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Systematix Report
Systematix has maintained a ‘Hold' rating on Hindustan Unilever Ltd. following its March quarter results, with a revised target price of Rs 2,515 (vs Rs 2,585 earlier), citing balanced growth outlook and premium valuations.
The brokerage noted that HUL delivered a strong Q4 FY26 performance, with consolidated revenue rising 8% YoY, the highest growth in 12 quarters, supported by 6% volume growth led by home care, hair care and premium personal care segments.
Despite the growth pickup, Systematix flagged margin pressures amid rising input costs, particularly edible oils and crude-linked packaging, which have led to raw material inflation of 8–10%. Operating margins declined to 23.5% in the quarter, even as the company undertook calibrated price hikes.
From a valuations perspective, the brokerage highlighted that the stock remains expensive, trading at around 47x FY27E and 43x FY28E earnings, with EV/Ebitda multiples also elevated at ~30x levels.
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