New Delhi, Sept. 11 -- Hindustan Unilever Ltd (HUL) reached nine out of every ten Indian households. Its 50-plus brands dominate their categories, and for decades investors treated the stock like a savings plan: buy, hold, collect dividends, and let compounding do the work.

But with revenue growth slowing to a crawl, margins under pressure, and competition intensifying, the question is whether India's fast-moving consumer goods (FMCG) icon is entering a phase of maturity, or quietly preparing its next act.

In FY25, revenue was Rs.607 billion, up just 2%, almost entirely volume-led. Pricing barely moved as the company chose affordability over short-term margins.

It cut home-care product prices to stay competitive and held tea prices whi...