AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 15 Oct - Nestlé India Q2 FY27 results: sales up 20.5% to ₹6,782.2 crore, PAT up 36.3%.
Source: Bse
Nestle India Limited (NESTLEIND)
Large CapFMCG stocks · Large cap · NSE
Nestle India Limited, a subsidiary of Nestlé S.A., is a leading Fast Moving Consumer Goods (FMCG) company in India with a 113-year legacy. It operates 9 factories, employs over 8,700 people, and reaches 5.3 million outlets. The company manufactures and markets a diverse portfolio including milk products, nutrition, prepared dishes, cooking aids, confectionery, and powdered/liquid beverages.
₹1,242.7
-22.80 · -1.80%
Market cap ₹2,44,028 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result15 Oct, 12:24 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · FMCG P/E 37.8 (n=42)
Technical timing lens
Trend score and candlestick chart
25BearishSMA20 -6.4% / mo · MACD − · sector -4.5pp vs Nifty 500 (3M)
Stock trend: 29
Sector RS: 18
Sector 3M: -10.2% vs Nifty 500 -5.6%
FMCG FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
NESTLEINDD candles · FIT view-12.6%Latest close ₹1242.70 on 2026-10-19
Bar
-1.7%
RSI
33
MACD hist
-4.20
52W pos
21%
2026-10-19O ₹1264.50H ₹1264.90L ₹1238.50C ₹1242.70Vol 11.9L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
NESTLEINDNifty FMCGNifty 500
- NESTLEIND
- -14.1%
- Nifty 500
- -5.6%
- Nifty FMCG
- -10.5%
- Vs Nifty 500
- -8.5 pp
Chart stats
19 Oct 2026- From 52W high
- -20.0%
- 52W range position
- 21%
- ATR (14)
- 3.1%
- Volume vs 20D
- 0.62x
- Avg traded value
- ₹240 Cr
- 20D price channel
- ₹1,238.5 - ₹1,392.9
₹1,553
₹1,159.4 - ₹1,553
₹38
Latest completed session
20-session average
39.2% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE49
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +20.3% · PAT +35.9% YoY
Technical
Bearish25
Price trend and sector-relative-strength timing.
Valuation
Legacy model-376.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence83
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Excellent · 90/100Rev +20% YoY · PAT +36% YoY · margin expansion · +6% QoQ · operating leverage
Filed 15 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹6,788.3 Cr | +20.3% | +6.4% |
| EBITDA | ₹1,615.5 Cr | +31.7% | +6.1% |
| Operating margin | 23.8% | +180 bps | -20 bps |
| PAT | ₹1,009.6 Cr | +35.9% | +5.3% |
| PAT margin | 14.9% | +171 bps | -17 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 61.40
- P/B
- 42.20
- EV/EBITDA
- 35.80
- Market Cap
- 244028.00Cr
Profitability
- ROE
- 74.20%
- ROCE
- 85.30%
- ROA
- 28.77%
- Dividend Y
- 0.95%
Growth (CAGR)
- Revenue 5Y
- 5.00%
- EPS 5Y
- 5.00%
- Revenue 3Y
- 3.00%
- EPS 3Y
- 3.00%
Balance Sheet
- Debt/Equity
- 0.08
- Interest Coverage
- 41.29×
- Altman Z
- 9.92
- Book Value
- 30.00
Cash Flow
- FCF Yield
- 1.81%
- FCF Positive Y
- 3/5
- OCF
- 5048.00 Cr
- EPS TTM
- 21.15
Shareholding
- Promoter Hold
- 62.76%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 27%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 23.2k+14.6% vs prev
Net Profit
₹ CrLatest: 3,499+9.1% vs prev
Return on Equity
%Latest: 67.8-15.2% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 33.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~6.8% over last month) — short-term momentum negative.
- RSI(14) at 33 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 20% off 52W high · 7% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
51
RS percentile
Stage 1 Base / Transition
1M return
-9.5%
3M return
-14.1%
6M return
-11.0%
1Y return
-2.2%
RS 1D
0
RS 20D
-18
Sector rank
#15
Industry rank
#19
Stage evidence
- Price is 10.8% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +0.7% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 110.15-0.78%
RS vs Nifty 500110
Valuation & peers
U-Score 49 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 49 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth7/25
Quality20/20
Balance Sheet11/15
Cash Flow6/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
49
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
49/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 20/20 to the score.
