Goldman Sachs has maintained its buy rating on Hindustan Unilever (HUL) with a target price of ₹2,850 per share, stating that the company’s Q2FY26 results were broadly in line with expectations, though volume growth was temporarily impacted by the GST transition.
The brokerage said that while near-term challenges persist, it expects a gradual recovery in growth during the second half of FY26 as trade normalises and distribution efficiency improves. Goldman Sachs added that the company’s new CEO has prioritised volume-led revenue expansion, focusing on rebuilding growth momentum in core categories through product renovation and increased market penetration.
According to the brokerage, the combination of stable demand conditions, margin recovery, and leadership clarity positions HUL well for sustained performance. Goldman Sachs believes that the structural growth story in the Indian FMCG sector remains intact and that HUL is among the best-positioned players to capture rural revival trends once liquidity and consumption stabilise.
Disclaimer: The views and recommendations above are those of Goldman Sachs. Business Upturn does not endorse them. Please consult a financial advisor before making investment decisions.
