Hindustan Unilever

By Bharath Rajeswaran

Aug 19 (Reuters) - Robust profit growth for India's Nifty 50 companies has brightened the outlook for domestic markets, but global risk aversion and a strong IPO pipeline could temper a broader rally in the near term, according to Abakkus Investment Managers.

The benchmark Nifty 50 .NSEI and Sensex .BSESN are down 7.9% and 9.8% year-to-date amid crude-driven inflation and a record $25 billion in foreign outflows. In comparison, regional peers, such as South Korea and Taiwan, are up about 50% each.

Abakkus, which manages assets worth $5.2 billion, sees elevated crude prices, rising global yields and volatility in the AI trade as key external risks for Indian equities.

"Domestically, consumer demand and corporate profitability is strong as seen in the better-than-expected Q1 results, but globally, they are not," Aman Chowhan, head of equities of Alternates at Abakkus AMC, told Reuters on Wednesday.

However, Chowhan said that "after a weak first half, India should outperform EM and Asian peers relatively, but its direction will still be dictated by global risk sentiment, with crude and the AI trade likely setting the market's tempo."

Expanding equity supply is another hurdle, with IPOs, qualified institutional placements, and block deals competing for limited capital, Chowhan said.

"Every other day there's an IPO… some promoter selling, some QIP," Chowhan said, adding "fresh issues and institutional placements are siphoning liquidity from secondary markets as investors chase listing gains and growth stories."

After 27 mainboard IPOs raised 225.72 billion rupees ($2.36 billion) in the first half of 2026, a packed August pipeline signals sustained primary market supply in the near term.

Chowhan estimates that 40-50% of capital may, therefore, be absorbed by such offerings, restricting a broader market rally.

Against this backdrop, Abakkus favors leading niche NBFCs and mid-sized banking stocks, citing stronger credit growth.

It also expects foreign investors to return to equities only gradually as years of weak returns in key sectors, such as financials and IT, have made them cautious of increasing their exposure.

($1 = 95.7525 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia Cheema)

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NEW DELHI, Aug 17 (Reuters) - Indian electric wiring manufacturer YY Harness said on Monday it had not employed any underage workers at its New Delhi facility, which has reopened after it submitted evidence to support its case in a child labour investigation.

The Delhi city government on August 10 said it had removed four children from the little-known electrical wiring and component company, all aged between 14-16, Reuters reported last week, citing Delhi city and police documents.

In a statement to Reuters on Monday, YY Harness said "the allegations that under-18 children were employed or working at the factory are not borne out by the documents and records available with the company."

Delhi Police and city officials did not immediately respond to a request for comment.

YY Harness confirmed the inspection by Delhi authorities earlier this month and said it had submitted the available documentary evidence to officials for verification.

"The competent authorities thereafter passed appropriate orders permitting the factory to reopen, pursuant to which the sealing of the premises was formally removed," the statement said.

YY Harness said the authorities had not shared with it any medical or official age-assessment documents that established "the age of the persons allegedly found to be minors."

The company said it complied with India's stringent labour, statutory, contractual and audit requirements.

(Reporting by Arpan Chaturvedi; Editing by Aditya Kalra and Jon Boyle)

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By Arpan Chaturvedi

NEW DELHI, Aug 14 (Reuters) - Indian electronics company Eureka Forbes EURK.NS said it has launched an internal investigation into its supply chain after authorities uncovered child labour at one of its suppliers in New Delhi.

The National Human Rights Commission this week asked Eureka, as well as electrical equipment maker Havells HVEL.NS and Unilever's India unit, to make checks after four children were rescued from a small-scale Indian vendor.

Delhi authorities on Monday rescued the children from a little-known electrical wiring and component company called YY Harness. The company, which had identified the big companies among its clients, did not respond to a Reuters request for comment.

Eureka Forbes - one of the nation's most popular makers of water purifiers - said it had initiated an investigation.

"We take these allegations extremely seriously...we have initiated an immediate review and audit of the practices,” Eureka Forbes Chief Financial Officer Gaurav Khandelwal said in a statement to Reuters.

Hindustan Unilever HLL.NS denied the vendor was a business partner. Havells did not respond to Reuters queries.

The Human Rights Commission is the country's top body tasked with protection of human rights and its orders are binding on government authorities.

Priyank Kanoongo, a senior member of the commission, told Reuters the companies in question must urgently carry out a check of their supply chains.

“Companies making profits from child labour is equal to blood-money,” Kanoongo said.

The four rescued children from YY Harness were aged between 14 and 16, according to case documents seen by Reuters. They told authorities they worked for six days a week at the unit and were paid between $105 and $125 per month. Police are investigating the incident.

