{"id":182158,"date":"2026-04-30T08:01:46","date_gmt":"2026-04-30T12:01:46","guid":{"rendered":"https:\/\/alphastreet.com\/india\/hindustan-unilever-ltd-hindunilvr-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-04T12:01:17","modified_gmt":"2026-05-04T16:01:17","slug":"hindustan-unilever-ltd-hindunilvr-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/hindustan-unilever-ltd-hindunilvr-q4-2026-earnings-call-transcript\/","title":{"rendered":"Hindustan Unilever Ltd (HINDUNILVR) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Hindustan Unilever Ltd (NSE: HINDUNILVR) Q4 2026 Earnings Call dated Apr. 30, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Yogesh Mulgaonkar<\/strong> \u2014 Head of Investor Relations and Head of Finance<\/em><\/p>\n

Priya Nair<\/strong> \u2014 Chief Executive Officer and Managing Director<\/em><\/p>\n

Niranjan Gupta<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Manoj Menon<\/strong> \u2014 Analyst<\/em><\/p>\n

Abneesh Roy<\/strong> \u2014 Analyst<\/em><\/p>\n

Vivek Maheshwari<\/strong> \u2014 Analyst<\/em><\/p>\n

Latika Chopra<\/strong> \u2014 Analyst<\/em><\/p>\n

Arnab Mitra<\/strong> \u2014 Analyst<\/em><\/p>\n

Avi Mehta<\/strong> \u2014 Analyst<\/em><\/p>\n

Mihir Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Amit Sachdeva<\/strong> \u2014 Analyst<\/em><\/p>\n

Aditya Soman<\/strong> \u2014 Analyst<\/em><\/p>\n

Nihal Jham<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day, and welcome to the Hindustan Unilever Limited Conference Call for the results of quarter and financial year ended 31st March 2026. As a reminder, all participant nines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. [Operator Instructions] Please note that this conference is being recorded.<\/p>\n

I now hand the conference over to Mr. Yogesh Mulgaonkar, Head of Investor Relations and Head of Finance, Personal Care. Thank you, and over to you, sir.<\/p>\n

Yogesh Mulgaonkar<\/strong> \u2014 Head of Investor Relations and Head of Finance<\/em><\/p>\n

Thank you, Nirav. Good afternoon, everyone. Welcome to the conference call of Hindustan Unilever Limited. This evening, we will be covering the results for the quarter and financial year ended 31st March 2026.<\/p>\n

On the call with me is Priya Nair, CEO and Managing Director; and Niranjan Gupta, our CFO. We will start the prepared remarks from Priya and Niranjan. We expect this to take around 20 minutes, leaving us approximately an hour for the Q&A. We will look to end the call by 5:15.<\/p>\n

Before we get started with the presentation, I would like to draw your attention to the safe harbor statement included in the presentation for good order’s sake.<\/p>\n

With that, over to you, Priya.<\/p>\n

Priya Nair<\/strong> \u2014 Chief Executive Officer and Managing Director<\/em><\/p>\n

Good afternoon, everyone. Thank you for joining us on the call today. Let me briefly set the context in which we operated in this quarter. During the period, demand conditions remained stable across the market. This stability was aided by a supportive macroeconomic environment, shaped by a series of fiscal and monetary measures implemented through the course of the year. These actions, combined with lower headline inflation for a large part of the period, provided some relief to household budgets, creating a more enabling backdrop for consumption.<\/p>\n

In March, the escalation of the Middle East crisis led to a sharp spike in crude and crude-linked commodity costs, along with supply-side disruptions and continued rupee depreciation. We are navigating this geopolitical volatility with operational agility to protect our consumer franchise. Niranjan will elaborate on this later in the presentation.<\/p>\n

Against this operating backdrop, we delivered an 8% consolidated revenue growth. This was supported by a 7% underlying sales growth, primarily driven by volumes. Importantly, this represents our highest quarterly growth in 12 quarters, reflecting both the ongoing transformation of our portfolio and the step-up of on-ground execution.<\/p>\n

Performance was broad-based, with all segments delivering healthy growth. From a profitability perspective, EBITDA grew 6% year-on-year, with EBITDA margin of 23.7% coming in at the higher end of our guidance. Profit after tax before exceptional items at INR2,711 crores grew 4% year-on-year.<\/p>\n

Moving to our financial year performance with a turnover of INR63,763 crores, we delivered 5% USG driven by 4% UVG. Importantly, this headline performance reflects a clear and consistent step-up in growth through the year, with the second half of the year being better than the first half. We exited March quarter ’26 with 7% USG, accelerating for the 2% USG in FY ’25. The improved momentum is on account of a series of decisive actions that were taken over the last few quarters on portfolio, execution, and investments.<\/p>\n

First, we crafted sharper priorities with a clear focus on volume-led growth. Across categories, we have invested to make our brands more desirable and strengthened execution at the point of sale, ensuring growth is broad-based and sustainable. Recognizing the rapid evolution of shopping behavior, we have intensified our omnichannel execution. The creation of a dedicated quick commerce organization enables us to step up our effectiveness while maintaining a strong focus on general trade and modern trade. Resource allocation has become more deliberate, with a focus on making fewer bigger bets in areas with the highest growth potential.<\/p>\n

For instance, we have recently committed INR2,000 crores of capex investments in premium formats of Beauty and Home Care. We have actively rotated our portfolio to sharpen the quality and growth profile of the business. Strategic actions such as the demerger of Ice Cream, along with the investments at OZiva and Minimalist, are already enhancing the growth mix of the portfolio.<\/p>\n

The company has also been reorganized to drive speed and sharper execution. The move to a unified India organization, including the introduction of a Chief Marketing Officer role and the creation of a dedicated India R&D structure, had simplified decision-making and enabled faster response to market and channel dynamics. Taken together, these actions have further strengthened the fundamentals of the business and are translating into a consistent step-up in the growth momentum that you see today.<\/p>\n

Our growth agenda is anchored on our four key priorities. Let me share the progress we have made against each of these. The first pillar is radical consumer segmentation. This is deeply embedded in every decision that we take, whether it is product, proposition, pricing, or the channel we use to reach and persuade our consumers. It’s the foundation of our approach towards brand building and sales. We have been consistent in our objective of creating desire at scale through the SASSY framework. This is not about isolated initiatives on selective brands, it is about fundamentally stepping up how our brands show up across the pillars of science, aesthetics, sensorial, set by others, and youthful.<\/p>\n

Vim liquid exemplifies how deep science and innovation power of our brands. RhamnoTech, our proprietary biosurfactant technology, delivers breakthrough grease cutting while remaining gentle on hands and advanced sustainability, thus creating a science-backed competitive advantage. Driven by multiple such initiatives aimed at elevating desirability, Vim liquids has achieved robust double-digit growth this year.<\/p>\n

On aesthetics, Dove illustrates how we are upgrading on-shelf appeal. For instance, we elevated the packaging of Dove versus the core range using premium design cues, refined finishes that enhance perceived value and signal care, expertise, and quality. Combined with a similar pivot across other SASSY elements, the brand delivered competitive double-digit growth for the year.<\/p>\n

On sensorial, Vaseline demonstrates how enhancing in-use experience can meaningfully improve desirability with an iconic large brand. Vaseline has upgraded its sensorials with weightless technology. It has a richer texture that absorbs fast, feels light, and disappears on the skin yet works deeply beneath. Supported by innovation and portfolio expansion that meets evolving consumer preferences, Vaseline has surpassed the INR1,000 crore milestone this year and delivered healthy double-digit growth.<\/p>\n

The strong performance of these brands reinforces our belief that desire, when built at scale, backed by execution, is the powerful driver of both growth and portfolio quality. The two other elements of the SASSY brand framework are set by others and youthful, both critical to build contemporary relevant brands at scale. We have sharpened the effectiveness and efficiency of our reach and persuasion models. We are deploying a more integrated media mix using television and outdoor effectively in rural and mass markets while stepping up targeted digital and social advertising where it delivers the highest impact.<\/p>\n

