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Colgate-Palmolive (India) Q3 FY25
Colgate-Palmolive (India) Q3 FY25: Strong Growth, Market Leadership & Future Potential

Colgate Palmolive (India) Ltd: Overview 

Colgate-Palmolive (India) Ltd. is a leading player in the Indian oral care and personal care industry, with a strong brand presence and a legacy of over eight decades. Established in 1937 and headquartered in Mumbai, the company is a subsidiary of Colgate-Palmolive Company, USA. It dominates the oral care segment in India with its flagship brand “Colgate,” which enjoys high consumer trust and widespread market penetration. The Indian oral care industry is highly competitive, with increasing consumer demand for premium, natural, and innovative dental hygiene solutions. With a growing focus on personal care and hygiene, the company continues to expand its product portfolio by introducing new offerings in toothpaste, toothbrushes, mouthwashes, and personal care products. The company has a strong distribution network covering urban and rural markets, ensuring deep market penetration. Colgate-Palmolive (India) Ltd. is also focusing on sustainability, investing in eco-friendly packaging and sustainable sourcing initiatives. With a consumer-driven approach and technological advancements, the company remains a leader in India’s oral care industry while expanding its footprint in adjacent categories. 

Latest Stock News 

Colgate-Palmolive (India) has had a strong run, with seven straight quarters of over 5% growth and the last three in double digits. Despite tough market conditions, the company is growing faster than both the FMCG industry and its listed competitors. In the first half of FY24, its growth was 2.4 times the industry average—a result that reinforces its strategy of consistent, competitive performance. Gross margins remain solid at 68-70%, and while EBITDA margins saw a big jump last year, they are expected to stabilize. Colgate’s brand dominance is a major strength—found in nine out of ten Indian homes, it remains the most recognized and trusted name in oral care. Brand recall has strengthened, and consumers increasingly see Colgate as the expert in oral health, which helps drive market share. 

The toothpaste market has slowed in urban India, but rural demand, while steady, is also levelling off. On the other hand, toothbrush sales continue to rise, with rural markets now growing faster than urban ones. Colgate’s strategy remains steady: grow the oral care category, strengthen its key brands (Strong Teeth, Maxfresh, and Salt), premiumize through innovation, and expand toothbrushes and personal care. India still has huge potential for growth—people here use much less toothpaste than in similar countries, and daily brushing habits are far from universal. Only 20% of urban consumers brush twice a day, and in rural areas, half don’t even brush daily. Increasing brushing habits and upgrading toothbrushes are key opportunities. With its strong execution, Colgate is well-positioned to lead the market and drive long-term growth. 

Business Segments

  • Oral Care: Oral care is Colgate-Palmolive India’s primary revenue-generating segment, contributing a significant portion to its overall sales. The company leads the toothpaste and toothbrush market with brands such as Colgate Strong Teeth, Colgate Total, Colgate MaxFresh, Colgate Sensitive, and Colgate Vedshakti. It continuously innovates by introducing advanced formulations catering to varied consumer needs, including herbal, sensitivity relief, and whitening solutions. The company has also expanded into mouthwashes with products like Colgate Plax. 
  • Personal Care: Colgate-Palmolive India has a presence in the personal care segment through its Palmolive brand, which includes a range of shower gels, hand washes, and liquid soaps. The segment has been growing steadily as consumers prioritize hygiene and self-care. The company is leveraging its global expertise to introduce premium skincare and wellness products tailored to Indian consumers. 
  • Home Care: Under the home care segment, the company offers cleaning and hygiene solutions. Though this segment contributes a smaller portion of total revenue, Colgate-Palmolive (India) Ltd. continues to expand its presence in this category. 

