Hindustan Unilever (HUVR IN) – Analyst Meet Update – Reboots with WINI at the heart of new growth strategy – ACCUMULATE
Published on 07 Sep 2026
HUL aims to derive 40% of delta from consumption and premiumization, 40% from an increased user base, and 20% from innovations. We believe competitive intensity is likely to remain elevated in Home Care and Toilet Soaps; however, the company's initiatives in Beauty & Wellbeing and Nutrition are expected to offset this pressure. Innovation, premiumisation and cost savings led margin outlook is positive for LT, however higher inflation and El Nino led pressures can weigh on growth and margin outlook in near term. We estimate a CAGR of 9% in Sales and 8.8% in PAT over FY26-28. HUL trades at 38.6xFY28 EPS which is at lowest point in last decade. We believe risk reward remains favorable given 2%+ dividend yield. Retain Accumulate with target price of Rs2320 (45x FY28).