The commission has previously intervened over tech giant Amazon's AMZN.O labour practices at a warehouse in New Delhi. Amazon had said the safety and wellbeing of its associates and employees is its top priority.

(Reporting by Arpan Chaturvedi; Editing by Aditya Kalra and Lincoln Feast.)

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By Ira Dugal

Aug 4 (Reuters) - Corporate India's earnings season has not quite turned out to be the horror show that investors had expected and is instead allaying concerns that the Middle East conflict and higher oil prices will punish stocks.

Coupled with the lucky break that its stock market is currently enjoying by being AWOL on AI, does that mean that India's two-year-long equity underperformance is finally ending? That's our focus this week. Write to me at [email protected].

And, Meta faces questions from the Indian government following recent youth protests. Read this Reuters Insight on what sparked the unrest and scroll down for more on the broader fallout.

THIS WEEK IN ASIA

How a US-Japan pact to hit yen bears came together

China draws 'red lines' around its economic model ahead of EU, US trade talks

Chinese military researchers tap US AI models to train defence systems

Big investors think it might be time to buy in South Korea

BETTER-THAN-FEARED EARNINGS BRING RELIEF

Corporate India has weathered the fallout from the U.S. and Israeli war with Iran better than expected, quarterly earnings suggest, strengthening the case for a rebound in the country's long-underperforming equities market.

While companies ranging from Reliance Industries RELI.NS to Hindustan Unilever HLL.NS and IndiGo airline did face pressure from higher input costs and supply-chain disruptions during the April-June period, earnings across much of corporate India have exceeded expectations.

"The strong first-quarter results and better-than-expected performance in several sectors should provide greater comfort to the market's earnings outlook," brokerage Kotak Institutional Equities said in a July 26 note.

A little over halfway through the reporting season, net profit at Nifty 50 companies has risen 11% from a year earlier and is tracking 3.5% above expectations, Kotak said.

The brokerage expects full-year profit growth of 18% for companies in the index.

Tepid single-digit earnings growth has weighed on sentiment towards Indian equities over the past two years, prompting foreign investors to question the market's rich valuations.

The Nifty 50 index is trading at 19.1 times one-year forward earnings, marginally below its 10-year average.

With profit growth now expected to recover into the mid-teens, fund managers are starting to give India a fresh look, Reuters reporters Nimesh Vora, Bharath Rajeswaran and Jaspreet Kalra said in this analysis.

India is also benefiting from a reversal of the crowded AI trade, helping fuel a rally in battered IT services stocks. Is India the ultimate anti-AI trade? Read this Reuters Open Interest column by Manishi Raychaudhuri.

First-quarter results have been ahead of expectations, although subdued on an absolute basis, Citi analysts said in a note on July 30, adding that Indian equities have outperformed in July.

"Further outperformance from here requires broadening of the AI-trade and sustained improvement in the domestic demand environment," Citi said.

AUTOS, FINANCE SURPRISE POSITIVELY

Auto firms are among those that have surprised positively on strong demand for SUVs and electric vehicles, even though higher commodity prices dented margins.

Mahindra and Mahindra MAHM.NS, which plans to double its EV production capacity over the next five years, reported 23% revenue growth while profits grew slower at 6.8%.

Peer Maruti Suzuki MRTI.NS reported a 29% increase in sales volume, and while profits dropped 10% they were ahead of expectations.

Across financials, the country's largest non-bank lender Bajaj Finance BJFN.NS reported a 24% increase in assets on strong loan demand from small businesses and consumption loans, prompting a near double-digit gain in the stock.

Pressure from the consequences of the Iran war was expectedly most visible across oil retailers. State-owned Indian Oil Corporation IOC.NS, Bharat Petroleum BPCL.NS and Hindustan Petroleum HPCL.NS all reported losses for the first time in 15 quarters.

Earnings reported so far indicate steady top-line growth across sectors, albeit accompanied by persistent margin pressures arising from elevated input costs and geopolitical uncertainties, said Bajaj Broking Prive Research in a note on August 1.

Management commentaries across industries have also pointed to sustained business momentum through July, it said.

MARKET MATTERS

Bloomberg Index Services has, for the second time this year, deferred the inclusion of Indian government securities in its flagship Global Aggregate Index.

Read more on the reason for that here.

In June India had widened the pool of securities eligible for foreign investment without limits and removed taxes on capital gains and interest earned by foreign investors on their bond holdings.

The policy changes had boosted expectations of India's inclusion in the widely tracked index and drawn nearly $7 billion in foreign flows.

