Top Cosmetics and Personal Care Stocks in India

India’s beauty and personal care (BPC) market is in the midst of an extraordinary makeover, and it’s not just skin deep. Once reserved for weddings and festivals, beauty products have now become everyday essentials in Indian households. Today, India stands tall as the fourth-largest revenue-generating market for beauty and personal care worldwide, driven by a youthful population eager to experiment, spend, and redefine beauty standards.

From the buzz around Korean skincare to the charm of homegrown organic brands, India’s beauty scene has become a lively mix of global trends and local flavours. Add in the influence of social media stars, celebrity shoutouts, and the ease of online shopping, and it’s easy to see why this industry is on such a winning streak. For investors, this opens up a whole world of beauty and personal care brands fighting for a bigger piece of this booming market. 

Industry Overview 

India’s beauty and personal care market is valued at around $28 billion in 2025, and is set to reach $34 billion by 2028. While fragrances are grabbing headlines globally, in India, makeup is leading the charge with a 15.5% surge in value sales, closely followed by skincare at 10.5%.

One of the biggest game-changers has been the digital shopping boom. With online platforms making beauty products accessible even in smaller towns and social media turning everyday users into beauty trendsetters, India has become the fastest-growing online beauty market in the world. 

What’s interesting is that this shift to online shopping isn’t just a leftover effect of the pandemic; it’s a genuine change in how young Indians prefer to buy their favourite products. In 2024 alone, 17% of shoppers bought beauty products online, up from 13% the previous year, and this number is only expected to rise. In short, India’s beauty and personal care or cosmetics industry is buzzing with new ideas, new brands, and millions of eager customers, making it a space that investors are looking for. 

Top Beauty and Personal Care Stocks in India by Market Capitalisation  

Here are the top 5 cosmetics stocks/beauty and personal care stocks in India as per market capitalisation. 

Overview of the Top Beauty and Personal Care Stocks in India 

Let’s go through the best cosmetics stocks one by one.

1. Hindustan Unilever Ltd (HUL) 

HUL is India’s largest fast-moving consumer goods (FMCG) company and a market leader in almost every major personal care category, from skincare and hair care to soaps, deodorants, and oral care. Its iconic brands, such as Dove, Lux, Lifebuoy, Pears, Pond’s, ELLE 18, Sunsilk, Clinic Plus, Closeup, Pepsodent, Axe, L’Oréal Paris, and Vaseline, enjoy deep consumer trust and massive reach across urban and rural India.

In FY25, the beauty and wellbeing segment posted revenue of ₹13,073 crore (21%), while personal care contributed ₹9,168 crore, accounting for about 15% of the company’s profits.

In FY25, HUL’s hair care portfolio continued to deliver robust double-digit growth, driven by strong performances from brands like Clinic Plus, Sunsilk, and TRESemme. In skincare and colour cosmetics, the company faced a slight decline, mainly due to softness in the mass segment; however, the relaunch of Glow & Lovely showed promising early results.

To strengthen its presence in high-margin, science-backed skincare, HUL acquired a 90.5% stake in Jaipur-based premium brand Minimalist in FY25, valuing the company at ₹2,955 crore, a move that aligns with its global strategy of expanding into premium beauty categories.

The company continued to invest heavily in innovation, with new launches such as Lakme Hya Matte, Ponds Hydra Miracle, an expanded sun-care range under Lakme and Vaseline, Closeup’s premium ‘White Now’ toothpaste, and an upgraded Lifebuoy with an enhanced skin protection promise. E-commerce remained a key growth driver, recording strong double-digit gains, supported by HUL’s significant investment in digital marketing, which now accounts for 40% of its total ad spend and leverages a network of over 12,000 influencers.

2. ITC

Traditionally known for cigarettes, hotels and packaged foods, ITC has steadily built a strong foothold in personal care and lifestyle products over the past two decades. Its key personal care brands include: 

Fiama: A premium bath and shower brand offering gel bars, shower gels, shampoos and conditioners. It continues to grow well, with recent launches like Fiama Moisturising Bars infused with Japanese Hokkaido Milk in FY25. 

