“Nuvama Institutional Equities has a 'buy' rating on Hindustan Unilever (HUL) with a target price of ₹2,820 per share. The firm expects HUL to deliver better performance in FY27 than FY26, driven by a medium-term EBITDA margin guidance of 22–24%, 500bp savings from premium mix improvement, operating leverage, and AI-led media effectiveness. Incremental revenue growth is anticipated from consumption, premiumisation, market making, and new spaces, with capex increasing to 3% of sales.”

Nuvama Analysis’s track record: 4 graded calls · 95% CI 15–85%