INDIAN STUDENT PROTESTS: THE AFTERMATH

• The head of Meta India has been named in a complaint filed over multiple videos posted on the company's Facebook platform that depicted Prime Minister Narendra Modi in an "abusive manner". Meta said it is in touch with authorities to resolve the matter. Read more here.

• A number of cases have been filed against protesters, but the country's top court directed states to release those arrested below 18 years of age.

• Indian Prime Minister Narendra Modi said he wanted to forgive students who hurled expletives at him during protests last month rather than punishing them.

(Reporting by Ira Dugal; Editing by Muralikumar Anantharaman)

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July 28 (Reuters) - Hindustan Unilever HLL.NS reported a 4% fall in quarterly profit on Tuesday, as higher raw material costs and expenses, partly linked to the Middle East war, squeezed margins.

The domestic unit of UK's Unilever ULVR.L, home to brands such as Dove and Surf Excel, said its profit fell to 26.31 billion rupees ($274.92 million) for the first quarter ended June 30 from 27.32 billion rupees a year earlier.

($1 = 95.7000 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai; Editing by Sonia Cheema)

(([email protected]; +91 867-525-3569;))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Updates to add graphic.

By Shritama Bose

MUMBAI, July 23 (Reuters Breakingviews) - Nestlé NESN.S is at a crossroads in one of its most important markets. The $268 billion KitKat maker's India arm posted a 48% jump in its net profit for the three months ending June, fuelled by strong demand across cities and rural areas. But selling to more price-sensitive shoppers could come with future costs.

A 25% increase in sales powered Nestlé India's NEST.NS first quarter earnings. The unit is also increasingly profitable with its EBITDA margin rising to 24%, a more than two percentage point increase from the same period last year. Its Mumbai-listed shares rose as much as 3.5% after it published its results on Wednesday.

CEO Manish Tiwary said the gains came from selling to a wider group of customers. That's a sign that Nestlé's push into India's hinterland, launched in 2019, is paying off as it entices aspirational consumers to its Maggi brand of instant noodles and converts tea drinkers to its Nescafe coffee. During that period, its reach has tripled to 216,000 villages.

That push has also translated into market share gains in areas like chocolate. India's booming instant delivery apps, run by Eternal ETEA.NS and Swiggy SWIG.NS, turned out to be a net positive for Nestlé's packaged goods. This was helped by a 40% increase in promotional spending during the quarter and the ability to tailor the display of its products on these apps' virtual shelves.

Nestlé India's momentum mirrors a broader recovery at its parent. Under new boss Philipp Navratil, Nestlé sales grew 3.5% in the first quarter of 2026 and the Nespresso maker is also expanding its valuation premium over rivals like Unilever ULVR.L and Reckitt Benckiser RKT.L. India contributes roughly 2% to the Swiss behemoth's annual sales.

For now, Nestlé's push into the Indian countryside looks smart. For over a year, demand from India's rural shoppers has outpaced their urban counterparts. That's been fuelled by a combination of cash transfers to households by regional governments, benign inflation and a strong monsoon season that boosted farm incomes last year.

Yet risks for the local unit loom. Its sales have been partly boosted by New Delhi's cuts to indirect taxes in September, a tailwind that could fade later this year, says Abhishek Mathur, lead analyst for India institutional equities at brokerage Systematix. Higher advertising spending and rising costs could eventually squeeze margins too, if growth slows.

Rural shoppers also tend to be more vulnerable to climate crises and price shocks. Nestlé has historically skewed towards wealthy city dwellers shielded it from those vagaries, which is reflected in its valuation: its Indian unit trades at 68 times its future earnings, higher than 43 times for Hindustan Unilever HLL.NS, which reaches nine out of 10 Indian households. That suggests reaching the widest pool of Indian customers comes with its own risks.

Follow Shritama Bose on LinkedIn and X.

CONTEXT NEWS

Nestlé India on July 22 reported a 48% jump in consolidated net profit for the three months ended June 30 to 9.59 billion rupees ($99.35 million). Sales of products increased 25% from the same period last year to 63.6 billion rupees.

(Editing by Aimee Donnellan; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

By Praveen Paramasivam and Chandini Monnappa

CHENNAI/BENGALURU, June 8 (Reuters) - From smaller packs on shelves to higher prices at checkout, Indian companies are scrambling to protect their margins as surging oil, freight and insurance costs - and strained household budgets - pile on pressure.

The U.S.-Israeli war on Iran has disrupted trade routes and lifted input costs globally, hitting import-reliant economies like India harder, where a weaker rupee is adding to inflation and complicating pricing decisions as demand remains uneven.

