India · Delayed Price · Currency is INR Hindustan Unilever Earnings Call Transcripts
Fiscal Year 2026
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Underlying sales and volume growth accelerated, with broad-based gains and strong premium brand performance. Margin guidance remains steady, while portfolio premiumization and quick commerce expansion drive future growth.
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Underlying sales grew 2% amid GST-related disruptions, with EBITDA margin at 23.2% and PAT up 4% due to a one-off tax benefit. Home care and digital-first brands outperformed, while GST reforms and the ice cream demerger are set to drive future growth.
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Turnover grew 5% with 4% volume growth, but margins declined due to strategic investments and price-cost gaps. Premium and digital-first segments outperformed, while mass brands like Glow & Lovely and Horlicks are still recovering. Portfolio transformation and digital expansion remain key priorities.
Fiscal Year 2025
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Turnover grew 2% to INR 60,680 crore in FY25, with strong Market Maker and e-commerce growth, but gross margin and EBITDA margin declined due to commodity inflation and stepped-up investments. Margin guidance is revised to 22%-23% for the next 2-3 quarters to support growth initiatives.
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Turnover grew 2% year-on-year to INR 15,195 crores, with flat volume growth and strong margins despite inflationary pressures. Strategic actions included the Pureit divestment, ice cream business de-merger, and acquisition of Minimalist to strengthen the premium beauty portfolio.
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Turnover reached INR 15,319 crores with 2% underlying sales growth and 3% volume growth, while EBITDA margin held at 23.8%. Home care and beauty segments led growth, but personal care and foods faced headwinds from commodity inflation and muted demand. Dividend payout totaled INR 6,814 crores.
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Revenue grew to INR 15,166 crores with 4% volume growth and 2% sales growth, as margins and net profit improved year-over-year. Premiumization, innovation, and e-commerce drove performance, while rural demand showed early recovery and commodity volatility remains a watchpoint.
Fiscal Year 2024
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The company outlined a decade-long strategy focused on premiumization, innovation, and digital transformation, targeting double-digit EPS growth and market outperformance. Key initiatives include portfolio segmentation, new product launches, channel specialization, and supply chain modernization, with sustainability and talent as core pillars.