NESTLEIND · Fast Moving Consumer Goods
Nestle India Ltd. reported revenue of ₹5,667 cr for October to December 2025, +18.6% on the year and +0.4% on the quarter. It is the highest quarterly revenue in the last 11 quarters on record. Over the last four quarters revenue comes to ₹21,911 cr, +9.7% on the four before.
Operating profit (EBITDA) was ₹1,201 cr, a margin of 21.2%, −188 bps on the year and −72 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 21.2% to 25.6%). Operating costs grew +21.5%, faster than revenue at +18.6%, so operating profit grew less than sales.
Net profit was ₹1,018 cr, +46.3% on the year and +35.2% on the quarter, with earnings per share of ₹5.28. Profit before other income, one-offs and tax grew 8.7%, so 38 points of the headline growth came from outside the core business. The tax rate was 13% against an average of 26% over the previous 8 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹3,315 cr, −1.4% on the four before.
On earnings per share of ₹17.20 over the last four quarters, the stock at ₹1,261.80 trades at 73.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Reported profit +46.3% on the year; profit before other income, exceptional items and tax +8.7%.
Source: Quarterly statements
A lower tax rate lifted profit. Is the lower rate going to last?
Effective tax rate 13.0% against 26.3% over the previous quarters, worth about ₹155 cr of profit.
Source: Quarterly statements
Operating margin slipped on the year.
EBITDA margin 21.2%, −188 bps on the year (−72 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹5,037 cr | ₹4,600 cr | ₹5,268 cr | ₹4,814 cr | ₹5,104 cr | ₹4,780 cr | ₹5,504 cr | ₹5,096 cr | ₹5,644 cr | ₹5,667 cr | ₹6,748 cr | ₹6,378 cr |
| YoY | — | — | — | +3% | +1% | +4% | +4% | +6% | +11% | +19% | +23% | +25% |
| EBITDA margin | 24.3% | 23.8% | 25.6% | 23.1% | 22.9% | 23.1% | 25.2% | 21.6% | 21.9% | 21.2% | 26.3% | 24.1% |
| Other income, % of PBT | 11% | −9% | 3% | 4% | 23% | 0% | 1% | 0% | 0% | 15% | −1% | 1% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 26% | 25% | 26% | 25% | 25% | 26% | 27% | 27% | 13% | 26% | 26% |
| Net profit | ₹908 cr | ₹656 cr | ₹934 cr | ₹747 cr | ₹986 cr | ₹696 cr | ₹885 cr | ₹659 cr | ₹753 cr | ₹1,018 cr | ₹1,114 cr | ₹975 cr |
| YoY | — | — | — | +7% | +9% | +6% | −5% | −12% | −24% | +46% | +26% | +48% |
| Core profit YoY | — | — | — | +6% | −6% | −5% | −1% | −8% | +1% | +9% | +28% | +46% |
| EPS | ₹4.71 | ₹3.40 | ₹4.84 | ₹3.87 | ₹5.12 | ₹3.61 | ₹4.59 | ₹3.42 | ₹3.91 | ₹5.28 | ₹5.78 | ₹5.06 |
| Flags | · | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 2 | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Nestle India Ltd. reported revenue of ₹5,667 cr (+18.6% on the year) and net profit of ₹1,018 cr (+46.3% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved +8.7% on the year, against +46.3% for reported profit.
2 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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