Nestle India Ltd
Nestle India Limited is a subsidiary of Nestle which is a Swiss MNC. The company operates in the Food segment.
- Market Cap ₹ 2,29,720 Cr.
- Current Price ₹ 1,191
- High / Low ₹ 1,340 / 1,080
- Stock P/E 72.3
- Book Value ₹ 23.7
- Dividend Yield 1.13 %
- ROCE 95.7 %
- ROE 83.0 %
- Face Value ₹ 1.00
Pros
- Company has a good return on equity (ROE) track record: 3 Years ROE 107%
- Company has been maintaining a healthy dividend payout of 82.1%
Cons
- Stock is trading at 50.3 times its book value
- The company has delivered a poor sales growth of 10.3% over past five years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Mar 2024 15m | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 9,855 | 8,175 | 9,141 | 10,010 | 11,292 | 12,369 | 13,350 | 14,741 | 16,897 | 19,126 | 24,394 | 20,202 | 21,911 | |
| 7,816 | 6,620 | 7,292 | 7,913 | 8,675 | 9,443 | 10,149 | 11,178 | 13,191 | 14,655 | 18,551 | 15,430 | 16,983 | |
| Operating Profit | 2,039 | 1,555 | 1,850 | 2,097 | 2,618 | 2,926 | 3,202 | 3,562 | 3,706 | 4,471 | 5,843 | 4,771 | 4,928 |
| OPM % | 21% | 19% | 20% | 21% | 23% | 24% | 24% | 24% | 22% | 23% | 24% | 24% | 22% |
| 87 | -391 | 140 | 177 | 259 | 247 | 146 | -112 | 107 | 116 | 159 | 352 | 183 | |
| Interest | 14 | 3 | 91 | 92 | 112 | 129 | 164 | 202 | 155 | 119 | 145 | 136 | 159 |
| Depreciation | 338 | 347 | 354 | 342 | 336 | 370 | 370 | 391 | 403 | 429 | 568 | 540 | 650 |
| Profit before tax | 1,774 | 814 | 1,545 | 1,839 | 2,429 | 2,673 | 2,813 | 2,857 | 3,256 | 4,038 | 5,289 | 4,447 | 4,302 |
| Tax % | 33% | 31% | 35% | 33% | 34% | 26% | 26% | 26% | 27% | 26% | 26% | 25% | |
| 1,185 | 563 | 1,001 | 1,225 | 1,607 | 1,968 | 2,082 | 2,118 | 2,391 | 2,999 | 3,933 | 3,314 | 3,316 | |
| EPS in Rs | 6.14 | 2.92 | 5.19 | 6.35 | 8.33 | 10.21 | 10.80 | 10.99 | 12.40 | 15.55 | 20.40 | 17.19 | 17.20 |
| Dividend Payout % | 51% | 83% | 61% | 68% | 69% | 168% | 93% | 91% | 89% | 56% | 79% | 79% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 7% |
| 5 Years: | 10% |
| 3 Years: | 11% |
| TTM: | 10% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 10% |
| 5 Years: | 9% |
| 3 Years: | 11% |
| TTM: | 1% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 15% |
| 5 Years: | 7% |
| 3 Years: | 7% |
| 1 Year: | 5% |
| Return on Equity | |
|---|---|
| 10 Years: | 72% |
| 5 Years: | 108% |
| 3 Years: | 107% |
| Last Year: | 83% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 96 | 96 | 96 | 96 | 96 | 96 | 96 | 96 | 96 | 96 | 96 | 96 | 193 |
| Reserves | 2,741 | 2,721 | 3,186 | 3,324 | 3,577 | 1,822 | 1,923 | 1,850 | 2,363 | 2,363 | 3,244 | 4,021 | 4,371 |
| 20 | 18 | 33 | 35 | 35 | 189 | 147 | 266 | 271 | 271 | 345 | 1,167 | 477 | |
| 2,963 | 3,251 | 3,495 | 3,907 | 4,379 | 5,065 | 5,733 | 6,021 | 6,249 | 6,249 | 6,838 | 7,040 | 7,204 | |
| Total Liabilities | 5,820 | 6,086 | 6,810 | 7,363 | 8,088 | 7,173 | 7,900 | 8,234 | 8,979 | 8,979 | 10,523 | 12,324 | 12,245 |
| 3,177 | 2,898 | 2,730 | 2,616 | 2,401 | 2,341 | 2,179 | 2,995 | 3,044 | 3,044 | 3,460 | 5,474 | 5,819 | |
| CWIP | 245 | 231 | 188 | 94 | 105 | 143 | 639 | 246 | 358 | 358 | 1,742 | 1,173 | 929 |
| Investments | 812 | 1,325 | 1,756 | 1,979 | 2,658 | 1,751 | 1,464 | 774 | 778 | 778 | 464 | 706 | 706 |
| 1,586 | 1,633 | 2,136 | 2,673 | 2,924 | 2,937 | 3,618 | 4,219 | 4,799 | 4,799 | 4,857 | 4,972 | 4,791 | |
| Total Assets | 5,820 | 6,086 | 6,810 | 7,363 | 8,088 | 7,173 | 7,900 | 8,234 | 8,979 | 8,979 | 10,523 | 12,324 | 12,245 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,644 | 1,098 | 1,466 | 1,818 | 2,052 | 2,295 | 2,454 | 2,236 | 2,737 | 3,392 | 4,175 | 2,936 | |
| -432 | -70 | -126 | -131 | -52 | 83 | -321 | -1,920 | -392 | -927 | -1,237 | -1,811 | |
