Hindustan Unilever Limited (HUL) reported 14.5% year-on-year revenue growth to ₹18,226 crore in Q2 FY27, with underlying sales growth reaching a 14-quarter high of 15% and underlying volume growth at 7%. However, consolidated net profit attributable to shareholders increased only 3.9% to ₹2,790 crore, while EBITDA margin declined to 22.6% amid input-cost pressures.
The Hindustan Unilever Q2 FY27 Results, announced on 28 October 2026, highlighted improving consumer demand, strong Home Care and Beauty & Wellbeing performance, and continued premiumisation. The company also declared an interim dividend of ₹19 per share.
This HUL Q2 FY27 Results Analysis examines the company's financial performance, segment-wise growth, profitability, dividend, management outlook, brokerage targets and key factors investors should monitor.
Table of Contents
- HUL Q2 FY27 Results: Key Highlights
- Hindustan Unilever Q2 FY27 Financial Performance
- Why HUL Sales and Volumes Grew
- HUL Q2 FY27 Segment Performance
- HUL Q2 Earnings FY27: Margin and Cost Pressures
- HUL H1 FY27 Performance
- HUL Q2 FY27 Dividend Details
- Management Commentary and FY27 Outlook
- HUL Share Price Reaction After Q2 Results
- HUL Q2 FY27 Brokerage Ratings and Targets
- Key Positives, Risks and What Investors Should Track
- HUL Q2 FY27 Results: Investor Takeaway
HUL's September 2026 quarter showed a clear improvement in revenue and volume growth. However, profit growth remained substantially below sales growth, reflecting the impact of operating costs and an exceptional gain in the previous year's results.
The following table summarises the major financial indicators.
HUL Q2 FY27 Financial Performance
The following table highlights HUL's key financial figures for the quarter ended September 2026.
| Particulars |
Q2 FY27 |
| Turnover |
₹18,071 cr |
| Consolidated revenue from operations |
₹18,226 cr |
| Revenue from sale of products |
₹18,037 cr |
| EBITDA |
₹4,089 cr |
| EBITDA margin |
22.6% |
| PAT before exceptional items |
₹2,795 cr |
| Reported PAT from continuing operations |
₹2,796 cr |
| PAT attributable to owners |
₹2,790 cr |
HUL Q2 FY26 Financial Performance
For a year-on-year comparison, the following table presents HUL's financial performance during Q2 FY26.
| Particulars |
Q2 FY26 |
| Turnover |
₹15,742 cr |
| Consolidated revenue from operations |
₹15,919 cr |
| Revenue from sale of products |
₹15,715 cr |
| EBITDA |
₹3,785 cr |
| EBITDA margin |
24.0% |
| PAT before exceptional items |
₹2,553 cr |
| Reported PAT from continuing operations |
₹2,791 cr |
| PAT attributable to owners |
₹2,685 cr |
Source: HUL's September 2026 quarterly results and consolidated financial disclosures. Figures are rounded.
The key takeaways from HUL Q2 Results are:
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Revenue growth: Consolidated revenue from operations increased 14.5% YoY.
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Volume recovery: Underlying volume growth reached 7%, while underlying sales growth stood at 15%, the highest in 14 quarters.
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Operating profit: EBITDA increased 8%, slower than revenue growth.
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Margin contraction: EBITDA margin declined by 140 basis points to 22.6%.
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Profit growth: PAT before exceptional items grew approximately 9%, while profit attributable to owners increased 3.9%.
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Dividend: The company announced an interim dividend of ₹19 per share for FY27.
The strongest part of the quarter was the recovery in sales volumes. The principal concern was that higher revenue did not translate into proportionate operating profit growth.
HUL recorded double-digit revenue growth across its consolidated operations, supported by improvements in consumer demand, category performance and product pricing.
However, the quarter also highlighted important differences between underlying operating growth and reported profitability.
HUL Q2 FY27 Revenue Growth
Consolidated revenue from operations increased from ₹15,919 crore in Q2 FY26 to ₹18,226 crore in Q2 FY27, representing 14.5% YoY growth.
Revenue from the sale of products increased 14.8% to ₹18,037 crore, compared with ₹15,715 crore in the corresponding period last year.
HUL separately reported turnover of ₹18,071 crore, with underlying sales growth of 15%.
These figures represent different revenue measures:
-
Turnover: HUL's company-reported operating sales measure, used in its underlying growth and margin disclosures.
