NSE: HINDUNILVR· FMCGCore · Aug 26Large cap
Hindustan Unilever
Broadest lever on the volume recovery
- Last close
- ₹1,863.80
- 29 Sept 2026 · reference
- 1D · 1M
- −1.7% · −7.3%
- price-only
- Weight
- 3.3%
- 31 Jul 2026 · Aug rank 9
- Thesis review
- 8 Sep 2026
- Why We Own, p32
Where the price sits
52-week range, house target and street targets
52w low ₹1,86452w high ₹2,604
- Reference close₹1,864
- Antique Stock Broking Limited · HOLD₹2,214
- Mirae Asset Sharekhan · BUY₹2,503
Range from reference closes; street targets from the PDFs on file (Research & documents). Internal target is never shown to prospects.
Investment case and valuation
Approved model, 8 Sep 2026 review
₹1,960
Price (2026-09-07)
46.2x / 44.1x
FY27E / FY28E P/E (Buoyant sheet)
21.3%
FY27E ROE (Buoyant sheet)
41.8x
Trailing P/E
9.4x
Price / book
11%
EPS CAGR FY26–28E
Stock at Rs 1,960 has de-rated from ~Rs 2,250 (May-26) after the Q1FY27 miss; ICICI Direct values at 46x FY28E vs current ~42x FY27E / ~36x FY28E on its numbers - below the ~50-60x forward PE HUL commanded in 2020-22 (5-yr average not sourced; treat as qualitative). EV/EBITDA 30.1x; dividend yield 2.1%.
- Model date
- 8 Sep 2026 (prices 7–8 Sep 2026)
- Horizon
- 12 months (bank pages: Sep-2027 roll-forward)
- Audience
- Internal — the book's guardrail: do not quote a target to a client; quote the thesis and the risk
- Reviewer · version
- Investment Committee framework · v1 (book)
Current vs history
Trailing multiples, FY-end
| Ratio | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 43.9x | 55.3x | 60.9x | 73.6x | 71.5x | 54.2x | 59.4x | 51.9x | 49.9x | 32.1x |
| Price to Book | 29.3x | 39.8x | 47.0x | 60.4x | 12.0x | 9.8x | 12.0x | 10.4x | 10.8x | 9.9x |
Tijori FY-end multiples on reported earnings/book; compatible definitions across years, but not the same basis as Buoyant's forward P/E on internal EPS.
UnavailableScenario lab disabled. Needs an approved forward EPS and forward P/E for Hindustan Unilever plus a reference price. Missing inputs are not substituted.