💰 Financial Performance

Revenue Growth by Segment

The Grooming segment accounts for 83.41% of revenue, while Oral Care contributes 16.59%. For the 9-month period ending March 31, 2025, total sales reached INR 2,235 Cr, representing a 12% increase compared to the same period in the previous year. In the quarter ended September 30, 2025, sales were INR 811 Cr, up 4% YoY.

Geographic Revenue Split

Gillette India maintains a pan-India presence across 28 states and 8 Union Territories. Additionally, the company exported products to 15 countries during the 2024-25 financial year.

Profitability Margins

Operating profit margin improved to 25% in FY 2024-25 from 22% in FY 2023-24, a 15% relative increase. Net profit margin rose to 19% from 16% in the previous year, a 20% relative increase. PAT for the 9-month fiscal was INR 418 Cr, up 40% YoY.

EBITDA Margin

Operating profit margin stands at 25% for the 9-month period ending March 31, 2025, driven by productivity interventions and strong topline growth. PAT margin for the quarter ended September 30, 2025, was approximately 17.7% (INR 144 Cr on INR 811 Cr sales).

Capital Expenditure

Not disclosed in absolute INR Cr in the available documents.

Credit Rating & Borrowing

The company reported zero borrowings during the financial year, making interest coverage and debt-equity ratios not applicable. This indicates a highly liquid, debt-free balance sheet.

⚙️ Operational Drivers

Raw Materials

Specific raw materials include components for shaving systems, cartridges, blades, toiletries, and toothbrushes. Exact percentage of total cost for each is not disclosed.

Import Sources

Not specifically disclosed, though the company operates two domestic plants in Rajasthan and Himachal Pradesh.

Capacity Expansion

The company operates 2 manufacturing plants located at Bhiwadi (Rajasthan) and Baddi (Himachal Pradesh). Specific capacity expansion figures in units or MT were not disclosed.

Raw Material Costs

Productivity interventions across the value chain are used to manage costs. While specific YoY cost changes for raw materials are not provided, productivity efforts contributed to an 8% PAT growth in the September 2025 quarter.

Manufacturing Efficiency

Manufacturing efficiency is driven by 'deliberate productivity interventions' to fuel portfolio superiority. Specific utilization percentages are not disclosed.

Logistics & Distribution

Not disclosed as a specific percentage of revenue.

📈 Strategic Growth

Expected Growth Rate

12%

Growth Strategy

Growth is pursued through an 'Integrated Growth Strategy' involving five pillars: a superior product portfolio, superiority in packaging and communication, productivity interventions, constructive disruption, and an agile organization. The company focuses on transitioning consumers from double-edged blades to premium systems like Mach 3 and Fusion 5.

Products & Services

Shaving systems, cartridges, blades, toiletries, shaving foams, toothbrushes, and oral care products.

Brand Portfolio

Gillette, Oral-B, Braun, Gillette Guard, Gillette Labs, Gillette Mach 3, Gillette Fusion, and Gillette Venus.

New Products/Services

Recent innovations include the revamped Gillette Fusion 5 packaging for 'Perfect Shave, Perfect Shape' and the elevation of the Mach 3 range with anti-friction blades and facial adaptive technology.

Market Expansion

Market expansion is targeted through pan-India retail execution and increasing household penetration. The company also exports to 15 international markets.

Market Share & Ranking

Gillette continues to lead and has strengthened its leadership in the Blades and Razors category in India.

Strategic Alliances

The company operates under a common service agreement with P&G group entities for compensation and services.

🌍 External Factors

Industry Trends

The industry is seeing a trend toward premiumization and personalization. Consumers are moving from traditional double-edged blades to high-tech shaving systems. Gillette is positioning itself by offering a range from affordable entry-level products to premium propositions like Gillette Labs.

Competitive Landscape

Gillette competes in the FMCG grooming and oral care sectors, maintaining leadership in blades and razors through brand choice driven by performance.

Competitive Moat

The moat is built on brand superiority and market leadership in the grooming segment. This is sustained through continuous innovation (e.g., anti-friction blades) and a robust distribution network of 20 depots across India.

Macro Economic Sensitivity

The business is sensitive to global economic conditions and international business factors as noted in their forward-looking cautionary statements.

Consumer Behavior

Shift toward personalized grooming and beard styling; the company has adapted by offering tools for both clean shaving and beard shaping.

Geopolitical Risks

The company acknowledges risks related to international business and global economic conditions that may cause results to differ materially.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Companies Act, 2013 and SEBI (LODR) Regulations. Related party transactions are reviewed by an independent Chartered Accountant firm to ensure arm's length compliance.

Environmental Compliance

The company operates zero-manufacturing-waste-to-landfill sites at Baddi and Bhiwadi, contributing to P&G's global sustainability ambitions.

Taxation Policy Impact

Not specifically disclosed, but the company follows Indian Accounting Standards (Ind AS).

⚠️ Risk Analysis

Key Uncertainties

The change in the financial year (from July-June to April-March) creates non-comparable reporting periods. Global P&G market-level plans are yet to be developed, which may impact future local strategy.

Geographic Concentration Risk

While pan-India, the company relies on two specific manufacturing locations (Rajasthan and Himachal Pradesh) for its entire production output.

Third Party Dependencies

The company depends on P&G Group for certain common services and brand licensing, with a compensation cap of INR 5 Cr per annum for certain senior management roles.

Technology Obsolescence Risk

The company mitigates technology risk by continually advancing shaving technology, such as facial adaptive technology in razors.

Credit & Counterparty Risk

Trade payables turnover ratio was 1.50, and the company maintains a current ratio of 1.64, indicating healthy short-term liquidity.