NESTLEIND

Nestle India share price & financials

Price
₹1,414.8
Market cap
₹3.0L Cr
Sector
Fast Moving Consumer Goods
Calls analysed
5
Latest concall · Q1 FY27 · call held 04 Aug 2026

Nestle India Limited Q1 FY27

Volume Growth 4.2% Premium Portfolio Contribution 14% Premium Portfolio Growth 500 bps Ad Spend Growth 40%

What went well

  • Demonstrated consistent double-digit volume growth in the last few quarters, indicating broad-based and volume-led expansion.
  • Achieved significant distribution expansion, increasing distribution points by nearly four times since 2021 and adding over 500,000 retail outlets.
  • The premium portfolio's contribution grew from 11% to 14%, with its growth rate exceeding overall growth by 500 bps.

What to watch

  • Acknowledged a slowdown in market growth as reported by Nielsen.
  • Noted an impact from food inflation.
Read the full call →

What Nestle India Limited does

Nestle India manufactures and sells branded packaged food and beverage products across four categories: milk products & nutrition, prepared dishes & cooking aids, powdered & liquid beverages, and confectionery. It earns from mass-market and premium packaged foods distributed through a network reaching 5.3 million retail outlets and 200,000+ villages, sourcing milk and other inputs from around 280,000 farmers. Production runs across nine factories in India, with a tenth announced in Odisha. It also operates newer channels including out-of-home kiosks, e-commerce/quick commerce, NESPRESSO boutiques, Purina pet care and a Nestle Health Science JV with Dr. Reddy's.

Segments

  • Milk Products and Nutrition
  • Prepared Dishes and Cooking Aids
  • Powdered and Liquid Beverages
  • Confectionery
Manufacturing factories in India
9 (10th announced in Odisha)
Retail outlets reached
5.3 million
Villages covered (RUrban)
200,000+ (up from 70,000 in 2020)
Distributors & re-distributors
10,000+
Farmers in supply network
280,000
Out-of-home Nestle kiosks
940+ (20 million annual visitors)
Founded 1959Headquarters Gurugram, Haryana, IndiaEmployees 8,680 (FY2025-26) Company website

Guidance record · Q1 FY27

what the last two calls moved 9 tracked 3 delivered 4 missed 2 open
  • Operating Margin delivered said Q1 FY23 Promised: Protecting growth engine, margins to follow Q1 FY27: CFO confirms commitment to 'maintain our margin in line with our past track record', reinforcing the 20-22% optimal band.
  • Total Outlets went quiet said Q3 FY25 Promised: 6 million outlets in coming years Q1 FY27: No update provided on the current number of outlets or progress towards the 6 million target. General commentary on distribution expansion was provided without specific numbers.
  • Sustained Double-Digit Volume Growth open said Q1 FY27 Promised: Management believes sustained double-digit volume growth is doable given low market penetration. Q1 FY27: Management stated that the secular growth opportunity exists and that double-digit volume growth is 'doable'.

All 9 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 25.2%, net profit up 48.2% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue5,104 4,780 5,504 5,096 5,644 +11%5,667 +19%6,748 +23%6,378 +25%
EBITDA1,164 1,095 1,376 1,087 1,227 +5%1,181 +8%1,768 +28%1,522 +40%
Net profit899 688 873 647 743 −17%998 +45%1,111 +27%959 +48%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +13.6% 1Y

₹1.2k₹1.3k₹1.4k₹1.5kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q1 FY27 — 4 Aug 2026

1Y: ₹1,217.5 on 10 Sept 2025 → ₹1,383.3. High ₹1,540 (7 Aug 2026), low ₹1,152.5 (29 Sept 2025).

How the price took the results

close before → close after

Q1 FY27
−0.7%
4 Aug

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 7.0% a year over 2 years, FY23 to FY25. Operating margin narrowed to 22.2%.

Year endingFY23FY24FY25
Revenue₹19.1k Cr₹20.0k Cr₹21.9k Cr
Operating profit₹4.5k Cr₹4.7k Cr₹4.9k Cr
Operating margin23.4%23.7%22.2%
Interest₹124 Cr₹125 Cr₹159 Cr
Depreciation₹429 Cr₹495 Cr₹649 Cr
Net profit₹3.0k Cr₹3.3k Cr₹3.3k Cr
Net margin15.7%16.4%14.9%
Cash from operations₹3.4k Cr₹4.2k Cr₹2.9k Cr
Free cash flow₹2.0k Cr₹2.3k Cr₹932 Cr
ROCE——96.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹96 Cr₹96 Cr₹96 Cr₹96 Cr₹193 Cr₹193 Cr
Reserves₹1.9k Cr₹2.4k Cr₹2.4k Cr₹3.2k Cr₹4.4k Cr₹5.0k Cr
Borrowings₹266 Cr₹271 Cr₹271 Cr₹345 Cr₹477 Cr₹444 Cr
Other liabilities₹6.0k Cr₹6.2k Cr₹6.2k Cr₹6.8k Cr₹7.2k Cr₹7.6k Cr
Total liabilities₹8.2k Cr₹9.0k Cr₹9.0k Cr₹10.5k Cr₹12.2k Cr₹13.2k Cr
Fixed assets₹3.0k Cr₹3.0k Cr₹3.0k Cr₹3.5k Cr₹5.8k Cr₹6.3k Cr
Capital work in progress₹246 Cr₹358 Cr₹358 Cr₹1.7k Cr₹929 Cr₹507 Cr
Investments₹774 Cr₹778 Cr₹778 Cr₹464 Cr₹706 Cr₹531 Cr
Other assets₹4.2k Cr₹4.8k Cr₹4.8k Cr₹4.9k Cr₹4.8k Cr₹5.9k Cr
Total assets₹8.2k Cr₹9.0k Cr₹9.0k Cr₹10.5k Cr₹12.2k Cr₹13.2k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public trimmed −0.72 pp while DIIs added +0.71 pp. The shareholder count shrank 8% to 4,79,696.

