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livemint.com / 2 weeks ago
livemint.com / 2 weeks ago
Can HUL’s price hikes offset looming margin pressure?
Subscribe to enjoy similar stories.Hindustan Unilever Ltd (HUL) ended FY26 on a good note, clocking an underlying volume growth of 6% for the three months through March (Q4FY26), a multi-quarter high, supported by steady demand across both rural and urban markets. The improvement is notable, with volume growth rising from 4% in Q3 after a muted Q2, when volumes were broadly flat. The company expects FY27 to be stronger than FY26, driven by portfolio shifts and channel transformation.The durability of this recovery, however, will be tested in the coming quarters.
The forecast of a weak monsoon amid an emerging El Niño is a risk, and the company's decision to raise prices by 2-5% to offset cost pressures may weigh on volume growth. The operating environment in the last quarter was also marked by higher crude and crude-linked input costs amid the conflict in West Asia.Against this backdrop, investors are likely to focus on margin resilience. HUL, India's largest fast moving consumer goods (FMCG) company, expects consolidated Ebitda margin to remain within its guided range of 22.5–23.5%.
It sees judicious balancing of pricing, savings, and media investments, neutralizing short-term impacts from the West Asia situation. Ebitda is earnings before interest, tax, depreciation and amortization. HUL’s Ebitda margin in FY26 came in at 23.4% versus nearly 24% in FY25.“Higher prices of crude-based commodities with palm oil remaining inflationary despite lower-priced tea and robusta coffee could impact margins in Q1FY27,” said analysts from Nomura Financial Advisory and Securities (India) in a 29 April report.
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