The Global Point

研报英文原文证据摘录

The Global Point

commerce growing 40-50%) and continued market development initiatives.

Personal Care remained the key laggard with 4% USG and a low-single digit

volume decline, reflecting ongoing pressure in mass skin cleansing amid sustained

palm oil inflation, in our view. However, mgmt. highlighted continued strength in

premium bars and bodywash, reinforcing the premiumization thesis. EBITDA

margin at 22.8% remained within the guided range despite elevated palm oil and

crude-linked input costs. We remain constructive on HUL's growth outlook

(10%/9% FY27E revenue/EPS growth), supported by improving execution, portfolio

premiumization, channel transformation. Maintain Buy; risk-reward remains

favourable at 40x 1Y fwd consensus P/E.

Vismaya Agarwal, CFA

Hindustan Unilever - Volume Growth Trends Hindustan Unilever (Consolidated) – Segment

Across Business Segments Revenue and EBIT Trends (Rs Mn, %)

1QFY25 1QFY26 4QFY26 1QFY27 1QFY25 2QFY25 3QFY25 4QFY25 1QFY26 2QFY26 3QFY26 4QFY26 1QFY27 4QFY25+MSD 2QFY26+MSD 3QFY26+MSD Segmental Revenue

& +MSD+HSD Home care 56,730 57,310 57,390 58,150 57,770 56,640 58,870 63,440 65,540 wellbeingcare +LSD-LSD +HSD+LSD-LSD +LSD-LSD +HSD+HSD-LSD

Beauty & personal care 56,670 58,320 57,990 53,910 61,710 61,570 63,000 59,260 67,070 Refreshments -MSD +MSD +HSD +MSD

Beauty & wellbeing 32,810 34,210 35,560 32,650 36,310 37,320 39,300 36,970 40,830 UVGHomeBeautyPersonalFoodsTotal- Segmentalcare& +MSD+HSD+LSDFlat4% 2QFY25 +MSD+HSD-LSD-LSD3% 3QFY25+HSD -MSD-MSD-LSD0% 2% 4% -HSD+LSDFlat0% 4% +HSD-LSD6% 5%

Personal care 23,860 24,110 22,430 21,260 25,400 24,250 23,700 22,290 26,240

Foods & Refreshments 38,500 38,030 34,830 34,160 32,590 35,470 36,890 35,660 34,800

Others 5,170 5,600 5,350 5,680 5,500 5,510 5,650 5,150 6,000