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View Promises →Hindunilvr Ltd — Q4 FY25
HUL reported FY25 revenue of INR 60,680 crore with 2% USG and 2% UVG, while PAT grew 5% to INR 10,644 crore.
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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.
HUL ने वित्त वर्ष 2025 में 60,680 करोड़ रुपये की कमाई की। कंपनी की बिक्री में 2% की बढ़ोतरी हुई और बिक्री की मात्रा में भी 2% का इज़ाफा हुआ। मुनाफा 5% बढ़कर 10,644 करोड़ रुपये हो गया। कच्चे माल की बढ़ती कीमतों और नए निवेशों के कारण कंपनी की कमाई का मार्जिन 23.5% पर आ गया, जो पहले से 0.30% कम है। कंपनी अगले 2-3 तिमाहियों में 22-23% मार्जिन रखने की योजना बना रही है, क्योंकि वह नए उत्पादों, नए बिक्री चैनलों और नवाचार पर पैसा लगा रही है। हालांकि, हॉर्लिक्स और ग्लो एंड लवली जैसे उत्पादों की बिक्री कमज़ोर है, लेकिन धीरे-धीरे सुधार दिख रहा है। सावधानी: अगर बाजार में मांग नहीं बढ़ी, तो मार्जिन कम करने का फ़ायदा नहीं मिलेगा।
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Nutrition Drinks consumption decline
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Read Transcript →Quarter Snapshot
Underlying Volume Growth (UVG)
2%
+2pp YoY
Full-year UVG was 2%, driven by competitive volume tonnage growth partially offset by negative mix.
Direct Value-Weighted Distribution
69%
+400bps YoY
Direct distribution coverage increased 400bps over 18 months, now servicing stores selling 69% of relevant category value.
E-commerce Gross Sales Value Growth
~40%
+40% YoY
E-commerce gross sales value grew ~40% in Q4, driven by strong performance in Channels of the Future.
Market Makers Portfolio Growth
Double-digit
Double-digit YoY
Market Makers portfolio delivered double-digit growth, contributing to a 200bps portfolio shift from Core to Future Core and Market Makers.
What Changed vs Last Quarter
NEW
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.
NEW
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.
NEW
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.
UPDATED
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.
DROPPED
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.
DROPPED
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.
DROPPED
Ice cream demerger and Minimalist acquisition timelines
Ice cream demerger scheme approved; Minimalist acquisition expected to close in Q1 FY26, subject to approvals.
NEW RISK
Nutrition Drinks consumption decline
Horlicks and Boost face category headwinds with declining household consumption; price pack architecture changes may take time to yield results.
NEW RISK
Gross margin pressure from commodity inflation
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.
NEW RISK
Increased price competition in Home Care liquids
Analyst raised concern about price-based competition in laundry; management acknowledged competitive actions but downplayed impact on margins.
NEW RISK
Receivables at all-time high
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.
RISK GONE
Sustained urban demand slowdown
Urban growth continues to moderate, and if real wage growth, food inflation, or employment do not improve, consumption recovery may be delayed.
RISK GONE
Negative mix from small pack shift and home care outperformance
Consumers are trading down to smaller packs, and home care (lower realization) is growing faster, pressuring overall mix and volume growth.
RISK GONE
Integration risk for Minimalist acquisition
Analyst raised concern that fast-growing D2C brand may lose agility post-acquisition; management plans to operate it as a 'speedboat' but execution risk remains.
RISK GONE
Commodity cost volatility
Crude palm oil and tea remain inflationary; recent volatility in crude oil and rupee could pressure margins if not managed.
🤫 Topics management stopped discussing
Mentioned in Q2 FY24, Q2 FY25, Q3 FY24, Q3 FY25
Management expects EBITDA margin to be at the lower end of the 23-24% band in the near term due to inflationary material prices.
Mentioned in Q2 FY24, Q3 FY25, Q4 FY24
Crude palm oil and tea remain inflationary; recent volatility in crude oil and rupee could pressure margins if not managed.
Mentioned in Q1 FY24, Q2 FY24, Q3 FY24
Benign commodity environment has led to increased competition from regional players, particularly in detergent bars and tea, impacting market share momentum.
Mentioned in Q1 FY25, Q3 FY24, Q4 FY24
Despite green shoots, rural growth on a 2-year CAGR still lags urban; employment, real wages, and food inflation could delay recovery.
Mentioned in Q1 FY25, Q4 FY24
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.
Fast read
Guidance and risk preview
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 t...
Horlicks and Boost face category headwinds with declining household consumption; price pack architecture changes may take time to yield results.
View Risks →