- Balance sheet contributes 11/15 to the score.
Main drags
- Fair-value margin of safety is negative at -376.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 7/25; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
61.4
PB
42.2
EV/EBITDA
35.8
ROE
74.2%
ROCE
85.3%
FCF Yield
1.8%
Debt/Equity
0.1
MoS
-376.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
49
Previous: 49
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-376.9%
Previous: -376.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
49
49
49
49
49
49
49
49
49
49
49
49
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹119.48
-940.1% MoS
Growth-justified P/E
12.3
Growth-justified Value
₹260.57
-376.9% MoS
PEG
14.62
Comparable companies
Peers
Business-comparable peers in FMCG — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
VBL
Large
Varun Beverages Limited
FMCG
match 160
49
42.9
16.2%
+7%
FAIR VALUE
KAJARIACER
Large
Kajaria Ceramics Limited
FMCG
match 141
52
33.3
17.9%
+12%
FAIR VALUE
LGEINDIA
Mid
LG Electronics India Limited
FMCG
match 138
44
64.4
24.7%
-617%
WATCHLIST
ITC
Large
ITC Limited
FMCG
match 131
69
16.6
29.3%
+47%
UNDERVALUED
BRITANNIA
Large
Britannia Industries Limited
FMCG
match 131
48
45.4
53.5%
-209%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-03T15:38:34.481Z
Management commentary snapshot
Nestle India reports 3% domestic sales growth for 9M FY2024-25, driven by pricing, while domestic volumes remained flat. Profit from operations declined by 3.7% for the same period, indicating margin pressure amidst persistent commodity inflation.
Despite strategic focus on premiumization, RUrban expansion, and digital initiatives, recent 9M results show flat volume growth and declining operating profit margins. Persistent commodity inflation and a slowdown in consumption, particularly in urban areas, are impacting profitability, putting the growth thesis under stress.
Current business mix
Contribution April – December 2024
Latest issuer-disclosed distribution across 4 reported categories.
Milk Products and Nutrition39.0%
Prepared Dishes and Cooking Aids31.0%
Confectionery16.0%
Powdered and Liquid Beverages14.0%
Growth engines
Premiumization
Aggressive premiumization is a key strategy, with premium products outpacing category growth and a 16% CAGR since 2015 for Nestlé's premium portfolio.
Out of Home (OOH) Market
The OOH market is expected to double by 2030, with Nestlé expanding branded collaborations and offering curated menus and coffee solutions like NESPRESSO.
RUrban Expansion
Accelerating RUrban presence with 3.6 million total outlet reach, 7,405 towns covered, and increased distribution touchpoints and feet on street.
Innovation and New Products
Approximately 150 new products launched in the last 9 years, with new products contributing 6.5% to sales and an ambition to reach 10% in the medium term.
Capacity and execution
New Factory in Odisha
The company is making significant investments in India, including a 10th factory in Odisha.
Confectionery Capacity Expansion
Sanand is now the 3rd factory producing confectionery, contributing to a 35% capacity expansion for MAGGI, Coffee, and Chocolate since 2020.
Capital Expenditure
Over INR 5,500 crore has been spent till date on capacity expansion since 2020.
Tailwinds
Rising India Opportunity
India's GDP ranking is #3 globally, with significant headroom for growth in per capita packaged food consumption compared to other Asian countries.
Increasing Consuming Class
The number of high-income households is projected to increase significantly by 2030, expanding the consumer base for premium products.
Digital Adoption
Aggressive digital outreach with 51% media spend on digital in 2024, leveraging 1.1 billion mobile users and 25 million grocery shoppers.
Headwinds
Slowdown in Consumption Growth
Consumption growth is slowing, particularly in urban areas, attributed to commodity inflation, urban unemployment, and tepid real wage growth.
Persistent Food Inflation
Food CPI continues to hurt consumption, with high prices persisting on select agri commodities despite moderating headline inflation.
Geopolitical Uncertainties
Geopolitics is identified as a challenge that could impact the business environment.
Risk radar
Commodity Price Volatility
Unprecedented commodity inflation across key inputs like milk, wheat, coffee, packaging, cocoa, and edible oils poses a risk to margins.
Evolving Consumer Trends
The need to adapt to evolving consumer trends such as premiumization, rising health consciousness, and growth in the Out of Home segment presents a continuous challenge.
