Hindustan Unilever Limited announced its results for the quarter ended 30th September 2025.
HUL reported a consolidated Underlying Sales Growth[a] (USG) of 2% and a flat Underlying Volume Growth[b] (UVG) in SQ’25. Performance for the quarter reflected a transitory impact of GST changes and prolonged monsoon conditions in parts of the country. EBITDA margin at 23.2% was lower by 90 bps year-on-year amidst higher investments in the business. Profit After Tax before exceptional items (PAT bei) declined by 4%. However, Profit After Tax grew by 4% primarily driven by one-off positive impact pursuant to resolution of prior years’ tax matters between UK and Indian tax authorities.
Home Care: Sustained competitive, volume-led performance on a strong base
Home Care delivered mid-single digit UVG offset by price reductions taken in previous quarters, resulting in a flat USG. Fabric Wash grew volumes in mid-single digit driven by strong double-digit volume growth in liquids, underpinned by successful innovations and competitive pricing actions. Household Care delivered double-digit UVG led by dishwash liquid. During the quarter, Comfort Perfume Deluxe, a premium fabric conditioner range inspired by award-winning fragrances, was launched, featuring a unique perfume-first formulation that delivers a sophisticated fragrance experience for clothes.
Beauty & Wellbeing: Robust Skin Care and Health & Wellbeing growth partially offset by GST-led moderation in Hair Care
Beauty & Wellbeing delivered 5% USG driven by Skin Care and Health & Wellbeing. Hair Care continued to strengthen its market leadership in the quarter. However, turnover declined year-on-year due to transitory impact of GST rate rationalisation. Skin Care, including Colour Cosmetics, grew in high-single digit driven by continued momentum in Future Core and Market Makers portfolio, and a well-executed winter loading ahead of the season. Channels of the Future maintained its competitive, double-digit growth trajectory. Health & Wellbeing sustained strong momentum, led by OZiva’s triple-digit growth. During the quarter, Pond’s Hydra Miracle Ultralight Biome moisturiser, offering advanced hydration and microbiome benefits, Vaseline Cloud Soft, specially formulated for Indian facial skin, and OZiva Phyto Ceramides + Collagen Builder, a science-backed ingestible skincare supplement that helps restore skin barrier and boost collagen, were launched.
Personal Care: Turnover growth was flat, impacted by GST changes, while competitive position strengthened
Personal Care turnover growth was flat, impacted by GST rate transition in the quarter. Skin Cleansing delivered competitive performance underpinned by double-digit growth in premium soaps. Bodywash continued to strengthen its competitive position. Oral Care witnessed a marginal decline, while Closeup delivered low-single digit growth. Premiumisation remained a key focus this quarter, marked by the re-launch of Pears, with refreshed packaging and proposition, and expansion of the Lux International soap range.
Foods: Double-digit growth in Beverages supported overall performance amid softness in Ice Cream and Lifestyle Nutrition
Foods delivered 3% USG with low-single digit UVG. Beverages (Tea and Coffee) grew in double-digits. Tea saw high-single digit growth driven by a healthy mix of price and volume. Coffee sustained its strong double-digit growth momentum. Early green shoots were observed through sustained UVG in Lifestyle Nutrition. However, turnover declined, driven by pricing actions taken in previous quarters to refine pack-price architecture. Packaged Foods delivered a subdued performance amid GST transition. Market Makers continued its robust growth momentum. Ice Cream turnover declined year-on-year on account of prolonged monsoons in parts of the country and GST transition. The quarter saw the launch of Horlicks PRO Fitness, a science-backed meal replacement solution and BRU Gold Edition for a premium coffee experience for consumers.
Interim dividend: The Board of Directors declared an interim dividend of INR 19/- per share for year ending 31st March 2026.
Priya Nair, CEO and Managing Director, commented:
“We delivered a competitive performance with an Underlying Sales Growth of 2% and an EBITDA margin of 23.2% in the quarter. The latest GST reforms are a positive step by the Government to drive consumption, expected to increase disposable income and improve consumer sentiment. However, the quarter saw a transitory impact as the market adjusted to these changes. We anticipate normal trading conditions starting early November, once prices stabilise, paving the way for a gradual and sustained market recovery.
Looking ahead, we are determined to accelerate our portfolio transformation by radically sharpening our consumer segmentation, being bolder in transforming our core brands to make them more modern, desirable and youthful, future-proofing our marketing & sales capabilities by enabling superior online brand discovery & fulfillment and investing disproportionately to scale our high-growth demand spaces. We believe these key priorities, coupled with a supportive macroeconomic environment, will position us to accelerate volume-led growth in the mid-to-long term.”