Nestle India Limited (NESTLEIND)
₹1,265.50 -0.81% last close, 16 Oct
Q2 FY27 results
Nestle India Limited reported Q2 FY27 results on 15 Oct 2026: revenue ₹6,788 Cr (+20.3% year on year, +6.4% on the previous quarter), and net profit ₹1,010 Cr (+35.9% year on year); the operating margin was 23.8%.
| Q2 FY27 (₹ Cr) | Value | YoY vs Q2 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹6,788 | +20.3% | +6.4% |
| Operating profit | ₹1,615 | +31.7% | +5.0% |
| Net profit | ₹1,010 | +35.9% | +5.3% |
| EPS (₹) | 5.24 | +36.1% | +5.4% |
| Operating margin | 23.8% | — | — |
- Operating margin expanded 206 bps YoY
Quality of profit: the core business earned ₹1,383 Cr before tax; other income and one-off items took ₹0.6 Cr off that, leaving pre-tax profit of ₹1,382 Cr. Core profit (operating profit less interest and depreciation) moved +35.8% year on year.
Against its own trend: net profit of ₹1,010 Cr was -0.2% against the ₹1,012 Cr its recent growth pointed to (in line). This is a statistical baseline, not an analyst estimate.
Share price since the results: -8.5% (close before the filing to the latest close).
NESTLEIND delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 40.91% of the NESTLEIND shares traded on NSE were taken to delivery, against the stock's own 20-session average of 60.16%. That is lower than usual for this stock. In NESTLEIND futures, open interest fell 6.41% while the futures price fell 1.41%: long unwinding (longs closing out).
Delivery in the last 5 sessions: 67.7% · 64.6% · 54.6% · 26.0% · 40.9%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Nestle India reported a strong set of Q2 FY27 results, with total sales rising 20.5% YoY to ₹6,782.2 crore. Profit After Tax grew 36.3% YoY to ₹1,026.8 crore, driven by 20.4% growth in domestic sales alongside solid double-digit export traction. Operating profitability remained resilient with an EBITDA margin of 23.8% and EPS increasing to ₹5.32 from ₹3.90 in the prior-year period. Growth was broad-based across categories, led by quick commerce e-commerce expansion and out-of-home demand.
- Total sales rose 20.5% YoY to ₹6,782.2 crore, with domestic sales up 20.4% YoY
- Profit After Tax reached ₹1,026.8 crore, an increase of 36.3% YoY
- EBITDA margin stood healthy at 23.8% (EBITDA of ₹1,615.5 crore)
- H1 FY27 Net cash generated from operating activities stood at ₹2,258.4 crore
- Standalone EPS for the quarter improved to ₹5.32 compared to ₹3.90 in Q2 FY26
Nestle India reported a strong set of Q2 FY27 results, with total sales rising 20.5% YoY to ₹6,782.2 crore. Profit After Tax grew 36.3% YoY to ₹1,026.8 crore, driven by 20.4% growth in domestic sales alongside solid double-digit export traction. Operating profitability remained resilient with an EBITDA margin of 23.8% and EPS increasing to ₹5.32 from ₹3.90 in the prior-year period. Growth was broad-based across categories, led by quick commerce e-commerce expansion and out-of-home demand.
- Total sales rose 20.5% YoY to ₹6,782.2 crore, with domestic sales up 20.4% YoY
- Profit After Tax reached ₹1,026.8 crore, an increase of 36.3% YoY
- EBITDA margin stood healthy at 23.8% (EBITDA of ₹1,615.5 crore)
- H1 FY27 Net cash generated from operating activities stood at ₹2,258.4 crore
- Standalone EPS for the quarter improved to ₹5.32 compared to ₹3.90 in Q2 FY26
Nestle India responded to an exchange inquiry regarding media reports alleging FSSAI had initiated legal action against the company over infant formula labels, which caused the stock to decline 2%. The company clarified that the news is factually incorrect and confirmed its products, specifically NAN EXCELLA PRO and LACTOGEN PRO, comply with all regulations. Nestle stated that the product labels were previously approved by an FSSAI expert committee, and it has resubmitted factual, scientifically backed responses to authorities. The company confirmed that there is no material impact on operations.