-
Consolidated revenue from operations: Includes revenue from the sale of products and other operating revenue.
-
Underlying sales growth (USG): Measures sales growth excluding the impact of acquisitions and disposals.
For investors, the important development is that sales growth was supported by both higher underlying volumes and pricing or mix improvements.
HUL Q2 FY27 Net Profit: Why Was Reported Growth Lower?
HUL's net profit figures require a closer look because reported profit and profit before exceptional items show different growth rates.
| Profit measure |
Q2 FY27 performance |
| PAT before exceptional items |
₹2,795 cr, up approximately 9% YoY |
| Reported PAT from continuing operations |
₹2,796 cr, broadly flat YoY |
| PAT attributable to owners |
₹2,790 cr, up 3.9% YoY |
The main reason for the difference was the previous year's exceptional-item base.
Q2 FY26 included ₹273 crore of one-off tax-related gains. These increased reported profitability in the year-ago quarter and made the current quarter's reported profit growth appear weaker.
Excluding exceptional items, HUL's PAT increased from ₹2,553 crore to ₹2,795 crore, reflecting approximately 9.5% growth.
The comparison of profit attributable to owners also reflects the effect of discontinued operations in the previous year. Q2 FY26 included a ₹97 crore loss from discontinued operations, which affected the reported year-on-year comparison.
Investor interpretation: HUL's underlying profit performance was stronger than its near-flat reported PAT from continuing operations suggests. However, even after adjusting for exceptional items, profit growth remained below the company's 15% underlying sales growth.
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Want to evaluate HUL’s stock performance after its Q2 FY27 results? Review the HUL share price, price charts, and key financial valuation indicators.
One of the most important developments in the HUL Q2 FY27 report was the improvement in underlying sales and volume growth.
| Growth indicator |
Q2 FY27 |
| Underlying sales growth (USG) |
15% |
| Underlying volume growth (UVG) |
7% |
| USG performance |
Highest in 14 quarters |
Underlying volume growth measures changes in volumes while also incorporating the impact of product mix.
For an FMCG company, improving volume growth is an important indicator because it shows that sales expansion is not dependent entirely on price increases.
HUL's 7% UVG suggests that consumer purchases, product mix and distribution initiatives contributed meaningfully to the quarter's performance.
The company's product and category initiatives also supported sales growth:
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Premiumisation: Greater focus on premium skin care, hair care, detergents and personal-care products.
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Market development: Initiatives to increase consumer penetration across product formats.
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Calibrated pricing: Price changes intended to manage input costs without significantly disrupting demand.
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Product innovation: New launches and extensions across established brands.
However, the difference between underlying sales growth and volume growth also indicates that pricing and mix remained significant contributors.
Therefore, the quarter reflects improved consumer demand alongside pricing-led growth, rather than a recovery driven exclusively by higher volumes.
Home Care and Beauty & Wellbeing led HUL's segment performance, both recording double-digit underlying sales growth supported by strong volume growth.
Personal Care and Foods also expanded, but their growth rates and volume trends were comparatively moderate.
HUL Segment-Wise Growth
HUL Q2 FY27 Underlying Sales Growth (USG)
The following table highlights the underlying sales growth across HUL's business segments during Q2 FY27.
| Business Segment |
Q2 FY27 USG |
| Home Care |
22% |
| Beauty & Wellbeing |
16% |
| Personal Care |
9% |
| Foods |
9% |
HUL Q2 FY27 Segment-Wise Volume Performance
The following table summarises the volume growth trends across HUL's major business segments.
| Business Segment |
Volume Performance |
| Home Care |
Double-digit UVG |
| Beauty & Wellbeing |
Double-digit UVG |
| Personal Care |
Strong Skin Cleansing growth; overall segment UVG flat |
| Foods |
Low-single-digit UVG |
The difference in segment performance is important because HUL's future profitability will depend not only on overall sales growth but also on the contribution and profitability of individual categories.
Home Care: Strongest Segment With 22% Sales Growth
Home Care was HUL's strongest-performing business in Q2 FY27, delivering 22% underlying sales growth and double-digit underlying volume growth.
Both Fabric Wash and Household Care recorded broad-based growth across brands and product formats.
Major developments included:
- Liquid detergents continued their double-digit growth trajectory.
- Surf excel Easy Wash's ₹99 pack supported premiumisation within the powder detergent category.
