The Hindustan Unilever shares have surged 3% to an intra-day high after it reported a strong set of quarterly earnings. Key brokerages have maintained their estimates on the stock. Most analysts are focusing on the volume-led revenue growth, offsetting near-term pressure.
Nomura on HUL
The global brokerage house, Nomura, raised the target price a bit to Rs 2,650 from Rs 2,600, implying an upside of 18% from the current market price. The brokerage maintained its ‘Buy’ rating on HUL.
Consolidated like-for-like sales and volume growth of 7% and 6% came better than the brokerage’s estimates of 6% and 5% YoY. Volume growth was largely led by market development initiatives, penetration gains in core brands by stepping up marketing and execution, and capability building in omnichannel strategies. This was despite rural and urban demand being largely in line, compared to rural growth outpacing urban growth earlier.
“We have moved to consolidated financials from FY26 onwards to incorporate the acquisItion of
Minimalist and OZiva. We model an EPS CAGR of 9.5% over FY26-28 and value HUL at 50x, a 10% discount to its 10-year average P/E,” said Nomura.
Motilal Oswal on Hindustan Unilever
Motilal Oswal Financial Services maintained its ‘Buy’ rating on HUL, along with the target price of Rs 2,650. The brokerage said that the company remained focused on topline growth, backed by volume acceleration alongside new launches across categories and channels. The company has unveiled its ‘Unified India’ strategy to lean the organisational structure to accelerate decision-making and execution.
Hindustan Unilever continues to remain focused on driving volume-led revenue growth, even if it comes at the expense of near-term margins, said Motilal Oswal.
Despite concerns around rising crude prices and macro volatility, the company believes it is well-positioned to navigate the environment through commodity hedges, accelerated cost-saving initiatives, portfolio transformation strategies, and strengthening omnichannel capabilities.
HUL share price performance
The share price of HUL has fallen 0.7% in the last five trading sessions. The stock has given a return of 11% from the previous one month and has declined 5.6% in the past six months. HUL’s share price has dropped 1.7% over the last one year.
HUL Q4FY26
HUL reported a consolidated net profit of Rs 2,992 crore in Q4FY26, an increase of 21.4% year-over-year from Rs 2,464 crore in the corresponding quarter of the previous financial year.
Its revenue from operations came in at Rs 16,351 crore, up 7.6% YoY from Rs 15,190 crore in Q4FY25.
Also, the company’s board has proposed a payment of a final dividend of Rs 22 per share, subject to shareholder approval at the AGM. This is in addition to the interim dividend of Rs 19 per share declared in October 2025.
Its EBITDA (earnings before interest, tax, depreciation and amortisation) surged 3.2% YoY to Rs 3,877 crore, compared with Rs 3,754 crore in the same quarter last year. Margins for the quarter came in at 23.7%, up 70 basis points.