dec 2024 9.8 | Mar 2025 9.6 | Jun 2025 10.1 | Sep 2025 9.0 | Dec 2025 7.7 | Mar 2026 5.8 | Jun 2026 —
- JYOTHYLAB: Sep 2021 4.3 | Dec 2021 3.7 | Mar 2022 3.9 | Jun 2022 4.0 | Sep 2022 4.7 | Dec 2022 5.1 | Mar 2023 4.8 | Jun 2023 5.1 | Sep 2023 8.6 | Dec 2023 10.7 | Mar 2024 9.9 | Jun 2024 10.2 | Sep 2024 11.0 | Dec 2024 7.6 | Mar 2025 6.4 | Jun 2025 6.9 | Sep 2025 5.6 | Dec 2025 5.1 | Mar 2026 3.6 | Jun 2026 —
- BAJAJCON: Sep 2021 5.0 | Dec 2021 3.7 | Mar 2022 2.9 | Jun 2022 2.6 | Sep 2022 2.8 | Dec 2022 3.0 | Mar 2023 2.8 | Jun 2023 3.5 | Sep 2023 4.1 | Dec 2023 3.9 | Mar 2024 3.8 | Jun 2024 4.8 | Sep 2024 4.3 | Dec 2024 4.0 | Mar 2025 3.1 | Jun 2025 3.5 | Sep 2025 4.3 | Dec 2025 5.3 | Mar 2026 7.1 | Jun 2026 10.6
- PQIF: Sep 2021 0.4 | Dec 2021 7.1 | Mar 2022 13.0 | Jun 2022 8.8 | Sep 2022 10.4 | Dec 2022 8.8 | Mar 2023 7.4 | Jun 2023 7.5 | Sep 2023 7.0 | Dec 2023 7.6 | Mar 2024 7.3 | Jun 2024 8.4 | Sep 2024 7.8 | Dec 2024 27.6 | Mar 2025 9.8 | Jun 2025 10.7 | Sep 2025 8.0 | Dec 2025 5.7 | Mar 2026 — | Jun 2026 —

## Market action

Bajaj Consumer Care Ltd has the strongest one-year price move in FMCG - Personal Care at +118.6%. It also leads on Mansfield relative strength against NIFTY at +44.2%. 3 of 12 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. Bajaj Consumer Care Ltd (BAJAJCON): 119%
2. Zydus Wellness Ltd (ZYDUSWELL): 40%
3. Marico Ltd (MARICO): 17%
4. Hindustan Unilever Ltd (HINDUNILVR): -10%
5. Godrej Consumer Products Ltd (GODREJCP): -14%

### Strongest relative strength versus NIFTY 500
1. Bajaj Consumer Care Ltd (BAJAJCON): 44%
2. Zydus Wellness Ltd (ZYDUSWELL): 26%
3. Marico Ltd (MARICO): 10.0%
4. Colgate-Palmolive (India) Ltd (COLPAL): -5.7%
5. Godrej Consumer Products Ltd (GODREJCP): -6.5%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- Hindustan Unilever Ltd (HINDUNILVR) — market value ₹5.0 L Cr; latest fundamentals Mar 2026
- Marico Ltd (MARICO) — market value ₹1.1 L Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Godrej Consumer Products Ltd (GODREJCP) — market value ₹1.1 L Cr; latest fundamentals Mar 2026
- Dabur India Ltd (DABUR) — market value ₹75.1K Cr; latest fundamentals Mar 2026
- Colgate-Palmolive (India) Ltd (COLPAL) — market value ₹56.7K Cr; latest fundamentals Mar 2026
- Procter & Gamble Hygiene and Health Care Ltd (PGHH) — market value ₹29.1K Cr; latest fundamentals Mar 2026
- Gillette India Ltd (GILLETTE) — market value ₹25.5K Cr; latest fundamentals Mar 2026
- Zydus Wellness Ltd (ZYDUSWELL) — market value ₹17.9K Cr; latest fundamentals Mar 2026
- Emami Ltd (EMAMILTD) — market value ₹17.8K Cr; latest fundamentals Mar 2026
- Jyothy Labs Ltd (JYOTHYLAB) — market value ₹7.3K Cr; latest fundamentals Mar 2026
- Bajaj Consumer Care Ltd (BAJAJCON) — market value ₹7.2K Cr; latest fundamentals Jun 2026
- Polo Queen Industrial and Fintech Ltd (PQIF) — market value ₹638 Cr; latest fundamentals Dec 2025

## Source standing of each company

Cross-checked: 10. Unverified: 1. Withheld: 1. Graded companies: 12.

1 of 12 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Marico Ltd (MARICO) — its two data sources disagree by up to 4% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | MARICO | Marico Ltd | diff_gt_2pct | disagreement up to 4.04% over 14 comparable periods

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty FMCG - Personal Care index?

The Nifty FMCG - Personal Care index tracks India's listed FMCG - Personal Care companies as a single basket. This page follows the same 12 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the FMCG - Personal Care sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best FMCG - Personal Care stocks in India?

Ranked by this page's four-factor score, Bajaj Consumer Care Ltd places first among 12 listed FMCG - Personal Care companies, followed by Gillette India Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many FMCG - Personal Care stocks are listed in India?

This comparison covers 12 listed FMCG - Personal Care companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which FMCG - Personal Care company is the biggest?

Hindustan Unilever Ltd is the largest, with trailing-twelve-month revenue of ₹65,225 crore, ahead of Godrej Consumer Products Ltd at ₹15,385 crore. That covers 12 of 12 companies with comparable reporting through Mar 2026.

### Which FMCG - Personal Care company is growing fastest?

Zydus Wellness Ltd has the fastest revenue growth at 46.2% year on year, across 12 of 12 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which FMCG - Personal Care company has the best profit margins?

Gillette India Ltd has the highest operating margin at 35%, from 12 of 12 comparable companies. Bajaj Consumer Care Ltd shows the biggest recent improvement, at +9 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which FMCG - Personal Care company makes the most profit?

Hindustan Unilever Ltd earns the most, at ₹15,059 crore of trailing-twelve-month net profit, from 12 of 12 comparable companies. Bajaj Consumer Care Ltd has the fastest profit growth at 77%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which FMCG - Personal Care company earns the highest return on capital?

Procter & Gamble Hygiene and Health Care Ltd leads on return on capital employed at 157%, across 12 of 12 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which FMCG - Personal Care stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Gillette India Ltd screens cheapest at 1.27×. Only 10 of 12 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which FMCG - Personal Care company has the strongest balance sheet?

Gillette India Ltd carries the lowest comparable gross debt at ₹0 crore, from 12 of 12 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which FMCG - Personal Care stock has the strongest price momentum?

Bajaj Consumer Care Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which FMCG - Personal Care company scores highest for research priority?

Bajaj Consumer Care Ltd scores 73.3 out of 100 with 100% evidence confidence, from 32.3 points on growth and earnings, 17.3 on capital efficiency, 9.7 on valuation and 14 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many FMCG - Personal Care companies does this comparison cover, and over what period?

It compares 12 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the FMCG - Personal Care sector?

The 12 FMCG - Personal Care companies on this page carry ₹9,60,784 crore of combined market value. Hindustan Unilever Ltd is the largest at ₹5,03,987 crore, about 52% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the FMCG - Personal Care sector's P/E ratio?

The median price-to-earnings ratio across the 12 FMCG - Personal Care companies on this page is 39.8×, measured on the 12 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the FMCG - Personal Care sector performing?

3 of the 12 covered FMCG - Personal Care companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/fmcg-personal-care