29 Oct 2026, 07:50 IST
Hindustan Unilever Limited
HDFC Securities · REDUCE · target INR 1,925
The report maintains a REDUCE rating on HUL with a Sep-27 target price of INR1,925 (36x P/E, ~30% discount to 5Y/10Y average forward P/E), citing in-line Q2FY27 results, margin stress from gross margin contraction, reduced A&P spends raising strategic concerns, and a narrowing moat with muted earnings outlook despite 15% revenue growth and 7% underlying volume growth in the quarter.
From Hindustan Unilever Q2FY27 HSIE, written by HDFC Securities. Orivam summarised it; the view is HDFC Securities's, not Orivam's.
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