Buoyant Intelligence

Antique Stock Broking LimitedHOLDdailymulti-company

Antique's Morning Presentation - From The Research Desk (Indian Banking Sector; NBFC 1QFY27 Review; Cement; FMCG)

19 Aug 2026 · Manjith Nair, Pashmi Chheda, Raju Barnawal · 86 pp · open PDF ↗

Target: ₹2,214
At report: ₹2,035
Vs our close: +18.8%

HUL raised trade incentives and took price hikes across skin-cleansing brands in July per Antique's channel checks; rated HOLD (not among Antique's preferred FMCG names).

Key points

July channel checks: increased trade incentives on skin cleansing portfolio, focus on Rs 15 pack products in Dove and Lifebuoy
Price hikes taken across categories: Bodywash (250-300g: +4-7%), Dove (100-400g: +3-10%), Lifebuoy (100-500g: +5-11%), Lux (75-450g: +3-11%), Pears (50-375g: +2-9%)
Valuation Guide: Mcap $49.9bn, FY27E/FY28E/FY29E P/E of 42.1x/38.3x/35.3x, EV/EBITDA 28.9x/26.4x/24.2x
Antique currently prefers Marico, Britannia and Bajaj Consumer over HUL within consumer staples

Extraction note: This is a very long (86-page) multi-sector daily; only sections/data relevant to tracked portfolio companies were extracted in depth. The daily's Banking sector report (pages 3-60) also covers non-portfolio banks in similar depth: Kotak Mahindra Bank, IndusInd Bank, Federal Bank,…

Mirae Asset SharekhanBUYresult update

Strong Q1; growth at multi-quarter high

28 Jul 2026 · Kruttika Prabhudesai · 5 pp · open PDF ↗

Target: ₹2,503
At report: ₹2,023
Vs our close: +34.3%

Mirae Asset Sharekhan retains BUY on Hindustan Unilever after Q1FY27 consolidated revenue grew 10% YoY, the company's highest growth in 13 quarters, led by Home Care and Beauty & Wellbeing. Despite PAT declining 2.2% YoY on a high base tax credit last year, the broker raises its target price to Rs 2,503 on FY27E/FY28E EPS of Rs 48.7/54.4, implying the stock trades at 41.5x/37.2x forward earnings.

Thesis

Consolidated revenue grew 10% YoY to Rs 17,341 crore, led by 10% underlying sales growth (USG) and 5% underlying volume growth (UVG) — the highest growth in 13 quarters
Home Care and Beauty & Wellbeing led growth with 14% and 12% USG respectively, while Foods grew 7% and Personal Care grew 4%
EBITDA grew 8.4% YoY to Rs 3,947 crore with OPM at 22.8% (down 30bps YoY), remaining within the company's guided range
Foods and Home Care segments saw EBIT margin expansion of 101bps and 26bps YoY to 20.2% and 19.1% respectively, while Beauty & Wellbeing margin fell 293bps YoY to 29.1%
Management retained guidance that FY27 should be better than FY26, supported by portfolio transformation, channel expansion and stable FMCG demand
Company continued to gain turnover-weighted market share, with quick commerce expected to grow 40-50% and AI being embedded across the value chain (e.g., Liquids Lab of the Future accelerating formulation timelines up to 6x)

Risks

Slower demand recovery
Sustained commodity/currency inflation, particularly crude-linked derivatives and palm oil
Rising competitive intensity
Execution challenges in scaling premium formats, quick commerce, Minimalist, OZiva and new demand spaces

Q1FY27 highlights

Total revenue grew 10.1% YoY / 6.1% QoQ to Rs 17,341 crore
Operating Profit (EBITDA) grew 8.4% YoY to Rs 3,947 crore; OPM at 22.8% (down 34bps YoY)
Reported PAT fell 2.2% YoY to Rs 2,680 crore, due to a one-off tax credit in the base quarter (tax rate rose to 25.7% from 16.4% YoY)
Adjusted EPS of Rs 11.7, down 2.8% YoY
Home Care revenue Rs 6,554 crore (+13.4% YoY, 14% USG); Beauty & Wellbeing Rs 4,083 crore (+12.4% YoY, 12% USG); Personal Care Rs 2,624 crore (+3.3% YoY, 4% USG); Foods Rs 3,480 crore (+6.8% YoY, 7% USG)
PBIT margins: Home Care 17.3% (-219bps YoY), Beauty & Wellbeing 27.6% (+6bps YoY), Personal Care 19.7% (+100bps YoY), Foods 19.9% (+120bps YoY)

Catalysts

Quick commerce channel expected to continue strong double-digit growth (~40-50%)
AI embedding across the value chain including a digital-first distribution center in Vijayawada and the Unilever Fragrance House in India
Minimalist continuing double-digit growth with offline expansion
Calibrated price increases across home care and personal care to offset commodity inflation

Broker estimates	Unit	FY24	FY25	FY26	FY27E	FY28E
Revenue	Rs cr	61,896	61,328	64,468	69,935	76,557
OPM	%	23.7	24	23.4	23.3	23.6
Adjusted PAT	Rs cr	10,282	10,428	10,830	11,443	12,788
Adjusted EPS	Rs	43.8	44.4	46.1	48.7	54.4
P/E	x	46.2	45.6	43.9	41.5	37.2
P/B	x	9.3	9.6	9.8	9.7	9.7
EV/EBITDA	x	31.7	31.7	31.2	28.8	25.9
RoNW	%	20.3	20.7	22.1	23.4	26.2
RoCE	%	27.2	27.8	28.4	31	34.7

Valuation: P/E-based on FY27E/FY28E EPS. Stock trades at 41.5x/37.2x FY27E/FY28E EPS; broker retains BUY with a revised price target of Rs 2,503, though the specific target methodology/multiple is not detailed beyond forward P/E context in the text. The report refers to a 'revised PT of Rs. 2,503' but does not state the prior target price or the magnitude of change in the extracted text.

Extraction note: Upside percentage is not explicitly printed in the report text (only CMP Rs 2,023 and PT Rs 2,503 are given), so upsidePct is left null per the no-estimation rule; priceDate and horizon are also not explicitly stated in the text.

Promoter	61.90%
UNILEVER PLC	47.43%
UNILEVER OVERSEAS HOLDINGS AG	2.93%
UNILEVER OVERSEAS HOLDINGS B V	0.80%
Foreign Promoters	61.90%
UNILEVER GROUP LIMITED	4.54%
UNILEVER UK&CN HOLDINGS LIMITED	2.56%
UNILEVER SOUTH INDIA ESTATES LIMITED	2.24%
UNILEVER ASSAM ESTATES LIMITED	1.40%
Public Shareholding	38.10%
Institutions	26.49%
LIFE INSURANCE CORPORATION OF INDIA	6.59%
ICICI PRUDENTIAL INDIA OPPORTUNITIES FUND	1.78%
SBI EQUITY MINIMUM VARIANCE FUND	1.61%

Hindustan Unilever

Hindustan Unilever

Sell-side views, extracted from the PDFs on file

Strengths · Weaknesses · Opportunities · Threats

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Buoyant sources for this name

Investor documents (Tijori knowledge base)

Shareholding · Jun'26