Nestlé India Limited: Model Update: All-round beat drives EPS upgrades

研报英文原文证据摘录

Nestlé India Limited: Model Update: All-round beat drives EPS upgrades

J P M O R G A N Asia Pacific Equity Research

23 July 2026

Nestlé India Limited Overweight

NEST.NS, NEST IN

Model Update: All-round beat drives EPS upgrades Price (22 Jul 26):Rs1,493.60

▲Price Target (Sep-27):Rs1,620.00

Prior (Sep-27):Rs1,500.00

We update our model following NEST's Q1FY27 print (First Take). Following

another quarter of outperformance, we raise our FY27/28E earnings estimates by 5- Consumer, Retail, Media

7%, driven largely by increased revenue forecasts across product categories. NEST Latika Chopra, CFA AC

has continued to surprise positively on revenue growth delivery - besides GST led (91-22) 6157-3584

tailwinds, enhanced on ground execution has aided this. The healthy momentum has latika.chopra@jpmorgan.com

been led by increased distribution (particularly in rural areas; reach at 216K villages Himanshu Singh

as of FY26), sustained innovation (across core brands with new formats/price points) (91-22) 6157-3610

himanshu.x6.singh@jpmorgan.com

and enhanced participation in the fast growing Quick Commerce channel resulting in

Saransh S Gokhale

market share gains and penetration. Confectionery has been a stand out outperformer,

(91-22) 6157 3578

further benefiting from visicooler program, rural expansion and new launches at saransh.gokhale@jpmchase.com

attractive price points. Coffee has been another strong segment benefiting from both J.P. Morgan India Private Limited, J.P. Morgan

penetration and premiumization efforts. Pet care scale up is progressing well and Tower,Registration:Santacruz(E),INH000001873,Mumbai (91-22)- 400098,6157-3000.SEBI

OOH initiatives seem to be on track.

Looking ahead, we expect the strong revenue momentum to carry into 2QFY27 as the

Key Changes (FYE Mar)