Vivel: Positioned as an affordable family soap and body wash brand, popular for its use of aloe vera and natural ingredients. It continues to strengthen its position with the launch of new sandal soap and a new range of natural-based handwash liquids in FY25. 

Engage: A modern fragrance and deodorant brand competing with Axe and other trendy deodorant sprays. It keeps its appeal fresh through new launches in FY25, like the new ‘Spirit’ range (Oudh, Musk, fruity, floral) and premium lines like Lamante and Vibes gift packs.

Dermafique: A science-backed skincare range designed for Indian skin, targeting the premium skincare audience with cleansers, toners and hydrating products.

Savlon: Originally an antiseptic brand acquired from Johnson & Johnson, Savlon has grown into a trusted hygiene line of soaps, handwashes, and sanitisers and gained huge traction post-COVID.  

The personal care business is driven by brand building, first-in-category innovations, and rapid scale-up in emerging channels like e-commerce, quick commerce and modern trade.

This segment recorded robust volume growth during the year, fuelled by accelerated scale-up across e-commerce, quick-commerce, and modern trade. Premiumisation in personal wash stayed central to its growth strategy. In FY25, ITC’s total revenue was ₹82,957 crore, of which the FMCG segment, including the personal care business, accounted for ₹21,982 crore.

3. Godrej Consumer Products Ltd (GCPL)

GCPL is a well-known player in India’s FMCG space, manufacturing and marketing a wide range of household and personal care products. Its key personal care and household brands include:

Godrej No.1: One of India’s oldest and most trusted soap brands. 

Cinthol: Popular for its soaps and deodorant sprays, Cinthol has built strong consumer loyalty with its celebrity-driven campaigns.

Godrej Expert: India’s leading hair colour brand. 

Darling: A market-leading hair extensions brand with a strong footprint in Africa. 

Park Avenue: Recently acquired in FY24, Park Avenue is the second-largest deodorant brand in India, strengthening GCPL’s play in male grooming and fragrances.

In the personal care and household brands segment, soaps still contribute roughly 35% to GCPL’s total business, but growth in this mature category is limited given its nearly 99% penetration in Indian households. To unlock new growth, GCPL is focusing on underserved categories, such as deodorants, hair colour, and air care, targeting double-digit profit growth in FY26.

In its latest quarter, the personal care segment grew by 4%. Soap volumes dipped slightly due to pricing adjustments, but this was offset by high single-digit price growth. Hair colour, on the other hand, saw mid-single-digit volume growth, driven by strong demand for Godrej Expert Rich Crème and shampoo hair colour sachets, both of which grew at double-digit rates.

4. Marico Ltd

Marico Limited is one of India’s leading FMCG companies, with a strong presence in beauty and wellness across more than 25 countries in Asia and Africa. Marico’s products reach one in every three Indians through trusted household brands like Parachute, Saffola, Nihar Naturals, Set Wet, Livon, Beardo, Just Herbs, True Elements, and Plix.

Their key personal care segments include:

Hair Care: Marico’s iconic Parachute Coconut Oil franchise remains the backbone of its India business, contributing about 33% of domestic revenues. Value-added hair oils, including Parachute Advanced, account for another 19%. The company is also the market leader in hair styling products such as gels, waxes, and creams.

Male Grooming & Styling: Brands like Set Wet, Beardo, and Parachute Men drive this category. Beardo has scaled rapidly, growing nearly 4x since FY21 and maintaining a healthy near double-digit EBITDA margin.

Skincare: Marico is growing its footprint with brands like Kaya Youth and Parachute Advanced Skincare. In FY25, it signed an exclusive partnership with Kaya Limited to market and sell Kaya’s range of over 75 dermatologist-recommended personal care products (like acne solutions, brightening creams, sun care, anti-ageing, and hair care) outside of Kaya’s clinics.

