Nestlé India Limited

NESTLEIND.NS

Packaged Foods · Consumer Defensive

Price

₹1503.80

-3.20 (-0.21%)

Market Cap

₹2.90T

Exchange

National Stock Exchange of India

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 13, 2026 · filings through Jun 30, 2026

Nestlé India Limited makes and sells packaged food and beverages across India. Its most famous products include Maggi noodles, KitKat chocolate, Nescafé coffee, and Munch bars. The company sells to everyday consumers through grocery stores, supermarkets, and online platforms, making it one of the most recognized packaged food companies in the country.

The company earns money by manufacturing and selling its products directly to retailers and distributors, who then sell to shoppers. Nestlé India operates almost entirely within India, with manufacturing plants spread across several states. Its strong moat comes from deeply trusted brand names, wide distribution reach, and its relationship with parent company Nestlé S.A. of Switzerland, which provides global recipes and technology. The key growth driver is India's expanding middle class and rising demand for convenient, packaged foods, though the company faces risks from rising input costs for commodities like wheat and milk, which can squeeze profit margins.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+23.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+27.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$382M/ year

↓ Declining (-62% vs prior year)

0.2% of revenue

Below sector average (2%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

63.6%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$0 cash & investments

Quarterly Free Cash Flow

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Nestlé India Limited is a rare growth stock that's already generating positive cash flow while growing at 24%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.0% over 5y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 1.93B (2021) → 1.93B (2026)

Score breakdown

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Quality

Gross Margin

57.1%

Premium pricing power — 57.1% gross margin

Operating Margin

21.2%

Excellent — 21.2% operating margin

ROCE

25.7%

Exceptional — 25.7% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales YoY

+19.8%

Fast-growing sales (+19.8% YoY)

EPS YoY

+22.6%

Earnings growing fast (+22.6% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

61%

Modest — 61% of profit becomes cash

FCF Margin

7.9%

Modest free cash flow (7.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.02

Conservative — low debt load (0.02)

Interest Cover

32.78x

Comfortably covers interest (32.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

76.1x

Expensive — P/E 76.1

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+21.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (76.1 → 54.2)

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Dividends

Dividend Yield

0.93%

Small dividend — 0.93% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

-85.3%

Dividend cut (-85.3% YoY) — warning sign

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