- Responded on 18th September 2026 to exchange queries regarding media reports citing FSSAI legal action and a 2% share price fall
- Clarified that products NAN EXCELLA PRO and LACTOGEN PRO and their labels were approved by the expert committee of FSSAI
- Submitted detailed responses to regulatory authorities backed by scientific literature
- Confirmed material financial or operational impact from the news article is None
Nestle India Limited has announced its participation in the JP Morgan India Conference scheduled for September 21, 2026, in Mumbai. The company confirmed the meet will be conducted physically. Nestle India also stated that no unpublished price sensitive information (UPSI) will be shared or discussed during the conference. This is a standard corporate disclosure under Regulation 30 of the SEBI Listing Regulations.
- Conference participation scheduled for September 21, 2026
- Event: JP Morgan India Conference held physically in Mumbai
- Company confirmed no unpublished price sensitive information (UPSI) will be shared
- Intimation filed under Regulation 30 of SEBI Listing Regulations
Nestle India has received an Order-in-Appeal from the GST Department, Tamil Nadu, for the tax period FY 2017-20. The Appellate Authority partially allowed the company's appeal, confirming a reduced tax liability of ₹1,29,69,981 alongside applicable interest and a reduced penalty of ₹12,96,998. The total confirmed demand of approximately ₹1.43 crore (excluding interest) is immaterial compared to the company's annual PAT of ₹3,522 crore. Nestle India stated there is no material operational or financial impact and plans to explore legal options to challenge the order.
- Order-in-Appeal received from Office of Principal Commissioner of GST & Central Excise (Appeals-II), Chennai on 9th September 2026.
- Appellate authority confirmed a reduced tax liability of ₹1,29,69,981 under the CGST/SGST Act, 2017.
- Imposed a reduced penalty of ₹12,96,998 plus applicable interest.
- Relates to the tax period FY 2017-20, following an earlier order dated 28th December 2023.
- Company confirmed negligible financial impact and intends to explore options to challenge the order.
Nestle India Limited informed stock exchanges that a one-on-one meeting with an institutional investor concluded on August 31, 2026, in Mumbai. The company confirmed that no unpublished price sensitive information (UPSI) was shared during the meeting. This filing is a standard procedural disclosure pursuant to Regulation 30 of SEBI LODR Regulations following its initial intimation dated August 24, 2026.
- One-on-one institutional investor meeting concluded on 31st August 2026 in Mumbai
- Meeting follows the prior intimation letter dated 24th August 2026
- Company confirmed that no unpublished price sensitive information was shared
Nestle India has entered into a Share Subscription and Shareholders' Agreement to acquire a 26% equity stake on a fully diluted basis in Radiance KA Sunshine Seven Private Limited for ₹7.61 crore. The target entity operates a 17.5 MW AC / 26.25 MWp DC solar power plant in Koppal, Karnataka, and clocked a turnover of ₹15.8 crore in FY26. The acquisition is intended to secure captive renewable power for one of Nestle's manufacturing facilities in compliance with Indian electricity regulations. The transaction will be funded via internal accruals and is expected to complete within 30 days.
- Acquiring 26% equity stake (76,12,500 shares at ₹10 face value each) for ₹7.61 crore in cash
- Target operates a 17.5 MW AC / 26.25 MWp DC solar power plant in Koppal, Karnataka
- Target reported annual turnover of ₹15.8 crore in FY26 (FY25: ₹15.76 crore; FY24: ₹17.09 crore)
- Enables Nestle India to fulfill 'captive user' status under Indian electricity laws
- Transaction expected to close within 30 days of agreement execution
Nestle India has received an adjudication order from the Principal Commissioner of Customs, Mundra Port, under Section 28(8) of the Customs Act, 1962. The order demands customs duty of ₹11.11 crore along with interest, a redemption fine of ₹25 lakh, and a penalty of ₹50 lakh, totaling roughly ₹11.86 crore plus interest. The company confirmed that this has no material impact on its financials or operations (representing ~0.05% of TTM revenue of ₹24,437 crore). Nestle plans to explore legal avenues to challenge the order.