- Focused market-development activities helped increase consumer penetration.
- Surf excel and Rin liquids strengthened their product propositions.
- HUL reported an improvement in its market leadership position.
The strong performance of liquids and powders indicates that growth was not restricted to a single product format.
What it means for investors: Home Care provided the strongest evidence of improving consumption and execution. However, the segment's profitability remains important because input-cost inflation could limit the earnings benefit of higher sales.
Beauty & Wellbeing: 16% Growth Supported by Premium Products
Beauty & Wellbeing recorded 16% underlying sales growth, supported by double-digit underlying volume growth.
Premium Hair Care continued to outperform, while Skin Care and Colour Cosmetics also delivered double-digit volume-led growth.
HUL introduced and expanded several products during the quarter:
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Simple: Expanded its portfolio with the Barrier Repair range.
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Vaseline: Relaunched body lotions with upgraded packaging and product positioning.
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Dove: Introduced premium body-serum lotions.
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Minimalist: Expanded its skin care and hair care portfolio.
Premium Skin Care also benefited from strong growth in organised retail channels.
These developments indicate HUL's continued focus on premiumisation, innovation and categories where consumers may be willing to pay more for product benefits.
What it means for investors: Beauty & Wellbeing offers opportunities to improve portfolio mix through higher-value products. Sustaining this momentum will depend on consumer acceptance, competition and the ability to maintain profitability while investing in innovation.
Personal Care: 9% Growth, But Oral Care Remained Slow
Personal Care delivered 9% underlying sales growth, led primarily by Skin Cleansing, which achieved double-digit growth.
Pears and Dove bars recorded double-digit volume-led growth, while bodywash benefited from sampling programmes and in-store promotional activities.
HUL also relaunched Lux Bar with updated packaging to strengthen its brand positioning.
However, Oral Care recorded only low-single-digit underlying sales growth.
Despite the stronger performance in Skin Cleansing, overall Personal Care underlying volume growth was flat.
What it means for investors: Personal Care showed improvement in selected categories, but growth was less broad-based than in Home Care and Beauty & Wellbeing. A recovery in Oral Care and improvement in overall segment volumes would strengthen its contribution.
Foods: 9% Sales Growth With Moderate Volumes
Foods reported 9% underlying sales growth, although underlying volume growth remained in the low-single digits.
The segment's performance was supported by:
-
Double-digit growth in Lifestyle Nutrition.
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Broad-based double-digit growth in Packaged Foods.
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High-single-digit growth in Coffee, supported by volumes.
-
Continued expansion of premium Tea products.
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Growth initiatives across Horlicks Biscuits and ready-to-drink formats.
One important development was the launch of Horlicks protein powder, extending the brand into the protein and health-and-wellness category.
HUL also refreshed the Kissan Condiments portfolio with updated products and packaging.
What it means for investors: Foods is expanding through packaged foods, nutrition and premium products. However, lower volume growth relative to underlying sales growth suggests that the segment's demand recovery remains less pronounced than in Home Care and Beauty & Wellbeing.
Despite strong sales growth, profitability remained under pressure during Q2 FY27.
HUL's EBITDA increased 8% YoY to ₹4,089 crore from ₹3,785 crore. However, the company's EBITDA margin declined from 24% to 22.6%, representing a contraction of 140 basis points.
The gap between 15% underlying sales growth and 8% EBITDA growth reflects the pressure on operating profitability.
Why Did HUL's EBITDA Margin Decline?
The principal concern was commodity inflation and its effect on input costs.
Although HUL used pricing actions and cost-management initiatives, the improvement in sales was insufficient to prevent margin contraction.
Management indicated that commodity inflation is likely to persist in the near term.
HUL maintained its consolidated EBITDA-margin guidance of 22% to 24%.
This indicates that management is balancing investment in growth with profitability, rather than targeting an immediate return to substantially higher margins.
Advertising and Promotion Expenses Declined
An important operating development was the reduction in advertising and promotion expenditure.
HUL's consolidated advertising and promotion spending declined approximately 9.3% YoY to ₹1,481 crore, compared with ₹1,632 crore in Q2 FY26.
This reduction helped contain operating expenses at a time when commodity costs were rising.
However, advertising expenditure is an important consideration for an FMCG company because brand investment supports consumer awareness, distribution and market share.
For investors, two factors matter:
-
Whether lower advertising expenditure reflects sustainable efficiency improvements.
