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HUL Margin Trend — Quarter by Quarter

HUL's EBITDA margin moved from 23.6% in Q1 FY24 to 23.0% in Q4 FY26 across 10 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY2623.0%—
Q3 FY2623.3%—
Q2 FY2623.2%-90 bps
Q1 FY2622.8%-130 bps
Q4 FY2523.5%-30 bps
Q3 FY2523.5%—
Q2 FY2523.8%—
Q1 FY2523.8%+20 bps
Q2 FY2424.6%+130 bps
Q1 FY2423.6%+40 bps

What management said about ebitda margin

G

Q4 FY26 · 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.

G

Q4 FY26 · 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.

G

Q3 FY26 · 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.

G

Q3 FY26 · Low single-digit price increases expected over FY27

Calibrated price increases across portfolio, especially in home care, to offset input cost inflation.

G

Q2 FY26 · 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.

G

Q1 FY26 · 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.

G

Q4 FY25 · 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.

G

Q4 FY25 · 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.

G

Q3 FY25 · 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.

G

Q2 FY25 · 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.

G

Q2 FY25 · Full-year effective tax rate marginally above 26%

ETR for H1 was 26.1%; full-year ETR expected to be marginally above 26%.

G

Q1 FY25 · 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.