“Bullish on Hindustan Unilever with a target price of ₹2,450, valuing it at 45x June 2028F EPS and expecting FY26-29F EPS to grow at a CAGR of around 10%. The current valuation represents a 20% discount to HUL’s five-year P/E and trades two standard deviations below its 10-year average, despite unexciting near-term EPS growth. Key risk is weak growth.”

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