Hindustan Unilever: HUL shares fall 6% in 2 days; here's what brokerages say
JM Financial has maintained an ‘Add’ rating with a revised target price of Rs 2,695, from Rs 2,770 earlier, suggesting a potential upside of approximately 16%.
- Feb 13, 2026,
- Updated Feb 13, 2026 1:53 PM IST
Hindustan Unilever (HUL) shares extended their downtrend for the second straight session on Friday, slipping nearly 6% in two days following the FMCG giant's Q3 FY26 earnings scorecard.
At 1:13 pm, shares of HUL were down 3.76% at Rs 2,319.55 apiece on the BSE, from the previous close of Rs 2,410.05. This slide dragged the company’s market capitalisation down to Rs 5.44 lakh crore.
JM Financial has maintained an ‘Add’ rating with a revised target price of Rs 2,695 from Rs 2,770 earlier, suggesting a potential upside of approximately 16%. Meanwhile, Axis Securities has adopted a wait-and-watch approach, retaining a ‘Hold’ rating with a target price of Rs 2,540, implying an upside of roughly 9.5% from current market price.
JM Financial viewed the quarter as a ‘stable’ one, noting that HUL’s consolidated net sales were largely in line with expectations. “EBITDA (adj for labor code impact) was 3-4% ahead of ours/consensus est. as impact of higher staff cost (+12.5% YoY) was offset by lower than expected A&P spends (+2.4% YoY),” it added.
JM Financial noted, "The sales performance can be considered normal as destocking in October was offset by restocking in later half of the quarter."
Axis highlighted that volume recovery is gaining ground, with underlying volumes expanding 4% due to broad-based traction. The brokerage believes the sector outlook is ‘cautiously positive’.
According to Axis, "Management expects a gradual recovery in the coming quarters, aided by recent GST rate reductions," which could spark long-term demand. "We remain cautious in the short term and prefer to adopt a wait-and-watch approach," the brokerage said.
Hindustan Unilever (HUL) shares extended their downtrend for the second straight session on Friday, slipping nearly 6% in two days following the FMCG giant's Q3 FY26 earnings scorecard.
At 1:13 pm, shares of HUL were down 3.76% at Rs 2,319.55 apiece on the BSE, from the previous close of Rs 2,410.05. This slide dragged the company’s market capitalisation down to Rs 5.44 lakh crore.
JM Financial has maintained an ‘Add’ rating with a revised target price of Rs 2,695 from Rs 2,770 earlier, suggesting a potential upside of approximately 16%. Meanwhile, Axis Securities has adopted a wait-and-watch approach, retaining a ‘Hold’ rating with a target price of Rs 2,540, implying an upside of roughly 9.5% from current market price.
JM Financial viewed the quarter as a ‘stable’ one, noting that HUL’s consolidated net sales were largely in line with expectations. “EBITDA (adj for labor code impact) was 3-4% ahead of ours/consensus est. as impact of higher staff cost (+12.5% YoY) was offset by lower than expected A&P spends (+2.4% YoY),” it added.
JM Financial noted, "The sales performance can be considered normal as destocking in October was offset by restocking in later half of the quarter."
Axis highlighted that volume recovery is gaining ground, with underlying volumes expanding 4% due to broad-based traction. The brokerage believes the sector outlook is ‘cautiously positive’.
According to Axis, "Management expects a gradual recovery in the coming quarters, aided by recent GST rate reductions," which could spark long-term demand. "We remain cautious in the short term and prefer to adopt a wait-and-watch approach," the brokerage said.