On social and digital platforms, we have built a strong, distinct influencer-led ecosystem. Today, we work with a network of 30,000 creators, which has almost doubled year-on-year. This has resulted in a sharp increase in the volume and diversity of the brand assets we are creating. As Gen Z influence in purchasing decisions continues to rise, we are reshaping our brands to be more contemporary, experiential, and youthfully relevant. This is reflecting how we design.<\/p>\n

For instance, we are leveraging high-reach platforms such as sports also while experimenting with AI-led campaigns like that of Closeup and Bru. Together, these efforts are strengthening how our brands are perceived and talked about. We are seeing a deeper engagement across platforms, reinforcing the role of modern brand building in sustaining growth momentum.<\/p>\n

Future-proofing and accelerating our front-line machine through an omnichannel approach is a key priority. In general trade, we are expanding reach and availability and have increased our direct coverage by around 2 lakh outlets in the year. Beyond overall coverage, we are also investing in dedicated infrastructure to serve specialty retail channels at scale, enabling sharper execution in high-value outlets like open-format stores, chemists, and cosmetic stores.<\/p>\n

In modern trade, our priority is to build category captaincy and drive category growth. We are doing so by scaling market development still, premiumizing the portfolio through in-store demand generation and deeper joint business planning with key customers. As a result of these focused actions, we have continued to gain market share in these channels.<\/p>\n

E-commerce continues to be a strong growth engine. The digital-first approach to assortment data-led demand generation and improved availability and fulfillment has resulted in the channel delivering over 25% growth during the financial year. In quick commerce, we have significantly scaled our capability and execution. The creation of a dedicated cross-functional organization along with tech investments have enabled us to respond faster and operate with greater relevance for this channel. Overall, we are aligning our front line and omnichannel consumer journeys, ensuring our brands are present and competitive wherever consumers choose to shop across physical and digital touch points.<\/p>\n

Another important shift we have made is to be far more choiceful in where we invest, doubling down on the fewer bigger bets that can meaningfully move the growth needle. In Beauty & Wellbeing, this strategy has translated into an acceleration of our masstige and wellbeing portfolio through a combination of organic and selective inorganic actions. We have quadrupled our business over the last year, creating a platform with an annual revenue run rate of INR1,200 crores.<\/p>\n

Our Skin Care market development sale has grown double digit by expanding into new benefit spaces and creating regimes. With sun care, light moisturizers, and facial cleansing, we are expanding category participation and strengthening long-term growth momentum.<\/p>\n

In Personal Care, we continue to premiumize the portfolio in a disciplined manner. Premium skin cleansing bars, led by Pears and Dove, delivered double-digit USG and UVG for the year, supported by dedicated investments to reinforce proposition and product superiority. Our bodywash portfolio has also recorded strong double-digit growth while simultaneously gaining share, reflecting a successful market development along with premiumization.<\/p>\n

In Home Care, the liquid portfolio stands out as another big bet success story. The business delivered double-digit growth, crossed the INR4,000 crore turnover mark, and is gaining shares, reinforcing the benefits of sustained investment behind format innovation and execution. Within powders, our action to successfully upgrade consumers from mass to premium offerings are proving to be a strong tailwind. These are driving sustained market share gains, taking us to the highest ever share in this format of powders. Turning to Foods, we are seeing a clear shift in the growth trajectory, supported by broad-based performance of the portfolio.<\/p>\n

Lifestyle Nutrition has delivered four consecutive quarters of positive UVG, growing at double digits in the second half. This reflects multiple actions taken during the year, from pack price architecture changes to expansion into newer formats like RTD, protein and the relaunch of Horlicks. We will continue to stay the course on these actions and increase consumption in this category.<\/p>\n

Coffee is another example of delivering double-digit growth, supported by sustained investments towards superior sensories, elevated aesthetics, and high-impact activation. Collectively, these examples highlight the transformation of our portfolio as we pivot towards higher-growth demand spaces and strengthen our competitive positioning, ensuring we are well placed to capture emerging opportunities and drive sustainable growth.<\/p>\n

Looking back, full year ’26 has been a year where we have made clear progress, strengthened the foundations of our business. At the same time, we are clear that this is just the beginning of a longer journey. There remains a significant headroom for us and much more to be done. Despite a dynamic external environment, we are entering in full year ’27 with greater clarity, stronger fundamentals, and a clear sense of direction. We remain committed to staying the course, continuing to sharpen execution, and build on this momentum to deliver sustainable competitive growth over the long term.<\/p>\n

With this, let me hand over to Niranjan to take you through the quarter results in detail.<\/p>\n

Niranjan Gupta<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Thank you, Priya. Good afternoon, everyone. Let me share a detailed overview of our quarterly performance, followed by a full-year update, and I’ll conclude that with the outlook.<\/p>\n

As Priya mentioned earlier, March quarter ’26, we delivered 8% consolidated revenue growth driven by robust UVG of 6%. Our EBITDA margin stood at 23.7%, at the higher end of our guidance, and, in absolute terms, our EBITDA grew 6% on a year-on-year basis. Our profit after tax before exceptional items grew 4% on a year-on-year basis, while the reported profit after tax grew by 20% year-on-year. The reported profit includes the combined impact of proceeds from divestment of Nutritional Lab Private Limited in the current quarter and OZiva fair valuation in the base period.<\/p>\n

Moving to segmental performance for the quarter. Home Care delivered 9% underlying sales growth driven by high single-digit UVG. This marks the segment’s strongest performance in 11 quarters. Fabric Wash delivered double-digit growth that is broad-based across formats. Liquids portfolio delivered robust double-digit growth, building on an already strong base of the previous year. This performance further consolidates our leadership in this emerging category.<\/p>\n

Household Care posted another quarter of double-digit volume growth, supported by outperformance in Vim liquid. Given heightened commodity inflation in crude-linked derivatives, we have implemented calibrated price increases across Fabric Wash and Household Care in June quarter as well. This may lead to some rebalancing between volume and price growth in the short term.<\/p>\n

Moving on to Beauty & Wellbeing. This segment delivered 8% USG driven by mid-single-digit UVG. Within this, Hair Care recorded strong double-digit volume-led growth. The performance was broad-based across brands and formats. We have continued to strengthen our market leadership in this category, anchored in relevant propositions and superior technology-led innovation. As market leaders, driving premiumization remains a fundamental priority. During the quarter, we intensified our market development initiatives, resulting in a 25% increase in the distribution of shampoo bottles in general trade, which is key to ensuring sustained and healthy growth in this portfolio.<\/p>\n

In Skin Care and Colour Cosmetics, the premium segment delivered double-digit growth, driven by investment in our market development set. However, this was softened by the mass skin portfolio. In Channels of the Future, we continued our strong double-digit growth, resulting in sustained market share gains in this dynamic and competitive space. We continue to build our mass skin portfolio in Beauty & Wellbeing with Minimalist delivering strong double-digit growth and Simple scaling to an annual revenue run rate of more than INR160 crores. Overall, we continue to step up our play in Beauty & Wellbeing, led by volume growth, a premium portfolio, and Channels of the Future.<\/p>\n

Personal Care delivered 5% underlying sales growth during the quarter, driven by pricing. Skin cleansing within this posted high single-digit growth, the highest in 12 quarters. Our priority in this segment is to drive market development in premium cleansing bars and bodywash. By prioritizing evolving consumer needs for skin-related benefits in soap and broadening consumer reach through access packs, we are committed to achieving sustained growth and strengthening our leadership within this category. As a result, premium skin cleansing delivered double-digit volume-led growth and gained market share.<\/p>\n

