HUL Q3 Results: Profit mein halki tezi, par ice cream business ka 'kaand' aur GST ka 'tension'!

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AuthorAarav Shah|Published at:
HUL Q3 Results: Profit mein halki tezi, par ice cream business ka 'kaand' aur GST ka 'tension'!
Overview

Bhai log, HUL ka Q3FY26 results 12 Feb ko aa raha hai, aur analyst log keh rahe hain ki profit mein around **1%** ka chhota sa jump dikh sakta hai, revenue bhi **4%** tak badh sakta hai. Lekin sabse bada drama ye hai ki company ne apna ice cream business alag kar diya hai aur GST ke impacts bhi abhi dikh rahe hain, jiski wajah se volume growth thoda slow rehne ka chance hai.

Aakhir kya hai HUL ke Q3 results mein?

Hindustan Unilever (HUL) ka Q3FY26 ka result 12th February ko reveal hoga. Numbers dekhne mein toh acche lag rahe hain, par asli picture thodi complex hai. Analyst logon ka maan na hai ki Net Profit lagbhag 1% badhkar ₹2,568.5 crore ho sakta hai aur revenue bhi 4% badhkar ₹16,022.28 crore tak pahunch sakta hai. Ye growth GST mein changes ke baad demand mein aayi recovery ki wajah se hai, kyunki October mein sales thoda affect hui thi. Par sabse important cheez hai volume growth, jo around 2% se 3% ke beech mein rehne ka andaza hai.

Ice Cream Business ka 'Demerger' Drama

HUL ne apna ice cream business alag karke Kwality Wall's India Ltd (KWIL) naam se naya company banaya hai, jiska listing February 2026 mein hone wala hai. Ye business HUL ke total revenue ka sirf 2.7% tha aur iski margins bhi kam thi. Isko alag karne ka goal hai ki HUL apne core businesses jaise Home Care, Beauty & Personal Care pe zyada focus kar sake. Lekin is separation ki wajah se reported figures mein asli performance chhup sakti hai. Emkay Global ka kehna hai ki demerger ke baad 'like-for-like' revenue growth 4% reh sakti hai. Share price ₹2435 (9 Feb 2026 tak) pe chal raha hai aur result ke baad market is 'reported' vs 'adjusted' performance ko keenly dekhega.

Competitors aage hain ya peeche?

Jabki HUL mein ye sab chal raha hai, wahi dusri taraf Dabur India ne Q3 mein 6.20% revenue growth aur Marico ne 26.59% revenue growth dikhaya hai. Britannia Industries bhi 18% PAT growth expect kar raha hai. FMCG sector overall mein next year high single-digit volume growth expect kar raha hai, kyunki input costs stable ho rahe hain aur Budget mein bhi rural aur agri-infra pe focus hai, jo consumption badhayega.

Bear Case: Kya hai worries?

Sab kuch theek nahi hai HUL ke liye. Volume growth ka sirf 2-3% rehna ye dikhata hai ki demand abhi bhi slow hai aur log saste products pe shift ho rahe hain. Competitors jaise ITC, Godrej Consumer Products aur naye D2C brands se bhi takkar hai. Agar commodity prices phir se badhi ya advertising pe zyada kharcha karna pada, toh margins pe pressure aa sakta hai. History mein bhi HUL ke Q3 results ke baad stock gire hain jab volume growth steady ya low rahi hai.

Analyst kya bol rahe hain?

Analysts abhi bhi HUL pe 'Buy' rating de rahe hain. Average price target ₹2,826 hai, matlab current price se around 16% ka upside potential dikh raha hai. Next quarter ki sales ₹160.60 billion tak expect ki jaa rahi hai. Market reaction depend karega ki HUL demerger ke baad kaise perform karta hai, volume recovery kitni strong hoti hai, aur management future challenges ko kaise tackle karta hai. Shareholders ko ye sab points pe nazar rakhni hogi.

Verified Facts Check:

  • HUL Market Cap: ~₹5.7 trillion
  • HUL P/E Ratio: ~52-54x
  • HUL ROE: ~20-22%
  • HUL Debt to Equity: ~0
  • HUL Dividend Yield: ~1.7-2.2%
  • HUL Stock Price (Feb 9, 2026): ~₹2435
  • Competitor Performance: Dabur India (Q3FY26 rev +6.20%), Marico (Q3FY26 rev +26.59%), Britannia (Q3FY26 PAT +18% est.).
  • Macro FMCG Trends: Sector projected for high single-digit volume growth in 2026; Budget 2026 focus on rural, agri-infra, consumption.
  • HUL's Ice Cream Demerger: Confirmed demerger into Kwality Wall's India Ltd (KWIL), expected listing Feb 2026. Business contributed ~2.7% revenue, low margins.
  • GST Impact: Confirmed disruptions in October, recovery expected from November.
  • Analyst Expectations for Q3FY26: Revenue ~4% growth, PAT ~1% growth, Volume ~2-3%.
  • Historical Stock Reaction: HUL stock fell post Q3FY25 and Q3FY24 results (flat volume, moderating demand).
  • Analyst Sentiment: Consensus 'Buy', average price target ~₹2826 (16% upside).
  • Next quarter sales forecast: ~₹160.60 billion.
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