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Hind. Unilever

Q2 FY26

Hind. Unilever Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹1,894

Market cap₹4.4L Cr

P/E40.4

Updated16 Oct 2026

Read4 min read

The short version

Expectation of competitive volume growth in the second half of the financial year, better than the first half (Page 33). HUL expects a better growth performance in the second half of FY26 compared to the first half, driven by improving macroeconomic factors including GST reforms, monetary easing, and corrected inflation.

From Hind. Unilever's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

Expectation of competitive volume growth in the second half of the financial year, better than the first half (Page 33).
Focus on accelerating performance led by volume-led revenue growth with sharp priorities in segmentation, brand desirability, marketing, and portfolio reshaping to drive growth (Pages 6-7, 33).
Significant headroom for growth in categories like Lifestyle Nutrition, Skin Care, Sun Care, with many subcategories having single-digit penetration (Page 40).
Long runway for growth driven by premiumization and market development in both urban and rural India (Pages 14, 40).
E-commerce and quick commerce are growing rapidly; e-com currently ~8% of sales and expected to grow with focused investments (Page 39-42).

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Profitability & Margins

HUL expects a better growth performance in the second half of FY26 compared to the first half, driven by improving macroeconomic factors including GST reforms, monetary easing, and corrected inflation.
Focus remains on competitive, volume-led revenue growth, with an emphasis on premiumization and innovation.
Management targets a stable EBITDA margin range of 22-23% (ex-Ice Cream business), with a margin uplift of 50-60 bps post Ice Cream demerger effective December 2025.
EPS (Profit After Tax) grew 4% year-on-year despite a 4% decline in Profit After Tax before exceptional items, reflecting one-off tax benefits.
Continued investments in A&P and business capabilities are planned to sustain growth; any trade-off between growth and margins will be managed proactively.

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Capital Expenditure Plans

The earnings call transcript for Hindustan Unilever Limited (HUL) in September Quarter 2025 does not explicitly mention specific current or future capex/capital investments or strategic investments. However, there are indications of investment focus and strategic priorities: - Continued investment in digital and e-commerce capabilities, including a dedicated in-house system "Sangam" for efficient media allocation to support digital spend (over 50% digital investment currently). - Focus on investments to drive growth, portfolio transformation, and innovation in product segments. - Disproportionate investment in scaling high-growth demand spaces and market development, particularly in developing e-commerce, quick commerce (q-commerce), and specialist retail channels. - Investment in premiumization and modernizing core brands as part of the growth agenda.

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Fundraising & Capital Structure

The earnings call transcript does not mention any current or planned fundraising through debt or equity.
There is no discussion of raising capital via new debt issuance or equity offerings.
Focus areas are on growth through internal investments, portfolio modernization, digital marketing, and market development.

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Order Book & Pipeline

The provided transcript from Hindustan Unilever Limited's September Quarter 2025 earnings call does not explicitly mention details regarding the current or expected order book or pending orders. However, some related insights can be inferred: - There was a short-term impact on sales during the quarter due to trade channel disruptions caused by GST reforms, such as clearing old inventory and postponement of orders. - Consumers delayed pantry replenishment anticipating lower shelf prices, affecting immediate order volumes. - The company emphasized competitive growth and market share gains despite these short-term challenges.

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Hind. Unilever — Quarterly revenue & net profit

Revenue Net profit

Dec 2024Q3 FY25

Mar 2025Q4 FY25

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹16.4K Cr, net profit ₹3.0K Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Hind. Unilever's management said in earlier quarters

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Frequently Asked Questions

What were Hind. Unilever Q2 FY26 results?

Expectation of competitive volume growth in the second half of the financial year, better than the first half (Page 33). HUL expects a better growth performance in the second half of FY26 compared to the first half, driven by improving macroeconomic factors including GST reforms, monetary easing, and corrected inflation.

What is Hind. Unilever share price analysis?

Hind. Unilever currently shows a neutral. The stock trades at a P/E of 40.4 with a market cap of ₹444,966 Cr. Investors should review the full earnings analysis for detailed insights.

Is Hind. Unilever planning capital expenditure?

The earnings call transcript for Hindustan Unilever Limited (HUL) in September Quarter 2025 does not explicitly mention specific current or future capex/capital investments or strategic investments.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.