Household & Personal Products · Founded 1984 · www.in.pg.com · BSE 507815 · NSE GILLETTE (I) · ISIN INE322A01010
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Business
Gillette India Ltd. is a subsidiary of Procter & Gamble (P&G), a global consumer goods major. The company is primarily engaged in the manufacturing and marketing of consumer products in two main categories: grooming (shaving products) and oral care. Its core business model revolves around selling high-quality branded personal care products through an extensive retail distribution network across India, including general trade, modern trade, and e-commerce platforms, thereby generating revenue from product sales to consumers.
Revenue Mix
Gillette India operates principally in two product categories:
Grooming: This segment includes razors, blades, shaving creams, foams, gels, and aftershaves under the Gillette brand. This is historically its flagship and dominant segment.
Oral Care: This segment includes toothbrushes and oral hygiene products, primarily under the Oral-B brand (though P&G manages Oral-B globally, Gillette India has historically been involved in its distribution in India).
While specific revenue contributions are not publicly detailed by the company, grooming products are widely considered to be the primary revenue driver, given the company's brand heritage.
Industry
Gillette India operates within the highly competitive Fast-Moving Consumer Goods (FMCG) sector, specifically in Household & Personal Products. The Indian personal care market is characterized by a mix of organized and unorganized players, intense competition, and a strong presence of both domestic and multinational corporations. Gillette India holds a strong, often leadership, position in the men's grooming (shaving) category due to its iconic brand and established market presence. In oral care, it competes with major players like Colgate-Palmolive (India), Hindustan Unilever, and other local brands, where it holds a comparatively smaller but significant position.
MOAT
Brand Strength: Gillette is a globally recognized, premium brand synonymous with shaving, enjoying high consumer trust and loyalty.
Innovation & R&D: Access to P&G's extensive global research and development capabilities allows for continuous product innovation and technological advancements in shaving systems.
Distribution Network: Leverages P&G's deep and wide distribution network across urban, semi-urban, and rural India, ensuring broad product availability.
Scale: Benefits from the vast manufacturing and procurement scale of its parent company, P&G, offering cost efficiencies.
Growth Drivers
Premiumization: Shifting consumers towards higher-value, multi-blade razors and advanced grooming solutions.
Market Penetration: Expanding reach into underserved semi-urban and rural markets in India.
E-commerce & Digital Channels: Capitalizing on the rapid growth of online retail to reach a wider consumer base.
Demographic Trends: A large and young population entering the shaving age bracket.
Product Innovation: Introduction of new products and upgrades to existing lines in both grooming and oral care segments.
Risks
Intense Competition: Aggressive competition from both established domestic and international players, as well as new direct-to-consumer (D2C) brands offering subscription models or lower-cost alternatives.
Raw Material Price Volatility: Fluctuations in prices of key raw materials like plastics, steel, and packaging materials can impact margins.
Changing Consumer Preferences: Potential shift away from traditional wet shaving towards electric shavers or simpler grooming routines, and increased price sensitivity.
Counterfeiting: Risk of counterfeit products impacting brand reputation and sales.
Regulatory and Taxation Changes: Any changes in government policies, tariffs, or taxation can affect profitability and operations.
Management & Ownership
Gillette India Ltd. is majority-owned by Procter & Gamble (P&G), making P&G the promoter of the company. The management team typically comprises experienced professionals, often with a background in P&G's global operations, ensuring alignment with international best practices in corporate governance and strategic execution. The strong ownership by a global FMCG giant implies robust oversight and access to global resources and expertise.
Outlook
Gillette India holds a strong market position, especially in the grooming segment, backed by an iconic brand and P&G's global innovation and distribution prowess. The company is poised to benefit from premiumization trends and expanding consumer base in India. However, the market remains highly competitive, with increasing pressure from aggressive local players and new D2C models. Maintaining market share and driving profitable growth will depend on its ability to innovate continuously, adapt to evolving consumer preferences, and effectively manage competition, while also navigating potential raw material cost pressures and economic fluctuations.
