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HUL Share Price: FMCG major Hindustan Unilever Ltd (HUL) reported a steady set of numbers for the quarter ended September 2025, with its consolidated net profit rising 3.8 per cent year-on-year (YoY) to Rs 2,694 crore, compared to Rs 2,595 crore in the same period last year.

The performance was broadly in line with market expectations, reflecting the temporary impact of GST rate changes and prolonged monsoon conditions across several regions.

The company’s revenue increased 2.1 per cent YoY to Rs 16,034 crore, while total income, including other revenue, rose to Rs 16,388 crore. Expenses during the quarter were up 3.32 per cent at Rs 12,999 crore.

HUL’s Underlying Sales Growth (USG) stood at 2 per cent. At the same time, Underlying Volume Growth (UVG) remained flat, indicating that demand was temporarily muted due to the GST transition and weak consumption trends.

The company’s board declared an interim dividend of Rs 19 per share, translating to a 1900% payout on a face value of Rs 1, underlining its commitment to shareholder returns.

Segment-wise, the Home Care division continued to perform well, driven by demand for liquid detergents, even as pricing turned negative.

The Beauty and Personal Care segment saw growth in skincare, but volume softness in personal care categories.

Meanwhile, the Foods business grew 3 per cent YoY, supported by low single-digit volume growth.

Analysts estimate that the GST transition shaved off nearly 2 per cent from overall volume growth in the quarter, though they expect a rebound in the second half of FY26 as trade and consumption normalise.

Brokerages remain divided on HUL’s near-term outlook. Goldman Sachs maintained a Buy rating with a target price of Rs 2,850, citing a likely recovery in the second half and the new CEO’s emphasis on volume-led growth.

CLSA, on the other hand, retained an Underperform rating with a target of Rs 1,966, pointing to weakness in personal care and limited pricing benefits.

Morgan Stanley kept an Equalweight stance with a target of Rs 2,335, highlighting stable demand trends but suggesting that trading conditions may take until early November to return to normal.

The brokerage also expects the planned ice cream business demerger to add 50–60 basis points to overall margins.

Meanwhile, Macquarie remained the most optimistic, maintaining an Outperform rating with a target of Rs 3,000, expecting a steady demand recovery and a reversal of the GST impact by the December quarter.

At the current market price of Rs 2,602, brokerage targets imply a mixed outlook, with potential upside of 9–15 per cent according to bullish houses like Macquarie and Goldman Sachs, and downside of 10–25 per cent as per cautious views from CLSA and Morgan Stanley.

The average target price across brokerages stands at around Rs 2,538, suggesting a modest average downside of about 2.5 per cent, indicating that the stock is trading near fair value in the short term.

Anubhav Maurya is a Senior Sub-Editor at Zee Business, focusing on the stock market, personal finance, corporate news, and related sectors.

He has previously worked wi