📌 At a Glance
Gillette India Ltd (CMP ₹9,364.00) just wrapped up a unique FY25 — a 9-month fiscal (July 1, 2024 – March 31, 2025) due to a shift in financial year-end. But even in this shortened timeline, Gillette reported:

• ₹2,235 Cr in sales (🔼 12%)
• ₹418 Cr PAT (🔼 41%)
• ₹112/share total dividend (including ₹65 interim)
• Q4 Sales: ₹767 Cr (🔼 13%)
• Q4 PAT: ₹159 Cr (🔼 60%)

It’s the kind of quarter that makes you go, “Kya shave tha, boss.”

🧼 About the Company

This is a FMCG aristocrat with brands that basically live in your bathroom — Gillette, Oral B, Venus.

🧮 Financial Highlights (9-Month FY25)

Note: These numbers are 9 months only due to FY change. A full-year comparison isn’t fair — but 41% PAT growth over 9 months is no joke.

📦 What’s Driving Growth?

1. Grooming Segment:
   • Mach 3 upgraded with adaptive tech
   • Gillette Guard: now rust-resistant
   • Venus razors for women gaining ground
2. Oral Care:
   • iO3 electric toothbrush launched
   • Bringing premium brushing to mid-market India
3. Execution:
   • Supply chain & cost productivity gains
   • Balanced marketing & innovation investment
4. Volume + Value:
   • Likely mix of premiumisation + recovery in grooming demand post-COVID

🧠 EduInvesting Take

“Gillette is the only stock in India that profits every time your chin gets itchy.”

This company isn’t trying to be edgy. It owns edge — literally.

They’ve turned men’s shaving and women’s hair removal into a recession-proof, dividend-churning machine.

That said — CMP ₹9,364 is not cheap. But it’s never been cheap. This is the Page Industries of grooming — you pay up, and you don’t regret it.

📈 Valuation Check

Let’s annualize 9-month FY25 numbers (yes, risky — but indicative):

• 9M PAT = ₹418 Cr → Annualized ≈ ₹558 Cr
• Shares ≈ 3.2 Cr
• EPS ≈ ₹174
• At CMP ₹9,364 → P/E ≈ 53.8x

👉 Expensive? Yes.
👉 Deserved? Also yes — given:

• 60% PAT growth in Q4
• 40%+ RoCE
• 100%+ dividend payout
• Dominant market position

🤑 Dividend Breakdown

That’s 1.2% yield at CMP — not flashy, but the payout ratio is 100%+ of PAT. This is a pure return machine.

✅ What’s Working

• 💈 Product superiority: Technology edge (Mach 3, iO3)
• 👨‍🦲 Market leadership: ~70%+ grooming share
• 🧼 Women’s segment: Venus scaling fast
• 💬 Execution: Even P&G would be proud (because they own it)
• 💸 Cash flows: Strong enough to pay ₹112/share and still not flinch

⚠️ What Could Cut Growth?

• 💡 Limited categories = lower diversification
• 🪒 Grooming market saturating in metros
• 📦 Oral B faces brutal competition from Colgate & Himalaya
• 🧾 P/E rerating risk if margin expansion stalls
• 🧻 Dependence on imports for some SKUs = FX sensitivity

🧼 What to Watch in FY26

• New product launches in personal care (face razors? grooming trimmers?)
• Expansion of Venus into Tier 2–3 markets
• Volume vs value mix amid inflation
• Oral B strategy revamp (can they take on Colgate?)
• FY26 will be a full 12-month cycle — watch margins

🧾 Final Word

Gillette India is that rare FMCG stock that:

• Doesn’t spam you with 200 products
• Doesn’t need celebrity endorsements every month
• Doesn’t miss dividends
• Doesn’t care what the Sensex is doing

It just keeps shaving 1mm off your face and adding ₹10 Cr to its balance sheet every morning.

CMP ₹9,364 feels steep — but so does a Mach 3 cartridge pack. You still buy it.

So is Gillette India overvalued?
Maybe.
Overrated?
Never.

🗓️ Published: May 26, 2025
✍️ By: Prashant Marathe
Tags: Gillette FY25 results, dividend ₹112, grooming stocks India, FMCG profitability, NSE GILLETTE, P&G India, Oral B, EduInvesting