Hindustan Unilever Ltd.
NSE: HINDUNILVR
Consumer Defensive · Household & Personal Products
₹1,864.60 last close on 30 Oct 2026 +0.34%
Research updated
Nestle India Ltd.
NSE: NESTLEINDConsumer DefensivePackaged Foods
- Last close
- ₹1,167.00
- Day change
- −₹21.60 (−1.82%)vs
- Market cap
- ₹2.67 lakh crIndian rupees
- Research updated
- 4 reports
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About Nestle India
Nestle India Ltd. is a public food and beverage company and the Indian subsidiary of Swiss-based Nestlé, headquartered in Gurgaon, Haryana. The company focuses on packaged food and nutrition products serving everyday consumption needs across urban and rural India. Its portfolio spans milk products and nutrition, prepared dishes and cooking aids, powdered and liquid beverages, and confectionery. Nestle India markets well-known consumer brands such as MAGGI in culinary products, NESCAFÉ in beverages, and KITKAT, MILKYBAR and BAR-ONE in chocolates, along with offerings like MILKMAID and CERELAC in the dairy and infant nutrition space. The company operates multiple manufacturing facilities across India to supply retail, modern trade and e-commerce channels, distributing to households, small shops, restaurants and institutional buyers. Within the Indian market, Nestle India plays a significant role in branded packaged foods, instant beverages and confectionery, addressing both convenience and nutrition-oriented segments across diverse price points.
- Sector
- Consumer Defensive
- Industry
- Packaged Foods
- Listing
- NSE: NESTLEIND
- Employees
- 8,356
- Headquarters
- Gurugram, India
- ISIN
- INE239A01024
- Website
- nestle.in
Public research · Report of
Business model & financial foundation
Nestle India (NSE: NESTLEIND), Packaged foods and beverages: milk and nutrition, prepared dishes (Maggi), confectionery, coffee: revenue of ₹23,155 crore in FY26 (+14.6% on FY25), an EBITDA margin of 22.9%, net profit of ₹3,499 crore and net cash of ₹1,316 crore.
- Revenue, FY26 (₹ crore)
- 23,155
- consolidated
- Revenue growth, FY26
- +14.6%
- on FY25
- EBITDA margin, FY26
- 22.9%
- EBITDA (company definition) / revenue
- Net profit, FY26 (₹ crore)
- 3,499
- to owners
- Return on equity, FY26
- 76.3%
- on average equity
- Net debt, FY26 (₹ crore)
- -1,316
- Net debt excl. leases (negative = net cash)
- Market capitalisation (₹ crore)
- 2,66,724
- at the close of 15 Oct 2026
Company profile
Nestle India manufactures and markets branded packaged foods and beverages in India across four product groups: milk products and nutrition (Everyday, Milkmaid, Cerelac, NAN, Lactogen), prepared dishes and cooking aids (Maggi), confectionery (KitKat, Munch) and powdered and liquid beverages (Nescafe), plus pet food and Nestle Professional. It is a subsidiary of Nestle S.A. and exports about 4% of sales. Domestic sales were INR 22,118.7 crore in FY26.
| Item | Value |
|---|---|
| Legal name | Nestle India Limited |
| Exchange and ticker | NSE: NESTLEIND; BSE: 500790 |
| ISIN | INE239A01024 |
| CIN | L15202DL1959PLC003786 |
| Sector | Fast Moving Consumer Goods |
| Industry | Packaged foods and beverages: milk and nutrition, prepared dishes (Maggi), confectionery, coffee |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Co. LLP, Chartered Accountants (FRN 301003E/E300005) |
| Market capitalisation | ₹2,66,724 crore (15 Oct 2026) |
| Price | ₹1,383 (close, 15 Oct 2026) |
| 52-week range | ₹1,159 - ₹1,553 (to 15 Oct 2026) |
| Website | https://www.nestle.in |
Corporate structure and shareholding
Parent: Nestle S.A., Switzerland (promoter group holding 62.76% as of Jun 2026).