"We are among the world's most vulnerable countries," economist Jayati Ghosh said, warning higher oil and fertiliser costs, weaker Gulf demand, softer remittances and potential capital outflows could stoke inflation and slow growth.

Consumer goods makers Hindustan Unilever HLL.NS, Godrej Consumer Products GOCP.NS and Dabur India DABU.NS have already rolled out low- to mid-single-digit price hikes across categories, with Britannia BRIT.NS preparing similar moves.

Pricing power remains weak in mass segments, with companies holding the line on 10- to 20-rupee (11- to 21-cent) packs and shrinking product sizes instead of raising prices outright.

"We are reducing grammage because we can't breach those price points," said Mohit Malhotra, global CEO at Dabur.

Automakers Maruti Suzuki MRTI.NS, Mahindra & Mahindra MAHM.NS, Tata Motors Passenger Vehicles TAMO.NS and Hyundai Motor India HYUN.NS have also hiked prices.

"We were left with no choice," said Partho Banerjee, Maruti's senior executive officer for marketing and sales, adding that raising prices was not good for customers, especially first-time buyers.

Airlines IndiGo INGL.NS and Air India are trimming capacity, especially on fuel-heavy international routes, and increasing fares to offset higher aviation fuel costs.

Consumers are feeling the squeeze.

"I have no family to feed, no school fees, and no monthly payments on a car. I'm still watching my spending as prices are up for almost everything, from travel to packaged food," said Aditi Anjana, a Mumbai-based communications professional who is in her 30s.

BELT-TIGHTENING MODE

With limited room to pass on costs, companies are turning inward and cutting costs to cushion margins.

Hindustan Unilever HLL.NS has cut advertising spend, while others are trimming non-essential travel and marketing costs.

"The scope for further cost-cutting is gradually narrowing," Axis Direct analyst Uttam Kumar Srimal said, adding prolonged commodity and fuel inflation could force sharper price hikes or margin hits.

Sectors with high global exposure, including aviation, oil and gas, chemicals, logistics and capital goods, may remain under margin pressure, said Shweta Rajani, associate director at Anand Rathi Wealth.

RESETTING SUPPLY CHAINS

Firms are also reworking supply chains to manage disruptions. Companies with Middle East exposure are rerouting shipments, diversifying sourcing, and shifting production.

Dabur, an Indian rival of Colgate-Palmolive, is using alternative routes via Egypt and Turkey, while packaged goods maker Britannia is bringing some production back home.

Some firms are also front-loading purchases and closely tracking demand to avoid overstocking, underscoring tighter working capital discipline.

Arvind Fashions ARVF.NS has advanced inventory buys to lock in costs and is relying more on local suppliers, while Tata Group retailer Trent TREN.NS is tweaking raw materials, packaging, and product development.

"My priority is not to take prices up," said Umashan Naidoo, head of customer and beauty at Trent, which offers Gen-Z-focused affordable trendwear through its brand ​Zudio.

($1 = 94.9450 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai and Chandini Monnappa in Bengaluru; Additional reporting by Surbhi Misra; Editing by Dhanya Skariachan and Himani Sarkar)

(([email protected];))

Adds Wendy's

May 20 (Reuters) - Fast-food chain Wendy's WEN.O on Wednesday named industry veteran Robert Wright as president and chief executive officer, the latest global consumer goods company to bet on a change at the top amid tariff pressures and choppy consumer spending.

Here are some of the major CEO changes among global retailers and consumer goods companies in 2025 and 2026:

(Reporting by Neil J Kanatt, Sanskriti Shekhar and Koyena Das in Bengaluru, Vera Dvorakova in Gdansk; Editing by Sriraj Kalluvila and Maju Samuel)

(([email protected]))

Rewrites with comments from earnings call

May 7 (Reuters) - India's Dabur DABU.NS signaled a second round of price hikes after implementing a 4% increase across parts of its portfolio, as war in the Middle East drives up manufacturing and transportation costs.

A surge in energy prices caused by the war is rippling through global supply chains for common consumer goods, making materials like chemicals and plastics more expensive.

"We want to increase the margins from last year to the current year and mitigate all the inflation through price increases," Dabur said in a call with analysts after reporting results on Thursday.

Peers including Dove soapmaker Hindustan Unilever HLL.NS and cooking oil manufacturer AWL Agri Business AWLA.NS are also the tightening costs and raising prices to account for rising raw material costs.

Dabur is also shrinking the size of products priced at 10-20 rupees — a key price band for budget-conscious consumers — to manage inflation, after increasing pack sizes when India cut consumption taxes last year.