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 639 | 681 | 645 | 782 | 686 | 767 | 707 | 811 | 790 | 792 |
| Other Income | 7 | 6 | 5 | 7 | 9 | 12 | 7 | 9 | 8 | 5 |
| Total Income | 647 | 686 | 650 | 789 | 695 | 779 | 713 | 820 | 798 | 797 |
| Total Expenditure | 483 | 519 | 470 | 591 | 503 | 542 | 496 | 603 | 542 | 515 |
| Operating Profit | 164 | 167 | 180 | 198 | 192 | 238 | 217 | 216 | 255 | 282 |
| Interest | 4 | 4 | 4 | 1 | 4 | 3 | 1 | 4 | 4 | 3 |
| Depreciation | 21 | 21 | 21 | 19 | 21 | 25 | 20 | 20 | 19 | 19 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 139 | 143 | 155 | 177 | 167 | 210 | 195 | 193 | 232 | 260 |
| Provision for Tax | 35 | 44 | 39 | 44 | 41 | 51 | 50 | 49 | 60 | 68 |
| Profit After Tax | 104 | 99 | 116 | 133 | 126 | 159 | 146 | 144 | 172 | 193 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 104 | 99 | 116 | 133 | 126 | 159 | 146 | 144 | 172 | 193 |
| Adjusted Earnings Per Share | 31.9 | 30.4 | 35.6 | 40.8 | 38.7 | 48.7 | 44.7 | 44.1 | 52.9 | 59.1 |
| #(Fig in Cr.) | Jun 2015 | Jun 2016 | Jun 2017 | Jun 2018 | Jun 2019 | Jun 2020 | Jun 2021 | Jun 2022 | Jun 2023 | Jun 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 1875 | 1755 | 1734 | 1677 | 1862 | 1679 | 2009 | 2256 | 2477 | 2633 | 2235 | 3100 |
| Other Income | 40 | 36 | 38 | 13 | 16 | 11 | 33 | 9 | 24 | 26 | 28 | 29 |
| Total Income | 1915 | 1791 | 1772 | 1690 | 1878 | 1690 | 2042 | 2265 | 2501 | 2659 | 2263 | 3128 |
| Total Expenditure | 1715 | 1450 | 1352 | 1295 | 1483 | 1320 | 1550 | 1775 | 1940 | 2002 | 1636 | 2156 |
| Operating Profit | 200 | 341 | 419 | 394 | 395 | 370 | 492 | 490 | 561 | 658 | 627 | 970 |
| Interest | 5 | 6 | 7 | 7 | 8 | 5 | 5 | 11 | 8 | 13 | 9 | 12 |
| Depreciation | 39 | 30 | 38 | 42 | 48 | 51 | 58 | 68 | 81 | 83 | 64 | 78 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 156 | 306 | 374 | 345 | 339 | 314 | 429 | 411 | 473 | 562 | 554 | 880 |
| Provision for Tax | 57 | 106 | 121 | 116 | 86 | 84 | 119 | 122 | 117 | 151 | 136 | 227 |
| Profit After Tax | 100 | 199 | 253 | 229 | 253 | 230 | 310 | 289 | 356 | 412 | 418 | 655 |
| Adjustments | 59 | 15 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 158 | 214 | 253 | 229 | 253 | 230 | 310 | 289 | 356 | 412 | 418 | 655 |
| Adjusted Earnings Per Share | 30.5 | 61.1 | 77.7 | 70.3 | 77.6 | 70.6 | 95.2 | 88.8 | 109.1 | 126.3 | 128.2 | 200.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -15% | -0% | 6% | 2% |
| Operating Profit CAGR | -5% | 9% | 11% | 12% |
| PAT CAGR | 1% | 13% | 13% | 15% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -24% | 20% | 6% | 5% |
| ROE Average | 43% | 42% | 39% | 34% |
| ROCE Average | 56% | 56% | 54% | 48% |
| #(Fig in Cr.) | Jun 2015 | Jun 2016 | Jun 2017 | Jun 2018 | Jun 2019 | Jun 2020 | Jun 2021 | Jun 2022 | Jun 2023 | Jun 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 742 | 937 | 501 | 694 | 778 | 911 | 789 | 861 | 989 | 971 | 1023 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | -5 | -11 | 15 | 19 | 19 | 39 | 51 | 50 | 63 | 47 | 48 |
