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Revenue
₹15,190 Cr
verified against source
Revenue YoY
2%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
HUL reported FY25 revenue of INR 60,680 crore with 2% USG and 2% UVG, while PAT grew 5% to INR 10,644 crore. EBITDA margin contracted 30bps to 23.5% due to commodity inflation and stepped-up investments. Management guided for EBITDA margin of 22-23% for the next 2-3 quarters as they lean into growth, investing behind portfolio transformation, Channels of the Future, and innovation. Key drags remain Nutrition Drinks (Horlicks) and mass Skin Care (Glow & Lovely), though sequential improvement is noted. Risk: if demand recovery disappoints, the margin sacrifice may not yield commensurate volume growth.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- Management expects growth trends to gradually improve in H1 FY26 due to improving macro conditions and internal portfolio transformation actions.
- If commodities remain at current levels, management expects price growth to be in low single-digit range for the near term.
- Gross margin is expected to moderate due to commodity inflation and continued commitment to provide the right price-value equation to consumers.
Risks flagged
- Horlicks and Boost face category headwinds with declining household consumption; price pack architecture changes may take time to yield results.
- Inflation in palm oil, tea, and coffee not fully priced in, while deflation in crude oil is passed on quickly, creating a price-cost gap.
- Analyst raised concern about price-based competition in laundry; management acknowledged competitive actions but downplayed impact on margins.
- Analyst noted receivables at an all-time high; management attributed to leaning in with credit to support distribution expansion, but risk of higher bad debts exists.
Key quotes
- We want to not be defensive. We want to be offensive. We want to play to win.
- This 100 basis points of EBITDA, let me say from 23.1 that we have, if at all we go back to the range of 22%-23%, will mean more investments in trade for trade channels. It will mean more investments for product quality investments. It will mean more investments in A&P.
- Our long-term intention of driving modest margin improvement, that does not change. In fact, I do believe, again, everything has been equal if commodity price trends in the market are not vaguely off compared to what we see today. There is no reason why in the later part of the financial year, we'll start seeing margins improving.
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