Along with the raw material inflation due to the regional conflict, the honey-to-toothpaste maker also faces sales pressure as the Middle East contributes 30%-35% of its international business.

Middle East and North Africa revenue climbed 1%, while most other regions posted double-digit growth. Dabur attributed the disparity partly to an exodus of expatriates from the Gulf, which in recent years has become a focus area for Indian consumer goods makers.

Separately, Dabur beat quarterly profit estimates, helped by steady demand after consumption tax cuts in India.

Consolidated profit jumped 15% to 3.69 billion rupees ($39.15 million), while revenue rose 7% to 30.38 billion rupees.

($1 = 94.2500 Indian rupees)

(Reporting by Urvi Dugar in Bengaluru and Praveen Paramasivam in Chennai; Editing by Nivedita Bhattacharjee and Ronojoy Mazumdar)

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Recasts paragraph 1; adds revenue forecast in paragraph 3, company comment in paragraph 10; updates shares in paragraph 5

By Surbhi Misra and Praveen Paramasivam

May 5 (Reuters) - India's Marico MRCO.NS forecast annual revenue above estimates on Tuesday, betting on steady volume growth and expansion in its premium segments, even as it warned of price hikes and shrinking margins after Middle East tensions drove up input costs.

The consumer goods major, which is known for its Parachute and Saffola brands of oils, has made a strong push into the premium tier in the foods and personal care segments, adding brands such as Plix, True Elements, Beardo and Just Herbs over the last decade. The shift away from oils is a move that peer AWL Agri Business AWLA.NS is also pursuing.

Marico forecast consolidated revenue crossing 150 billion rupees ($1.57 billion) for the ongoing fiscal year ending March 2027, above estimates of 146.94 billion rupees, according to data compiled by LSEG.

The segment accounted for around 23% of its overall revenue in fiscal 2026, the company said, expecting the segment to grow to around 33% by fiscal 2030.

Shares closed 2.9% higher, reversing course from losses of 2.7%, after the firm said it aspired to deliver earnings before interest, taxes, depreciation, and amortization (EBITDA) growth in the high-teen percentage range in fiscal 2027, subject to "stable" macro conditions.

MARGIN PRESSURES

Ongoing geopolitical tensions have pushed Brent crude prices to above $110, eating into the company's EBITDA margin, which shrank 114 basis points to 15.6% for the fourth quarter ended March 31.

Marico, echoing consumer goods peers - including bellwether Hindustan Unilever HLL.NS - said it would cut costs and raise prices to protect its margins.

"Vegetable oils and other crude‑linked inputs continue to exhibit an inflationary bias, following the ongoing geopolitical developments in the Middle East," the company said, adding that a decline in prices of copra, a key ingredient for coconut oil, will help alleviate potential crude-related pressures.

For the fourth quarter, revenue climbed 22% to 33.33 billion rupees, while profit rose 14% to 3.91 billion rupees, beating estimates of 3.85 billion rupees.

($1 = 95.2800 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru and Praveen Paramasivam in Chennai; Editing by Janane Venkatraman)

(([email protected] | X: https://twitter.com/SurbhiMisra_))

** Shares of India's Hindustan Unilever HLL.NS jump as much as 5.1% to 2,365.80 rupees; last up 3.36%

** Co top gainer on Nifty FMCG .NIFTYFMCG index, which is up ~0.65%

** Shares were trading when co reported results on Thursday and closed 2.7% lower

** Consumer staples major reported 18% y/y rise in Q4 profit, maintained its mid-term forecast for core earnings margin at 22.5%–23.5%

** Nomura lifts PT by 50 rupees to 2,650 rupees; forecasts EPS CAGR of ~9.5% over FY26–FY28

** BOB Capital Markets upgraded HLL to "buy" and raises PT to 2,598 rupees, citing a positive medium-term growth outlook

** Phillip Capital expects near-double-digit FY27 sales growth, driven by price hikes and volume recovery

** YTD, stock up ~0.9% vs Nifty FMCG's decline of ~7.1%

($1 = 94.9450 Indian rupees)

(Reporting by Bipasha Dey in Bengaluru)

(([email protected];))

April 30 (Reuters) - Hindustan Unilever Ltd HLL.NS:

