New Delhi, Aug. 19 -- Hindustan Unilever Ltd. (HUL) and ITC Ltd. are neck and neck in the market-cap race to Rs.10 trillion.

HUL is currently valued at about Rs.5.31 trillion, while ITC stands at Rs.5.13 trillion. On paper, HUL has a slight lead. But the real question isn't who's ahead today-it's which company can compound earnings faster and more reliably.

HUL is the smooth, rhythmic runner: a pure-play FMCG giant, steady and predictable. ITC is the multi-sport athlete: diversified, with several levers of growth, but more moving parts. Their paths, and the terrain they must navigate, are different.

HUL is India's biggest pure-play FMCG company. Its moat is breadth and brand power: 50-plus brands across 15 categories, with leadership i...