FMCG · NSE: HINDUNILVR
Hindustan Unilever
Q2 FY27 earnings call · Guided by management
Call held 28 Oct 2026 · Read the filing on NSEFiling
- M.Cap
- ₹4,63,809Cr₹4.64L Cr
- P/E
- 43.8×
- 1Y return
- −18.58%
- From 52W high
- −20.7%
Highlights are read by AI from the company's filing and can contain mistakes. Check the source page linked to each line.
Share price
Results Q2 FY27, as filed · consolidated · ₹ Cr
| Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ | |
|---|---|---|---|---|---|
| Revenue | 18,226 | 16,241 | +12.2% | 17,341 | +5.1% |
| EBITDA | 4,089 | 3,729 | +9.7% | 3,947 | +3.6% |
| EBITDA margin | 22.4% | 23.0% | -53 bps | 22.8% | -33 bps |
| One-off items | 2 | 184 | — | -75 | — |
| PBTProfit before tax | 3,814 | 3,573 | +6.7% | 3,632 | +5.0% |
| Net profit | 2,790 | 2,685 | +3.9% | 2,673 | +4.4% |
| EPS (₹) | 11.87 | 11.43 | +3.8% | 11.38 | +4.3% |
From the company's own results filing on NSE. Net profit is the owners' share. Growth and the dotted lines are worked out from the filed figures.
Guidance
Company expects to grow ahead of the market
Niranjan Gupta · CFO · p. 9
Company expects to grow ahead of the market
“Backed by our ‘Winning In New India’ strategy to drive portfolio and channel transformation, we remain confident of growing ahead of the market.”
In short
- 01Q2 turnover was Rs 18,071 crore with 15% underlying sales growth and 7% underlying volume growth.
- 02PAT before exceptional items grew 9% to Rs 2,795 crore; reported PAT flat due to Rs 273 crore one-off tax gain in the base.
- 03Medium-term EBITDA margin expected within the 22% to 24% range; Q2 EBITDA margin was 22.6%.
- 04Price increases of about 8% were taken only to cover absolute cost; tea costs are covered.
- 05Home Care USG was 22% and Beauty & Wellbeing USG 16%; Personal Care and Foods 9% each.
- 06Home Care A&P cut by almost Rs 250 crore in the quarter; spend raised in other categories.
- 07Rural growth has stepped up sequentially; management will monitor inflation and monsoon impact.
- 08Interim dividend of Rs 19 per share approved for FY27.
Segments
Home Care: Home Care USG 22% with double-digit UVG
Niranjan Gupta · CFO · p. 7
Home Care: Home Care USG 22% with double-digit UVG
“Home Care continued strong performance with USG of 22%, underpinned by double-digit UVG.”
Beauty & Wellbeing: Beauty & Wellbeing USG 16% with double-digit UVG
Niranjan Gupta · CFO · p. 7
Beauty & Wellbeing: Beauty & Wellbeing USG 16% with double-digit UVG
“The segment delivered another quarter of double-digit growth, with USG of 16%, underpinned by double-digit UVG.”
Health & Wellbeing: Health & Wellbeing performance subdued; innovation funnel in place
Niranjan Gupta · CFO · p. 8
Health & Wellbeing: Health & Wellbeing performance subdued; innovation funnel in place
“Health & Wellbeing saw a subdued performance. The category fundamentals remain healthy, and we have a strong innovation funnel in place to drive growth as we move forward.”
Personal Care: Personal Care USG 9%; Skin Cleansing grew double-digit
Niranjan Gupta · CFO · p. 8
Personal Care: Personal Care USG 9%; Skin Cleansing grew double-digit
“This segment delivered Underlying Sales Growth of 9%. Within the segment, Skin Cleansing delivered a double-digit growth.”
Oral Care: Oral Care grew low-single digit; premium innovations grew double-digit
Niranjan Gupta · CFO · p. 8
Oral Care: Oral Care grew low-single digit; premium innovations grew double-digit
“Oral Care reported low-single digit growth in the quarter, but premium innovations delivered double-digit growth,”
Demand
Underlying demand environment resilient, supported by macro indicators
Niranjan Gupta · CFO · p. 9
Underlying demand environment resilient, supported by macro indicators
“The underlying demand environment remains resilient, supported by healthy macro indicators.”
Rural growth increased sequentially; urban and rural both growing
Priya Nair · Chief Executive Officer & Managing Director · Q&A · p. 10
Rural growth increased sequentially; urban and rural both growing
“we have actually seen a sequential increase in our rural growth and our rural demand is on the rise. We see both urban and rural growing at this moment.”
Demand seen holding up; some price-volume rebalancing may happen
Niranjan Gupta · CFO · Q&A · p. 17
Demand seen holding up; some price-volume rebalancing may happen
“But having said that, some part of the rebalancing may happen.”
Rural growth stepping up sequentially over last 4 quarters
Niranjan Gupta · CFO · Q&A · p. 25
Rural growth stepping up sequentially over last 4 quarters
“In fact, we are seeing our own growth coming from rural stepping up in the last 4 quarters sequentially.”
quick commerce: Quick commerce seen as beneficial channel for premium products
Priya Nair · Chief Executive Officer & Managing Director · Q&A · p. 18
quick commerce: Quick commerce seen as beneficial channel for premium products
“So, I think when you look at quick commerce, quick commerce actually is very beneficial because it has created a channel for premium products targeted to affluent consumers.”
