NSE: NESTLEIND · BSE: 500790
NESTLE INDIA LIMITED
Makes and sells branded packaged food products in India across four product groups, with both a domestic business and an export business. In Q1 FY27, all four product groups posted double-digit growth, with exports growing faster than domestic sales. The cost structure is dominated by raw materials at 42.4% of revenue, followed by other operating expenses at 23.1% and employee costs at 9.4%. Capital intensity is low, with capex at 3.6% of revenue and depreciation at 3.0%. At the 67th AGM, management outlined priorities of consumer centricity, penetration-led volume growth, reinvestment behind brands and capacity, and tech-enabled sales. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Domestic sales, Exports. Steady branded packaged foods with low capital intensity
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 20,202 | 23,155 |
| EBITDA (ex other income) | 4,957 | 5,427 |
| margin % | 24.5 | 23.4 |
| Owners' profit | 0 | 0 |
| EPS, as reported (₹) | 33.27 | 18.15 |
| ROE % · ROCE % | 80.0 · 59.6 | 67.9 · 56.6 |
| Debt / equity (x) | 0.19 | 0.00 |
| Cash from operations | 2,936 | 5,048 |
| Capex | (2,009) | (830) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5,104 | 4,780 | 5,504 | 5,096 | 5,644 | 5,667 | 6,748 | 6,378 |
| Profit before tax | 1,204 | 922 | 1,205 | 900 | 1,029 | 1,168 | 1,513 | 1,324 |
| Net profit | 899 | 688 | 873 | 647 | 743 | 998 | 1,111 | 959 |
| EPS (₹) | 9.33 | 7.14 | 9.06 | 6.71 | 3.86 | 5.17 | 5.76 | 4.97 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| NESTLE INDIA LIMITED ◆ | 2,25,418 | 59.2 | 43.71 | 41.0 | 67.9 | 54.7 | — | 24.4 |
| BRITANNIA INDUSTRIES LTD | 1,10,429 | 42.4 | 21.50 | 29.6 | 49.4 | 59.8 | 7.8 | 18.0 |
| ZYDUS WELLNESS LIMITED | 14,793 | 78.6 | 2.54 | 37.6 | 3.4 | 2.4 | 16.2 | 17.1 |
| BIKAJI FOODS INTERN LTD | 11,603 | 44.9 | 6.80 | 25.7 | 14.9 | 18.3 | — | 15.3 |
| BOMBAY BURMAH TRADING COR | 8,286 | 6.4 | 0.86 | 2.4 | 26.0 | 33.5 | 7.8 | 17.7 |
| MRS BECTORS FOOD SPE LTD | 5,577 | 18.9 | 4.39 | 19.6 | 11.1 | 13.1 | 18.3 | 14.7 |
| GOPAL SNACKS LIMITED | 3,057 | 36.4 | 6.38 | — | 15.4 | 19.4 | — | 7.6 |
| ADF FOODS LIMITED | 2,635 | 28.6 | 4.61 | 17.9 | 15.7 | 18.8 | 13.1 | 18.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 59.2 | 29.5 | 27 of 38 | 30% |
| P/B | 43.7 | 2.6 | 34 of 34 | 0% |
| ROCE | 54.7 | 7.4 | 2 of 40 | 97% |
| ROE | 67.8 | 7.7 | 1 of 34 | 100% |
| Debt / Equity | 0.0 | 0.1 | 9 of 33 | 75% |
| EBITDA margin | 24.4 | 9.9 | 3 of 33 | 94% |
| Revenue growth | 25.2 | 14.1 | 16 of 36 | 57% |
| Profit growth | 48.3 | 14.1 | 13 of 33 | 63% |
| Market cap | 225418 | 96 | 1 of 43 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Nestle India plans senior management reshuffle from January 1, 2027 | management changes | high | — | — |
| 15 Oct 2026 · Nestle India Q2 FY27: Sales Up 20.5%, PAT Up 36.3% | results | high | — | — |
| 15 Oct 2026 · Nestle India Q2 FY27 sales up 20.5%, PAT up 36.3% | results | high | — | — |
| 15 Oct 2026 · Nestle India Q2 FY27: Sales up 20.5%, PAT jumps 36.3% | results | high | — | — |
| 14 Oct 2026 · Nestle India informs shareholders about SEBI special window for physical shares | compliance | minimal | — | — |
| 6 Oct 2026 · Routine SEBI Regulation 74(5) certificate for Q2 FY27 filed with depositories | compliance | minimal | — | — |
| 25 Sept 2026 · Board meeting on 15 Oct 2026 for Q2 results; trading window closed 1-17 Oct | compliance | minimal | — | — |
| 25 Sept 2026 · Board meeting on 15 Oct 2026 to consider Q2 and H1 FY26-27 results | results | low | — | — |
| 21 Sept 2026 · Nestle India attended JP Morgan India Conference on 21 Sep 2026 | investor communications | low | — | — |
| 18 Sept 2026 · Nestle India denies FSSAI legal action news on baby formula | regulatory legal | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.