Gillette India Limited

Consumer Defensive — Household & Personal Products · NSE

₹7,225.00+₹173.00 (+2.45%)

DalalBaazaar Score

80 / 100

🟢 Strong

Verdict

ATTRACTIVE

Risk

Low

Driven by small-cap size, which brings sharper price swings.

In simple words: Strong business and financial position, with modest growth. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:03 pm

Understanding the Business

Company site ↗

The 60-second version of Gillette India Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Gillette India Limited engages in the manufacture and sale of grooming and oral care products in India and internationally. The company operates through grooming, and oral care segment. It offers shaving system and cartridges, blades, toiletries, razors, and other components.

IndustryHousehold & Personal Products

SectorConsumer Defensive

Employees480

Annual revenue₹3,094 Cr

How does it make money?

Turns over ₹3,094 Cr a year. Of every ₹100 of sales, about ₹21 reaches shareholders as profit, with ₹32 left at the operating level before interest, tax and depreciation. Each of its 480 employees supports ₹6.45 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹6.45 Cr

Who are its competitors?

The closest listed comparisons in its industry are HINDUSTAN UNILEVER LTD., DABUR INDIA LTD, ITC LTD, BRITANNIA INDUSTRIES LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 84.6%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 69.1% against a peer median of 27.4% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

Peer median ROE27.4%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +37% while net margin moved +65% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+37%

Margin effect+65%

DalalBaazaar Score

80/ 100

Strong

Weighted across six categories. Every point is explained below.

• P/E of 35.2x already prices in growth
✓ P/E is 44% below its own historical median of 62.9x — cheap by its own standards
✗ P/B of 24.87x is a steep premium to book
✓ Dividend yield of 2.49% pays you to wait

Quality vs. Valuation

Company Quality

87/ 100

Excellent

How good the business is, ignoring the share price entirely.

Valuation

58/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

35.2x

4Y Median

62.9x

50 monthly readings · mean 62.8x · range 34.9x–86.3x

Sector Median

38.6x

median of 4 sector peers

🟢Current valuation is approximately 44% below its 4y median of 62.9x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟡Against its sector it is priced broadly in line with the peer median of 38.6x.

vs. its own history

Cheap

62.9x median over 50 months · -44%

vs. sector peers

Fair

38.6x median of 4 peers · -9%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

23.9x

PEG

1.13

What's Good / What's Bad

🟢 What's Going Well8

Margins are improving
EBITDA margin is up from 22.5% to 31.5% over 3 years.
Debt is being paid down
Total debt is down 83% over 3 years.
Cash generation is improving
Free cash flow is up 63% over 3 years.
Return on equity is rising
ROE has improved from 33.6% to 69.1%.
Return on capital is rising
ROCE has improved from 44.7% to 84.6%.
High return on capital employed
ROCE of 84.6% is the mark of a business that converts capital into profit efficiently.
Very low debt
Debt/Equity of 0.00x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 84.6% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 22.5% to 31.5%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 83% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Priced below its own history
The stock trades 44% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹563 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.

🔴 Bear CaseWhat could go wrong?

Size brings its own risk
Small Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 8% a year✓ 11.1% CAGR
Latest reported year was 10.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 30%✓ 31.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹563 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 82%✓ 84.6%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

10 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

7 good · 3 neutral · 1 weak

Market Cap

₹23,543 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

35.2x

Fair

Fairly valued against the generic band

P/B Ratio

24.87x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹205.02

Profitable

Profitable on a per-share basis

ROE

69.1%

Strong

Strong capital efficiency

ROCE

84.6%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.00x

Low

Conservative leverage

Revenue Growth (YoY)

10.8%

Healthy

Healthy top-line growth

Profit Growth (YoY)

9.4%

Modest

Slow profit growth

Dividend Yield

2.49%

Healthy

Meaningful cash return while you hold the stock

Free Cash Flow

₹563 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

26.8%

Good

Healthy core-business profitability

Net Margin

21.0%

Good

Strong bottom-line conversion

Current Ratio

1.54

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.28

Defensive

Steadier than the market

52W Range Position

13%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

7060.6 / 7298.1

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

56.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY22	FY23	FY24	FY26	3Y CAGR
Revenue	₹2,256 Cr	₹2,477 Cr	₹2,633 Cr	₹3,094 Cr	+11.1%
EBITDA	₹507 Cr	₹573 Cr	₹670 Cr	₹976 Cr	+24.4%
EBITDA Margin	22.5%	23.1%	25.5%	31.5%	—
PAT (Net Profit)	₹289 Cr	₹356 Cr	₹412 Cr	₹654 Cr	+31.3%
EPS	₹88.79	₹109.15	₹126.35	₹200.8	+31.3%
ROE	33.6%	36.0%	42.4%	69.1%	—
ROCE	44.7%	43.8%	53.6%	84.6%	—
Total Debt	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	-45.0%
Free Cash Flow	₹345 Cr	₹384 Cr	₹442 Cr	₹563 Cr	+17.7%

🟢 Revenue has grown at 11.1% a year over 3 years.

🟢 EBITDA has grown at 24.4% a year over 3 years.

🟢 EBITDA Margin has risen from 22.5% to 31.5% over 3 years (+9.1 pts).

🟢 PAT (Net Profit) has grown at 31.3% a year over 3 years.

🟢 EPS has grown at 31.3% a year over 3 years.

🟢 ROE has risen from 33.6% to 69.1% over 3 years (+35.5 pts).

🟢 ROCE has risen from 44.7% to 84.6% over 3 years (+39.9 pts).

🟢 Total Debt has shrunk at 45.0% a year over 3 years.

🟢 Free Cash Flow has grown at 17.7% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,871 Cr

Total Liabilities

₹925 Cr

Cash & Equivalents

₹267 Cr

Operating Cash Flow

₹607 Cr

Capex

-₹43 Cr

Shareholding (proxy)

Institutional Holding

10.4%

Insider Holding

77.9%

Corporate Actions

Dividend Rate

₹180

Ex-Dividend Date

24 Aug 2026

Peer Comparison

Company	P/E	ROE
HINDUSTAN UNILEVER LTD.	42.5x	21.5%
DABUR INDIA LTD	34.7x	17.2%
ITC LTD	16.6x	27.4%
BRITANNIA INDUSTRIES LTD	44.1x	51.0%

Recent News

3 positive3 mixed

Gillette India Limited (NSE:GILLETTE) Is About To Go Ex-Dividend, And It Pays A 2.4% Yield

Simply Wall Street, 20 AugCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Gillette India Share Price News: Price Fall and Valuation

Univest, 09 OctPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Gillette India Shares Slip 2% Despite Higher June-Quarter Profit

NDTV Profit, 30 JulPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Gillette India Q1 Profit Up 9% to ₹159 Cr

HDFC Sky, 30 JulResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Gillette India reschedules board meeting date to declare dividend. Record date, other details

Livemint, 10 JulCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Gillette India shares surge over 5% after 21% rise in Q4 profit

Moneycontrol.com, 27 MayPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Profitability

MiddlingValuation · Risk

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself.

All 5 tripwires holding · see Key things to watch ↑