Oral Care recorded low single-digit growth for the quarter, with Closeup delivering competitive results. We are focused on expanding into new demand spaces and broadening our portfolio to address evolving consumer needs. In line with this, we launched Pepsodent Sensitive Care toothpaste, further strengthening our presence in higher benefit spaces.<\/p>\n

Coming to Foods now. This segment delivered 5% USG driven by high single-digit UVG. In Beverages, we delivered low single-digit volume growth. Coffee continued its strong double-digit growth momentum, supported by both volume and price. Lifestyle Nutrition delivered double-digit growth during the quarter, driven by Horlicks and Boost. Over the last year, we have taken a series of actions to rebuild consumption in this segment. More recently, we relaunched Horlicks as Horlicks Superfoods and also expanded into new demand spaces, including ready-to-drink and protein, which is available in select online platforms.<\/p>\n

These actions are beginning to show momentum even as we recognize there is more work ahead. We remain focused on consistently executing against our agenda as we continue to transform Horlicks into a lifestyle essential. Packaged Goods reported mid-single-digit growth, driven by Unilever Food Solutions, Ketchup, Chutneys, and Mayonnaise. Kissan’s expansion into chutneys is seeing encouraging early traction.<\/p>\n

Moving on to our full-year performance. On a consolidated level, we delivered 5% USG driven by 4% UVG. EBITDA margin at 23.6% was at the higher end of the guidance. Our overall EBITDA grew by 2%. We stepped up investments in A&P for the full year with INR270 crores increase in absolute spend. Profit after tax before exceptional items was at INR10,324 crores.<\/p>\n

Looking at segment-level performance for full year ’26. As you can see, we delivered broad-based growth. Home Care delivered 4% USG, powered by high single-digit UVG as attractive propositions, and doubling down on market development activities drove continued market share gains through the year and reinforced our leadership. Beauty & Wellbeing recorded 6% USG for the year, supported by ongoing portfolio transformation and premiumization as we reposition the business towards high-growth, demand spaces.<\/p>\n

Personal Care for the year delivered 4% USG, driven by premiumization and sustained investment behind brands, alongside consistent execution across channels. And Foods reported 5% USG led by mid-single-digit UVG, marking a step-up driven by portfolio expansion into high-growth demand spaces and sharper propositions. Our core segment margins remained healthy as we balance our cost discipline with investments to drive competitive volume-led growth.<\/p>\n

Our robust balance sheet remains a key pillar of our strategic and financial growth model. Our total reserves for HUL as at the end of financial year ’26 stood close to INR49,000 crores. A strong reserve provides us the financial flexibility to navigate volatility while continuing to invest behind growth priorities. Our cash flow from operations stood close to INR10,500 crores, underpinned by strong execution across the business, robust cash conversion, and a focus on working capital discipline. Both our ROCE and ROE have improved on a year-on-year basis. Together, these metrics reinforce the robustness of our financial growth model.<\/p>\n

We are sharpening capital allocation to do two things in parallel: fuel growth and sustain strong shareholder returns. During the year, we deployed significant capital of INR3,500 crores into bolt-on acquisitions that strengthen our presence in attractive fast-evolving demand spaces, including digital-first, premium Beauty & Wellbeing platforms such as Minimalist and OZiva. In parallel, we’ve also signed off a INR2,000 crores planned capex investment to expand capacity in the premium format. These are tangible examples of how we’re allocating capital to build the businesses of the future.<\/p>\n

Our dividend approach reflects the conscious outcome of the choices we are making, redirecting capital into opportunities we believe will be growth accretive while still maintaining sustainable returns for shareholders. The Board has declared a final dividend of INR22 per share, subject to approval of shareholders, taking the total dividend for the year to INR41 per share.<\/p>\n

Before closing, let me briefly outline the impact of the ongoing Middle East situation on our business. Crude oil-linked supply chains were impacted, creating disruptions in the supply and a rise in the commodity prices. This, combined with continued currency depreciation, increased the input cost. First, from a supply-side perspective, we responded with operational discipline, leveraging our global procurement and supply chain network, and while the situation remains volatile, we are focused on continuing — supply continuity and fulfilling consumer demand. We are happy to report that we’re able to manage our production and supply without any disruption.<\/p>\n

As regards to cost, we have stepped up in parallel a, the savings funnels, and, equally, we have taken pricing to the extent of 2% to 5% already. And as we navigate this, depending on how the costs pan out, we’ll be taking further price increases as may be necessary. While doing that, we continue to optimize all our lines of P&L and the cost savings and looking at nonworking media, in particular, to look at optimization while ensuring that our key brands remain fully funded on key media investments.<\/p>\n

Coming to midterm outlook. From a demand standpoint, as we said, the demand environment remains stable, the rural and urban both increasing. There are short-term volatilities which could be created by the geopolitical situation. But as of now, India stands out as the key emerging country, with even IMF forecasting 6.5% growth. This, combined with the strength of our brands and our robust financial position, we expect FY ’27 to be better than FY ’26. The choices we have made around portfolio, organization simplification, channel expansion, and execution will continue to deliver results for us.<\/p>\n

As far as margins are concerned, our approach remains consistent and disciplined, and we expect the midterm margin guidance to remain around our current guided range of 22.5% to 23.5%. Our focus is clear and unchanged. Competitive volume-led growth is our number one priority.<\/p>\n

With this, we conclude our prepared remarks, and I’ll now hand back to Yogesh to commence the Q&A session.<\/p>\n

Yogesh Mulgaonkar<\/strong> \u2014 Head of Investor Relations and Head of Finance<\/em><\/p>\n

Thank you, Priya and Niranjan. With this, we now move to the Q&A. We request you to kindly restrict the number of questions to a maximum of two at a time. In case you have any further questions, please join the queue again. In addition to the audio, our participants have an option to post the questions through a web option on the screen. We will take those questions just at the end.<\/p>\n

With that, I would like to hand the call back to Nirav to manage the next session for us.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now begin with the question-and-answer session. [Operator Instructions] The first question is from the line of Manoj Menon from ICICI Securities. Please go ahead.<\/p>\n

Manoj Menon<\/strong><\/p>\n

Hi team. My first question is actually on the volume drivers. One, if you could just help us understand — because it’s been a good six months after the GST, price cuts, etc., in certain categories. And if you could talk about, let’s say, the positive effects of price elasticity gains, let’s say, for example, a shampoo bottle is one example which comes to mind or any other example you want to highlight, what’s actually happening in terms of consumption? Secondly, over the last three months, six months, if you could just help us understand the drivers of UVG? Is it more tonnage, more mix, etc.? That’s question number one. Thank you.<\/p>\n

Priya Nair<\/strong><\/p>\n

Yes. Thanks, Manoj. So Manoj, I think I’ll break this up into a few parts. The first is we are doubling down behind market development and market making. For HUL, this has always been the largest part of our volume-led growth. So really, what you’re seeing also is a reflection of us intrinsically going there in those few big bets that we are talking about. Just to give you an example, we talked about liquids. Liquids in Home Care has now become INR4,000 crores, growing at strong double digit. This is all mostly volumetric. So therefore, those are the examples of the kind of action. So the first bucket is market development.<\/p>\n

The second is really in terms of our core brands and getting penetration gains on our core brands in terms of share gains. Overall, we have turnover-weighted gaining shares, and this is both volumetric and value, but even volume-led share gains. That’s the second bucket of how we are getting volume gains, so really becoming more competitive. The reason — and how we are doing that is really by doubling down behind our brands, ensuring we step up both the marketing, the execution on the ground across the omnichannel environment in which we play.<\/p>\n

And the channel focus is the third bucket where, across channels, we have built our capabilities, and that’s beginning to bear fruit. So therefore, we really see the three buckets of volume-led growth, and that’s the outcome and the fruits we’re beginning to see. So that sort of, I hope, answers the question, Manoj.<\/p>\n

