Nestle India Ltd. share price target

Nestle India (Nestle) has seen a strong recovery in FY26, with revenue growth of 15% YoY, supported by a rebound in volume growth (+11% in FY26 vs. broadly flat volumes in FY25).

Strong execution driving consistent volume-led growth and market share gains across categories

Alongside scale becoming increasingly apparent, volumes too are effectively yielding meaningful leverage. Nestlé India delivered ~23% YoY growth in Q4FY26 (implied volumes of ~18% YoY), indicating volume-led recovery.

Domestic sales expanded 23.1% YoY to INR 6,445.07 Cr, while export sales grew an impressive 31.0% YoY to INR 278.68 Cr, reflecting continued traction in both its core home market and international distribution initiatives.

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)....

We remain optimistic about the company's long-term prospects. We maintain our BUY rating on the stock with a TP of Rs 1,640/share, implying a 19% upside potential from the CMP.

Nestlé India (Nestle) reported strong performance in 4QFY26, with revenue growing 23% YoY (beat; 13% two-year CAGR). Domestic revenue grew 23% YoY (vs. our est. of 17%), driven by double-digit volume growth.

We remain optimistic about the company's long-term prospects. We maintain our BUY rating on the stock, with a TP of Rs 1,500/share, implying a 13% upside potential from the CMP.

About the stock: Nestle India (Nestle) is a subsidiary of NESTL S.A. of Switzerland. With nine manufacturing facilities and a strong distribution network of 5.3mn outlets, the company is one of largest food processing companies in India. The company's product portfolio includes renowned international brands such as NesCafe, Maggi, Milkybar, Milkmaid and Nestea. Q3FY26 performance: Nestle recorded strong performance with consolidated revenues growing by 18.6% YoY to Rs.5,667cr. Domestic business revenues grew by 18.3% YoY to Rs.5,402.6cr while export revenues grew by 22.9% YoY to...

Growth remained volume-led with strong rural acceleration; urban performance continued to outpace peers

Nestle India (Nestle) reported an 18.5% YoY (11% two-year CAGR) revenue growth in 3QFY26, ahead of our expectations.

EBITDA rose 5.9% YoY to Rs. 1,237cr, while margin contracted 100bps to 21.9% due to an increase in the cost of sales (+16.4% YoY), employee benefit expenses (+7.0% YoY) and other expenses (+5.9% YoY). Reported profit after tax decreased 23.6% YoY to Rs. 753cr, led by an increase in finance costs (+44.0% YoY) and a decrease in other income (-76.1% YoY). The company's financial performance was strong, driven by resilient brand equity, broad-based innovation momentum, expanding manufacturing flexibility and disciplined marketplace execution across channels. Management's strategic focus...

While structural growth drivers remain intact, led by the company’s volume-centric strategy and improving demand across rural and urban markets, we prefer to await clearer signs of margin recovery.

We maintain our BUY rating on the stock, with a TP of Rs 1,410/share, implying a 10% upside potential from the CMP.

About the stock: Nestle India (Nestle) is a subsidiary of NESTL S.A. of Switzerland. With nine manufacturing facilities and a strong distribution network of 5.3mn outlets, the company is one of largest food processing companies in India. The company's product portfolio includes renowned international brands such as...

NEST was witnessing sequential improvement in growth delivery, supported by the company’s own initiatives along with steady improvement in macros. GST rate reductions will further boost the FMCG sector from 3QFY26 onward.

Maintain BUY ratings on Nestle India with a revised TP 1,340

We recommend a BUY with a near-term TP of Rs 1,270, implying an upside of 10% from the CMP

*over or under performance to benchmark index Nestle India Ltd, a subsidiary of Nestle S.A., is a food processing company, which primarily manufactures milk products along with other food products such as beverages and cereals. In Q1FY26, Nestle's revenue from operations grew 5.9% YoY to Rs. 5,096cr, led by...

Over the last three decades, Suresh Narayanan’s tenure (ten years) as CMD of Nestlé India has been one of the most celebrated.