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 ₹ 2,54,306 Cr.
- Current Price ₹ 1,319
- High / Low ₹ 1,319 / 1,055
- Stock P/E 84.9
- Book Value ₹ 23.7
- Dividend Yield 1.04 %
- 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 55.0 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 | 21,023 | |
| 7,816 | 6,620 | 7,292 | 7,913 | 8,675 | 9,443 | 10,149 | 11,178 | 13,191 | 14,655 | 18,551 | 15,430 | 16,195 | |
| 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 | 4,829 |
| OPM % | 21% | 19% | 20% | 21% | 23% | 24% | 24% | 24% | 22% | 23% | 24% | 24% | 23% |
| 87 | -391 | 140 | 177 | 259 | 247 | 146 | -112 | 107 | 116 | 159 | 352 | 19 | |
| Interest | 14 | 3 | 91 | 92 | 112 | 129 | 164 | 202 | 155 | 119 | 145 | 136 | 165 |
| Depreciation | 338 | 347 | 354 | 342 | 336 | 370 | 370 | 391 | 403 | 429 | 568 | 540 | 626 |
| 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 | 4,056 |
| 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 | 2,994 | |
| 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 | 15.53 |
| 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: | 6% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 10% |
| 5 Years: | 9% |
| 3 Years: | 11% |
| TTM: | -6% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 16% |
| 5 Years: | 7% |
| 3 Years: | 9% |
| 1 Year: | 15% |
| 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 |
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% |
Documents
Announcements
- Closure of Trading Window 17 Dec
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Board Meeting Intimation for Consideration Of Unaudited Financial Results (Standalone And Consolidated) For The Third Quarter And Nine Months Ending 31St December 2025
17 Dec - Board to consider unaudited Q3 and nine-month results (31 Dec 2025) on 30 Jan 2026; trading window 1 Jan–1 Feb 2026.
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Intimation Regarding Receipt Of An Order From Office Of The Assistant Commissioner, Central GST Division, Rudrapur, Commissionerate - Dehradun
12 Dec - Order (11 Dec 2025) from Assistant Commissioner, Rudrapur confirms INR 66,60,359 tax and equal penalty; interest applies.
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Update On One-On-One Meet(S) With Institutional Investor(S) Held On 10Th December 2025
10 Dec - Two virtual one-on-one investor meetings held 10 Dec 2025; no unpublished price-sensitive information shared.
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Announcement under Regulation 30 (LODR)-Change in Management
10 Dec - CFO exits 31 Jan 2026; Technical ED retires 31 May 2026; Marahar and Bhushan appointed March–June 2026.
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Financial Year 2010
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Concalls
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Feb 2025Transcript PPT REC
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Apr 2024TranscriptAI SummaryPPT
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Oct 2023Transcript PPT
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Feb 2023Transcript PPT
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Aug 2022Transcript PPT
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Feb 2022TranscriptAI SummaryPPT
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Aug 2019TranscriptAI SummaryPPT
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Mar 2019TranscriptAI SummaryPPT
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Jul 2018TranscriptPPT
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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]