• HINDUSTAN UNILEVER Q4 PROFIT 29.30 BILLION RUPEES

• HINDUSTAN UNILEVER Q4 SALE OF PRODUCTS 155.99 BILLION RUPEES

• HINDUSTAN UNILEVER DECLARES DIVIDEND OF 22 RUPEES PER SHARE

• HINDUSTAN UNILEVER - Q4 UNDERLYING VOLUME GROWTH 6%

• HINDUSTAN UNILEVER - HEIGHTENED GEOPOLITICAL TENSIONS HAVE LED TO COMMODITY AND CURRENCY VOLATILITY

• HINDUSTAN UNILEVER - EXPECT FY’27 TO BE BETTER THAN FY’26 LED OUT OF PORTFOLIO, CHANNEL TRANSFORMATION

Further company coverage: HLL.NS

(([email protected];))

By Praveen Paramasivam

April 29 (Reuters) - Indian consumer goods maker AWL Agri Business AWLA.NS is grappling with a roughly 20% surge in some crude-linked input costs as the Middle East conflict drives up prices for fuel, chemicals and packaging materials, its CEO said.

The pressures reflect a broader industry trend, with peers such as bottled water maker Bisleri and Dove soapmaker Hindustan Unilever HLL.NS raising prices to counter higher conflict-linked input costs.

"Costs have gone up for us in terms of chemicals, packing material and coal, so that is something which remains a cause of concern even today," Shrikant Kanhere, AWL's managing director and CEO, told Reuters in an interview.

AWL, home of brands including Fortune cooking oil and Kohinoor rice, is adjusting prices in line with market movements, absorbing part of the increase while passing the rest on to consumers, Kanhere said, without giving details.

Input costs for some crude-linked materials have risen by about 20% since the conflict began, translating into a cost impact of roughly 25 to 50 basis points, he added.

Global oil prices have surged amid fears of supply disruptions. Brent crude has climbed from the low $70s a barrel before the Middle East conflict to above $110, market data show.

The company, which is cutting packaging and fuel use at its plants to limit the hit to profits, expects per-ton margins to be broadly stable in fiscal 2027.

AWL is also expanding distribution and investing heavily in online channels and large-format grocers, which together posted nearly 50% growth last year, in a push to scale up volumes.

Kanhere forecast sales volume growth of 8% to 9% in fiscal 2027, nearly double last year's pace, with edible oils growing at a mid-single-digit rate and foods posting double-digit growth.

(Reporting by Praveen Paramasivam in Chennai; Editing by Dhanya Skariachan)

(([email protected]; +91 867-525-3569;))

Updates with Lululemon

April 22 (Reuters) - Athletic apparel maker Lululemon Athletica LULU.O picked a former top Nike NKE.N executive as its next CEO, the latest global consumer goods company to bet on a change at the top amid tariff pressures and choppy consumer spending.

Here are some of the major CEO changes among global retailers and consumer goods companies in 2025 and 2026:

(Reporting by Neil J Kanatt, Sanskriti Shekhar and Koyena Das in Bengaluru, Vera Dvorakova in Gdansk; Editing by Sriraj Kalluvila and Maju Samuel)

(([email protected]))

** ICICI Securities raises PT on Hindustan Unilever HLL.NS to 2,800 rupees from 2,700 rupees, maintains "buy"

** Says consumer goods major is better positioned to navigate rising input cost pressures, aided by strong pricing power and brand strength

** Expects shift from volume-led growth to pricing-led growth; adds near-term margins may soften due to lag in price hikes

** Adds, inflationary cycles could aid market share gains as smaller players face cost pressures

** Expects revenue, PAT to rise 10%, EBITDA to advance 11% in FY25–28

** HLL up 1.72% to 2,269 rupees vs Nifty FMCG .NIFTYFMCG up 0.5%; YTD, stock down nearly 3% vs sub-index's near 7% fall

(Reporting by Devika Nair in Bengaluru)

(([email protected];))

Adds Conagra

April 13 (Reuters) - Conagra CAG.N has named John Brase as its new CEO, becoming the latest consumer goods company to make a change at the top as the sector navigates tariff pressures and choppy consumer spending.

Here are some of the major CEO changes among global retailers and consumer goods companies in 2025 and 2026:

(Reporting by Neil J Kanatt, Sanskriti Shekhar and Koyena Das in Bengaluru, Vera Dvorakova in Gdansk; Editing by Anil D'Silva, Alan Barona, Arun Koyyur and Shreya Biswas)

(([email protected]))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Ujjaini Dutta

BENGALURU, April 10 (Reuters Breakingviews) - As India’s busiest beer season approaches, Carlsberg CARLb.CO is readying its taps. The Tuborg-maker is preparing a $700 million listing of its India arm in a market that offers room for growth at a time when the brewer is grappling with high debt and sluggish beer sales in the West. A premium valuation, possible in a country where wealthy drinkers are trading up, could help the brewer pay down its chunky deal-making tab.