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Whether HUL needs to increase promotional spending as competition intensifies.
Even with lower advertising expenditure, EBITDA margin declined during the quarter, highlighting the extent of profitability pressure.
The next phase of HUL's earnings recovery will depend on its ability to manage input costs, improve product mix and maintain volume momentum without excessive pricing or promotional pressure.
HUL's first-half results suggest that the improvement in Q2 FY27 was part of a broader recovery in operating performance.
For the six months ended 30 September 2026, the company reported turnover of ₹35,255 crore.
| Key metric |
H1 FY27 performance |
| Turnover |
₹35,255 cr |
| Underlying sales growth |
12% |
| Underlying volume growth |
6% |
| EBITDA growth |
8% YoY |
| PAT before exceptional items growth |
9% YoY |
Q2 FY27 underlying sales growth of 15% exceeded the first-half growth rate of 12%.
Similarly, Q2 underlying volume growth of 7% was higher than the first-half growth rate of 6%.
This indicates that growth accelerated during the September quarter.
However, first-half EBITDA growth of 8% and PAT-before-exceptionals growth of 9% also show that profitability continued to grow more slowly than sales.
For investors, the important question is whether the second-quarter acceleration can be sustained through the remaining half of FY27.
Alongside the quarterly financial results, HUL's Board of Directors declared an interim dividend of ₹19 per equity share for FY27.
The dividend applies to equity shares with a face value of ₹1 each.
| Dividend particulars |
Details |
| Interim dividend |
₹19 per share |
| Face value |
₹1 per share |
| Record date |
12 November 2026 |
| Payment date |
25 November 2026 |
| Financial year |
FY 2026-27 |
The record date determines which shareholders are eligible for the declared dividend, subject to the applicable settlement and entitlement rules.
At the intraday share price of approximately ₹1,766 recorded on 28 October 2026, the ₹19 interim dividend represents around 1.1% of that reference price.
This is an indicative return from the single interim dividend, not the company's full-year dividend yield.
For investors evaluating HUL, dividend payments are an important part of shareholder returns. However, earnings growth, operating margins and valuation remain important considerations alongside dividend income.
HUL's management maintained a positive view of underlying consumer demand while acknowledging near-term inflationary pressures.
Chief Executive Officer and Managing Director Priya Nair highlighted the improvement in underlying sales growth and volume performance during the quarter.
She also stated that India's economy remained resilient, supported by healthy macroeconomic indicators and a positive consumption environment.
Focus on the Winning in New India Strategy
HUL continues to implement its "Winning in New India" strategy, which is focused on competitive, volume-led profit growth and longer-term capability building.
The company's operating priorities include:
- Strengthening established brands through innovation and product improvement.
- Expanding premium products across key categories.
- Improving distribution and go-to-market capabilities.
- Developing new consumption opportunities through product extensions.
- Protecting operating profitability while investing in future growth.
Management expects FY27 performance to improve compared with FY26, supported by portfolio and channel transformation.
However, it also expects commodity inflation to remain a near-term challenge.
The company has retained its consolidated EBITDA-margin guidance of 22% to 24%.
Investor interpretation: Management remains confident about demand and sales growth, but margin guidance suggests that profitability improvements may take time. Future quarters will need to demonstrate whether volume growth can be maintained while input-cost pressures are managed.
HUL shares witnessed considerable intraday volatility on 28 October 2026, following the announcement of the September-quarter results.
The stock initially rose to an intraday high of approximately ₹1,861 before reversing gains and falling to around ₹1,766.
At the intraday low, HUL shares were down approximately 3%, reflecting concerns over profitability despite the strong revenue performance.
However, the stock subsequently recovered and closed at approximately ₹1,815.80, down just 0.1% for the session.
On 29 October 2026, HUL shares traded around ₹1,827 in early morning trading, up approximately 0.6%.
The initial reaction therefore reflected volatility rather than a sustained 3% closing decline.
Why Did HUL Shares React Cautiously?
The earnings announcement presented investors with contrasting signals:
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Revenue and underlying volume growth were stronger.
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Home Care and Beauty & Wellbeing delivered robust operating performance.
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EBITDA margin contracted by 140 basis points.
-
Reported profit growth remained modest.
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Management indicated that commodity inflation could persist.
The market reaction suggests that investors were weighing the improvement in consumer demand against uncertainty over future earnings growth.
