Hindustan Unilever reported 7% underlying volume growth for the September quarter as Motilal Oswal cut its target to ₹2,150, citing growth concerns while keeping Buy, in extracts carried by NDTV Profit.
The Oct. 29 extracts said the revised target values HUL at 37 times estimated earnings per share for September 2028. Motilal Oswal used a 40-times multiple in its Sept. 7 report. The brokerage cited uncertainty about growth and macroeconomic pressure in its latest assessment.
On Oct. 28, HUL's board cleared its unaudited results for the September quarter and half-year, covering the period ended Sept. 30, 2026. The company recorded total sales of ₹18,071 crore, 15% above the prior-year quarter, with underlying volume growth of 7%. CEO and Managing Director Priya Nair said underlying sales growth reached 15%, describing it as “our highest in the last 14 quarters.” The filing separately reports consolidated revenue from operations at ₹18,226 crore. It presents the two amounts as separate measures.
Home Care had underlying sales growth of 22%, while Beauty & Wellbeing rose 16%. Personal Care and Foods each grew 9% on that measure.
Profit measures moved at different rates. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 8% to ₹4,089 crore, but the margin narrowed by 140 basis points to 22.6%. Profit after tax before exceptional items increased 9% to ₹2,795 crore. Reported profit after tax was ₹2,796 crore, flat year over year. HUL said the prior-year comparison included a one-time tax-related gain of ₹273 crore.
Motilal Oswal's report identified inflation, borrowing costs and insufficient monsoon rainfall as possible restraints on consumer-sector growth. It said the brokerage would monitor demand trends, HUL's initiatives and the effects of cost inflation. The extracts also cited a 20% fall in HUL shares over six months amid uncertainty about growth.
HUL's annual report lists Feb. 11, 2027, as the tentative date for the company's third-quarter results.