Manoj Menon<\/strong><\/p>\n

Sure. Just one quick clarification, if I may. If I understood the response for, let’s say, elasticity gains, etc., post the GST cut. What I understood is that, yes, there are gains, but all of it is probably being reinvested for even faster growth. Is that the right takeaway?<\/p>\n

Priya Nair<\/strong><\/p>\n

That is absolutely the right takeaway, that the benefits of — so there are no macro factors which are resulting in the right favorable conditions. But Manoj, what I’m saying is we’re doubling down when our capability and initiators so that we’re able to really benefit from a favorable condition, but it’s really about our stepping up our competitiveness and doubling down the market development across the channels and really improving our channel capabilities and footprint. So three sort of buckets I would give you.<\/p>\n

Manoj Menon<\/strong><\/p>\n

Okay. Got it. Now second and the last question, and I’ll come back in the queue. It’s quite pleasing to see the turnaround in Lifestyle Nutrition from a revenue perspective, even double digits current quarter. Now obviously, there are three elements to the growth, which is the core, I would say, the higher-value products, and probably the newer products that you have done. But to get to double-digit growth, I presume that the core has to really fire, right? And if yes, and if you could, let’s say, spill out a couple of, let’s say, drivers for that growth? And your confidence — because this turnaround has happened after a long time. So this would be quite helpful if you could just comment about your confidence of, let’s say, sustaining double growth, let’s say, over the next one year and beyond. Thank you.<\/p>\n

Priya Nair<\/strong><\/p>\n

Sure. So I think we are quite pleased with the trajectory of improvement we are seeing on our Lifestyle Nutrition business. Three, four buckets of how we have — what are the actions behind it. The first is an improvement in our price pack architecture. So we’ve improved our overall price pack architecture, and that is giving us gains. The second is we have relaunched Horlicks in the South of India with the Horlicks Superfoods mix with the new technology. The early signs of that have been extremely positive for us. And the third bucket is the new areas which Horlicks has entered. We’ve entered into RTDs. We have doubled down behind biscuits. And we have just launched Horlicks Protein. That’s a very new limited launch into — just almost, as we speak, into the premium Q-commerce and modern trade channels. So, a very early start to the protein.<\/p>\n

You’re absolutely right, Manoj, that it’s firstly the core and the new segments are beginning well, but they are still small and huge headroom for us to grow those new segments. Our focus will be to first roll out the Superfoods launch across the country, which is what where we will be in the process of doing and, secondly, really double down behind these new segments we have entered. I also want to give a mention to Boost, which continues to perform very well for us. And we have also, with Boost, entered into both the core, we have doubled down but also entered into RTDs on Boost, and the early signs of that have been good for us as well.<\/p>\n

Manoj Menon<\/strong><\/p>\n

Thank you and have a good day. Thank you.<\/p>\n

Priya Nair<\/strong><\/p>\n

Yes. Thanks, Manoj.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Abneesh Roy from Nuvama Wealth Management. Please go ahead.<\/p>\n

Abneesh Roy<\/strong><\/p>\n

Yes, thanks and congrats on recovery. My first question is, again, on Lifestyle Nutrition. In the past, we have seen that whenever milk is inflationary, Horlicks and Boost also suffer in demand because, obviously, a large part of the consumption is linked. Now, in an El Nino year, generally, we see further availability being impacted, and that does drive up the milk prices. Would you see that as a big channel in terms of this growth recovery? Because we have seen good recovery, but can this derail, say, in H2 or that kind of a time frame when milk becomes inflationary? That is my first question.<\/p>\n

Priya Nair<\/strong><\/p>\n

Abneesh, actually Horlicks gets drunk both in milk and in water. So that’s the first thing I wanted to mention. Yes, it’s absolutely true that it gets drunk with milk, but it’s also in the East of the country, in fact, mostly, it is put into water. So that’s the first thing you need to know. The second thing is I actually think there is a time in which nutrition is actually a key trend. So I think the focus, and that’s what we are doubling down behind, which is to remind consumers of the nutritive benefits of Horlicks and Boost. And that’s our key focus.<\/p>\n

The third is the new modern area in which we’re expanding the brand, whether it is RTD, whether it is protein. And we’re only just beginning, honestly, with the democratization that we can do of nutrition across the length and breadth of the country. So that’s how I see it, is really returning to the basic fundamentals of the category, which is nutrition-led benefits, which is what is the value of this category.<\/p>\n

Abneesh Roy<\/strong><\/p>\n

My last question is overall macro. If you see actual as a company, in Q3, Q4, we have seen a good recovery, and the recovery has accelerated. In Q4, if I see almost every Staples company has done well and better than expectation. Now if I see outlook, clearly, one or two challenges are there. El Nino challenge mostly, I think, H2, rural demand will get tested. And H1, obviously, inflation is there. I think, post May 4, the petrol\/diesel price hike extremely likely, and FMCG price hikes are happening. So if you combine all this, how confident are you that FY ’27 can still be better than FY ’26 for you and maybe for the sector also?<\/p>\n

Priya Nair<\/strong><\/p>\n

Yes. So I think first, let’s talk about the rainfall prediction, and I’ll ask Niranjan also to weigh in. While absolutely, we are hearing — we have all seen the rainfall forecast and the monsoon forecast for the country at 92% and below normal — I think it’s important to look at other factors as well, including the reservoir levels in the country. The reservoir levels in the country are significantly above the normal levels of last year. So that sort of bodes well for the country as well.<\/p>\n

So if you look at factors like that, you have to look at the issues like the spread of the rainfall. So there are many factors to be taken into consideration, including the MSP price of food grains and how that pans out in terms of rural wage income. So they are going to watch that closely, Abneesh, very simply. But we remain positive that, in the end, even if there is more inflation in the country overall, we’re still talking about headline inflation of 4% to 5%, which, as a staples company, we believe that our products are relatively low elasticity on price in comparison with other categories. So we remain quite confident about that.<\/p>\n

The second area that you’re talking about is the overall inflation, and I think that’s what I was trying to address that, listen, yes, it will have — we will have more pricing that will come in. But overall, staples tend to be more low-price elasticity as compared to other categories because we are, in the end, talking about everyday categories, right, detergent, soaps, shampoos, tea. These are everyday categories and, therefore, low on elasticity.<\/p>\n

And Niranjan, if you would like to add.<\/p>\n

Niranjan Gupta<\/strong><\/p>\n

Absolutely, Priya. I mean, if you look at the H1 inflation, Abneesh, as you pointed out, the answer is the elasticity. And if you talk about H2, which is more rural income-based demand pattern that we are talking about, just to again reiterate that what we have seen is there are three counter-factors to the El Nino effect this time. We talked about reservoirs being 10% higher. MSP 5%, 6% is higher. Apart from that, the grain stocks, which are with the government with all this because of the last two years record production, they are also record high.<\/p>\n

So effectively speaking, there are wherewithal available for equalizing, neutralizing the rural income dent part of it. And eventually, it also depends on the discussion of the rainfall month wise in the geographical phasing. So as of now, given the reservoir, given the grain stocks, and given the MSPs, we don’t expect — unless the rainfall is below 85%, we don’t expect any impact on the rural demand on the H2 as of now.<\/p>\n

Priya Nair<\/strong><\/p>\n

And probably maybe I’ll just add, Abneesh, that in the end, listen, we can’t control the macroeconomic uncertainty or volatility. But what we’re going to focus on, and this has always been the case in these kind of volatile times, that we are very strongly placed at HUL. Because of the financial strength, the overall operational agility, our scale, we are well placed to navigate this short term –sort of medium- to short-term volatility, but stay focused on our long-term opportunity.<\/p>\n

Niranjan Gupta<\/strong><\/p>\n

Plus the fact that our portfolio straddles across price pyramid. So therefore, we are able to capture, even in case, in the outer case, where if there is some down trading that happens in some parts of India.<\/p>\n