For a company such as HUL, share-price performance depends on how effectively operating growth translates into profits and whether future earnings justify the valuation.
Brokerage reactions to HUL's Q2 FY27 results were largely constructive, particularly regarding demand recovery and volume growth.
However, analysts remained divided on how quickly the company could improve profitability amid input-cost inflation.
HUL Share Price Targets After Q2 FY27 Results
The following table summarises brokerage views reported on 29 October 2026.
| Brokerage |
Rating and target price |
Key observation |
| UBS |
Buy, ₹2,700 |
Positive on revenue and volume growth, particularly Home Care and Beauty & Wellbeing |
| Morgan Stanley |
Equal-weight, ₹2,480 |
Cautious on operating-margin contraction amid inflation |
| Jefferies |
Buy, ₹2,350 |
Reduced target from ₹2,450 due to persistent inflationary pressure |
| HSBC |
Buy, ₹2,220 |
Raised target from ₹2,210, citing improving demand trends |
| Motilal Oswal |
Buy, ₹2,150 |
Positive on volume acceleration, launches and channel expansion |
| Nomura |
Buy, ₹2,100 |
Sales and volume growth exceeded estimates, but margins remained a concern |
Sources: Moneycontrol, CNBC-TV18 and Motilal Oswal research published through NDTV Profit, 29 October 2026. Brokerage ratings and targets are analysts' assessments, not guaranteed outcomes.
What Brokerages Liked About HUL's Results
The main positive across brokerage commentary was the improvement in underlying sales and volume growth.
UBS highlighted the strength of Home Care and Beauty & Wellbeing. Both businesses delivered double-digit volume growth and contributed meaningfully to HUL's overall performance.
Jefferies acknowledged the improvement in demand and volume growth, although it reduced its price target because of inflationary pressures.
HSBC maintained its constructive stance on improving demand conditions.
Nomura observed that HUL's reported 7% underlying volume growth and 15% underlying sales growth exceeded its estimates of 5% and 11%, respectively.
Motilal Oswal also remained positive on the company's volume acceleration, product launches and distribution initiatives.
The brokerage valued HUL at 37 times its estimated September 2028 earnings per share while maintaining a ₹2,150 price target.
What Brokerages Remain Concerned About
Despite the positive demand trends, the brokerage reports highlighted several risks.
1. Margin contraction
Morgan Stanley flagged the decline in operating margins, while Jefferies reduced its target price amid persistent inflationary pressures.
2. Slower profit growth
HUL's 14.5% revenue growth translated into only 3.9% growth in profit attributable to owners.
This gap raises questions about how quickly profitability can improve.
3. Consumer-sector risks
Motilal Oswal highlighted inflation, interest rates and a potentially deficient monsoon as concerns for the broader consumer sector.
These factors could influence consumer spending and the pace of demand recovery.
4. Valuation sensitivity
Motilal Oswal also noted that HUL had experienced a valuation de-rating of approximately 20% over six months amid uncertainty over its growth outlook.
This indicates that investors have become more sensitive to the relationship between earnings expectations and stock valuations.
What Do the Brokerage Targets Mean for Investors?
The six brokerage targets range from ₹2,100 to ₹2,700.
UBS has the highest target among these brokerages, while Nomura's target is the most conservative despite its Buy recommendation.
Morgan Stanley remains Equal-weight, showing that a positive assessment of the business does not necessarily translate into an equally positive view of the share price.
The differences reflect varying expectations regarding future earnings growth, operating margins and valuation.
These targets should be considered as individual analyst scenarios rather than an assured indication of future stock performance.
The HUL Q2 FY27 Results provide evidence of improving demand and strong execution across several categories. However, profitability and the sustainability of volume growth remain central to the investment assessment.
Key Positives
-
Strong underlying sales growth: USG reached 15%, the highest in 14 quarters.
-
Healthy underlying volumes: UVG stood at 7%, indicating meaningful volume and mix improvement.
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Home Care leadership: The segment delivered 22% USG with double-digit volume growth.
-
Premium portfolio expansion: Beauty & Wellbeing grew 16%, supported by premium hair care, skin care and colour cosmetics.
-
Underlying profit improvement: PAT before exceptional items increased approximately 9% YoY.
-
Product innovation: Minimalist, Dove, Simple, Horlicks protein and premium detergent products expanded HUL's portfolio.
