Q4FY26 performance: Nestle recorded another quarter of stellar performance with consolidated revenues growing by 22.6% YoY to Rs.6,747.8cr and PAT growing by 30% YoY to Rs1,137.7cr. Domestic business revenues grew by 23.4% YoY to Rs.6,723.8cr. We believe volume growth improved to mid-teens vs. low double digit volume growth in Q3FY26. Gross margins were lower by 48bps YoY to 55.7%. However strong revenue growth and cost saving measures aided in 103bps YoY improvement in the EBIDTA margins to 26.5% (despite 50% increase in ad-spends)....