Abneesh Roy<\/strong><\/p>\n

Thanks. One very last small follow-up. So last two, three years, we have seen every state election, all parties promised the populist program and all this Mahila, Ladli Behna Yojana, etc. So have you seen rural demand for you still faster than urban? And within rural also, whichever state is, say, giving that INR2,000, INR3,000 subsidy to the women, is the growth faster there versus a state where I think still if it has not happened?<\/p>\n

Priya Nair<\/strong><\/p>\n

Overall, we’re seeing rural and urban demand to be more or less equal, Abneesh.<\/p>\n

Abneesh Roy<\/strong><\/p>\n

And any color on rural subsidy versus non-subsidy states.<\/p>\n

Priya Nair<\/strong><\/p>\n

I wouldn’t be able to comment on that.<\/p>\n

Abneesh Roy<\/strong><\/p>\n

Sure. Thanks. That’s all from my side.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much. [Operator Instructions] Next question is from the line of Vivek from Jefferies India. Please go ahead.<\/p>\n

Vivek Maheshwari<\/strong><\/p>\n

Hi, good evening. I hope I’m audible.<\/p>\n

Priya Nair<\/strong><\/p>\n

Yes, you are audible.<\/p>\n

Operator<\/strong><\/p>\n

Yes, go ahead.<\/p>\n

Vivek Maheshwari<\/strong><\/p>\n

Thank you. My first question is, you have mentioned volume growth is a top priority, which is great, and you’ve also retained your margin guidance. And you have explained some of this in the previous questions also — responses also. But how do you plan to manage, especially in the context of the volatility that we are seeing in the input prices? I mean, we are speaking on a day when Brent has crossed $120, rupee has depreciated below INR95. How do you get that margin confidence also? And if the priority is volume growth, do you not think you may have to take some chance with the margins?<\/p>\n

Niranjan Gupta<\/strong><\/p>\n

So Vivek, the way we are navigating this space, as I said already, is that we’ve seen a cost inflation of around 8% to 10% so far on our material cost base. Again, we’ve already taken a price increase to the extent of 2% to 5% depending on portfolio to portfolio. And we are continuing to navigate. See, the Brent going up to $120 on a single day, as you know, nobody can forecast because they are not fundamentals of demand and supply that are guiding the Brent prices or the currency right now. So they are fluctuating in a wide range. But we’ll continue to navigate and take appropriate pricing. So that is one part of it.<\/p>\n

The second, of course, is the accelerating the savings funnel. And given our operating leverage, given our long base of the — huge base of the cost and the supply chain that we operate, there are elements where we are optimizing far more. We talked about, let’s say, non-working media without impacting the media behind the brand or, let’s say, overhead. And the margin is effectively a band that we are operating. So we have set a band of 22.5% to 23.5%. Now that band allows us to operate at sometimes the higher end of the band when things are favorable in terms of cost scenario and maybe lower end of the band when things are not so favorable.<\/p>\n

So we do feel at this point in time are confident enough that we’ll be able to guide with that band that we have.<\/p>\n

Vivek Maheshwari<\/strong><\/p>\n

Got it. My second question is can you just briefly elaborate a bit more on what you’re planning to do under quick commerce organization, Q-commerce as you mentioned, and this INR2,000 crore capex towards premium formats? Can we have a bit more detail?<\/p>\n

Priya Nair<\/strong><\/p>\n

Sure. So Vivek, let me talk about capex first. The capex is essentially focused on premium formats, liquids across Home Care, Personal Care, and Beauty. So it’s really that’s where we have invested. So it’s a INR2,000 crore capital investment that we’re making towards growth of these formats, which is in line with our strategy and our big bets that we have shared. So that’s sort of to give you a color on the capital investment.<\/p>\n

The second thing is on quick commerce. So essentially, our quick commerce organization has been recreated, which is working well for us, as you can see, to focus on driving our capability building for what is right for that channel. So it is focused on both the demand generation side in terms of how we market, availability, supply, technology and really the end-to-end go-to-market and ensuring that we are able to build our capability to serve quick commerce. Very different from how we will serve general trade and as equally as important or more important in terms of scale and size, but really ensuring that we build the right capabilities for the right channel.<\/p>\n

So it was really doubling down to create new capabilities with quick commerce. This has all bode well for us. We shared last quarter that our availability — customer availability has gone up almost 1,400 basis points, and that’s been a good indication of really putting together the kind of capabilities it takes to win in quick commerce.<\/p>\n

Vivek Maheshwari<\/strong><\/p>\n

Okay. And just a follow-up, if I may. On the Q-com bit, Priya, does that mean if there are — because you will have more dedicated resources. If there is a white space, does that also mean that you would be open to, let’s say, bolt-on small acquisitions wherever white spaces are there?<\/p>\n

Priya Nair<\/strong><\/p>\n

I mean, in line with our strategy, we’ve always maintained we are open to bolt-on acquisitions, Vivek, and that continues.<\/p>\n

Vivek Maheshwari<\/strong><\/p>\n

Perfect. Thank you. Wishing you all the very best.<\/p>\n

Priya Nair<\/strong><\/p>\n

Thank you, Vivek.<\/p>\n

Niranjan Gupta<\/strong><\/p>\n

Thanks, Vivek.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Latika Chopra from J.P. Morgan. Please go ahead.<\/p>\n

Latika Chopra<\/strong><\/p>\n

Hi. Thank you for the opportunity. My first question was on broader topline and market share. Just wanted to quickly clarify if you came across any prebuying from channel partners ahead of anticipated price increases in some of your categories, which you took in March and April. And second bit was we’ve come across reports regarding how smaller players may be finding it difficult to operate amidst supply disruption and raw material availability and, of course, in an associated commodity inflation environment. Are you witnessing any such trends in your core categories, which, in turn, are aiding market share will gain momentum for you in the recent months? So that’s the first question.<\/p>\n

Priya Nair<\/strong><\/p>\n

Yes. Latika, I’ll answer and also ask Niranjan to add. So in terms of prebuying, we did not witness any prebuying from traders in the quarter. So that’s simply the answer to that question. As regards what we are witnessing, whenever there have been challenges and disruptions in volatile times organizations, and we are very — we have a strong position. So let’s take categories in which we have a strong position, like Home Care. We are well positioned because of both our overall financial position. We operate in premium parts of Home Care. We are well positioned because of the scale in which we operate to really navigate volatility.<\/p>\n

So in that sense, are we well positioned to navigate volatility? Absolutely. But we will also double down behind costs, which doesn’t matter to consumers, go behind all the lines of the P&L where consumers are not affected, and ensure that we have a very, very strong discipline. And over the years, we have done this in many, many times of disruption, where we have gone behind sharing of costs that do not matter to consumers. So in that sense, it’s the discipline of the organization combined with the capability and scale of the organization, we believe we are well placed.<\/p>\n

Latika Chopra<\/strong><\/p>\n

Okay.<\/p>\n

Priya Nair<\/strong><\/p>\n

Niranjan, can you please — if you would like to add? Go on, Latika.<\/p>\n

Latika Chopra<\/strong><\/p>\n

Yes. The second question I had was on Personal Care. This vertical has continued to see volume decline. Just wanted to understand how should we think about your confidence in growth returning here. If you could share some more colors on the trends and the initiatives? Thank you.<\/p>\n

Priya Nair<\/strong><\/p>\n

So Latika, overall, Personal Care, for us, let’s break it up. Soaps has been inflationary over — now almost a year, it has been an inflationary commodity, and, therefore, we have taken up prices as has the industry. And we continue to get, therefore, USG growth. Our focus has been on really premiumizing our portfolio. So Dove and Pears are growing strong double digits. In Bodywash, again, not only have we grown strong double digit, we’ve gained almost 400 basis points of share in Bodywash. So it’s now becoming very material for our Personal Care category. And with that, we are moving in the same — where consumers are moving to truly ensure that we premiumize our portfolio. We’re also doubling down behind Lux, which is our core brand in mass. And that’s really sort of the actions we are taking across our Personal Care business. So just to give you a sense. I don’t know, Niranjan, if you’d like to add anything.<\/p>\n

