Hindustan Unilever Limited CFO Interaction: Repositioning for Faster, Premiumization-Led Growth

研报英文原文证据摘录

Hindustan Unilever Limited CFO Interaction: Repositioning for Faster, Premiumization-Led Growth

J P M O R G A N Asia Pacific Equity Research

10 June 2026

Hindustan Unilever Limited Overweight

HLL.NS, HUVR IN

CFO Interaction: Repositioning for faster, Price (09 Jun 26):Rs2,132.80

premiumization-led growth Price Target (Mar-27):Rs2,550.00

We hosted Mr. Niranjan Gupta, CFO and Executive Director of Hindustan Unilever, Consumer, Retail, Media

ACat the J.P. Morgan India Consumer CEO/CFO Fireside Chat series. Management Latika Chopra, CFA

reiterated a stable demand outlook, supported by calibrated pricing actions (~MSD), (91-22) 6157-3584

a resilient rural franchise, and urban premiumization as a key growth engine. latika.chopra@jpmorgan.com

Organizational restructuring — aimed at sharper execution across business units — Himanshu Singh

together with a focused omnichannel strategy (Quick Commerce + GT specialist (91-22) 6157-3610

channels) positions HUL well to sustain its improving revenue growth trajectory. himanshu.x6.singh@jpmorgan.com

Segment-wise, Liquids within Home Care & Personal Care, Premium Beauty & Saransh S Gokhale

Wellbeing brands, and a scaling Foods portfolio remain the principal growth vectors. (91-22) 6157 3578

saransh.gokhale@jpmchase.com

Margins are guided within the 22.5–23.5% band for FY27, with pricing, cost J.P. Morgan India Private Limited, J.P. Morgan

efficiencies and overhead optimization absorbing ~10% input cost inflation, while Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

premiumization-led gross margin gains are expected to be reinvested into brand

building. We believe improving revenue growth trajectory in coming quarters will be

the key share price catalyst - we stay OW. Style Exposure