India, Sept. 10 -- India's consumer goods sector has had a rough couple of years. Growth slowed down across the board as rural demand stayed soft and city shoppers cut back on non-essential buying. Big FMCG players have had to rethink their playbooks, chase newer categories, and spend more just to hold their ground. Against this backdrop, one legacy giant recently laid out its plans at a major investor event, and the numbers tell an interesting story.

Hindustan Unilever's stock closed at 1,938, down close to 1.9% from its previous close of 1,945, and sitting just above its 52-week low of 1,934.45. That's a steep fall from its 52-week high of 2,574.19. The company's market cap stands near 4.56 lakh crore, and it trades at a price-to-earn...