Niranjan Gupta<\/strong><\/p>\n

Absolutely, Priya. So our focus is on driving the premiumization in Personal Care, and we are already seeing double-digit across the premium brands of Personal Care, Bodywash. Our market development, that’s working well, gaining market share there. So that’s the strategy there, and it’s all going well. And of course, we’ll gain increasingly, going forward, the volumes on the core base as well.<\/p>\n

Latika Chopra<\/strong><\/p>\n

Thank you so much.<\/p>\n

Priya Nair<\/strong><\/p>\n

Thanks, Latika.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Arnab Mitra from Goldman Sachs. Please go ahead.<\/p>\n

Arnab Mitra<\/strong><\/p>\n

Hi. Thanks for taking my question. My question was first on Home Care. Now Home Care obviously has the maximum input cost inflation that you will be facing. And if I look at the post-Ukraine FY ’23 year, HUL had taken high double-digit price increases in Home Care almost immediately after the input cost inflation came in. This time, I think from what I heard from Niranjan on TV, the price hikes are a lot more modest. Is there any reason for that in the sense that is the input cost inflation not yet due to that extent as of now? Or is there anything different in the operating environment, like liquid detergents is now there in the category, or any competitive situation why the price hikes are lower this time compared to the past?<\/p>\n

Niranjan Gupta<\/strong><\/p>\n

So Arnab, these are two different situations, actually. When you looked at the previous situation of the increased inflation that happened, that was more structural and, therefore, more longer term in terms of how it was to pan out. And that’s how it panned out. As far as the current situation is concerned, it’s very — it’s not one way street. It’s very volatile. We’ve already seen crude going up to $110, moving down to $85, moving up, moving down. So it’s a very short-term-ish situation as of now, which is not dependent on structural demand or supply issues. It’s based on the geopolitical war issue that’s happening. And that is why we have to be measured in the price increases that we take, and therefore, we are taking in steps.<\/p>\n

Of course, we are also helped by the covers that we have, and therefore, that allows us to ensure that we take modest while ensuring that we have decent focus also on our operating profit growth. So that’s the reason, Arnab, in terms of taking modest price increases. And of course, it’s also backed by the savings program that Priya talked about accelerating. And of course, if it continues to happen, then we will consider more price increases moving forward. But we’ll navigate this space given that it’s not structurally demand\/supply-led.<\/p>\n

Priya Nair<\/strong><\/p>\n

But Arnab, if your question is will we take price if crude inflation continues? Yes. Simply, we will take price because we operate at the premium end of Home Care. And our brands are relatively — we have strong brands. They are relatively low on elasticity. And we will, of course, do it judiciously always between price costs, as we have always done. But if we find that this becomes more structural, we continue to take price. So I think what Niranjan mentioned was the first round of pricing we have taken based on the cost impact that we had for that quarter.<\/p>\n

Arnab Mitra<\/strong><\/p>\n

Sure. Thanks. That’s helpful. And my second question is also on Home Care that in this inflationary environment, what is your experience normally in terms of how the volume growth behaves in the category of premiumization? Does it get affected in the category? And are you able to typically gain share from local or regional players in this environment? So any color on how you think the topline, the volume and the mix, and the market share could be in this environment?<\/p>\n

Priya Nair<\/strong><\/p>\n

Yes. I think I mentioned it, but maybe I’ll just explain how we see that. The first is that, overall, in these moments, the strength of our portfolio that spans across the pyramid, right from Wheel at the bottom to Surf liquid fabric conditioners at the top, sort of helps us navigate the volatility. The second is the strength of our brands and the fact that we have pricing power in these categories versus other players. And the third is that our financial operating sort of agility, which allows us to navigate this volatility, puts us, as we believe, in a very strong place to navigate the times we’re in.<\/p>\n

Arnab Mitra<\/strong><\/p>\n

Sure. Thanks. That’s it from my side.<\/p>\n

Priya Nair<\/strong><\/p>\n

Thanks, Arnab.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Avi Mehta from Macquarie Group. Please go ahead.<\/p>\n

Avi Mehta<\/strong><\/p>\n

Yes, hi. I just had one clarificatory question, which was on if you could give us some details on what has weighed on the mass skin care segment? And any actions that you’ve taken which could help offset these pressures?<\/p>\n

Priya Nair<\/strong><\/p>\n

Yes. I think first, I want to put color on totally on our Beauty & Wellbeing business. Our Beauty & Wellbeing business grew USG at 8%. Remember that the USG does not include, at this point, Minimalist, which lies at the revenue line, not yet in the USG line. And underlying level our overall Beauty & Wellbeing business will be growing double digits. And therefore, that’s how you should have — the revenue growth will be close to double digits. So that’s how you need to see our overall Beauty & Wellbeing business.<\/p>\n

Within that, in skin care, as you’re asking, the skin care market is premiumizing, and we are seeing now very strong double-digit growth and market share gains in our premium skin care portfolio across formats, whether it’s sun care, light moisturizers, facial cleansers. We are now seeing very strong momentum there. Our premium skin beauty portfolio is now operating between Minimalist, Simple, OZiva, and Nexxus at an ARR of close to INR1,400 crores. And therefore, this augurs well as it gets larger in terms of size. So that’s really how we are driving the portfolio.<\/p>\n

Within the mass skin care portfolio, it was subdued both on Glow & Lovely and especially on talcum powders because talcum powders in March quarter, given the seasonality, had a very weak quarter. So we will look as we go into this quarter how that fares. But our focus is really on driving this upgrading premiumization, which is now getting to scale in our business.<\/p>\n

Avi Mehta<\/strong><\/p>\n

So Priya, if I may, just to read, and correct me if my understanding is wrong, but what you’re saying is that the industry structure demands that we focus more on the premium end. That is why it’s a natural — some of it is natural, some of it is seasonal, this whole change that we are witnessing in this Skin Care segment of Beauty. Is that a right understanding? Or I would be inaccurate?<\/p>\n

Priya Nair<\/strong><\/p>\n

Yes. I mean that’s absolutely right. That’s how consumers — the way consumers are behaving in the category is consumers add more products to their skin care regime. And therefore, by nature, that’s what happens in skin care; the market tends to grow through addition of new formats, new benefits, and that’s really where our focus is, in line with how consumers are moving.<\/p>\n

Avi Mehta<\/strong><\/p>\n

Got it. That clarifies. That’s all from my side. Thank you very much for this.<\/p>\n

Priya Nair<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Mihir Shah from Nomura. Please go ahead.<\/p>\n

Mihir Shah<\/strong><\/p>\n

Hi. Thank you for taking my question. Congrats on a great set of numbers. Firstly, just on clarification, if this 8% to 10% cost inflation that you’re witnessing, is there any low-cost inventory in that? And if one is to strip that out, what is the kind of cost inflation that you’re seeing here?<\/p>\n

Niranjan Gupta<\/strong><\/p>\n

I don’t — I’m not sure I got the question. I think this is the 8% to 10% cost inflation is on our material cost, accounting for our normal covers that we have. So that’s the cost inflation that we see, and that’s the way we see. Of course, there may be players who may be facing more than that depending on how efficient or non-efficient their buyings are on the market. But we do have an efficient procurement system, based on which we are seeing 8% to 10% material cost increase, yes.<\/p>\n

Mihir Shah<\/strong><\/p>\n

Got it. No, I was asking basically in this 8% to 10%, do you also have certain cost inventory that you had bought earlier, and that is why the cost inflation seems to be lower versus the kind of prices that we see in our RM baskets? So that was the question.<\/p>\n

