HUL Q2 Review — Macro Drivers Constructive; Expectations Rising For H2 Says Motilal Oswal Maintaining 'Buy'

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Motilal Oswal Report

We largely maintain our estimates for FY26-FY28.

Hindustan Unilever Ltd. plans to focus aggressively on volume acceleration, alongside new launches and the reactivation of its value proposition, which is expected to drive further growth from H2 FY26 onwards.

We expect supportive macroeconomic factors to act as a catalyst for boosting consumption sentiment. As a market leader in most staple categories, coupled with its strategic initiatives, HUL is well-positioned to benefit the most.

We model an 8%/8%/9% revenue, Ebitda, and adjusted profit after tax CAGR over FY25-28E. With various strategies underway, optimism is building for stronger operational performance in the coming quarters.

We believe the new leadership is wellpositioned to capitalize on its volume growth aspirations amid supportive macro drivers.

We reiterate our Buy rating on the stock with a target price of Rs 3,050 (55x on Sep’27E EPS).

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