- Customs duty demanded: ₹11,10,59,061 along with applicable interest
- Penalty imposed: ₹50,00,000 and redemption fine: ₹25,00,000
- Order received on August 25, 2026 from Principal Commissioner of Customs, Mundra Port
- Total demanded amount represents ~0.31% of TTM PAT (₹3,821 crore), posing no material impact
Nestle India has received an adjudication order from the Principal Commissioner of Customs, New Delhi, demanding customs duty of Rs. 2,46,75,612 along with applicable interest. Additionally, an equivalent 100% penalty of Rs. 2,46,75,612 has been imposed under Section 28(4) of the Customs Act, 1962. The total financial demand stands at approximately Rs. 4.94 crore, which is immaterial compared to the company's TTM net profit of Rs. 3,821 crore (~0.13%). The company reported no material operational impact and stated it will explore legal avenues to contest the order.
- Customs duty demanded: Rs. 2,46,75,612 along with applicable interest
- Penalty imposed at 100%: Rs. 2,46,75,612
- Total exposure of ~Rs. 4.94 crore represents ~0.13% of TTM PAT (Rs. 3,821 crore)
- Adjudication order passed under Section 28(4) of the Customs Act, 1962 and received on August 25, 2026
Nestle India Limited has submitted a regulatory intimation regarding a scheduled one-on-one meeting with an institutional investor. The meeting is set to take place in Mumbai on Monday, August 31, 2026, at 11:30 AM IST. This filing represents a routine investor relations interaction under Regulation 30 of the SEBI Listing Regulations. No material business updates, financials, or presentations were disclosed in this filing.
- One-on-one meeting scheduled with an institutional investor
- Meeting date: Monday, August 31, 2026
- Meeting time: 11:30 A.M. IST in Mumbai, India
- Intimation filed under Regulation 30 of SEBI LODR Regulations, 2015
Nestle India has published a public notice on August 12, 2026, regarding a SEBI-mandated special window for the transfer and dematerialization of physical securities. This follows previous communications on the same subject dated April 14 and June 17, 2026. The notice was published in the Financial Express (Delhi and Mumbai editions) to inform shareholders holding physical certificates. This is a routine regulatory compliance matter with no impact on the company's business operations or financial health.
- Public notice published in Financial Express on August 12, 2026.
- Follows two previous intimations dated April 14, 2026, and June 17, 2026.
- Relates to SEBI's special window for dematerialization of physical securities.
- Company maintains a massive market capitalization of Rs 242,678 Cr with a promoter holding of 62.76%.
Nestle India management highlighted a strategic shift toward volume-led growth, moving from a 4.2% 5-year CAGR to double-digit volume growth in recent quarters. The company is executing a Rs 6,000 crore capex plan, which includes a new Rs 800-900 crore manufacturing facility in Odisha to strengthen its presence in East India. With household penetration for core brands like Maggi and Nescafe currently in the mid-50% range, management sees significant headroom for expansion. Additionally, the company is diversifying into premium toddler nutrition (Gerber) and nutraceuticals via a Rs 706 crore JV with Dr. Reddy's.
- Accelerated from a 4.2% 5-year volume CAGR to double-digit volume growth in recent quarters
- Executing a Rs 6,000 crore total capex plan, representing approximately 26% of TTM revenue
- Investing Rs 800-900 crore in a new Odisha plant to expand manufacturing footprint
- Core brand household penetration remains in the mid-50s, indicating substantial white space
- Sourcing 96% of ingredients locally and serving 6 million retail touchpoints
Nestle India has completed its virtual analyst and institutional investor meet on August 4, 2026. The company has uploaded the audio-video recording of the session to its official website as per SEBI Regulation 30. This filing is procedural, following up on previous intimations dated July 23 and August 4, 2026. While the filing itself contains no new financial data, these meets typically discuss the company's Rs 6,000 crore capex plan and the 51:49 JV with Dr. Reddy's.