| Entity | Holding | Business |
|---|---|---|
| Dr. Reddy's and Nestle Health Science Limited (associate/JV, equity accounted) | 49% | Nutritional health solutions in metabolic and general wellness categories; 705.6 million shares, investment INR 705.6 crore |
As on 31 Mar 2026 the company had no subsidiary company (FY26 annual report). Single operating segment (Food) under Ind AS 108.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 62.76% | 62.76% | 62.76% | 62.76% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 9.81% | 9.74% | 10.29% | 11.69% |
| Domestic institutions | 12.09% | 12.39% | 11.90% | 10.67% |
| of which mutual funds | 4.07% | 4.24% | 4.15% | 3.92% |
| Retail | 15.33% | 15.10% | 15.04% | 14.87% |
| Other | 0.00% | 0.00% | 0.00% | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Nestlé India (NSE:NESTLEIND) is a branded packaged-food business with one reportable Food segment. Domestic sales, exports and limited other operating revenue make up revenue; the four published product groups are not reportable segments. Brand distribution, penetration and capacity are controllable; commodities, demand and food regulation are not. Parent-promoter holding is 62.76%; the listed company pays a 4.5% royalty on net sales.
| Peer | Why the dossier compares them |
|---|---|
| Hindustan Unilever (HINDUNILVR) | Largest Indian FMCG; foods and refreshment (tea, coffee, Horlicks, Kissan, Knorr) competes in beverages, nutrition and cooking aids |
| Britannia Industries (BRITANNIA) | Packaged foods peer (biscuits, dairy) with similar wheat, milk and sugar input basket and distribution model |
| Tata Consumer Products (TATACONSUM) | Competes in coffee, tea, ready-to-cook and instant noodles (Ching's) and shares the coffee commodity exposure |
| ITC (ITC) | FMCG-others segment competes in noodles (Yippee), chocolates and confectionery, dairy and snacks |
| Dabur India (DABUR) | |
| Marico (MARICO) | |
| Colgate-Palmolive (India) (COLPAL) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 19,563 | 20,202 | 23,155 | ||
| Domestic sales | 19,293 | 22,119 | |||
| Export sales | 784.8 | 952.8 | |||
| Other operating revenue | 124.1 | 83.1 | |||
| Materials consumed incl. traded goods purchases and inventory change | 8,477 | 8,750 | 10,341 | ||
| Employee benefits expense | 1,882 | 2,024 | 2,166 | ||
| Other expenses incl. CSR | 4,480 | 4,654 | 5,341 | ||
| EBITDA (company definition) | 4,724 | 4,774 | 5,306 | ||
| Other income | 114.3 | 58.9 | 40.4 | ||
| Depreciation and amortisation | 436.1 | 539.9 | 699.2 | ||
| Finance costs | 108.5 | 136.0 | 158.3 | ||
| Share of profit/(loss) of associate | 0.00 | -24.0 | -45.5 | ||
| Exceptional items (credit positive) | -4.37 | 183.4 | 120.8 | ||
| Profit before tax | 4,298 | 4,316 | 4,564 | ||
| Tax expense | 1,102 | 1,109 | 1,065 | ||
| Profit for the period | 3,196 | 3,208 | 3,499 | ||
| Profit attributable to owners | 3,196 | 3,208 | 3,499 | ||
| Diluted EPS (bonus-adjusted) (₹) | 16.58 | 16.64 | 18.15 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and cash equivalents plus other bank balances | 718.5 | 926.6 | 95.7 | 1,341 | |
| Property, plant and equipment (net, owned) | 2,994 | 3,044 | 4,926 | 5,748 | |
| Capital work-in-progress | 246.2 | 358.4 | 1,173 | 507.0 | |
| Total equity (consolidated) | 1,946 | 2,459 | 4,010 | 5,157 | |
| Borrowings excl. lease liabilities | 266.5 | 270.5 | 753.3 | 24.4 | |
| Trade receivables | 166.0 | 191.9 | 363.2 | 329.5 | |
| Inventories | 1,593 | 1,929 | 2,850 | 2,569 | |
| Trade payables | 1,748 | 1,934 | 2,374 | 2,967 | |