Niranjan Gupta<\/strong><\/p>\n

So we are operating with normal covers.<\/p>\n

Mihir Shah<\/strong><\/p>\n

Understood. Secondly, if you can throw some insights on the steps that you’ve taken when you say you’ve rewired go-to-market capabilities, is this confined to only quick commerce or — and all these steps are now behind? And if so, which are the categories that have seen the most change and the benefit due to this?<\/p>\n

Priya Nair<\/strong><\/p>\n

Yes. Our steps in terms of rewiring our GTM and not just in quick commerce but across the channels. So one of the areas we have invested in in the quarter and we’ll continue to drive this investment is in GT specialist stores. So these are open-format stores, chemist and cosmetic stores, where we are investing to create a specialized force and drive up our assortment. So our investments are not just in quick commerce, which we’ve invested, but also in general trade. And we continue to invest, of course, in modern trade, where we have a strong business. So it’s across the channel. So it’s really this omnichannel portfolio. And frankly, it’s reflecting across our business. So I don’t want to say it’s affecting one category more than the other, which is why you’ve seen a more holistic result across our segments.<\/p>\n

Mihir Shah<\/strong><\/p>\n

Understood. And lastly, if I can just put in one more. If one has to simply split into two buckets, core and growth, can you share what is the saliency of our growth portfolio and the growth rate that it is growing at?<\/p>\n

Priya Nair<\/strong><\/p>\n

I’m not clear. You’ll have to explain again what you mean.<\/p>\n

Mihir Shah<\/strong><\/p>\n

So Priya, I mean, so there are certain categories and brands that have been growing closer to 20%, 30% plus growth rate. I just wanted to understand if you can split the future growth categories or power spender — if you accumulate that into one bucket, what is the kind of contribution it gives to the overall sales? And what is the kind of growth rate that it is growing at — aggregating at?<\/p>\n

Priya Nair<\/strong><\/p>\n

Honestly, we don’t split our business in this fashion. It’s very difficult for me to answer this question. So I will not be able to split for you a business like that. We look at it as the — and we’ve given some color to it as we’ve gone. So for example, in soaps, we’ve explained to you that our brands like Dove and Pears are growing double digit. These are our key premium brands, or in Bodywashes, we are growing double digit. But I don’t want to put a color to number. We don’t split our business in that fashion.<\/p>\n

Mihir Shah<\/strong><\/p>\n

Understood. No, I thought you mentioned INR1,200 crores in Beauty & Wellbeing.<\/p>\n

Priya Nair<\/strong><\/p>\n

Beauty & Wellbeing.<\/p>\n

Mihir Shah<\/strong><\/p>\n

Correct. So if I aggregate for all the other segments, like how you have put INR1,200 crores for Beauty & Wellbeing, I was probably hoping to get a mix from there. But no problem. I’ll probably take this off-line later on. Thank you and…<\/p>\n

Priya Nair<\/strong><\/p>\n

Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Amit Sachdeva from UBS Securities. Please go ahead.<\/p>\n

Amit Sachdeva<\/strong><\/p>\n

Yes. Hi. Thank you so much for taking my question. My first question, Priya, is on Beauty & Wellbeing growth rate. Clearly, I see that mass is dragging the growth rate of skin care, which is led by premium, which is going very well. But mass is a given, which is a very large category for us. So in that sense, it needs to be crowded out by newer brands. And so the pace of crowding out this very resilient but low-growing portfolio or no-growing portfolio seems to be still lacking. So do you need to aggressively build more brands or benefit spaces there? Is the pace you’re comfortable with? Or you need to bridge both portfolio gaps? But this is like, despite trying several alternatives last year as well, this does not work. So how this overall portfolio could grow in double digits? Given QC is there, so many barriers to entries are broken, and there’s a new opportunity, how we should think about this business growing into double digits?<\/p>\n

Priya Nair<\/strong><\/p>\n

The biggest opportunity for us in skin care is to democratize formats that are today very niche at the top end of the portfolio. So if you take, for example, sunscreen, you take light moisturizer, you take even face washes, the penetration of these categories is still low. So our opportunity, and that is what we are focusing, so it’s not just about more brands. It’s about driving and democratizing at scale, which only HUL can do given our scale and size, these formats are across the length and breadth of the country.<\/p>\n

So I’ll give you an example of that to bring it to life. We’ve launched Lakme Sun Gel in the quarter. It’s at a INR10 price point for a sun gel. That certainly democratizes. It’s a 2% penetration format to give you a sense of how low the penetration is. For all the new brands that we talk about, the penetration of sunscreen is 2%. So the real opportunity to educate India on what is required in skin care. The first format in a hot country like India is sunscreen, and sun protection is required, and therefore, educating and making them it accessible. So it’s not just about access, it’s about educating about the needs of sunscreens. And that’s really how we would democratize the format. And we are doing this with Lakme, and we will do this with us by other brands, Pond’s.<\/p>\n

So really how we democratize this kind of format? So that’s how we should think about it. So is there a role for premium brands? Sure, and that’s why we’ve built Minimalist and Simple. Simple is now at an ARR of INR160 crores. So that’s how we are building our portfolio at the top. But it’s also, in addition to that, the way to think about skin care, and what HUL can do given our scale and size in skin care, is to democratize our new formats at scale.<\/p>\n

We have launched now across Vaseline, Pond’s, light moisturizers, and these are what we are scaling up and really deseasonalizing the moisturization category, which is currently very much a winter category, into across the seasons of the country. So just think about it in that fashion. I can go on and on. I can talk about this for half an hour. But it is — like, let’s take, Vaseline. We’ve launched Vaseline Gluta-Hya, which is a format which is designed for an Indian humid, hot kind of condition versus heavy moisturizer, and then we democratize it with pack price architecture. So that’s why we should think of how the Skin Care category will grow. It’s not just all about new brands, but it is certainly about many new formats, segments that will emerge in Skin Care. And that’s the nature of the Skin Care category all over the world.<\/p>\n

Amit Sachdeva<\/strong><\/p>\n

Got it. Yes, that was very helpful. Just if I may, just a small follow-up here on BPC is that what is the Minimalist revenue sizes? And I didn’t see the mention of cosmetics growth this quarter. What was that?<\/p>\n

Priya Nair<\/strong><\/p>\n

So our overall revenue size of Minimalist is about INR850 crores ARR. So that’s about the revenue size of Minimalist. It’s performed extremely well for us.<\/p>\n

Amit Sachdeva<\/strong><\/p>\n

Sure. And what was the cosmetics growth for the quarter?<\/p>\n

Priya Nair<\/strong><\/p>\n

We don’t break down the growth of all our subcategories.<\/p>\n

Amit Sachdeva<\/strong><\/p>\n

Got it. And my second question, Priya, is on pricing environment. Given the pricing is very volatile and given Niranjan said that you are judicially taking a view on that, but we are also coming out of the negative pricing which you saw in Home Care. And I assume that that continues to sort of benefit you in some way. How we should think about FY ’27? I just want broad-based thoughts on that because should we look at like pricing could be 4% to 5% for the full year, given where the environment is? Or could it be still low single digits like we saw in last couple of quarters?<\/p>\n

How one should — I would think that incrementally pricing environment become more conducive for you and probably competitively as well. If you can sort of give some guidance on overall pricing, one should think about for the full year next year.<\/p>\n

Niranjan Gupta<\/strong><\/p>\n

Let me pick this up. So you are right. I mean, the negative UPG is aniversarizing as we speak on Home Care, and because of the cost inflation, there’s a pricing which is coming in. There would be some balancing of volume and price as well as we move forward, although the elasticities in our categories is low. And we have to navigate this. What cost inflation you are seeing is as of now as we speak because these are not structural cost inflation based on demand and supply. So I think we’ll have to navigate this space, very difficult to give out A number or a B number for the full year. All we can say is that on the topline, we are confident of fiscal year ’27 to be better than fiscal year ’26 despite all the volatility that we are seeing in the market.<\/p>\n

