NSE: PGHH · BSE: 500459
P&G HYGIENE & HEALTH CARE
Sells personal care products in India across two flagship brand families: feminine hygiene (Whisper) and health care (Vicks). Whisper leads India's feminine care category with nearly half the market, selling sanitary pads and period pants to women; the femcare category itself still has sub-50% consumer penetration, which management flags as a runway. Vicks holds more than 50% share in India's Cough & Cold category, selling products such as VapoRub, Cough Syrup, Steam Pods, Double Power drops and ZzzQuil sleep supplements to households. Distribution reach expanded by 1 million stores over three years, with e-commerce and quick commerce (including a Zepto co-creation for Whisper Period Pants) cited as key growth channels. The cost stack is dominated by other operating expenses at 31.2% of revenue and materials at 17.2%, with a productivity programme delivering Rs 93 cr of savings in FY25 and Rs 86 cr in FY26, fully reinvested into brand and product superiority. FY26 revenue stood at Rs 4,290.42 cr with an EBITDA margin of 28.28%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Feminine Hygiene (Whisper), Personal Healthcare (Vicks). Asset-light, brand-led personal care FMCG built around two category-leading franchises.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,125 | 3,065 | 3,274 | 3,374 | 4,290 |
| EBITDA (ex other income) | 763 | 654 | 852 | 871 | 1,171 |
| margin % | 24.4 | 21.3 | 26.0 | 25.8 | 27.3 |
| Owners' profit | 533 | 527 | 594 | 637 | 857 |
| EPS, as reported (₹) | 164.26 | 162.32 | 182.98 | 196.11 | 263.86 |
| ROE % · ROCE % | — · — | — · — | — · — | 86.4 · 102.7 | 113.7 · 135.4 |
| Debt / equity (x) | — | — | — | 0.00 | 0.00 |
| Cash from operations | — | — | — | 593 | 924 |
| Capex | — | — | — | (55) | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,135 | 1,248 | 992 | 937 | 1,150 | 1,262 | 941 | 891 |
| Profit before tax | 285 | 364 | 213 | 265 | 282 | 402 | 218 | 170 |
| Net profit | 212 | 269 | 156 | 192 | 210 | 301 | 153 | 126 |
| EPS (₹) | 65.28 | 82.74 | 48.09 | 59.17 | 64.65 | 92.87 | 47.17 | 38.90 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| GODREJ CONSUMER PRODUCTS | 84,803 | 44.3 | 6.70 | 27.6 | 14.7 | 19.0 | 6.6 | 19.8 |
| DABUR INDIA LTD | 63,474 | 32.2 | 5.38 | 21.2 | 15.8 | 19.8 | 6.6 | 24.3 |
| COLGATE PALMOLIVE LTD. | 43,612 | 32.4 | 27.53 | — | 83.7 | 107.1 | — | 31.3 |
| CUPID LIMITED | 42,491 | 116.2 | 94.26 | 281.8 | 24.0 | 30.3 | — | 40.3 |
| GILLETTE INDIA LTD | 23,823 | 35.7 | 25.17 | — | 69.1 | 83.4 | — | 29.8 |
| P&G HYGIENE & HEALTH CARE ◆ | 22,102 | 27.9 | 29.33 | — | 113.7 | 134.4 | — | 20.1 |
| EMAMI LIMITED | 16,061 | 21.4 | 5.50 | 15.4 | 26.5 | 28.4 | 5.6 | 23.5 |
| HONASA CONSUMER LIMITED | 14,621 | 50.4 | 10.36 | 46.0 | 14.2 | 16.9 | — | 17.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 27.9 | 35.7 | 5 of 15 | 71% |
| P/B | 29.3 | 6.7 | 12 of 13 | 8% |
| ROCE | 134.4 | 19.4 | 1 of 16 | 100% |
| ROE | 113.7 | 15.8 | 1 of 13 | 100% |
| Debt / Equity | 0.0 | 0.0 | 1 of 13 | 50% |
| EBITDA margin | 20.1 | 23.5 | 8 of 13 | 42% |
| Revenue growth | (4.9) | 13.4 | 11 of 14 | 23% |
| Profit growth | (34.3) | 9.4 | 11 of 13 | 17% |
| Market cap | 22102 | 9835 | 6 of 16 | 67% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Submission of SEBI Regulation 74(5) Certificate for Q2 FY27 | compliance | minimal | — | — |
| 25 Sept 2026 · Trading Window Closure Ahead of Q2 Results | compliance | minimal | — | — |
| 25 Sept 2026 · Flavia Machado appointed as Company Secretary, effective Sep 29, 2026 | management changes | medium | — | — |
| 23 Sept 2026 · P&G Hygiene denies delisting and shutdown rumours | general | high | — | — |
| 18 Sept 2026 · Special window reopens for re-lodging physical share transfer requests | compliance | minimal | — | — |
| 9 Sept 2026 · P&G HH: Shareholders approve Srividya Srinivasan as Whole-time Director | management changes | medium | — | — |
| 9 Sept 2026 · P&G Hygiene 62nd AGM: All 6 resolutions passed, dividend confirmed | board shareholder meetings | medium | — | — |
| 8 Sept 2026 · P&G Hygiene & Health Care holds 62nd AGM on Sep 8, 2026 | board shareholder meetings | low | — | — |
| 17 Aug 2026 · P&G Hygiene Annual Report FY26: Revenue Rs 4290cr, PAT Rs 857cr | board shareholder meetings | medium | — | — |
| 17 Aug 2026 · P&G Hygiene files BRSR for FY26; turnover Rs 4,290 Cr, no material penalties | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.