Prabhudas Lilladher Recommends Accumulating HUL; Sets Target at Rs 2609

• HUL focuses on creating better brands, sustained innovations, and competitive growth in an improving economy.
• FY27 growth is expected to surpass FY26 (3% topline growth, flat profits), but double-digit growth remains elusive.
• Company aims to add new, bigger brands across segments, targeting emerging consumers, channels, and formats.
• HUL increased its stake in Oziva; more acquisitions are anticipated as Minimalist and Oziva hit Rs11bn ARR.
• Prabhudas Lilladher estimates 7.4% Sales CAGR and 8.2% EPS CAGR over FY26-28, with a DCF-based target price of Rs 2609.