| Total Current Liabilities | 465 | 484 | 464 | 479 | 381 | 379 | 527 | 674 | 818 | 759 | 782 |
| Total Liabilities | 1202 | 1409 | 979 | 1193 | 1178 | 1329 | 1367 | 1586 | 1870 | 1777 | 1853 |
| Fixed Assets | 156 | 178 | 214 | 264 | 300 | 296 | 310 | 363 | 389 | 347 | 342 |
| Other Non-Current Assets | 208 | 258 | 267 | 296 | 277 | 259 | 288 | 260 | 231 | 244 | 229 |
| Total Current Assets | 837 | 973 | 498 | 632 | 601 | 774 | 769 | 963 | 1250 | 1187 | 1282 |
| Total Assets | 1202 | 1409 | 979 | 1193 | 1178 | 1329 | 1367 | 1586 | 1870 | 1777 | 1853 |
| #(Fig in Cr.) | Jun 2015 | Jun 2016 | Jun 2017 | Jun 2018 | Jun 2019 | Jun 2020 | Jun 2021 | Jun 2022 | Jun 2023 | Jun 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 169 | 181 | 536 | 114 | 235 | 140 | 231 | 164 | 289 | 453 | 473 |
| Cash Flow from Operating Activities | 172 | 279 | 248 | 237 | 134 | 225 | 443 | 462 | 463 | 509 | 328 |
| Cash Flow from Investing Activities | -103 | 155 | 14 | -77 | -65 | -29 | -79 | -112 | -67 | -49 | -27 |
| Cash Flow from Financing Activities | -58 | -79 | -684 | -39 | -165 | -105 | -430 | -225 | -231 | -440 | -358 |
| Net Cash Inflow / Outflow | 12 | 356 | -422 | 121 | -95 | 91 | -66 | 125 | 164 | 20 | -58 |
| Closing Cash & Cash Equivalent | 181 | 536 | 114 | 235 | 140 | 231 | 164 | 289 | 453 | 473 | 415 |
| # | Jun 2015 | Jun 2016 | Jun 2017 | Jun 2018 | Jun 2019 | Jun 2020 | Jun 2021 | Jun 2022 | Jun 2023 | Jun 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 30.55 | 61.14 | 77.66 | 70.28 | 77.61 | 70.63 | 95.24 | 88.78 | 109.14 | 126.33 | 128.16 |
| CEPS(Rs) | 42.48 | 70.43 | 89.42 | 83.26 | 92.24 | 86.29 | 112.89 | 109.75 | 133.9 | 151.68 | 147.88 |
| DPS(Rs) | 15 | 39.52 | 164 | 23 | 44 | 49 | 119 | 69 | 85 | 130 | 112 |
| Book NAV/Share(Rs) | 227.78 | 286.79 | 152.69 | 211.82 | 237.3 | 277.47 | 239.32 | 260.29 | 297.6 | 291.11 | 308.95 |
| Core EBITDA Margin(%) | 8.46 | 17.21 | 21.33 | 22.75 | 20.33 | 21.38 | 22.88 | 17.95 | 17.97 | 19.69 | 21.88 |
| EBIT Margin(%) | 8.54 | 17.52 | 21.31 | 21 | 18.63 | 19.02 | 21.63 | 15.74 | 16.08 | 17.93 | 20.56 |
| Pre Tax Margin(%) | 8.3 | 17.21 | 20.93 | 20.55 | 18.21 | 18.7 | 21.37 | 15.34 | 15.82 | 17.54 | 20.25 |
| PAT Margin (%) | 5.28 | 11.22 | 14.15 | 13.66 | 13.59 | 13.71 | 15.45 | 10.79 | 11.9 | 12.84 | 15.26 |
| Cash Profit Margin (%) | 7.34 | 12.93 | 16.3 | 16.18 | 16.15 | 16.75 | 18.31 | 13.34 | 14.6 | 15.42 | 17.61 |
| ROA(%) | 8.82 | 15.26 | 21.19 | 21.09 | 21.34 | 18.36 | 23.02 | 19.59 | 20.58 | 22.57 | 23.01 |
| ROE(%) | 14.37 | 23.76 | 35.34 | 38.56 | 34.56 | 27.44 | 36.86 | 35.54 | 39.13 | 42.92 | 42.71 |
| ROCE(%) | 23.25 | 37.06 | 53.03 | 58.93 | 47.12 | 37.81 | 51.13 | 51.13 | 51.96 | 58.66 | 56.42 |
| Receivable days | 20.23 | 23.28 | 24.5 | 33.34 | 35.15 | 40.56 | 35.29 | 31.65 | 35.86 | 33.84 | 43.57 |
| Inventory Days | 41.82 | 45.85 | 47.65 | 45.99 | 42.56 | 56.33 | 59.11 | 50.38 | 47.98 | 46 | 56.63 |
| Payable days | 113.15 | 125.86 | 149.48 | 171.68 | 136.1 | 136.32 | 144.17 | 167.58 | 189.76 | 218.6 | 257.26 |
| PER(x) | 149.46 | 74.82 | 65.79 | 91.64 | 96.36 | 70.5 | 59.63 | 56.42 | 46.57 | 57.34 | 62.58 |
