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* Demand trends remained consistent QoQ with muted growth, and rural areas continued to outperform urban areas. We expect a 4.6% revenue growth in 1QFY26.

* GP margins are expected to face some pressure (contracting 140bp YoY to 50.6%) due to an increase in consumer offers and other initiatives undertaken to drive volume growth. The company revised its EBITDA margin guidance last quarter to 22-23%, down from the earlier guidance of the lower end of 23-24%.

* HUL’s growth was impacted by several factors, including adverse mix dynamics, input cost inflation, and subdued seasonal demand, collectively moderating the overall growth trajectory.

* We model a 3% volume growth. The company has implemented calibrated price increases in Skin Cleansing and Foods, which were partially offset by deflation in the Home Care portfolio.

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