Procter & Gamble’s listed entities in India are leaning on premium products to drive growth in tough times, according to the company's management. While Procter & Gamble Hygiene and Healthcare (PGHH) sells Whisper, Vicks, and Old Spice, Gillette India handles brands like Gillette, Venus, and Oral B under these listed operations.
“We have driven margin expansion with innovation in the premium segments to enable consumers to trade up in line with their evolving aspirations," Srividya Srinivasan, incoming chief financial officer of PGHH Ltd, said at an analyst meeting on Tuesday. Srinivasan will take over as CFO on 1 July.
PGHH and Gillette India are both part of the Procter & Gamble group. P&G is the primary promoter and a controlling stakeholder of Gillette India on the Indian stock exchanges. PGHH reported flat sales growth in FY26 and a 19% increase in net profit. Gillette India reported an 8% increase in sales in FY26, and a 23% increase in profit.
Margin shield
Srinivasan said premium products like Whisper period panty and Vicks ZzzQuil sleep aid gummies in PGHH’s portfolio, and electric grooming products and electric oral care by Gillette India, were major factors in helping the company maintain margins during a period of external volatility. The wider consumer goods industry has been struggling for months as raw materials, packaging products and fuel prices have risen considerably due to the US-Iran conflict.
“Despite the significant disruptions, we have not gone out of stock,” Srinivasan said about the robustness of the company’s supply chain and its ability to withstand inflation. Analysts at Yes Securities wrote about Gillette India in a May 28 report, “Looking at the current raw material scenario, we believe a price hike is imminent, which should lead to better revenue growth. Also, ongoing strong premiumization should also support margins.”
Srinivasan added that Gillette leads in razors in India and Whisper dominates the female hygiene segment, adding that the company’s focus on innovation helps it acquire customers. “We don't look at innovation just in terms of launching new products every 6 or 12 months, but are constantly evaluating how we can also make the current products better and more meaningful,” she said.
She said future growth will come from a mix of price and volume growth. “Balanced growth enables category growth and ultimately value creation and becomes an enabler to offset the headwinds like the current times we live in,” she said.
‘Competition motives us’
Both female hygiene and men’s grooming have seen an influx of startups leveraging product innovation and a strong presence in direct-to-consumer (D2C) sales and quick commerce.
Srinivasan highlighted the growing competition in the female hygiene sector, saying about 15 new brands have been launched in the category over the past 10 years. She said this competition motivates market leaders such as PGHH to focus on improving communication and availability.
Srinivasan added that female grooming, under Gillette’s Venus brand, is also a key growth driver. “Venus already contributes in the double digits to our grooming business and is growing upwards of 20%,” she said. Segments such as sanitary napkins, period panties and female razors have plenty of headroom for growth in India, she added.
“While the penetration play will continue, it is expected to proceesd at a stable pace despite the high scope of user additions,” analysts at Motilal Oswal Financial Services wrote about PGHH in a 29 May report.
Shares of PGHH closed 1% higher at ₹9,082 on Tuesday, while Gillette India’s shares ended 0.4% lower at ₹7,719.50, compared to a 0.57% gain in the Nifty 50.