Subsidiary Information

  • Colgate-Palmolive (Nepal) Pvt Ltd: This subsidiary helps the company expand its market reach in South Asia, particularly in Nepal, where Colgate products have a significant consumer base. It supports manufacturing, distribution, and marketing efforts tailored to regional preferences. 
  • Colgate Global Business Services Pvt Ltd: This subsidiary provides back-end operational support, including finance, human resources, and IT services, to Colgate-Palmolive’s Indian and global operations. It plays a crucial role in optimizing business efficiency. 
  • Colgate-Palmolive (Myanmar) Ltd: With an increasing focus on emerging markets, this subsidiary allows Colgate-Palmolive India to expand its brand footprint in Myanmar. The company leverages its Indian manufacturing and supply chain to cater to the growing demand in the Southeast Asian market. 
  • Colgate-Palmolive India Consumer Products Ltd: This subsidiary is focused on exploring new consumer segments and diversifying into adjacent product categories beyond oral care. It supports research and development initiatives aimed at catering to evolving consumer preferences. 
  • Colgate-Palmolive India Supply Chain Pvt Ltd: Responsible for optimizing logistics and distribution, this subsidiary ensures seamless supply chain operations across India and neighboring markets. It plays a key role in maintaining Colgate’s market leadership by ensuring product availability and efficient distribution. 

Q3 FY25 Earnings 

  • Revenue of ₹1462 crore in Q3 FY25 up by 4.7% YoY from ₹1396 crore in Q3 FY24.  
  • EBITDA of ₹454 crore in this quarter at a margin of 34% compared to 31% in Q3 FY24. 
  • Profit of ₹323crore in this quarter compared to a ₹330 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 1396 1462 5226 5680 
Expenses 927 1007 3679 3779 
EBITDA 468 454 1547 1901 
OPM 34% 31% 30% 33% 
Other Income 18 20 42 57 
Net Profit 330 323 1047 1324 
NPM 23.7% 22.1% 20.3% 23.3% 
EPS 12.1 11.9 38.5 48.67 
HUL Q3 FY25 Results
HUL Q3 FY25 Results: Net Profit Rises 19% to ₹3,001 Crore

Hindustan Unilever Ltd: Overview 

Hindustan Unilever Ltd (HUL) is India’s largest fast-moving consumer goods (FMCG) company and a subsidiary of Unilever, one of the world’s leading suppliers of consumer goods. Established in 1933 and headquartered in Mumbai, HUL has become synonymous with quality products and trusted brands that cater to the daily needs of millions of Indian households. The company’s robust portfolio spans over 50 brands across categories like personal care, home care, foods, and beverages, making it a household name in India. HUL’s strategy focuses on delivering superior value through innovations, sustainable practices, and a deep understanding of Indian consumers. The company leverages its vast distribution network, which reaches urban and rural markets alike, ensuring accessibility to its products even in the remotest parts of the country. 

The FMCG industry in India is one of the largest and fastest-growing sectors, driven by factors such as rising disposable incomes, urbanization, increased consumer awareness, and a growing preference for branded products. With a population of over 1.4 billion, India offers immense opportunities for FMCG companies, particularly in rural areas, which contribute significantly to industry growth. HUL’s ability to adapt to evolving market dynamics and consumer preferences has cemented its position as a market leader. The company is also a strong advocate for sustainability and inclusive growth, aligning with Unilever’s global goals. Initiatives such as reducing plastic usage, water conservation, and promoting gender equality reflect HUL’s commitment to creating a positive social and environmental impact. 

Latest Stock News 

In the fabric wash category, Hindustan Unilever Ltd (HUL) recorded high-single-digit volume growth, driven by a strong, broad-based performance across formats, with liquid detergents continuing to outperform. Household care also saw high-single-digit volume growth, led by the dishwash portfolio. In personal care, the segment was impacted by a decline in the hygiene category within skin cleansing, leading to a 4% drop in underlying sales growth. However, oral care achieved mid-single-digit growth, primarily driven by Closeup. 

In beverages, tea witnessed low-single-digit growth, supported by pricing adjustments, with premium brands delivering mid-single-digit growth and maintaining value and volume market leadership. Coffee continued to perform strongly, delivering double-digit growth. Nutrition drinks strengthened their value and volume market leadership despite a category decline due to subdued consumption. Packaged foods experienced mid-single-digit growth, driven by robust with strong volume growth in ketchup, mayonnaise, food solutions, international sauces, and cuisines. Meanwhile, ice cream revenue remained flat year-on-year. 

HUL has incorporated Kwality Wall’s (India) Limited on January 10, 2025, as part of the demerger of its ice cream business, with the Board of Directors approving the scheme of arrangement. This demerger allows shareholders to participate in future value creation through a 1:1 share entitlement ratio. The move is expected to unlock significant growth potential, with focused management providing flexibility to deploy strategies tailored to the unique nature of the ice cream business. 

