1. At a Glance
If FMCG had a royal family, Nestlé India Limited would be the crowned prince—well-fed, cash-rich, and annoyingly expensive. Q3 FY26 came in with ₹5,667 Cr sales (+18.6% YoY) and ₹1,018 Cr PAT (+26.6% YoY). ROCE is flirting with ~96%, ROE sits at 83%, and the company still pays dividends like clockwork (₹7 interim declared). Market cap? ₹2.57 lakh Cr. Price? ₹1,332. P/E? ~81x—because apparently MAGGI tastes better when priced like saffron. Returns over 1 year are ~20%, 3 months ~4.8%. Debt? A polite ₹477 Cr—basically pocket change for this balance sheet. Curious yet? You should be.
2. Introduction
Nestlé India is the FMCG equivalent of that topper who never bunked class and still cracked jokes. A Swiss parent, Indian stomachs, and brands that live rent-free in your kitchen—MAGGI, NESCAFÉ, KITKAT, MILKMAID, MILKYBAR, NESTEA. The business spans Milk Products & Nutrition, Prepared Dishes & Cooking Aids, Beverages, and Confectionery.
FY25 revenue stood at ₹21,911 Cr with operating margins ~22–24% across cycles. Growth is steady, execution clinical, and governance… Swiss. The question isn’t “Can they grow?” It’s “How much are you willing to pay for certainty?” Ready
to argue in the comments?
3. Business Model – WTF Do They Even Do?
They sell convenience with trust. Noodles that cook faster than your patience, coffee that fuels India’s mornings, chocolates that bribe kids and adults equally. Distribution muscle: 10,000+ distributors, 5.2 million outlets. Geography? 96% domestic, 4% exports.
Revenue mix (FY25):
- Prepared Dishes & Cooking Aids: 61.48% (MAGGI supremacy)
- Milk Products & Nutrition: 21.49%
- Confectionery: 0.12%
- Powdered & Liquid Beverages: 0.05%
Yes, MAGGI runs the show. And Nestlé keeps refreshing the menu—130 launches in 7 years, millet-led SKUs, D2C via mynestle.in, and R&D tie-ups for nutrition. Simple, scalable, sticky.
4. Financials Overview (Quarterly Results)
| Metric | Latest Qtr | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 5,667 | 4,780 | 5,644 | 18.6% | 0.4% |
| EBITDA (₹ Cr) | 1,202 | 1,103 | 1,237 | 9.0% | -2.8% |
| PAT (₹ Cr) | 1,018 | 696 | 753 | 46.3% | 35.2% |
| EPS (₹) | 5.28 | 3.61 | 3.91 | 46.3% | 35.2% |
Annualised EPS (Q3): ₹21.1.
Commentary: Margins softened