Competitive Intensity in RUrban
Managing increasing competitive intensity in RUrban markets requires continuous efforts in building awareness, offering value, and ensuring visibility.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
The company's financial year changed to April-March, making FY2023-24 a 15-month period, incomparable to previous 12-month years. Therefore, the most relevant comparison for recent performance is the sequential 9-month period (9M 2024-25 vs 9M 2023-24) to assess current momentum and trends.
Sector KPIs management disclosed
Domestic Volume Growth
Domestic Volumes were flat at 411 '000 tonnes for 9M 2024-25 compared to 9M 2023-24.
Pricing vs. Volume Contribution
Domestic Sales grew 3% to INR 141 billion in 9M 2024-25 from INR 137 billion in 9M 2023-24, while volumes were flat, indicating growth was price-led.
Operating Profit Margin
Profit from operations declined to INR 20.9 billion (20.9% margin) in 9M 2024-25 from INR 21.7 billion (21.7% margin) in 9M 2023-24.
Rural/Urban Consumption Trends
F&B growth shows rural outpacing urban, with urban unemployment and tepid real wage growth cited as factors for slowdown in consumption.
Management forward view
Focus on Virtuous Circle Strategy
Management emphasizes a 'Virtuous Circle' strategy centered on Purpose, People, Planet, Partnerships, and Performance to create value for all stakeholders.
Aggressive Premiumization and Core Growth
Premiumization and growing the core portfolio are highlighted as key strategies for future growth.
Digital Transformation and AI Integration
The company is accelerating its digital transformation, integrating AI at various levels from task to workflow, and building capabilities for future-ready operations.
Sustainable Partnerships and Environment
Commitment to sustainable practices, including reducing GHG emissions, plastic neutrality, and responsible sourcing, alongside strong partnerships with suppliers and farmers.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Domestic Volume Growth | Flat (9M 2024-25 vs 9M 2023-24) | Signs of volume recovery, indicating improved consumer demand and effectiveness of RUrban/premiumization strategies. |
| Operating Profit Margin | 20.9% (9M 2024-25) | Stabilization or improvement in margins, reflecting successful cost efficiencies and pricing power amidst inflation. |
| New Product Sales Contribution | 6.5% of sales | Progress towards the stated ambition of 10% contribution, indicating successful innovation and market acceptance. |
| E-commerce Contribution | 8.5% of sales (2024) | Continued strong growth in e-commerce contribution, reflecting effective digital strategy and channel expansion. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
83Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 95th percentile of the scored universe and 82nd percentile within FMCG. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
30 docs text-extracted · 8 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
95th percentile
overall median 67 · FMCG: 82nd pctile, median 79 · Large: 88th pctile, median 73
Evidence depth
Financial-only
30 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
65
acceptable · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
82
strong · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 62.8%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.8%.
- ▸Debt/equity is 0.08.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Nestle India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 43m - Intimation of an analyst/ institutional investors meet (virtual) scheduled for 4th August 2026 at 2:00 P.M (IST)
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 27 Aug - Nestlé India will acquire 26% in Radiance KA for ₹7.61 crore to support captive renewable power.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Date of payment of Dividend 3 Jul - Board declared Rs.2 special dividend per share; record date 10 July 2026, payout from 30 July 2026.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Dividend Updates 3 Jul - Board declared Rs 2 special dividend per share; record date 10 July 2026, payment from 30 July 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 1d - Nestlé India Q1 FY27 sales rose 25.4% to ₹6,363.3 crore; PAT rose 47.9% to ₹975.1 crore.
Source: Bse
Annual reportJun 2026
Jun 2026 · Reg. 34 (1) Annual Report. 2d - Nestlé India issued FY2025-26 annual report and 67th AGM notice; cut-off date set for 26 June 2026.
Source: Bse
Annual reportJun 2026
Jun 2026 · Regulation 30 Of The SEBI (LODR) Regulations, 2015 ('Listing Regulations'): Intimation Of Participation In Investor Conference(S) Scheduled For 2Nd June 2026 And 3Rd June 2026 26 May - Nestlé India to participate in Bank of America India Conference on 2 June 2026 and Citi India Conference on 3 June 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 6 Jun - Newspaper Publication - Notice of 67th Annual General Meeting, Remote e-Voting information, Record Date etc.
Source: Bse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.