“HUL’s performance is becoming increasingly polarised, with portfolio growth getting skewed as premium beauty, laundry/dishwash liquids, high-science nutrition and soaps/bodywash do the heavy lifting,” said analysts from Systematix Shares and Stocks (India). “Realisations can get accentuated over FY27E-FY29E as HUL rejigs its portfolio to expand into the above higher-margin categories. However, input-cost inflation can remain stubborn near-term, requiring further pricing, and the combined impact on demand/margins needs to be watched,” added the report, dated 28 October.
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