Business Segments

  • Home Care: This segment includes products such as fabric wash, household cleaning, and water purifiers. Prominent brands under this segment are Surf Excel, Rin, Wheel, Sunlight, Vim, and Domex. HUL leads the fabric wash market in India with brands like Surf Excel, which cater to premium consumers, and Wheel, targeting value-conscious buyers. The segment has witnessed consistent growth due to innovations in detergent formulations and increasing consumer preference for higher-performance products. HUL’s water purifiers, sold under the brand name Pureit, offer a range of solutions for safe drinking water, catering to various consumer segments. 
  • Beauty and Personal Care: This is one of HUL’s largest revenue-generating segments, with a wide array of brands in skin care, hair care, oral care, and cosmetics. Brands like Dove, Vaseline, and Ponds cater to diverse consumer needs, offering products ranging from moisturizing lotions to fairness creams. HUL’s hair care portfolio, led by brands like Dove, Sunsilk, and Clinic Plus, dominates the Indian market, providing solutions for hair fall, dryness, and damage. Lakme is a leading cosmetics and beauty brand, offering a wide range of makeup products and salon services. 
  • Foods and Refreshments: This segment includes packaged foods, beverages, ice creams, and health foods, featuring brands like Knorr, Kissan, Hellmann’s, Brooke Bond, Lipton, etc. HUL’s food portfolio includes products like soups, ketchup, mayonnaise, and jams under brands such as Knorr, Kissan, and Hellmann’s. These brands cater to the rising demand for convenience and ready-to-eat food products. Brooke Bond and Lipton are market leaders in the tea category, offering a variety of black, green, and specialty teas.  
  • Health, Hygiene, and Nutrition: This segment emerged as a key focus area for HUL, especially post-pandemic, addressing the growing consumer demand for immunity-boosting products and hygiene solutions. Health food drinks like Horlicks and Boost were added to HUL’s portfolio through its merger with GSK Consumer Healthcare in 2020. These brands have further strengthened the company’s presence in the nutrition space 

Subsidiary Information

  • Unilever India Exports Ltd: Unilever India Exports Limited is a key subsidiary of Hindustan Unilever Ltd (HUL), responsible for managing the company’s export operations. This entity enables HUL to cater to international markets, with its products reaching consumers in over 100 countries worldwide. The export portfolio includes a diverse range of products spanning personal care, home care, and food categories. Through Unilever India Exports Limited, HUL leverages its strong global brand equity and the cost-effective production capabilities of its Indian manufacturing units to expand its presence across continents. 
  • Lakme Lever Pvt Ltd: Lakme Lever Pvt Ltd is dedicated to the beauty and salon business, playing a pivotal role in strengthening the Lakme brand’s presence in India’s premium beauty segment. This subsidiary operates Lakme Salons across the country, providing professional beauty services and high-quality products to customers. By combining salon services with Lakme’s product portfolio, this subsidiary creates a holistic beauty experience for consumers. 
  • Hindlever trust Ltd: Hindlever Trust Ltd is a subsidiary focused on managing HUL’s employee welfare and retirement benefit schemes. It plays a crucial role in ensuring the financial security and well-being of the company’s workforce. This entity oversees pension plans, gratuity funds, and other employee benefits, reflecting HUL’s commitment to its people. 
  • Brooke Bond Real Estates Pvt Ltd: Brooke Bond Real Estates Pvt Ltd is responsible for managing HUL’s real estate assets and facilities. This subsidiary oversees the development, maintenance, and utilization of the company’s infrastructure, ensuring operational efficiency and cost optimization. It ensures that office spaces, warehouses, manufacturing facilities, and other properties are effectively utilized, contributing to HUL’s overall productivity. 
  • GSK Consumer healthcare Ltd: GSK Consumer Healthcare Ltd became a part of HUL following the merger of Hindustan Unilever and GlaxoSmithKline Consumer Healthcare in 2020. This subsidiary brought popular health and nutrition brands like Horlicks and Boost under HUL’s portfolio, significantly strengthening its presence in the health foods segment. These brands enjoy high consumer trust and cater to India’s growing demand for nutrition-based products. With Horlicks and Boost, HUL has tapped into the health and wellness space, addressing the nutritional needs of children and adults alike 

