Hindustan Unilever (HUL) shares took a sharp 4% dive on Thursday, hitting an 8-month low of ₹2,254. Investors reacted strongly to the FMCG giant’s cautious outlook on the consumption goods market, even as the company reported modest sales growth of 2% YoY for Q3FY25. Despite a revenue increase to ₹15,195 crore from ₹14,928 crore in the same quarter last year, underlying volume growth (UVG) disappointed across key segments like Beauty and Wellbeing, Personal Care, and Foods, with only Home Care holding steady. While net profit surged 19% YoY to ₹3,001 crore, thanks to gains from the Pureit divestment, profit excluding exceptional items stagnated at ₹2,540 crore. Adding to concerns, EBITDA margins narrowed slightly to 23.5%, down by 20 basis points. The results underline HUL’s ongoing struggles with urban demand sluggishness and weak consumer sentiment. Even with slight pricing improvements and strategic moves like the Minimalist acquisition, analysts remain skeptical of HUL’s ability to reignite growth in the short term. For now, the stock’s movement hinges on tangible signs of recovery in consumer demand and operational efficiency gains.