| Total assets | 8,234 | 8,979 | 12,193 | 13,182 | |
| Lease liabilities (current + non-current) | 413.5 | 419.7 | |||
| Net debt excl. leases (negative = net cash) | 657.7 | -1,316 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 2,546 | 2,957 | 2,935 | 5,048 | |
| Purchase of PPE incl. CWIP | -730.8 | -540.7 | -2,009 | -829.7 | |
| Free cash flow (vendor definition) * | 1,501 | 2,188 | 925.9 | ||
| Dividends paid | -1,928 | -2,025 | -2,459 | -2,314 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 96.42 | 96.43 | 192.88 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 4,780 | 5,504 | 5,096 | 5,644 | 5,667 | 6,748 | 6,378 | 6,788 |
| Domestic sales | 4,566 | 5,235 | 4,860 | 5,411 | 5,403 | 6,445 | 6,073 | 6,515 |
| Export sales | 196.1 | 212.7 | 214.0 | 219.2 | 240.9 | 278.7 | 290.2 | 267.4 |
| Other operating revenue | 17.6 | 56.2 | 22.2 | 13.4 | 23.5 | 24.0 | 14.9 | 6.17 |
| Materials consumed incl. traded goods purchases and inventory change | 2,085 | 2,412 | 2,283 | 2,577 | 2,509 | 2,990 | 2,727 | 2,924 |
| Employee benefits expense | 494.7 | 522.0 | 516.6 | 536.7 | 591.0 | 519.4 | 570.6 | 568.7 |
| Other expenses incl. CSR | 1,098 | 1,181 | 1,196 | 1,293 | 1,365 | 1,467 | 1,543 | 1,680 |
| EBITDA (company definition: revenue less materials, employee and other expenses) | 1,103 | 1,389 | 1,100 | 1,237 | 1,202 | 1,772 | 1,538 | 1,615 |
| Other income | 4.44 | 8.44 | 4.17 | 1.64 | 11.7 | 18.5 | 22.5 | 20.3 |
| Depreciation and amortisation | 150.3 | 155.3 | 156.9 | 163.4 | 174.4 | 204.5 | 187.8 | 192.4 |
| Finance costs (incl. interest on employee benefit plans) | 34.6 | 37.5 | 46.9 | 46.4 | 28.3 | 36.8 | 42.2 | 40.3 |
| Share of profit/(loss) of associate | -7.81 | -12.4 | -12.6 | -10.0 | -19.6 | -3.21 | -16.4 | -17.2 |
| Exceptional items (credit positive) | 0.00 | 0.00 | 0.00 | 0.00 | 157.0 | -36.2 | -6.23 | -3.69 |
| Profit before tax | 914.5 | 1,192 | 887.8 | 1,018 | 1,148 | 1,509 | 1,308 | 1,382 |
| Tax expense | 226.4 | 318.7 | 241.2 | 275.3 | 150.0 | 398.5 | 349.3 | 372.6 |
| Profit for the period | 688.0 | 873.5 | 646.6 | 743.2 | 998.4 | 1,111 | 958.7 | 1,010 |
| Profit attributable to owners | 688.0 | 873.5 | 646.6 | 743.2 | 998.4 | 1,111 | 958.7 | 1,010 |
| Diluted EPS (bonus-adjusted) (₹) | 3.57 | 4.53 | 3.35 | 3.86 | 5.17 | 5.77 | 4.97 | 5.24 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 3.3% | 14.6% | |||
| EBITDA margin | 24.1% | 23.6% | 22.9% | ||
| Net margin | 16.3% | 15.9% | 15.1% | ||
| Return on equity | 80.0% | 76.3% | |||
| Return on assets | 26.3% | 27.6% | |||
| Net debt (₹ crore) | 657.7 | -1,316 | |||
| Net debt / EBITDA | 0.14x | -0.25x | |||
| Asset turnover | 1.66x | 1.82x | |||
| Receivable days | 7 | 5 | |||
| Inventory days (on revenue) | 51 | 41 | |||
| Payable days (on revenue) | 43 | 47 | |||
| Cash conversion | 0.91x | 1.44x | |||
| Capex intensity | 9.9% | 3.6% | |||
| Free cash flow (₹ crore) | 1,815 | 2,417 | 925.9 | 4,218 | |
| Dividend payout | 76.6% | 66.1% | |||
| EPS, diluted (₹) | 16.58 | 16.64 | 18.15 | ||
| Book value per share (₹) | 20.19 | 25.50 | 20.79 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (company definition) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt excl. leases (negative = net cash).
- Net debt / EBITDA: net debt / EBITDA (company definition).
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (bonus-adjusted)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Nestle India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Nestle India
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