“Bullish on Hindustan Unilever with a target price of ₹2,820. The growth strategy focuses on consumption, premiumisation, market making, and new growth spaces. Medium-term EBITDA margin guidance has been raised to 22-24%, and capex is expected to rise to 3% of sales, with significant opportunities in underpenetrated categories like liquid detergents and body wash.”

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