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Revenue
₹15,757 Cr
verified against source
Revenue YoY
5%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
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Quarter read
What the record says.
HUL reported Q1 FY26 consolidated revenue of INR 16,323 crore, with underlying sales growth of 5% driven by 4% volume growth. EBITDA margin contracted 130 bps YoY to 22.8% due to deliberate price-value investments in tea, home care, and pack architecture, in line with guidance. PAT grew 6% aided by prior-year tax re-estimation. Portfolio transformation continues, with ~50% of turnover now in future core and market makers, growing at high double digits. Management expects sequential gross margin improvement from Q2, reinvested into brands and channels, with EBITDA margin guided at 22%-23%. Key risks include sustained competitive intensity in home care and delayed recovery in Glow & Lovely and Lifebuoy.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- Growth guidance unchanged: H1 FY26 expected to be better than H2 FY25, with gradual recovery sustained.
- If commodity prices remain within the current range, management anticipates low single-digit price growth.
- The demerger of the ice cream business into Quality Walls India Limited is on track for completion by Q4 FY26, subject to approvals.
Risks flagged
- Management acknowledged price decreases in home care due to both commodity deflation and competitive pressures, which could pressure margins and pricing power.
- Both brands remain in decline despite relaunches; management expects improvement over 'a few quarters' but no specific timeline, posing risk to Beauty & Wellbeing growth.
- Analyst questioned the widening gap between NMI and pricing; management termed it transitory but acknowledged it could take time to normalize, especially if commodity prices turn inflationary.
- Minimalist acquisition closed in April; synergies in R&D, supply chain, offline distribution, and international expansion are yet to be fully realized, with no quantified targets provided.
Key quotes
- We have systematically reshaped our portfolio to focus high-growth categories and future-ready segments aligned with the evolving consumer aspirations.
- We will sustain our investments across the P&L, particularly in channels of the future, multi-year market-making platforms, and strategic capabilities to execute our portfolio transformation.
- We have a large agenda of portfolio transformation and dialing up more growth in the demand spaces, which is where consumers are going and spending money.
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