Carlsberg has spent 20 years building its India business. The $18 billion brewer reckons its high-end Tuborg brand is the “most-consumed” in the world’s fourth-largest economy. It has also seen its share of the 639 billion rupees ($6.86 billion) beer market increase to 22% from just about 5% in 2011. But debt has been hanging over the brewer since its $4 billion acquisition of soft drinks maker Britvic in 2024. Since that deal, its net debt-to-EBITDA ratio roughly doubled to 3.25 in the year ended December 2025, well above its 2.5 target.

An India listing gives Carlsberg a shot at a richer valuation that can help bring down this debt. Carlsberg trades at about 13 times its expected earnings this year, trailing rival Anheuser-Busch InBev’s ABI.BR over 17 times. Heineken HEIN.AS-owned United Breweries UBBW.NS in India, by comparison, trades at 80 times. That valuation gap is not unique: Nestlé India NEST.NS at 73, Hindustan Unilever HLL.NS at 47 and LG Electronics India LGEL.NS at 54 trade at multiples higher than their parent companies.

Carlsberg can also use the proceeds from the listing to help fund its expansion plans in India. The growing beer market looks compelling as booze loses pull in ageing, health-conscious populations in Europe and North America. India's beer consumption is still very low - just 2 litres per person annually, according to market research firm IMARC Group. That's far below consumption levels in the U.S. and Europe, suggesting significant room for growth. Meanwhile, the market is expected to grow over 5% annually, compared to Europe’s 2% and North America’s 4%, amid a surge of demand from affluent Indians.

Still, India won’t be an easy win. The sector faces complex state regulations, high levies, and increasing competition from local beer makers and giants like United Breweries and AB InBev. United Breweries, India’s listed beer market leader, is also pushing further into the premium segment in a bid to restore its net profit margin which has halved since 2019. But a local listing will hand Carlsberg's CEO Jacob Aarup-Andersen a currency to strike deals in the country. And with a lighter debt load, he has a shot at growing beyond India too.

Follow Ujjaini Dutta on LinkedIn and X.

CONTEXT NEWS

Carlsberg CEO Jacob Aarup-Andersen on February 4 said that the company was exploring a potential listing of its India business.

Carlsberg has appointed three banks - Kotak Mahindra Capital Co. and the local units of JPMorgan Chase & Co and Citigroup - for the potential listing of its India arm, Bloomberg reported on February 23, citing people familiar with the matter. This offering could raise as much as $700 million.

A draft red herring prospectus could be filed as early as May.

(Editing by Aimee Donnellan; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on DUTTA/[email protected]))

Adds Dollar General

March 24 (Reuters) - Dollar General DG.N has named Jerry Fleeman Jr. as its CEO, becoming the latest consumer goods company to make a change at the top as the sector navigates tariff pressures and choppy consumer spending.

Here are some of the major CEO changes among global retailers and consumer goods companies in 2025 and 2026:

(Reporting by Neil J Kanatt, Sanskriti Shekhar and Koyena Das in Bengaluru, Vera Dvorakova in Gdansk; Editing by Anil D'Silva, Alan Barona, Arun Koyyur and Shreya Biswas)

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March 20 (Reuters) - Hindustan Unilever Ltd HLL.NS:

• HINDUSTAN UNILEVER - CLARIFIES NO DISCUSSIONS REGARDING FOODS PORTFOLIO DIVESTMENT

Source text: ID:nBSE2LQyLW

Further company coverage: HLL.NS

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March 4 (Reuters) - Hindustan Unilever Ltd HLL.NS:

• COMPLETED SALE OF ENTIRE SHAREHOLDING IN NUTRITIONALAB FOR 3.07 BILLION RUPEES

Source text: ID:nnAZN4SJHFJ

Further company coverage: HLL.NS

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Feb 18 (Reuters) - India's Hindustan Unilever HLL.NS said on Wednesday it will invest 20 billion rupees ($220.54 million) over two years to expand manufacturing capacity in its fast-growing premium categories across beauty, wellbeing and home care.