- Virtual analyst/institutional investor meet concluded on August 4, 2026
- Audio-video recording of the meet has been uploaded to the company's website
- Filing follows previous intimations dated July 23, 2026, and August 4, 2026
- Company maintains a significant Rs 6,000 crore capex plan for future growth
Nestle India reported a robust 14.9% revenue growth and 10.7% volume growth for FY 2025-26, reaching a revenue of Rs 23,155 Cr. The company is executing a massive Rs 6,000+ crore capex plan, with over Rs 64 billion already spent since 2020 to bolster capacity in noodles, coffee, and chocolates. Strategic focus remains on premiumization, which now contributes 14% to sales, and rural expansion, with village coverage doubling to 219,700 since 2021. While margins remain healthy at 22.9%, management cautioned about potential short-term consumption moderation and geopolitical supply chain risks.
- FY 2025-26 revenue grew 14.9% YoY to Rs 231 billion, supported by 10.7% volume growth.
- Total capital expenditure since 2020 exceeds Rs 64 billion, representing approximately 27.6% of TTM revenue.
- Rural distribution reach expanded significantly to 219,700 villages in FY26 from 110,200 in 2021.
- Premium portfolio contribution increased to 14% of total sales, growing at a 17% CAGR since 2021.
- Advertising and Sales Promotion (A&SP) spends stepped up to 5.3% of sales in FY26 compared to 4.1% in 2022.
Nestle India concluded its 67th Annual General Meeting, where shareholders approved a final dividend of ₹5 per share for FY25-26. The company reported its highest-ever domestic sales of ₹23,071.5 crore, achieving a Return on Equity (ROE) of 75.2% despite a challenging consumption environment. Management highlighted that growth was supported by double-digit volume-led performance and market share gains. Shareholders also ratified the re-appointment of directors and the remuneration for cost auditors for the upcoming fiscal year.
- Approved a final dividend of ₹5 per equity share of face value ₹1 for FY25-26
- Achieved record domestic sales of ₹23,071.5 crore during the financial year
- Reported a high Return on Equity (ROE) of 75.2% for FY25-26
- Ratified remuneration of ₹2,64,000 for Cost Auditors for FY2026-27
- Confirmed the appointment of three directors: Mandeep Singh Chhatwal, Edouard Mac Nab, and Jagdeep Singh Marahar
Financial Performance
Revenue Growth by Segment
Milk Products and Nutrition grew 6% and contributes 41% of revenue; Prepared Dishes and Cooking Aids (Maggi) grew 19% and contributes 31% of revenue; Confectionery and Beverages segment constitutes 29% of revenue with strong double-digit performance.
Geographic Revenue Split
Domestic sales reached INR 233 billion in FY2023-24 (15-month period); the company is expanding its footprint in East India with a new INR 800-900 crore manufacturing facility in Odisha.
Profitability Margins
Operating margin improved by 215 basis points to 24% in fiscal 2024 (15-month period). PAT margin increased from 14.1% in CY2022 to 16.1% in FY2024.
EBITDA Margin
Operating margins have improved by approximately 500 basis points over the last decade, reaching ~24% in FY2024. EBITDA margins are slightly higher than operating margins, reflecting a 15.1% CAGR in profits from 2015 to 2023.
Capital Expenditure
Planned capital expenditure of INR 6,000 crore (increased from INR 5,000 crore) to ramp up existing and new capacities pan-India, including INR 800-900 crore for the Odisha unit.
Credit Rating & Borrowing
CRISIL AAA/Stable and CRISIL A1+ ratings. Adjusted debt to adjusted networth is low at 0.10 times as of March 2024, with interest coverage at 41.22 times.
Operational Drivers
Raw Materials
Key raw materials include Coffee and Cocoa (prices currently elevated), Milk, and Wheat. Sustainable sourcing accounts for 60-75% of inputs.
Import Sources
The company emphasizes local procurement of raw materials to mitigate supply chain risks, though specific countries for coffee/cocoa imports are not disclosed.