| Price/Book(x) | 20.04 | 15.95 | 33.46 | 30.41 | 31.52 | 17.94 | 23.73 | 19.24 | 17.08 | 24.88 | 25.96 |
| Dividend Yield(%) | 0.33 | 0.86 | 3.21 | 0.36 | 0.59 | 0.98 | 2.1 | 1.38 | 1.67 | 1.79 | 1.4 |
| EV/Net Sales(x) | 7.84 | 8.19 | 9.54 | 12.38 | 13.02 | 9.53 | 9.13 | 7.11 | 6.5 | 8.79 | 11.51 |
| EV/Core EBITDA(x) | 73.49 | 42.1 | 39.42 | 52.63 | 61.41 | 43.17 | 37.27 | 32.71 | 28.69 | 35.18 | 41.02 |
| Net Sales Growth(%) | 12.62 | -6.38 | -1.23 | -3.27 | 11.02 | -9.81 | 19.68 | 12.28 | 9.79 | 6.3 | -15.12 |
| EBIT Growth(%) | 124.59 | 93.09 | 22.49 | -7.61 | -1.47 | -7.92 | 36.1 | -2.96 | 13.94 | 19.6 | -2.12 |
| PAT Growth(%) | 119.81 | 100.16 | 27.01 | -9.5 | 10.42 | -8.99 | 34.84 | -6.78 | 22.93 | 15.75 | 1.45 |
| EPS Growth(%) | 119.81 | 100.16 | 27.01 | -9.49 | 10.42 | -8.99 | 34.84 | -6.78 | 22.93 | 15.75 | 1.45 |
| Debt/Equity(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio(x) | 1.8 | 2.01 | 1.07 | 1.32 | 1.58 | 2.04 | 1.46 | 1.43 | 1.53 | 1.56 | 1.64 |
| Quick Ratio(x) | 1.37 | 1.5 | 0.59 | 0.9 | 0.96 | 1.29 | 0.76 | 0.87 | 1.02 | 1.04 | 1.06 |
| Interest Cover(x) | 34.65 | 56.05 | 56.54 | 47.19 | 44.19 | 58.72 | 82.8 | 40.06 | 61.86 | 45.59 | 66.12 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 |
| FII | 0.64 | 0.71 | 1.84 | 3.25 | 4.09 | 4.32 | 4.83 | 5.01 | 4.78 | 4.36 |
| DII | 11.22 | 12.82 | 12.08 | 10.8 | 9.97 | 9.9 | 9.6 | 9.15 | 8.89 | 9.25 |
| Public | 13.14 | 11.47 | 11.08 | 10.96 | 10.95 | 10.79 | 10.58 | 10.84 | 11.34 | 11.39 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 2.44 | 2.44 | 2.44 | 2.44 | 2.44 | 2.44 | 2.44 | 2.44 | 2.44 | 2.44 |
| FII | 0.02 | 0.02 | 0.06 | 0.11 | 0.13 | 0.14 | 0.16 | 0.16 | 0.16 | 0.14 |
| DII | 0.37 | 0.42 | 0.39 | 0.35 | 0.32 | 0.32 | 0.31 | 0.3 | 0.29 | 0.3 |
| Public | 0.43 | 0.37 | 0.36 | 0.36 | 0.36 | 0.35 | 0.34 | 0.35 | 0.37 | 0.37 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 3.26 | 3.26 | 3.26 | 3.26 | 3.26 | 3.26 | 3.26 | 3.26 | 3.26 | 3.26 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -15% | 0% | +6% | +2% |
| Operating Profit CAGR | -5% | +9% | +11% | +12% |
| PAT CAGR | +1% | +13% | +13% | +15% |
| Share Price CAGR | -24% | +20% | +6% | +5% |
| ROE Average | +43% | +42% | +39% | +34% |
| ROCE Average | +56% | +56% | +54% | +48% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 |
| FII | 0.64 | 0.71 | 1.84 | 3.25 | 4.09 | 4.32 | 4.83 | 5.01 | 4.78 | 4.36 |
| DII | 11.22 | 12.82 | 12.08 | 10.8 | 9.97 | 9.9 | 9.6 | 9.15 | 8.89 | 9.25 |
| Public | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 2.44 | 2.44 | 2.44 | 2.44 | 2.44 | 2.44 | 2.44 | 2.44 | 2.44 | 2.44 |
| FII | 0.02 | 0.02 | 0.06 | 0.11 | 0.13 | 0.14 | 0.16 | 0.16 | 0.16 | 0.14 |
| DII | 0.37 | 0.42 | 0.39 | 0.35 | 0.32 | 0.32 | 0.31 | 0.3 | 0.29 | 0.3 |
| Public | 0.81 | 0.81 | 0.81 | 0.81 | 0.81 | 0.81 | 0.81 | 0.81 | 0.81 | 0.81 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 3.26 | 3.26 | 3.26 | 3.26 | 3.26 | 3.26 | 3.26 | 3.26 | 3.26 | 3.26 |
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