($1 = 90.6870 Indian rupees)

(Reporting by Nishit Navin)

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** Hindustan Unilever HLL.NS posted 15% y/y drop in Q3 earnings on Thursday, pressured by thinner margins

** Shares of consumer goods major fall nearly 2% to 2,358.10 rupees

EARNINGS INFLECTION KEY

** UBS ("buy", TP: 2,950 rupees) says volume growth stood out despite GST disruption, but notes margin pressure; Q4 momentum would be key for potential re-rating trigger

** J.P. Morgan ("overweight", TP: 2,700 rupees) says pivot to volume-led growth and organisational simplification supports FY27 acceleration; near-term stock consolidation likely until sustained volume improvement becomes visible

** HSBC ("hold", TP: 2,650 rupees) cuts FY27 EPS on lower growth assumptions; adds that clearer guidance and stronger earnings acceleration are needed for re-rating

** Morgan Stanley ("equal-weight", TP: 2,330 rupees) points to stable margins and gradual consumption recovery, but notes management stopped short of committing to double-digit earnings growth timelines

(Reporting by Surbhi Misra in Bengaluru)

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** India's stock benchmarks Nifty 50 .NSEI and Sensex .BSESN slip 0.5% each, dragged by IT stocks on fading hopes of near-term U.S. rate cuts and fears over AI-led disruption

** Twelve of 16 sectors fall; the IT index .NIFTYIT sinks 4.6%

** IT is down 11.6% so far in 2026 after sliding 12.6% in 2025

** Stronger U.S. jobs data in January dents expectations of near-term rate cuts, pressuring U.S.-exposed Indian IT

** Also dims outlook for discretionary U.S. tech spending over next few quarters

** Small- .NIFSMCP100 and mid-caps .NIFMDCP100 each ease 0.8% as risk-off tone broadens

** Elsewhere in Asia, technology stocks rise, led by semiconductor and hardware names such as Samsung 005930.KS and SK Hynix 000660.KS

** "The chip-heavy Asia trade is humming, but Indian IT is stuck in the crosswinds of rates and AI," says Kranthi Bathini, Wealthmills Securities

** Hindustan Unilever HLL.NS drops 3%, LG Electronics India LGEL.NS slides 3.6% on earnings slump

(Reporting by Bharath Rajeswaran in Bengaluru)

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Jan 19 (Reuters) - Hindustan Unilever Ltd HLL.NS:

• LIC RAISES STAKE IN HINDUSTAN UNILEVER TO 6.740% FROM 4.731% - EXCHANGE FILING

Source text: ID:nBSE4MCpS9

Further company coverage: HLL.NS

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Adds Heineken

Jan 12 (Reuters) - Dutch brewer Heineken HEIN.AS announced the departure of its CEO Dolf van den Brink, the latest consumer goods company to make a change at the top as the sector navigates tariff pressures and choppy consumer spending.

Here are some of the major CEO changes among global consumer goods companies in 2025 and 2026:

(Reporting by Neil J Kanatt, Sanskriti Shekhar and Koyena Das in Bengaluru, Vera Dvorakova in Gdansk; Editing by Anil D'Silva, Alan Barona and Arun Koyyur)

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Jan 8 (Reuters) - Hindustan Unilever Ltd HLL.NS:

• HINDUSTAN UNILEVER - GOT TAX ASSESSMENT ORDER WITH DEMAND OF 15.6 BILLION RUPEES

Source text: ID:nBSE292Zxj

Further company coverage: HLL.NS

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Updates to add Coty CEO change

Dec 22 (Reuters) - U.S. cosmetics maker Coty COTY.N named Procter & Gamble veteran Markus Strobel interim CEO, the latest consumer goods company to change its top boss this year as the sector grapples with tariff pressures and choppy consumer spending.

Here are some of the major CEO changes among global consumer goods companies in 2025:

(Reporting by Neil J Kanatt, Sanskriti Shekhar and Koyena Das in Bengaluru; Editing by Anil D'Silva, Alan Barona and Arun Koyyur)

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Adds Kraft Heinz

Dec 16 (Reuters) - Kraft Heinz KHC.O on Tuesday became the latest global consumer goods company to make top-level changes this year, tapping industry veteran and former Kellanova head Steve Cahillane as its new CEO, ahead of a planned split.

Here are some of the major CEO changes among global consumer goods companies in 2025:

(Reporting by Neil J Kanatt, Sanskriti Shekhar and Koyena Das in Bengaluru; Editing by Andrea Ricci, Anil D'Silva and Alan Barona)

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Oct 23 (Reuters) - Hindustan Unilever Ltd HLL.NS:

• Q2 UNDERLYING VOLUME GROWTH FLAT

• ANTICIPATE NORMAL TRADING CONDITIONS STARTING EARLY NOV, ONCE PRICES STABILISE

• QUARTER SAW TRANSITORY IMPACT AS MARKET ADJUSTED TO GST REFORMS

• EBITDA MARGIN EXPECTED TO REMAIN AT CURRENT LEVELS IN NEAR TERM

• IN NEAR TERM PRICE GROWTH TO BE IN LOW-SINGLE DIGIT

Further company coverage: HLL.NS

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