Promoters
62.8%
FIIs
10.3%
DIIs
11.9%
Public
15.0%

Since Jun 2025

  • Public −0.72 pp
  • DIIs +0.71 pp
  • FIIs +0.02 pp

How it drifted, 12 quarters

Over this window DIIs went from 9.3% to 11.9% — +2.6 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 62.8%, FIIs 12.1%, DIIs 9.3%, Public 15.8%.Dec '23: Promoters 62.8%, FIIs 12.1%, DIIs 9.2%, Public 16.0%.Mar '24: Promoters 62.8%, FIIs 12.1%, DIIs 9.0%, Public 16.1%.Jun '24: Promoters 62.8%, FIIs 11.9%, DIIs 9.2%, Public 16.1%.Sep '24: Promoters 62.8%, FIIs 11.9%, DIIs 9.4%, Public 15.9%.Dec '24: Promoters 62.8%, FIIs 10.3%, DIIs 10.8%, Public 16.2%.Mar '25: Promoters 62.8%, FIIs 10.0%, DIIs 11.3%, Public 15.9%.Jun '25: Promoters 62.8%, FIIs 10.3%, DIIs 11.2%, Public 15.8%.Sep '25: Promoters 62.8%, FIIs 9.8%, DIIs 11.8%, Public 15.6%.Dec '25: Promoters 62.8%, FIIs 9.8%, DIIs 12.1%, Public 15.3%.Mar '26: Promoters 62.8%, FIIs 9.7%, DIIs 12.4%, Public 15.1%.Jun '26: Promoters 62.8%, FIIs 10.3%, DIIs 11.9%, Public 15.0%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Nestle India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Nestle S.A. 34.28%unchanged
Maggi Enterprises Ltd 28.48%unchanged
Life Insurance Corporation Of India Insurer5.85%−0.29 pp
SBI Nifty 50 ETF Mutual fund1.04%newly disclosed

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in NESTLEIND

Filings to Aug 2026

0 new, 10 added, 17 trimmed, 1 sold out — net −7.49 L shares (−2.8%).

Held by funds
₹3.8k Cr
34 schemes
Biggest holder
SBI Nifty 50 ETF
₹2.1k Cr · 1.0% of that fund
SchemeHoldingLast month
SBI Nifty 50 ETF SBI Mutual Fund₹2.1k Cr+0.73 L
Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund₹653 Cr+0.88 L
SBI Dividend Yield Fund SBI Mutual Fund₹181 Crheld
SBI Quant Fund SBI Mutual Fund₹165 Cr−0.08 L
SBI Quality Fund SBI Mutual Fund₹152 Crheld
SBI Nifty Index Fund SBI Mutual Fund₹136 Cr+0.03 L
Nippon India Nifty Alpha Low Volatility 30 Index Fund Nippon India Mutual Fund₹51 Cr−0.03 L
HDFC Dividend Yield Fund HDFC Mutual Fund₹48 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

10 added, 17 trimmed — net −7.49 L shares (−2.8%)

Funds are sitting on
+28%
vs est. average cost
Held by funds
₹3.8k Cr
34 schemes · ≈ 1.2% of the company
Biggest holder
SBI Nifty 50 ETF
₹2.1k Cr · 1.0% of that fund
Longest holder
Nippon India ETF Nifty 50 BeES
7y · since Sep '19

Shares held by these funds −9%

Aug '23 2.64 cr shares Jul '26

What the price assumes

Expensive

To justify its price of ₹1383, this stock must grow earnings at 20% every year for 7 years. Our analysis caps realistic growth at ~7%. At that growth it is worth ₹572 — downside of 59%.

Growth the price implies
19.9% a year
for 7 years, fading to 5%
It has actually compounded at
4.3% a year
net profit, FY24–FY26 · EPS 4.3%
The gap
0.1 pp
-59% downside if it only repeats history
Price today ₹1,383.3 Value at the reference growth ₹572.06
Why this baseline, and what it is built on

Nestle India shows stable and growing financials, with recent TTM sales growth at 5.68%. The company has a good promise track record with no misses or ghosted promises. While there's no explicit revenue growth guidance, management indicates current profitability levels are 'optimally placed to support the growth journey' and guides for a 20-22% operating margin. Given the stable nature of the FMCG industry, strong track record, and consistent performance, a g1 of 7.0% is a reasonable, conservative estimate slightly above recent TTM growth. Very low leverage and industry stability support a low discount rate of 9%. A longer 7-year stage-1 growth period with a 4-year fade to a 5% terminal growth rate is appropriate for a mature, market-leading FMCG player.

Through 2026-03-31

Change the assumptions yourself →

All earnings calls (5)

Read the Q1 FY27 call →

Learn to analyse Nestle India Limited

Guides on how to read this kind of business and the numbers that matter.