A Comparative Financial Performance Assessment of Select FMCG Companies in India: Evidence from HUL and Britannia Industries

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This is an unedited manuscript accepted for publication and provided as an Article in Press for early access at the author’s request. The article will undergo copyediting, typesetting, and galley proof review before final publication. Please be aware that errors may be identified during production that could affect the content. All legal disclaimers of the journal apply.

Year : 2026 | Volume : 16 | 01 | Page :
    By

    Sambit Kumar Mohapatra,

  • Pabitra Barik,

  1. Assistant Professor, Department of Business Administration, Gandhi Institute of Excellent Technocrats (GIET), Gangapatna, Bhubaneswar, Odisha, India
  2. MBA 1st year Student, Department of Business Administration, Gandhi Institute of Excellent Technocrats (GIET), Gangapatna, Bhubaneswar, Odisha, India

Abstract

This study takes a close look at the financial performance of two major players in India’s FMCG sector: Hindustan Unilever Limited (HUL) and Britannia Industries Limited (BIL). It covers the period from FY 2022-23 to FY 2024-25, with a focus on how each company manages its finances, grows its business, and keeps profits up in a market that’s always competitive. The analysis relies on secondary data from published annual reports and uses comparative financial statement analysis to track changes in income statements and balance sheets over the three years. What stands out? HUL goes after growth and keeps a sharp eye on liquidity. The company expands its assets steadily, holds strong cash reserves, and churns out profits year after year. It’s all about scale, stable operations, and making sure working capital works hard. Britannia, in contrast, takes a more cautious route. Its strategy centers on reducing debt, building up equity through retained earnings, and picking its long-term investments carefully. This approach strengthens solvency and stability, but it also means Britannia’s profitability can swing more than HUL’s.

Both companies look financially healthy, yet their styles couldn’t be more different. HUL’s advantage is its reliable earnings and solid liquidity, while Britannia shines with disciplined balance-sheet management and lower financial risk. By putting these two side by side, this study brings fresh perspective to FMCG research, giving investors, managers, and researchers a practical way to compare financial performance in the Indian FMCG space.

Keywords: Financial Performance, Comparative Financial Analysis, FMCG Sector, Hindustan Unilever Limited, Britannia Industries Limited.

How to cite this article:
Sambit Kumar Mohapatra, Pabitra Barik. A Comparative Financial Performance Assessment of Select FMCG Companies in India: Evidence from HUL and Britannia Industries. Journal of Production Research & Management. 2026; 16(01):-.
How to cite this URL:
Sambit Kumar Mohapatra, Pabitra Barik. A Comparative Financial Performance Assessment of Select FMCG Companies in India: Evidence from HUL and Britannia Industries. Journal of Production Research & Management. 2026; 16(01):-. Available from: https://journals.stmjournals.com/joprm/article=2026/view=238616


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Ahead of Print Subscription Review Article
Volume 16
01
Received 28/01/2026
Accepted 02/02/2026
Published 23/02/2026
Publication Time 26 Days
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