“Neutral on Hindustan Unilever (HUL), retaining a 'Hold' rating with a price target of ₹1,804. The brokerage believes HUL is building a stronger growth engine through a desirable portfolio, channel-specific execution, and superior products, supported by quick-commerce capabilities and science-led innovation. A 500-basis-point productivity and mix-led savings program is expected to fund growth investments, allowing for increased capex intensity and wider EBITDA margin guidance while targeting competitive volume-led growth.”