Nestle India Ltd. share price target

While we remain optimistic about the company's long-term prospects, expected growth moderation in H2FY27 and rising inflationary pressures remain key concerns. We have therefore cut our estimates but maintain our BUY rating with a TP of Rs 1,470, implying 15% upside from the CMP.

Strong H1; Rising commodity costs to keep H2 margins under check... : Nestle India (Nestle) is a subsidiary of NESTL S.A. of Switzerland. The company has 9 manufacturing facilities across India for various product segments. The company's product portfolio includes renowned international brands such as NesCafe, Maggi, Milkybar, Milkmaid and Nestea. Q 2F Y2 7 performance : Nestle recorded consolidated revenue growth of 20.5% YoY to Rs.6,788.3cr in Q2FY27 largely aided by double-digit domestic business volume growth (~13-14%). Gross margins improved by 236bps YoY to 56.9% aided by...

Revenue grew 10.3% YoY, driven by double digit volume-led growth across categories and sustained market share gains in key brands

Nestlé India (Nestle) sustained robust earnings growth momentum in 2QFY27. Net revenue grew 20% YoY (in line; 12% three-year CAGR) to INR67.8b.

Nestlé India (NEST) hosted its Analyst Meet 2026, outlining its growth journey and the key focus areas going forward. Management reiterated that the company is well positioned to capitalize on India's structural growth opportunities by remaining consumer-centric in a rapidly evolving marketplace.

: Nestle India (Nestle) is a subsidiary of NESTL S.A. of Switzerland. The company has 9 manufacturing facilities across India for various product segments. The company's product portfolio includes renowned...

We remain optimistic about the company's long-term prospects. We maintain our BUY rating on the stock with a TP of Rs 1,765/share, implying an 18% upside potential from the CMP.

We remain constructive on the company's medium-term outlook, supported by sustained volume-led growth, continued premiumisation across key categories, deeper rural penetration and accelerating Quick Commerce adoption.

The strength of Nestle's growth is now less about the pace and more about its breadth. Q1FY27 delivered revenue growth of 25.4% YoY, implying volume growth of ~19%, with all four product groups reporting double digit growth.

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).

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)....

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.

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

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.