Margins and costs
Price increases taken only to cover the absolute impact of higher costs
Niranjan Gupta · CFO · p. 6
Price increases taken only to cover the absolute impact of higher costs
“We took calibrated price increases only to cover the absolute impact of the higher cost. This helped us to protect our consumer franchise, sustain healthy volumes and strengthen market position.”
8% price growth alongside 7% UVG in the quarter
Niranjan Gupta · CFO · Q&A · p. 10
8% price growth alongside 7% UVG in the quarter
“So, in spite of 8% price growth that we had, we still delivered a 7% UVG, and that's helped us deliver not just the top line, but absolute profit growth as well.”
Inflation like June and September quarters seen as unlikely ahead; price rises to be calibrated
Niranjan Gupta · CFO · Q&A · p. 11
Inflation like June and September quarters seen as unlikely ahead; price rises to be calibrated
“So, as we move forward, then the significant inflation that JQ and SQ faced, unlikely that you will have that kind of inflation moving forward. But we will continue to take calibrated price increases in measured steps, following the same strategy.”
EBITDA margin dropped 40 bps sequentially
Niranjan Gupta · CFO · Q&A · p. 11
EBITDA margin dropped 40 bps sequentially
“If you look at sequentially, the margin has dropped by just 40 basis points on EBITDA Margin level.”
Tea: Management says price increases have covered costs, including in tea
Priya Nair · Chief Executive Officer & Managing Director · Q&A · p. 12
Tea: Management says price increases have covered costs, including in tea
“Tea, the inflation has been more in recency, and we have taken much of the pricing that we need to in tea as well.”
Acquisitions and new business
Lifestyle Nutrition: Horlicks Protein Powder launched, entering protein segment
Priya Nair · Chief Executive Officer & Managing Director · p. 5
Lifestyle Nutrition: Horlicks Protein Powder launched, entering protein segment
“During the quarter, we extended Horlicks into the fast-growing protein segment with the launch of Horlicks Protein Powder.”
Dividends and buybacks
Interim dividend of Rs 19 per share approved for FY27
Priya Nair · Chief Executive Officer & Managing Director · p. 4
Interim dividend of Rs 19 per share approved for FY27
“The Board approved an interim dividend of Rs. 19 per share for the financial year ending 31st March 2027.”
One-offs
Reported PAT flat year-on-year due to Rs 273 crore one-off tax gains in base period
Niranjan Gupta · CFO · p. 6
Reported PAT flat year-on-year due to Rs 273 crore one-off tax gains in base period
“Reported PAT remained same as last year due to one-off tax-related gains of Rs. 273 crores in the base period.”
Risks
Commodity inflation expected to remain elevated
Niranjan Gupta · CFO · p. 9
Commodity inflation expected to remain elevated
“Commodity inflation is expected to remain elevated.”
Inflation and monsoon impact on crops to be monitored
Niranjan Gupta · CFO · Q&A · p. 25
Inflation and monsoon impact on crops to be monitored
“Yes, we may need to continue to monitor a couple of developments, which is on the inflation side and on the monsoon-led impact on the crop.”
Other
Q2 turnover Rs 18,071 crore with 15% underlying sales growth, highest in 14 quarters
Priya Nair · Chief Executive Officer & Managing Director · p. 4
Q2 turnover Rs 18,071 crore with 15% underlying sales growth, highest in 14 quarters
“we delivered a Turnover of Rs. 18,071 crores with a 15% Underlying Sales Growth, our highest in the last 14 quarters.”
Q2 underlying volume growth at 7%
Priya Nair · Chief Executive Officer & Managing Director · p. 4
Q2 underlying volume growth at 7%
“Underlying Volume Growth remained strong at 7%, underpinned by disciplined execution and ongoing portfolio transformation.”
Q2 PAT before exceptional items up 9% to Rs 2,795 crore
Niranjan Gupta · CFO · p. 6
Q2 PAT before exceptional items up 9% to Rs 2,795 crore
“PAT before exceptional item grew 9% to Rs. 2,795 crores.”
H1 turnover Rs 35,255 crore with 12% USG and 6% UVG
Priya Nair · Chief Executive Officer & Managing Director · p. 4
H1 turnover Rs 35,255 crore with 12% USG and 6% UVG
“Looking at the first half as a whole, Turnover reached Rs. 35,255 crores with 12% Underlying Sales Growth and 6% Underlying Volume Growth.”
general trade: 30,000 general trade outlets added in the quarter
Priya Nair · Chief Executive Officer & Managing Director · p. 5
general trade: 30,000 general trade outlets added in the quarter
“In general trade, we expanded our coverage by adding 30,000 outlets this quarter while delivering healthy double-digit assortment growth.”
Sources
- Earnings call transcript, Q2 FY27 Filed 4 Nov 2026 · 26 pages
Management's own statements, quoted from its NSE filings. This page was read by AI and can contain mistakes: check the source pages before relying on any figure. No forecast or opinion of ours. Not investment advice.