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Nestle India Ltd

| Standalone Results – Q4 & FY Ended Mar 31, 2026

Report Source

⬤21st Apr 26

Summary : Nestlé India achieved strong double-digit growth, driven by volume and strategic expansion.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Cost of materials consumed (FY26): INR 98,140.4 million.
  2. Employee benefits expense (FY26): INR 21,658.1 million.
  3. Depreciation and amortisation (FY26): INR 6,992.3 million.
  4. Other expenses (FY26): INR 53,414.4 million.
  5. Total Sales (FY26): INR 23,071.5 crore.
  6. Domestic sales (FY26): INR 221,187.0 million.
  7. Export sales (FY26): INR 9,527.6 million.
  8. Net cash generated from operating activities (FY26): INR 50,475.6 million.
  9. Net cash used in investing activities (FY26): INR (6,236.8) million.
  10. Net cash used in financing activities (FY26): INR (31,794.9) million.
  11. Net increase in cash and cash equivalents (FY26): INR 12,443.9 million.
  12. Total Assets (FY26 Standalone): INR 133,571.7 million.
  13. Total Equity (FY26 Standalone): INR 53,092.4 million.
  14. Non-current liabilities (FY26 Standalone): INR 32,867.0 million.
  15. Current liabilities (FY26 Standalone): INR 47,612.3 million.
  16. Both standalone and consolidated financial results are provided.

Corporate Overview

  1. Domestic sales in India, including semi-urban and rural markets.
  2. Exports to 28 countries, including Maldives, Papua New Guinea, UAE, Saudi Arabia, Singapore, New Zealand, UK, US, Sri Lanka.
  3. Demanding external environment.
  4. Volatile commodity prices (coffee, cocoa, sugar, edible oil, wheat, milk).
  5. Implementation of new Labour Codes with financial impact.
  6. Commodity prices (coffee, cocoa, sugar, edible oil, wheat, milk).
  7. FMCG company focused on food and beverages.
  8. Strategy includes penetration, premiumization, and innovation.
  9. Omni-channel strategy covering e-commerce, quick commerce, modern trade, and rural markets.
  10. Focus on cost-efficiency, digital, and tech-enabled capabilities.
  11. Pleased with strongest quarterly growth in nearly a decade.
  12. Achieved highest-ever domestic sales.
  13. Delivered healthy EBITDA margin.
  14. Focused on fundamentals, resilience, and double-digit volume-led growth.
  15. Committed to sustainable, long-term value and future-readiness.
  16. Urban consumers
  17. Rural consumers
  18. Pet owners
  19. Out-of-Home segment (Nestlé Professional)
  20. Prepared Dishes and Cooking Aids
  21. Milk Products and Nutrition
  22. Confectionery
  23. Powdered and Liquid Beverages
  24. Pet Food
  25. NESPRESSO (coffee connoisseurs)
  26. Nestlé Professional (Out-of-Home)
  27. Continued to upgrade and expand capacity prudently to meet demand.
  28. Accelerated reach expansion in rural markets to ~216,000 villages.
  29. Upgrade and expand capacity prudently.
  30. Accelerated reach expansion in rural markets.
  31. Expanded footprint for Powdered and Liquid Beverages.

Risk Factors

  1. Demanding external environment.
  2. Volatile commodity prices.
  3. New Labour Codes impact.
  4. Intense market competition.

Key Drivers

  1. Double-digit volume growth.
  2. Increased advertising spends.
  3. Strong market share gains.
  4. Prudent capacity expansion.

Auditor’s Report

  1. Unmodified opinion for standalone financial results.
  2. Unmodified opinion for consolidated financial results.

Board Commentary

  1. Recommended final dividend of Rs. 5/- per equity share for FY 2025-26.
  2. Total dividend for FY 2025-26 includes interim dividend of Rs. 7/- per equity share.
  3. New Labour Codes notified, leading to an incremental financial impact of ₹414.4 million as past service cost.
  4. Closure of income tax matters related litigation resulted in a positive impact of ₹3,120.4 million.

Corporate Governance

  1. Auditors confirm compliance with Code of Ethics.
  2. Audit Committee reviewed the financial results.

Management Discussion & Analysis

Future Strategy

  1. Consumer centricity.
  2. Penetration-led volume growth.
  3. Reinvestment behind brands and capacity.
  4. Accelerating tech-led sales and operations.
  5. Empowering people to act fast, stay focused, and remain flexible.
  6. Bolder, bigger, and better innovations.

Industry Overview

  1. Evolving retail ecosystem, including e-commerce and quick commerce.
  2. Increased coffee penetration and premiumization.
  3. Deeper category relevance across consumer segments.

Macroeconomic Outlook

  1. Demanding external environment.
  2. Commodity price volatility (coffee, cocoa, sugar, edible oil, wheat, milk).

Operational Focus Areas

  1. Improving in-stock availability.
  2. Reducing lead times.
  3. Enhancing execution consistency.
  4. Sharper channel-wise assortment and pack roles.
  5. Closer partner collaboration and technology-enabled replenishment.

Performance Drivers

  1. Double-digit volume growth.
  2. Increased advertising spends.
  3. Penetration and premiumization.
  4. Disciplined resource allocation and strong execution.
  5. Structural cost-efficiency agenda and operational cost savings.
  6. Accelerated digital and tech-enabled capabilities.
  7. Innovation across product groups.

Risk Control Measures

  1. Structural cost-efficiency agenda to create headroom for brand investment.
  2. Monitoring developments related to new Labour Codes.

Critical Risks

  1. Commodity price fluctuations impacting cost of materials.
  2. Regulatory changes like new Labour Codes affecting employee benefits.