Transcript of the Earnings Call for the quarter and financial year ended 31st March, 2026
HINDUNILVR · price
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HUL delivered its highest quarterly growth in 12 quarters with 8% consolidated revenue growth in Q4 FY26, driven by 7% underlying sales growth (USG) and 6% underlying volume growth (UVG). EBITDA margin came in at 23.7%, at the higher end of guidance. For the full year, revenue was Rs. 63,763 crores with 5% USG (4% UVG). All segments delivered healthy growth, with Home Care at 9% USG (strongest in 11 quarters), Beauty & Wellbeing at 8% USG, and Foods at 5% USG. Management flagged rising crude-linked commodity costs (8-10% material cost inflation) due to Middle East geopolitical tensions, partially offset by 2-5% price increases already taken. The company committed Rs. 2,000 crores capex in premium formats and Rs. 3,500 crores in bolt-on acquisitions (Minimalist, OZiva). The Board declared a total dividend of Rs. 41 per share.
Volume-led growth acceleration signals improving demand conditions. While input cost inflation poses a near-term margin headwind, the company reaffirmed its mid-term margin guidance band of 22.5-23.5% and expects FY27 to be better than FY26, providing confidence in sustained performance despite geopolitical volatility.