Key Suppliers
Not specifically named in the documents; however, the company manages a network of 'partners' and 'distributors' for its 940 franchised kiosks.
Capacity Expansion
Current manufacturing spans 9 plants (Moga, Samalkha, Nanjangud, Ponda, Bicholim, Choladi, Pantnagar, Tahliwal, Sanand). Expanding with a new unit in Odisha at a cost of INR 800-900 crore.
Raw Material Costs
Raw material price moderation contributed to a 215 bps margin improvement in FY2024, though coffee and cocoa prices remain elevated and are monitored as key cost drivers.
Manufacturing Efficiency
Operating efficiency is described as healthy, supported by cost-optimisation initiatives that helped drive the 24% operating margin in FY2024.
Logistics & Distribution
Distribution is supported by an extensive network and 940 franchised kiosks. E-commerce/Quick commerce contribution grew to 8.5% with a 33% growth rate.
Strategic Growth
Expected Growth Rate
11.20%
Growth Strategy
Growth will be driven by a INR 6,000 crore capex plan, a 51:49 JV with Dr. Reddy's (INR 706 crore investment) to expand nutraceuticals, premiumization (e.g., Gerber brand), and increasing penetration in rural markets following a normal monsoon.
Products & Services
Instant noodles, milk products, nutrition portfolio, toddler nutrition, powdered and liquid beverages, chocolates, and confectionery.
Brand Portfolio
Maggi, Nescafe, KitKat, Munch, Gerber, Milkmaid.
New Products/Services
Launch of Gerber (premium toddler nutrition) and expansion into nutraceuticals via the Dr. Reddy's JV. New products contributed over 6% to sales in CY2023.
Market Expansion
Expansion into East India with the Odisha plant and increasing the number of franchised kiosks (currently 940).
Market Share & Ranking
Holds a leadership position in several product categories including instant noodles and infant nutrition; specific market share % not disclosed.
Strategic Alliances
Formed a 51:49 JV with Dr. Reddy's Laboratories Ltd in April 2024, with Nestle India investing INR 706 crore.
External Factors
Industry Trends
The FMCG industry is seeing a shift toward premiumization and quick commerce (8.5% of Nestle's sales). Rural demand is expected to revive due to a normal monsoon.
Competitive Landscape
Intense competition from multinationals and new entrants in packaged foods, beverages, and confectionery segments.
Competitive Moat
Sustainable moat derived from strong parent support (Nestle SA), iconic brands like Maggi, and a robust distribution network. Parent Nestle SA holds a 62.76% stake.
Macro Economic Sensitivity
Highly sensitive to food inflation and monsoon patterns; 9M FY2024 growth slowed to 2.8% due to high inflation and floods.
Consumer Behavior
Shifting toward premium products and toddler nutrition (Gerber) and increasing reliance on quick commerce channels.
Geopolitical Risks
Global events are noted as risks to supply chain stability and raw material costs.
Regulatory & Governance
Industry Regulations
Compliant with SEBI Listing Regulations; 63% of the board comprises independent directors. No penalties imposed by stock exchanges or SEBI in the last three years.
Environmental Compliance
60-75% of inputs are sourced sustainably; company has a 'Climate Action' and 'Responsible Sourcing' focus.
Legal Contingencies
The company has a regime of un-qualified financial statements with no audit qualifications reported for the period ended March 31, 2025.
Risk Analysis
Key Uncertainties
Volatility in raw material prices (Coffee/Cocoa) and cyber security risks related to AI and phishing attacks.
Geographic Concentration Risk
Historically concentrated in North/West/South; currently diversifying into East India via the Odisha plant.
Third Party Dependencies
Dependency on franchisees for the 940-kiosk network and technical support from parent Nestle SA.
Technology Obsolescence Risk
Risk of cyber attacks and the need for governance around artificial intelligence are identified as emerging risks.
Credit & Counterparty Risk
Superior liquidity and strong cash accruals (INR 1,462 crore for 15-month FY2024) indicate low credit risk.
