Catalyst Preview: What‘s Ahead?

研报英文原文证据摘录

Catalyst Preview: What‘s Ahead?

IdeaCatalystMEvent Preview

Company / Catalyst Date Importance Surprise

Hindustan Unilever Ltd HLL.NS

Incremental pricing actions and revenue

3Q26 High Modest upside surprise

growth

Takeaways:

• HUL's two key raw materials, crude and palm oil, which cumulatively account for ~60% of total raw

materials, are inflationary.

• So far, HUL has initiated price hikes of 2-5% across its portfolio, as it was expecting 8-10% cost

inflation in 1QF27 (as indicated during the 4QF26 earnings call).

• In 4QF26, HUL's USG grew 7% (5% in 3Q), with volume growth of 6% (4% in 3Q) and price/mix of 1%.

• With the 2-5% price hikes already initiated, topline growth in 1QF27 should be closer to double-digit

(after 12 qtrs of single digit growth).

• Any incremental price hikes will support near-term topline growth and augur well for stock

performance.

Godrej Consumer Products Limited GOCP.NS

1QF27 EBITDA margin 3Q26 High In-line

• Given inflationary pressures from crude and palm oil, we believe EBITDA margins could be weak in the

near term.

• The company has indicated that it expects 7-9% cost impact and has initiated price hikes in April to the

extent of 4-5% in soaps and HI, and 6-7% in detergents.

• Despite the price hikes, we expect EBITDA margins to be lower vs ~22% reported in the past two

quarters. To note, the EBITDA margins in the base quarters in 1HF26 were low at ~19.1%.

Tata Consumer Products Ltd TACN.NS

Price hikes and revenue growth 3Q26 High In-line

• We note a Rs2/kg price increase has been taken in the salt portfolio from early June, which should

support growth trends in coming quarters.

• Tata Consumer reported 18% consolidated revenue growth in 4Q, led by 13% growth in India branded

and higher 43% non-branded segment growth.