Accumulate Nestle India; target of Rs 19,982: KR Choksey

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26 Aug, 2025 12:21

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KR Choksey's research report on Nestle India

For Q4CY21, Nestle India reported revenue of INR 37,393 Mn, up 8.9% YoY (-3.7% QoQ). Domestic sales grew by 9.2% YoY (-3.5% QoQ) to INR 35,578 Mn and export sales were lower by 6.3% YoY (-14.3% QoQ) to INR 1,464 Mn. For the full year CY21, revenue stood at INR 1,47,094 Mn, a growth of 10.2% YoY, with domestic sales growing at 10.7% YoY while exports sales declined by 1.2% YoY. EBITDA for Q4CY21 stood at INR 8,657 Mn, an increase of 11.4% YoY (-8.7% QoQ) with margins at 23.2% (+51 bps/-127 bps YoY/QoQ). For the full year, EBITDA stood at INR 35,915 Mn with margins at 24.4%, an improvement of 44 bps. Net Profit decreased by 20% YoY / -37.4% QoQ to INR 3,867 Mn, with NPM of 10.3% (-374 bps YoY/-556 bps QoQ). The board has declared final dividend of INR 65 per equity share (FV of INR 10 per share) amounting to INR 6,267Mn.

Outlook

We apply P/E of 58.3x on CY24E EPS of INR 342.7 and arrive at revised target price of INR 19,982 per share (earlier TP of INR 21,150) with an upside potential of 11.0% from the CMP. Accordingly, we maintain “ACCUMULATE” recommendation on the shares of Nestle India.

More Info

At 14:40 hrs Nestle India was quoting at Rs 18,128.15, up Rs 37.70, or 0.21 percent.

It has touched an intraday high of Rs 18,140.50 and an intraday low of Rs 17,782.65.

It was trading with volumes of 770 shares, compared to its thirty day average of 2,202 shares, a decrease of -65.03 percent.

In the previous trading session, the share closed up 0.17 percent or Rs 31.45 at Rs 18,090.45.

The share touched its 52-week high Rs 20,599.95 and 52-week low Rs 15,900.00 on 14 September, 2021 and 24 February, 2021, respectively.

Currently, it is trading 12 percent below its 52-week high and 14.01 percent above its 52-week low.

Market capitalisation stands at Rs 174,783.86 crore.

For all recommendations report, click here

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