Q3 FY25 Earnings 

  • Revenue of ₹15818 crore in Q3 FY25 up by 1.6% YoY from ₹15567 crore in Q3 FY24.  
  • EBITDA of ₹3695 crore in this quarter at a margin of 23% compared to 24% in Q3 FY24. 
  • Profit of ₹2989 crore in this quarter compared to a ₹2508 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 15567 15818 60580 61896 
Expenses 11902 12123 46433 47237 
EBITDA 3665 3695 14147 14659 
OPM 24% 23% 23% 24% 
Other Income 182 740 448 817 
Net Profit 2508 2989 10143 10282 
NPM 16.1% 18.9% 16.7% 16.6% 
EPS 10.7 12.7 43.07 43.7 
Kalyan Jewellers
Kalyan Jewellers: Expanding Horizons with Robust Growth and Global Presence

Kalyan Jewellers India Limited: Overview 

Kalyan Jewellers India Ltd. designs, manufactures, and sells a diverse range of gold, studded, and other jewellery products catering to various price points. Founded by Chairman and MD T.S. Kalyanaraman, the company is one of India’s largest jewellery retailers, with approximately 6% of the organized market share. Its offerings include wedding jewellery under the Mahurat brand, aspirational handcrafted pieces under brands like Mudhra and Rang, value-oriented regional jewellery under Aishwaryam, and studded collections like Nimah and Ziah. Gold jewellery contributes 73% of its product mix, while studded jewellery accounts for 25%. By FY24, Kalyan expanded to 204 showrooms in India (up from 124 in FY22) with over 711,000 sq. ft. of retail space in India and 44,000 sq. ft. across four Middle Eastern countries. The company is transitioning to a Franchisee Owned Company Operated (FOCO) model in regions like South India and the Middle East to optimize capital investment and boost operational margins. 

Latast Stock News (9 Jan 2025) 

Kalyan Jewellers India Ltd reported a consolidated revenue growth of approximately 39% for Q3 2025 compared to previous year quarter. The jeweller has launched 24 Kalyan showrooms in India during recent quarter. The Middle East recorded 22% growth and contributes 11% to the revenue of Kalyan Jewellers Ltd. The company has also launched its first showroom operated by company itself in USA. Company is planning to launch 30 Kalyan and 15 Candere showrooms during current quarter. 

Shareholding Pattern as on September 2024 

Key Stats 

Market Cap ₹72867 Crore 
Revenue ₹21385 Crore 
Profit ₹626 Crore 
ROCE 14.04% 
P/E 117 

Peer Comparison 

Amt in ₹ Cr MCap Sales PAT ROCE Asset Turn. EV/EBITDA D/E P/E 
Kalyan Jewellers 72876 21358 626 14.04% 1.58 51.7 1.04 117 
Titan Company 309384 54458 3243 22.7% 1.74 57 2.22 95 
Senco Gold 9202 5654 218 13.8% 1.58 21.6 1.3 42.1 
PC Jewellers 8144 995 15.4 -1.74% 0.08 76 1.17 532 
P N Gadgil Jewel. 9125 6032 155 30.8% 4.8 32.9 0.16 59.1 

Financial Trends 

Amount in ₹ Cr 2020 2021 2022 2023 2024 
Revenue 10101 8573 10818 14071 18548 
Expenses 9302 7949 9965 12906 17180 
EBITDA 799 624 853 1165 1368 
OPM 8% 7% 8% 8% 7% 
Other Income 80 45 38 5 74 
Net Profit 142 -6 224 432 596 
NPM 1.4% -0.1% 2.1% 3.1% 3.2% 
EPS 1.7 -0.06 2.18 4.2 5.8 

Stock Price Analysis 

In terms of performance, Kalyan Jewellers India has shown a return of -2.21% in one day, -8.86% over the past month, and -0.55% in the last three months. The stock has experienced fluctuations today, with a low of ₹663.6 and a high of ₹725.4, over the past 52 weeks; the shares have seen a low of ₹322.05 and a high of ₹794.6. The stock has given great returns since its listing and the trading volumes are also high showing high interest from investors.