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HUL is repositioning Horlicks as a lifestyle nutrition brand and expanding it into the Rs.7,000cr protein market

ICICIdirect Research 11 Sep 2026 DISCLAIMER

News: HUL is repositioning Horlicks as a lifestyle nutrition brand and expanding it into the Rs.7,000cr protein market, targeting everyday consumers beyond gym-goers and sports enthusiasts. The company has been repositioning Horlicks through FY25-26, with new packs and variants launched in FY26 and a recent entry into the RTD segment. HUL’s consumer research identified low perceived need, digestion concerns, taste and lack of trust as key barriers to protein consumption, which it aims to address through its new offerings. Protein penetration in India remains low at ~3%, while Foods contributes ~22% of HUL’s revenue with ~20% profitability. HUL is focusing on consumption, premiumisation, market-making and newer growth spaces as part of its broader growth strategy.

View: Horlicks is yet to regain lost momentum since its acquisition, with muted growth in the HFD category and higher milk prices impacting consumption. HUL is now looking to revive the category through premiumisation and a wider portfolio, including its recent foray into protein and RTD formats. The key monitorable remains whether these initiatives can translate into a sustained improvement in Horlicks’ growth over the near term.

Impact: Neutral

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