Hindustan Unilever (HUVR IN) – Q3FY26 Result Update – Worst seems over, but visibility remains hazy – Accumulate
Published on 12 Feb 2026
HUL’s sales and profitability growth will be led by volumes as pricing will remain competitive and HUL restores A&P (down 46bp/80bps for 3Q/9mFY26) to normal level of ~10% over time. We estimate 7.4% Sales CAGR and 8.2% EPS CAGR over FY26-28. We assign DCF based target price of Rs2609 (Rs2669 earlier) as we roll over to Dec27. We expect moderate returns and lack of triggers in the near term.
