“Bullish on Hindustan Unilever (HUL), retaining a 'Buy' rating with a price target of ₹2,450, as the company gears up to 'Win in New India' with its 'SASSY' approach. However, Nomura noted the absence of specific FY27 guidance and the omission of earlier-indicated double-digit EPS growth guidance. The brokerage highlighted the revised operating margin band of 22-24% and increased capex intensity to 3% of sales.”

Nomura Analysis’s track record: 3 graded calls · 95% CI 6–79%