HUL Q4 preview: Revenue may grow in mid-single digit; key expectations

HUL Q4 earnings preview, dividend announcement: HUL is set to announce its March quarter results on Thursday. HUL could also recommend a final dividend for its shareholders.

HUL Q4 earnings preview, dividend announcement: FMCG giant Hindustan Unilever Limited (HUL) is likely to report steady mid-single digit growth in the March quarter (Q4FY26), supported by a surge in volumes, said brokerages. The focus will be on the management's commentary on the sustainability of volume-led growth and demand trends, along with the impact of unseasonal weather on seasonal categories. 

Key monitorables in HUL's Q4 results include demand outlook on rural vs urban, competitive intensity, and raw material trends.

HUL Q4 results 2026 date, dividend

HUL is set to announce its financial results for the March quarter of FY2026 and the entire fiscal year on Thursday (April 30), the company has announced via an exchange filing. Along with the results, HUL will also likely announce a final dividend for its shareholders. 

 

This will be the first quarterly results by HUL after the demerger of the ice cream business, Kwality Wall's.  READ | Eternal Q4 preview: PAT may jump 263% YoY; Blinkit, FD growth in focus

HUL Q4 earnings preview: Nirmal Bang

According to Nirmal Bang, HUL could report a 4 per cent Y-o-Y rise in revenue to Rs 15,822.6 crore in the fourth quarter. Ebitda could increase by 2.4 per cent Y-o-Y to Rs 3,459.9 crore, while Ebitda margin could contract marginally by 4 bps to 22.4 per cent in the quarter under preview.  

HUL's PAT is seen rising by 3.6 per cent Y-o-Y to Rs 2,581.1 crore, according to Nirmal Bang estimates. Sequentially, PAT is seen falling 3.3 per cent.

HUL Q4 results preview: Systematix

As per Systematix Institutional Equities, HUL could witness low-single digit growth in the quarter ending on March 31, 2026. The LFL volume growth is expected to be at 3 per cent Y-o-Y on a base of +2 per cent, with gradual improvement in demand post GST-related trade disruption. It said that HUL's margins will likely benefit from the demerger of the ice cream business, but could slightly be impacted Q-o-Q with cumulative inflation in palm oil (impacting soaps, cosmetics). Performance in soaps, mass skin care, nutrition, rural vs urban demand outlook, and cost inflation will be a key watch.  

As per the estimates, HUL's revenue in Q4 is pegged at Rs 16,108 crore, up 2.8 per cent Y-o-Y. Ebitda is likely to fall by 4.2 per cent annually to Rs 3,735.6 crore, while Ebitda margin may decline by 54 bps to 23.2 per cent. The Horlicks maker's adjusted PAT is projected to be flat at Rs 2,612.2 crore in the quarter, said the brokerage.  READ | Maruti Suzuki Q4 preview: What to expect from country's largest carmaker

HUL Q4 earnings preview: Axis Securities

Axis Securities said that HUL's revenue is expected to grow by 5 per cent Y-o-Y (ex-ice-cream business) on the back of 3 per cent volume growth and 2 per cent price growth. The brokerage estimates its revenue to be at Rs 15,759 crore. 

The brokerage said that HUL's Ebitda margins could expand despite the gross margin (GM) contraction, due to the demerger of the ice-cream business, which was a low-margin segment. Ebitda is pegged at Rs 3,719 crore, up 7 per cent Y-o-Y, while Ebitda margin may expand by 44 bps to 23.2 per cent. The FMCG company's PAT is seen surging by 7.5 per cent to Rs 2,681 crore.