“Roy expects HUL's EBITDA margins to improve towards 22.5%-23.5% as the ice cream business is excluded from the base and the company's strategic focus on volume yields results. For most FMCG companies, margins are set to expand due to operating leverage, scale, 1-2% pricing growth, and recovering volumes, despite increased advertising spends. Premiumisation is identified as a key growth driver, with premium segments growing faster and expected to lead the sector's recovery in FY27, even for companies like Colgate.”