-
Shareholder returns: The interim dividend of ₹19 per share provides a declared cash distribution to eligible shareholders.
Key Risks and Concerns
-
Commodity inflation: Persistent input-cost pressures could restrict margin improvement.
-
Lower EBITDA margin: The margin declined 140 basis points to 22.6%.
-
Slower reported profit growth: Profit attributable to owners grew 3.9%, significantly below revenue growth.
-
Uneven segment momentum: Personal Care volume growth was flat, while Foods recorded only low-single-digit volume growth.
-
Advertising expenditure: Sustaining growth while controlling brand investment will remain important.
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Valuation sensitivity: Share-price volatility and differing brokerage targets reflect uncertainty over future earnings growth.
What Investors Should Monitor Next
| Key indicator |
Why it matters |
| Underlying volume growth |
Measures the sustainability of demand recovery |
| EBITDA margin |
Shows whether input-cost pressures are easing |
| Home Care growth and margins |
Tests profitability in the strongest-growing segment |
| Beauty & Wellbeing performance |
Indicates the contribution from premiumisation |
| Personal Care and Foods volumes |
Measures whether growth is becoming more broad-based |
| Advertising and promotion spending |
Shows the balance between growth investment and cost efficiency |
| PAT growth versus revenue growth |
Indicates whether higher sales are converting into earnings |
| FY27 management commentary |
Provides direction on demand, inflation and execution |
The most important indicator will be HUL's ability to sustain volume growth while improving the conversion of revenue into operating profit.
HUL's Q2 FY27 performance showed a meaningful improvement in consumer demand and business momentum. Underlying sales growth reached 15%, underlying volume growth improved to 7%, and Home Care and Beauty & Wellbeing delivered double-digit volume-led expansion.
However, profitability remained constrained. EBITDA increased 8%, the EBITDA margin declined to 22.6%, and reported profit attributable to owners grew only 3.9%.
The difference between sales growth and earnings growth remains the central issue.
HUL's premiumisation initiatives, product innovation and distribution improvements provide opportunities to sustain its growth momentum. At the same time, commodity inflation, slower-performing categories and the need for continued brand investment could restrict margin expansion.
For long-term investors, the quarter offers encouraging evidence of improving operating performance, but the sustainability of volumes and margins will matter more than a single quarter's sales acceleration.
For valuation-focused investors, future earnings growth and the company's ability to defend its 22% to 24% EBITDA-margin range remain particularly important.
The key takeaway from HUL Q2 FY27 Results is that sales and volume growth have improved considerably, but a stronger earnings recovery will depend on managing costs and converting that growth into higher profitability.
Frequently Asked Questions
1. What was HUL's net profit in Q2 FY27?
Hindustan Unilever reported consolidated net profit attributable to owners of ₹2,790 crore in Q2 FY27, up 3.9% from ₹2,685 crore in Q2 FY26. Reported PAT from continuing operations was ₹2,796 crore, broadly flat year on year, while PAT before exceptional items increased approximately 9% to ₹2,795 crore.
2. What was HUL's revenue and volume growth in Q2 FY27?
HUL's consolidated revenue from operations increased 14.5% YoY to ₹18,226 crore in Q2 FY27. Company-reported turnover stood at ₹18,071 crore. Underlying sales growth reached 15%, its highest in 14 quarters, while underlying volume growth stood at 7%.
3. Why did HUL's profit growth remain low despite strong sales?
HUL's profit growth lagged sales growth because of input-cost pressures and a high exceptional-item base in the previous year. Q2 FY26 included a one-off tax-related gain of ₹273 crore. EBITDA grew 8% against 15% underlying sales growth, while EBITDA margin declined by 140 basis points to 22.6%.
4. What is the HUL Q2 FY27 dividend and record date?
HUL declared an interim dividend of ₹19 per equity share for FY27. The record date is 12 November 2026, and the scheduled payment date is 25 November 2026. The dividend was announced alongside the results for the quarter ended 30 September 2026.
5. What are the brokerage target prices for HUL after Q2 FY27 results?
As reported on 29 October 2026, UBS maintained a Buy rating with a target of ₹2,700, Morgan Stanley retained Equal-weight at ₹2,480, Jefferies maintained Buy at ₹2,350, HSBC maintained Buy at ₹2,220, Motilal Oswal retained Buy at ₹2,150, and Nomura maintained Buy at ₹2,100. These targets reflect individual brokerage assessments and are subject to change.