1. At a Glance
P&G Hygiene is basically Whisper + Vicks with a dash of Old Spice, i.e., sanitary pads, cough rubs, and deodorants—the full cycle of Indian life. From puberty to cold season to midlife crisis, the company has a product parked in your bathroom. With 50%+ market share in both feminine hygiene and cough remedies, it’s the FMCG equivalent of a school bully who just won’t let the smaller kids breathe. Q1 FY26 delivered ₹937 crore in sales (+1%) and ₹192 crore PAT (up from ₹81 crore last year), proving once again that Indians will cut back on iPhones but not on VapoRub.
2. Introduction
If you ever doubted how much Indians love brand loyalty, just look at P&G Hygiene’s portfolio. Whisper has such dominance in sanitary pads that even the Government of India campaigns are basically Whisper-sponsored awareness drives. Vicks is the desi cure-all—rub it on your chest, inhale it, or in extreme superstition, even put it on exam notes for “clarity.” Add Old Spice, and you have dads across India smelling like a mix of nostalgia and talcum powder.
But behind this consumer love affair lies a corporate reality: P&G Hygiene is one of the most profitable FMCG arms in India. It is not as flashy as HUL or Dabur, but it thrives in niche monopolies. Investors drool over its fat margins, and the company spends over ₹560 crore a year on advertising—basically burning more cash on TV ads than some listed SMEs generate in revenue.
3. Business Model (WTF Do They Even Do?)
Three words: FMCG Money Printer.
- Hygiene Business (70% of revenue)– Whisper dominates sanitary pads. From Whisper Ultra Clean to Whisper Bindazzz Nights (yes, actual name), the company is a one-brand monopoly. Market share: ~50%. Competitors like Stayfree and Sofy fight for leftovers.
- Healthcare (30%)– Vicks portfolio is legendary: VapoRub, Throat Drops, Inhaler, Baby Rub. Market share: >50% in cough & cold. Also added ZzzQuil (sleep supplements), because after all that Vicks inhalation, consumers need a new excuse to sleep.
- Old Spice (tiny, but spicy)– Male grooming.
- The brand sells aftershaves and deodorants, but honestly, this is just P&G’s side hustle in India.
- New launches: Period Panties, Whisper Ultra XL Heavy Flow, Vicks Steam Pods. Translation: monetizing bodily discomfort in every possible way.
4. Financials Overview (Q1 FY26 Snapshot)
| Metric | Latest Qtr (Jun ’25) | YoY Qtr (Jun ’24) | Prev Qtr (Mar ’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | ₹937 Cr | ₹927 Cr | ₹1,020 Cr | 1.1% | -8.1% |
| EBITDA | ₹270 Cr | ₹205 Cr | ₹240 Cr | 31.7% | 12.5% |
| PAT | ₹192 Cr | ₹81 Cr | ₹164 Cr | 137% | 17.1% |
| EPS (₹) | 59 | 25 | 50 | 136% | 18% |
Annualised EPS ≈ 59 × 4 =₹236.If CMP is ~₹17,000 (historical trading band), P/E ~72. FMCG premium = yes, logic = no.
5. Valuation (Fair Value Range Only)
- P/E Method: EPS ₹236 × 50–65 = ₹11,800 – ₹15,300.
- EV/EBITDA: Assuming FY25 EBITDA ~₹1,000 Cr, sector multiples 35–40×. FV ~₹14,000 – ₹16,000.
- DCF Lite: 8% revenue CAGR, margins stable, discount rate 10%. FV ~₹13,000 – ₹15,500.
📌Fair Value Educational Range: ₹12,000 – ₹15,500.This FV range is for educational purposes only and not investment advice.
6. What’s Cooking – News, Triggers, Drama
- AGM & Dividend: 61st AGM scheduled Sept 2025. Dividend record date Aug 28. (Translation: investors wait for their Whisper-funded pocket money.)
- Advertising Splurge: Ad spend jumped to ₹568 Cr
