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Model Note · HINDUSTAN UNILEVER LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
HINDUSTAN UNILEVER LTD. Discounted cash flow · base FY26
HINDUSTAN UNILEVER LTD.
Value per share, this model₹685
CMP 2026-09-10₹1,927.00
Difference(64.4)%
Growth the CMP implies28.3%/yr
This note states the assumptions and the arithmetic of one model of HINDUSTAN UNILEVER LTD., built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
2% a year
FY26 2.1% · 5-yr CAGR 6.5%
EBITDA margin
23%
FY26 23.0% · 5-yr average 23.7%
Depreciation · capex, % of revenue
2.1% · 2%, fading to 1.2× depreciation
FY26 2.1% · 2.0%
Working capital, % of added revenue · tax
0% · 22.9%
-29 working-capital days · effective 22.9%
Discount rate
11.00%
1-yr beta 0.74
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(2,583) · ₹0 · ₹0 cr
FY26 net debt ₹(2,583) cr
Shares
235.00 crore
235.00 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
64,468
65,757
67,073
68,414
69,782
71,178
growth %
2.1
2.0
2.0
2.0
2.0
2.0
EBITDA
14,819
15,124
15,427
15,735
16,050
16,371
Depreciation
(1,333)
(1,381)
(1,409)
(1,437)
(1,465)
(1,495)
NOPAT
10,398
10,596
10,808
11,024
11,245
11,470
less capex
(1,258)
(1,315)
(1,429)
(1,546)
(1,668)
(1,794)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
10,662
10,788
10,915
11,042
11,171
Present value
10,120
9,225
8,408
7,664
6,984
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · HINDUSTAN UNILEVER LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
42,400
PV of the terminal value (73% of EV)
1,16,011
Enterprise value
1,58,411
less net debt
2,583
less non-controlling interest
0
add non-operating investments
0
Equity value
1,60,994
÷ 235.00 crore shares
₹685
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
707
756
815
887
977
10.5%
655
696
744
802
873
11.0%
611
645
685
733
789
11.5%
572
601
635
675
721
12.0%
538
564
592
626
664
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