Priya Nair<\/strong><\/p>\n

And I think the only thing we can control is our performance. We can’t control the volatility of the environment. And our focus is — we believe we are making the fundamental corrections that we need to do to accelerate our performance, which is why we’ve coded, as Niranjan was saying, that FY ’27 will be better than FY ’26. And we remain confident about that. And in a volatile environment, we remain confident about our ability to navigate. But we will always be judicious about how to navigate this.<\/p>\n

Amit Sachdeva<\/strong><\/p>\n

Great. Thanks so much and all the best. Thanks a lot.<\/p>\n

Niranjan Gupta<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Aditya Soman from CLSA India. Please go ahead.<\/p>\n

Aditya Soman<\/strong><\/p>\n

Hi. Thanks for the opportunity. So three questions. I mean, two questions and a clarification. So firstly, was there any restocking effect in the quarter, given that we had some destocking and channel effects in the previous quarter?<\/p>\n

Second question, on tea, we’ve seen, sort of on a relatively weak base again, softer volume growth. Is there anything specific in this quarter that impacted tea growth, given that now input costs also seem to be under control?<\/p>\n

And just a clarification on what you mentioned on the sort of 400 basis points market share gain in body wash. Is this based on Nielsen data? Or does it include sort of broader data on market share on quick commerce and the like and so on?<\/p>\n

Niranjan Gupta<\/strong><\/p>\n

So as far as restocking is concerned, we actually had alluded to that. There’s been no restocking as far as our March quarter is concerned. So we have the underlying sales, as you see. On tea, there’s no specific reason for this one. I mean, more importantly, it’s more around the deflation year-on-year that you see on pricing, which has impacted the sales growth as far as fee is concerned. But there’s no fundamental reason for tea volumes. And the third, which is the market share, which is body wash, yes, it’s based on Nielsen data. But we also know from overall that across all the channels, we are able to grow body wash faster. And there’s a specific focus on market development as far as body wash is concerned.<\/p>\n

Aditya Soman<\/strong><\/p>\n

No, thanks. Very clear. And just on tea, so the volume growth is low single digit, right, that’s the number you sort of…<\/p>\n

Niranjan Gupta<\/strong><\/p>\n

Yes. That’s true. That’s true. Within that, the premium brands have grown faster.<\/p>\n

Aditya Soman<\/strong><\/p>\n

Okay.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Nihal Jham from HSBC. Please go ahead.<\/p>\n

Nihal Jham<\/strong><\/p>\n

Yes, good evening, Priya and Niranjan. Two questions. Niranjan, the first one is a clarification, that if we assume the current spot prices of commodities, what would be the inflation for us at present?<\/p>\n

Niranjan Gupta<\/strong><\/p>\n

It’s really very speculative to take the current spot because the current spot, what is today, may not be tomorrow because I have seen the last 30 days, the way it moves. So I don’t think by doing those calculations one actually can get led to a wrong decision-making. So what we are doing is we are watching the space and not reacting to any major current spot prices. As we said, when we have looked at the balance of the cost elements that are coming in the June quarter, we are seeing 8% to 10% cost inflation on our overall material basket for HUL.<\/p>\n

Nihal Jham<\/strong><\/p>\n

Sure, Niranjan. Niranjan, the second question was again on the Home Care part that we look at the earlier inflation cycle. And at that point in time, you’re taking price hikes commensurate to the point where margins have also been maintained. So in line of the current competitive intensity, in case we end up taking hikes, is it the case that the current environment gives us the opportunity of maintaining margins? Or maybe the environment in terms of competitive intensity is different than maybe the other competition doesn’t end up following our price hikes. Just wanted to understand your thoughts on that.<\/p>\n

Priya Nair<\/strong><\/p>\n

Listen, our number one priority will be to be competitive, very simply. We cannot predict what our competition does. But this is — it will be our number one priority to stay competitive. We believe that we have enough flex between the guided range that we have given to ensure that if the challenges continue in terms of inflation, we might well be at the lower end of the guided range, and that’s how this quarter will be. The range guidance that we gave is for the medium term and not necessarily just for the next quarter, and that’s the way for you to think about it is that guidance is a full year medium-term guidance. And listen, if the volatility continues up priority, and I want to make that clear, will be to protect our competitiveness and our consumer franchise and to strengthen our consumer franchise and, in that sense, drive profit through revenue accretion.<\/p>\n

Nihal Jham<\/strong><\/p>\n

Got it. Priya, just a clarification where I was coming from is that in that case, the EBIT or the EBITDA growth for the Home Care segment was actually very strong. So is there a possibility that this time around, the inflation cycle actually ends up benefiting us?<\/p>\n

Priya Nair<\/strong><\/p>\n

I think, Nihal, we have a portfolio that is across four segments. So we use the total segment — across our four segments, we will navigate. And that creates a natural sort of ability to manage the environment because of the strength of our portfolio. Across our four segments, across our categories, that’s how we will look at it as totally the enterprise.<\/p>\n

Nihal Jham<\/strong><\/p>\n

Understood. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much. Ladies and gentlemen, I’ll now hand the conference over to Mr. Yogesh Mulgaonkar to take questions from the web. Over to you, sir.<\/p>\n

Yogesh Mulgaonkar<\/strong><\/p>\n

Yes, in the web, there’s one question for you, Priya. It says Unilever globally is moving away from foods, yet HUL is doubling down on Horlicks, Boost, and Coffee. How aligned is HUL’s full strategy with the global direction? And do we read more in this?<\/p>\n

Priya Nair<\/strong><\/p>\n

Yes. I think the HUL Foods business is very distinctly different from the Unilever Foods business. Our business of HUL is firstly Beverage business and Tea and Coffee, a Lifestyle Nutrition business. And in Foods, Kissan is our large brand, a very different local brand, very well entrenched in the segments in which it operates. And as you know, we have launched into chutneys and extended the brand recently. So therefore, that, combined with the opportunity that exists in India and Foods, is the reason why Foods is outside the perimeter of the Unilever transaction that we’ve done. And Foods continues to be a very important area and focus of strategy for HUL.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much. With this, I now hand the conference over to Mr. Yogesh Mulgaonkar for closing comments.<\/p>\n

Yogesh Mulgaonkar<\/strong><\/p>\n

Yes. With that, we now come to the end of the Q&A session. Before we end, let me remind you the playback of this event will be available on the Investor Relations section of our website in a short while. Thank you, everyone, for the participation, and have a great evening.<\/p>\n

Operator<\/strong><\/p>\n

[Operator Closing Remarks]<\/p>\n","protected":false},"excerpt":{"rendered":"

Hindustan Unilever Ltd (NSE: HINDUNILVR) Q4 2026 Earnings Call dated Apr. 30, 2026 Corporate Participants: Yogesh Mulgaonkar \u2014 Head of Investor Relations and Head of Finance Priya Nair \u2014 Chief Executive Officer and Managing Director Niranjan Gupta \u2014 Chief Financial Officer Analysts: Manoj Menon \u2014 Analyst Abneesh Roy \u2014 Analyst Vivek Maheshwari \u2014 Analyst Latika […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10270,10089],"class_list":["post-182158","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-hindunilvr","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":128671,"url":"https:\/\/alphastreet.com\/india\/hindustan-unilever-ltd-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":182158,"position":0},"title":"Hindustan Unilever Ltd Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"April 28, 2022","format":false,"excerpt":"https:\/\/youtu.be\/SwNF7m1fYG4 Key highlights from Hindustan Unilever Ltd (HINDUNILVR) Q4 FY22 Earnings Concall Management Update: HINDUNILVR reported that the company crossed the INR50,000 crore turnover mark in FY22. 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