Talking about market share, Parachute Coconut Oil Franchise has a 63% market share; Parachute Rigids commands a 54% share within the coconut oil segment. Hair styling (Gels/Waxes/Creams) has a 53% market share, leading the category. 

Marico is doubling down on digital-first and premium personal care brands. Together, Beardo, Just Herbs, and Plix clocked an annual recurring revenue (ARR) of about ₹750 crore in Q4FY25. Male grooming, skincare, and serums together generated ₹300 crore net revenue in FY25. The combined share of foods and premium personal care stood at 22% of Marico’s India business revenue in FY25. 

5. Dabur India Ltd

Dabur India Limited is one of the country’s oldest and most trusted consumer goods companies, deeply rooted in Ayurveda and natural wellness. With a portfolio of over 250 herbal and ayurvedic products, Dabur touches millions of households every day through its diverse range,  spanning hair care, oral care, health care, skincare, home care, and food & beverages.

In the beauty and personal care segment, Dabur has three key pillars:

Hair Care: Led by flagship brands like Dabur Amla, Vatika, and Dabur Almond, this segment is a major revenue driver. Dabur is a strong player in value-added hair oils and is steadily expanding into newer formats, such as serums, conditioners, and masks, to attract modern consumers.

Skincare: Popular brands like Fem (bleach), Oxylife (facial kits), and Gulabari (rose water) enjoy strong brand recall in India. 

Oral Care: Though often tracked separately, oral care remains a core part of Dabur’s beauty and personal care segment, with well-known products such as Dabur Red, Babool, and Meswak toothpaste.

For FY25, Dabur’s total revenue was ₹12,563 crore, with home and personal care alone contributing about ₹4,179 crore, which is nearly half of the overall business.

Currently, Dabur is reshaping its portfolio for what it calls its 2.0 journey, focusing on premiumising its product lines, modernising its branding, and expanding into new channels like direct-to-consumer and e-commerce.

In line with this ambition, Dabur has also announced the acquisition of a 51% stake in Sesa Care Pvt. Ltd, a well-known herbal hair care company, for an enterprise value of ₹315–325 crore. This move will strengthen Dabur’s position in the fast-growing value-added hair oil segment and help it compete more strongly with rivals like Emami’s Kesh King, HUL’s Indulekha, and Marico’s Parachute.

Should You Invest in Beauty and Personal Care Stocks?

With rising disposable incomes and young consumers willing to spend on beauty products, India’s beauty and personal care market is booming. 

Established players like HUL, ITC, Godrej Consumer Products, Marico, and Dabur have strong brand loyalty, deep distribution networks, and a constant focus on innovation. Plus, they’re expanding aggressively into high-margin segments and new-age channels like e-commerce and quick commerce.

However, as with any equity investment, you should weigh the risks. Competition is intense, consumer preferences evolve rapidly, and premiumisation demands sustained brand building. For long-term investors looking to tap into India’s fast-growing beauty story, picking fundamentally strong companies with a proven track record is a must.  

Final Thoughts 

From normal creams to premium serums, India’s beauty and personal care industry has come a long way and still has miles to go. Social media trends, influencer culture, and online shopping have democratised beauty like never before, opening up massive opportunities for companies and investors alike.

If you believe that personal care stocks and cosmetics stocks are here to stay, you can consider adding them to your portfolio. Just remember: do your research, stay invested for the long haul, and keep an eye on shifting trends to stay ahead of the curve.

FAQs 

Disclaimer: Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Registration granted by SEBI, enlistment as a Research Analyst with the Exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. The securities are quoted as an example and not as a recommendation.

This is for informational purposes and should not be considered as recommendations. Kindly refer to  https://share.market/ for more details. PhonePe Wealth Broking Private Limited, Research Analyst with SEBI Regn No: INH000013387, BSE RA Enlistment Number: 5887.