| -1,635 | -498 | -666 | -997 | -1,317 | -3,602 | -1,956 | -2,020 | -2,123 | -2,436 | -3,135 | -1,848 | |
| Net Cash Flow | -423 | 529 | 674 | 691 | 683 | -1,223 | 177 | -1,704 | 223 | 29 | -198 | -723 |
| Free Cash Flow | 1,240 | 949 | 1,353 | 1,622 | 1,890 | 2,143 | 1,980 | 1,505 | 2,197 | 2,028 | 2,296 | 932 |
| CFO/OP | 110% | 93% | 106% | 116% | 112% | 101% | 99% | 83% | 97% | 100% | 94% | 83% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 4 | 4 | 4 | 3 | 4 | 4 | 5 | 4 | 4 | 4 | 4 | 7 |
| Inventory Days | 82 | 103 | 107 | 91 | 92 | 107 | 107 | 111 | 110 | 83 | 83 | 139 |
| Days Payable | 71 | 94 | 91 | 99 | 118 | 124 | 115 | 122 | 121 | 92 | 112 | 128 |
| Cash Conversion Cycle | 15 | 12 | 20 | -5 | -22 | -14 | -3 | -7 | -7 | -5 | -24 | 18 |
| Working Capital Days | -13 | -21 | -10 | -15 | -21 | -20 | -22 | -20 | -16 | -10 | -19 | -19 |
| ROCE % | 56% | 46% | 54% | 57% | 71% | 96% | 139% | 150% | 138% | 153% | 169% | 96% |
Insights
In beta| Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Number of Employees Absolute |
|
||||||||||
| Domestic Sales Volume 000 Tonnes |
|||||||||||
| Total Reach (Retail Outlets) Million Outlets |
|||||||||||
| New Product Innovation Contribution % |
|||||||||||
| Number of Factories Absolute |
|||||||||||
| E-commerce Contribution to Sales % |
|||||||||||
| RUrban Villages Covered Count |
|||||||||||
| Project Shark Savings % to Sales % |
|||||||||||
Documents
Announcements
-
Regulation 30 And Schedule III Of The SEBI (LODR) Regulations, 2015 ('Listing Regulations'): Intimation Regarding The Addition Of A New Maggi Noodles Production Line At The Sanand Factory, Gujarat
1 Apr - Add 20,500 tpa Maggi line at Sanand; ₹90 crore investment in FY2026-27.
-
Board Meeting Intimation for Consideration Of Audited Financial Results (Standalone And Consolidated) For The Financial Year Ending 31St March 2026
24 Mar - Board to consider audited FY2025-26 results on 21 April 2026; trading window closed 1–23 April 2026.
- Closure of Trading Window 24 Mar
-
Regulation 30 Of The SEBI (LODR) Regulations, 2015 ('Listing Regulations'): Update On A One-On-One Meet (Virtual) With An Institutional Investor
23 Mar - One-on-one virtual investor meeting on 23 March 2026; no unpublished price-sensitive information shared.
-
Regulation 30 And Schedule III Of The SEBI (LODR) Regulations, 2015 ('Listing Regulations'): Intimation Regarding The Addition Of A New Munch Production Line At The Sanand Factory, Gujarat
19 Mar - New Munch line at Sanand: 8,300 tpa capacity, INR 225 crore investment in FY2025-26, financed internally.
Annual reports
-
Financial Year 2025
from bse
-
Financial Year 2024
from bse
-
Financial Year 2022
from bse
-
Financial Year 2021
from bse
-
Financial Year 2020
from bse
-
Financial Year 2019
from bse
-
Financial Year 2018
from bse
-
Financial Year 2017
from bse
-
Financial Year 2016
from bse
-
Financial Year 2015
from bse
-
Financial Year 2014
from bse
-
Financial Year 2013
from bse
-
Financial Year 2012
from bse
-
Financial Year 2011
from bse
-
Financial Year 2010
from bse
Concalls
-
Feb 2025Transcript PPT REC
-
Apr 2024TranscriptAI SummaryPPT
-
Oct 2023Transcript PPT
-
Feb 2023Transcript PPT
-
Aug 2022Transcript PPT
-
Feb 2022TranscriptAI SummaryPPT
-
Aug 2019TranscriptAI SummaryPPT
-
Mar 2019TranscriptAI SummaryPPT
-
Jul 2018TranscriptPPT
-
Aug 2017TranscriptPPT
Business Overview
Nestle India a subsidiary of Nestle S A (holds 62% stake) is primarily involved in the Food business which incorporates product groups viz. Milk Products and Nutrition, Prepared dishes and Cooking aids, Powdered and Liquid Beverages and Confectionery. It owns brands such as NESCAFÉ, MAGGI, MILKYBAR, KIT KAT, BAR-ONE, MILKMAID, NESTEA etc. [1]