HUL Q2 results: Volumes grow at multi-quarter high of 7%

MUMBAI: Hindustan Unilever Ltd reported underlying volume growth of 7% in Q2 of FY27, the highest in multiple quarters. Net profit was little changed.
At 7%, volume growth in Q2 FY27 (September quarter) is the highest the company has seen since Q1 FY22 (when it reached 9%).

The company posted a consolidated net profit of ₹2,796 crore in the three months ended 30 September compared with ₹2,791 crore a year earlier. Revenue increased 14.7% to ₹18,037 crore, with underlying sales growth of 15%, Hindustan Unilever said in stock exchange filings on Wednesday. This was at a 14 quarter high according to the company.

According to 12 analysts, Bloomberg estimated revenue at ₹17,582.4 crore. An estimate of nine analysts pegged net profit at ₹2,784.4 crore.

HUL said commodity inflation was expected to continue in the short term. It noted that the underlying demand environment remained resilient, supported by healthy macro indicators and it expected FY27 to be better than FY26, driven by portfolio and channel transformation.

“The Indian economy remains resilient, with healthy macro indicators supporting a positive consumption environment,” Priya Nair, chief executive officer at Hindustan Unilever, said in the statement. “We continue to invest in building long-term capabilities and remain anchored to the ‘Winning in New India’ strategy of delivering competitive, volume-led profit growth.”

HUL attributed the flat profit growth due to one-off tax-related gains of ₹273 crore in exceptional items in the base period. Profit after tax before exceptional items grew 9% in the quarter.

Ebitda grew 8% year-on-year to ₹4,089 crore. The Ebitda margin narrowed 140 basis points to 22.6% from a year ago.

Shares of the company dropped as much as 2.9% to ₹1,765.50 at 10:43 am on the National Stock Exchange after the results were announced.

Also Read | Is Hindustan Unilever stock undervalued?

The company’s home care segment, including Surf Excel detergent, delivered a strong performance with 22% underlying sales growth, driven by double-digit underlying volume growth. The fabric-wash segment reported strong double-digit growth across liquids, powders and bars.

The household care segment accelerated its performance with double-digit underlying sales growth, driven by volumes. Vim Liquids continued to outperform with a double-digit, volume-led growth trajectory.

The beauty and wellbeing segment delivered 16% underlying sales growth, driven by double-digit underlying volume growth. Hair care accelerated its double-digit, volume-led growth trajectory. Skin care and colour cosmetics delivered double-digit, volume-led growth. Premium skin care sustained its growth trajectory, driven by double-digit growth in organized trade.

The underlying sales growth in personal care was 9%. Skin cleansing delivered double-digit underlying sales growth, aided by price hikes. Focused market development actions in Pears and Dove Bars supported delivery of double-digit volume-led growth for the segment.

In the foods segment, underlying sales growth was 9%, with low-single digit underlying volume growth. Packaged foods delivered double-digit, broad-based growth. Coffee delivered high-single digit growth driven by volumes.

HUL said that its acquired brand in the health and wellbeing segment, Oziva, reported a subdued performance. Another acquired brand, Minimalist, accelerated growth and strengthened the portfolio through innovations in emerging demand spaces.

The company also declared an interim divided of ₹19 per share in the quarter.

Also Read | For HUL, where there’s a will, there’s a whey

Neethi Lisa Rojan is a senior correspondent focusing on the consumer goods and retail sector working from Mumbai for Mint since 2026. She has been a journalist for a little over two years with Moneycontrol and The Morning Context. She has covered the consumer and healthcare sectors in earlier roles. She was a double gold medallist during her bachelor’s from Mahatma Gandhi University Kerala and post-graduation from Pondicherry University. With a background in commerce and journalism, she brings a sharp analytical lens to stories on India’s fast-evolving consumer goods and retail sector.<br><br>With an academic background in business administration and a keen eye for financial statement analysis, she bridges the gap between corporate data and compelling narrative journalism. Her reporting is characterized by a focus on how evolving consumer behaviours and regulatory changes impact India's largest mass-market brands. She is a keen learner with diplomas in international business, human rights and journalism. She specialized in business journalism at the Asian College of Journalism, Chennai. When she is not looking into shopping carts, you can find her explaining the latest conspiracy theory.

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