Price growth to be near flat or marginally negative in next 2 quarters
If commodities remain at current levels, HUL expects price growth to be near flat or marginally negative, with growth fully led by volume.
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Volume growth momentum to be sustained
Management expects to sustain volume growth momentum despite transition, supported by price reductions and A&P investments.
Gross margin to be rebuilt and invested in A&P
Focus on rebuilding gross margins and investing competitively behind A&P; EBITDA margin will be an outcome.
Near-zero pricing in short term, low single-digit positive by end of FY25
Excluding one-off credit in Q2 FY24 base, intrinsic price growth expected near zero in short term, turning low single-digit positive by year-end.
EBITDA margins to be maintained at current levels in short term
Management expects to maintain current EBITDA margin levels (~23.8%) in the near term, with modest expansion in medium term.
Modest margin expansion in medium term via mix and operating leverage
Medium-term margin expansion driven by premiumization (300 bps improvement in premium mix over 3 years) and operating leverage from volume growth.
Market share breadth to reach 60% by end of calendar year
MAT business winning metric expected to return to 60% levels by end of calendar year, with last 3-month metric already at ~55%.
EBITDA margin guidance of 22%-23% for near term
Management expects EBITDA margin to remain in the 22%-23% range for the next few quarters, with sequential gross margin improvement reinvested into the business.
First half FY26 better than second half FY25
Growth guidance unchanged: H1 FY26 expected to be better than H2 FY25, with gradual recovery sustained.
Low single-digit price growth if commodities stay in current range
If commodity prices remain within the current range, management anticipates low single-digit price growth.
Ice cream demerger completion by Q4 FY26
The demerger of the ice cream business into Quality Walls India Limited is on track for completion by Q4 FY26, subject to approvals.
Price growth to be marginally negative if commodities stay
Management expects price growth to turn marginally negative in the near term if current commodity prices hold.
EBITDA margin to be maintained in a healthy range
Management aims to keep EBITDA margin in a healthy range while investing in brands and capabilities.
Volume recovery expected to be gradual
Management expects volume recovery to continue gradually, supported by moderating inflation and festive season.
Low single-digit price growth expected in near term
Management expects low single-digit price growth in the coming quarters due to commodity inflation, while maintaining competitive price-value equation.
EBITDA margin to be maintained at current healthy levels
Management aims to keep EBITDA margin at current ~23.8% levels, with some basis points fluctuation, through productivity savings and calibrated pricing.
Ice cream business separation by end of FY25
Board approved separation of ice cream business; mode (sale or demerger) to be decided by end of the year, with listing expected.
Full-year effective tax rate marginally above 26%
ETR for H1 was 26.1%; full-year ETR expected to be marginally above 26%.
H2 growth better than H1
Management expects second half of FY26 to deliver better growth than first half, driven by improving macros and internal initiatives.
EBITDA margin guidance 22%-23%
Near-to-mid-term EBITDA margin guidance remains 22%-23%, with ice cream demerger adding 50-60 bps to reported margin from Q3.
Low single-digit price growth expected
If commodity prices remain at current levels, management expects low single-digit price growth going forward.
Ice cream demerger timeline
Ice cream demerger expected to complete in December quarter, with listing in Q4 FY26, subject to regulatory approvals.
Marginal negative price growth expected in Q4 FY24
If commodity prices remain at current levels, management expects underlying price growth to be marginally negative in the March quarter.
EBITDA margins to remain in healthy 23-24% range
Management aims to maintain EBITDA margins at current healthy levels, with a focus on gross margin improvement back to pre-COVID levels.
Business Winning metric to dip below 60% then recover
The MAT business winning metric is expected to dip below 60% for a couple of quarters before recovering above 60% in the second half of calendar 2024.
Continued step-up in A&P and capability investments
Management plans to further increase investments behind brands, innovation, and digital capabilities, funded by gross margin expansion.
EBITDA margin at lower end of 23-24% range
Management expects EBITDA margin to be at the lower end of the 23-24% band in the near term due to inflationary material prices.
Low single-digit price growth expected
If commodity prices remain at current levels, HUL expects low single-digit price growth in the near term.
Demand moderation to continue in near term
Management expects current subdued demand trends to persist in the near term, with gradual rural recovery and urban moderation.
Ice cream demerger and Minimalist acquisition timelines
Ice cream demerger scheme approved; Minimalist acquisition expected to close in Q1 FY26, subject to approvals.
FY27 revenue growth better than FY26
Management expects FY27 top-line growth to exceed FY26, driven by improving macros and internal actions.
H2 FY26 better than H1 FY26
Second half of FY26 is expected to show stronger growth than the first half, with Q3 as a normalized base.
EBITDA margin to stay in 22-23% range
Consolidated EBITDA margin will remain within the guided range of 22-23% (excluding ice cream), as growth investments are prioritized.
Low single-digit price increases expected over FY27
Calibrated price increases across portfolio, especially in home care, to offset input cost inflation.
Maintain EBITDA margin at current levels in near term
Management expects to keep EBITDA margin around 23.4% in the short term, with modest improvement over medium to long term.
Pricing to turn positive low single-digit by H2 FY25
If commodity prices remain stable, price growth is expected to plateau in mid-term and become positive low single-digit by end of FY25.
Volume-led competitive growth focus
Focus remains on driving competitive volume-led growth across the business, with gradual demand recovery expected.
Skin cleansing improvement over mid-term
Actions underway to address mass skin cleansing performance, with improvement expected over the next few quarters.
EBITDA margin guidance of 22%-23% for next 2-3 quarters
Management expects EBITDA margin to be in the 22%-23% range for the next 2-3 quarters as they step up investments behind growth, before returning to modest expansion.
First half of FY26 to be better than second half of FY25
Management expects growth trends to gradually improve in H1 FY26 due to improving macro conditions and internal portfolio transformation actions.
Price growth expected in low single-digit range
If commodities remain at current levels, management expects price growth to be in low single-digit range for the near term.
Gross margin expected to moderate further
Gross margin is expected to moderate due to commodity inflation and continued commitment to provide the right price-value equation to consumers.
FY27 to be better than FY26
Management expects FY27 performance to exceed FY26, driven by portfolio transformation and execution improvements.
Medium-term EBITDA margin guidance 22.5-23.5%
Margin guidance maintained at 22.5-23.5% for the medium term, with flexibility to operate at lower end if cost pressures persist.
Price increases of 2-5% already taken
Calibrated price increases of 2-5% implemented across home care and personal care to offset input cost inflation.
₹2,000 crore capex in premium formats
Capital investment of ₹2,000 crore planned for expanding capacity in premium formats across home care, personal care, and beauty.