Buy Hindustan Unilever; target of Rs 2780: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on Hindustan Unilever

HUVR now has 14 brands with over INR10b in annual sales (v/s 12 brands last year). In FY21, it gained market share in 84% of its portfolio and launched more than 150 SKUs. Rapid technology adoption: A significant leap has been observed in technology adoption among small retailers, which are convinced that this is, indeed, the need of the hour. HUVR’s eB2B app, ‘Shikhar’, has enabled its retailer partners to place contactless orders conveniently, with over 500k retailers ordering through the app. We reckon that while this accounts for ~20% of HUVR’s direct reach and ~6% of the total reach, the proportion of sales would be higher. HUVR is looking to scale up the app, while continuing to work at the backend to build next-day delivery systems. The company has partnered with the State Bank of India to resolve the liquidity issues of small retailers, thus helping build stronger channel relationships. HUVR continues to empower Shakti entrepreneurs and now has a network of nearly 136k spanning 18 states/territories in India ensuring strong growth in a volatile supply chain environment.

Outlook

There is no material change in our forecasts. We maintain a Buy rating, with unchanged TP of INR2,780 (55x Jun’23E EPS).

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