'Black swans and gray rhinos': Nestle India's Suresh Narayanan recalls Maggi crisis among 'greatest challenges' in last letter to shareholders

During the last 10 years, Nestle India said has brought more than 43 million households into the coffee category, with a very strong success story in the confectionery segment.

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26 Aug, 2025 12:21

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Nestle India's Chairman and Managing Director, Suresh Narayanan, in his last letter to shareholders, chronicled the past decade's achievements and said his first 100 days as the CMD were 'one of the greatest challenges' of his career, as the Maggi crisis unfolded in June 2015 and led to a nationwide ban for the noodle.

Narayanan credited the brand strength of Maggi and collective efforts of the employees to have helped Nestle India bounce back after the ban by FSSAI - the food safety body - back in 2015, to now claim India as the world's largest market for the Maggi brand. "Together we navigated the black swans and gray rhinos. And seized the rising India opportunity," said Narayanan, recalling the last 10 years threw up several challenges.

"We live in capricious times. Inflationary pressures. Muted consumer demand. Tightening of the wallet. COVID a harbinger of economic slowdown, geo-political crisis - all wrapped up in a decade of promise, challenges and unexpected opportunities," Narayanan said, recalling the decade and reiterating that volatilities will come and go.

Over the last decade, Nestle India's revenue saw a CAGR of 10.3% while profit from operations grew by 13.5%, and the market capitalization rose by 3.9 times, said Nestle India CMD, adding that the company which was once seen as an urban player with a limited portfolio now has access to more households.

"In 2015, many considered us to be solely a MAGGI noodles Company. Since then, we recalibrated and rejuvenated the portfolio launching over 150+ new products that have contributed to 7% of sales," said the chairman.

During the last 10 years, Nestle India said has brought more than 43 million households into the coffee category, with a very strong success story in the confectionery segment.

"Once a muted business, Confectionery has tripled its business in the last 10 years. Kitkat doubled its market share and became the fastest growing brand within the chocolate category in India. Today, India is the second largest market for KITKAT globally, a decade ago it was at number 10. Munch and Milkybar have also doubled their business."

The management also ramped up capex from 1.8% of sales in 2015 to 10% of sales in FY25 to demonstrate its rising efforts towards the 'Make in India' theme.

Suresh Narayanan will be handing over to Manish Tiwary, who takes over as the managing director from August 1, 2025. Manish, 55, has nearly three decades of experience in e-commerce and consumer goods space.