Financials
Nestlé India cooks up a strong Q1 with Rs 659 crore profit and volume growth
MUMBAI: Nestlé India’s Q1 wasn’t just about instant noodles, it was an instant hit. Powered by pantry staples, caffeine cravings, and chocolate cheer, the FMCG major cooked up a Rs 5,074 crore sales recipe in the June quarter of FY26, stirring in a 5.9 per cent year-on-year growth and a net profit of Rs 659.2 crore.
From steaming cups of Nescafé to school tiffins packed with Maggi and KitKat, the company’s core brands did the heavy lifting. Seven of the top twelve brands brewed double-digit growth, fuelling overall volume-led momentum across categories. The EBITDA margin stood robust at 21.7 per cent of sales, while earnings per share for the quarter came in at Rs 6.84.
“Three of our four product groups bounced back to volume-led growth,” said outgoing Nescafé CMD Suresh Narayanan, who exits the company this month after a decade-long stint. “Maggi noodles saw double-digit growth, and our beverage and confectionery portfolios continued to perform strongly.”
And perform they did. The Powdered and Liquid Beverages segment led by Nescafé Classic, Sunrise, and Gold perked up with high double-digit growth, aided by cold coffee campaigns that clicked during the summer. Meanwhile, the Prepared Dishes and Cooking Aids category, fuelled by Maggi’s ever-spicy range (Garlic, Cheesy, Pepper, Manchurian), added more masala to the numbers.
Confectionery was another sweet spot. Kitkat emerged as the crown jewel, leading the charge in both urban and “Rurban” markets. Munch and Milkybar also saw high double-digit gains. Nestlé’s push into premium variants like Kitkat Lemon n Lime and Dark Sharebag helped expand its digital-first distribution.
Milk Products and Nutrition showed mixed results, but brands like Milkmaid and Nestlé’s growing-up milk range still gained market share. Meanwhile, breakfast cereals buoyed by the recent launch of Munch Choco Fills crunched out high double-digit growth.
Nestlé’s e-commerce channel now contributes 12.5 per cent of domestic sales, with quick commerce and newer launches proving to be the growth engines. Its Out-of-Home business think vending corners and retail kiosks continues to post double-digit growth, with over 1,000 Nescaf Corners, Maggie Hotspots and Kitkat Break Zones spread across India.
On the export front too, it was a power-packed quarter, with high double-digit growth across foods, beverages and cereals. The UK even got a taste of desi spice, with Masala-Ae-Magic officially launching there.
The business faced its share of heat: inflationary pressures pushed up costs of key commodities, and manufacturing expansion led to higher operating expenses. Finance costs rose due to short-term borrowings. But there’s relief in sight coffee, edible oil, and cocoa prices have stabilised, and milk is expected to cool with the monsoon flush.
As Narayanan passes the baton to incoming Nescafé chairman and MD Manish Tiwary from 1 August, he exits on a high note. Over the last decade, Nestlé India has reported a 150 per cent rise in sales, a 490 per cent jump in PAT, and a 3.9x increase in market capitalisation, with a 17 per cent CAGR in total shareholder return.
With a legacy that’s chocolate-dipped and noodle-tossed, Nestlé India has shown that even in a high-cost environment, flavour-packed fundamentals and strong consumer connect can serve up consistent, comforting growth.
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MUMBAI: It’s time to brief the markets: Page Industries is showing that even when regulations tighten, it can still keep its footing in the innerwear business. The Bengaluru-based apparel major has reported its financials for the quarter ended 31 December 2025, delivering a performance that remains steady and well put together.
The company’s top line showed plenty of elasticity this quarter. Revenue from operations stretched to Rs 1,38,675.71 lakhs, a healthy jump from the Rs 1,29,085.82 lakhs reported in the preceding quarter. Compared to the same period last year, which stood at Rs 1,31,305.10 lakhs, it’s clear the brand’s grip on the market isn’t loosening. Total income for the quarter, including other finance gains, reached a comfortable Rs 1,39,919.03 lakhs.
However, it wasn’t all smooth silk. The Government of India’s new unified Labour Codes, covering everything from wages to social security, officially kicked in on 21 November 2025. This regulatory shift forced Page Industries to account for a one-time “exceptional item” cost of Rs 3,500.42 lakhs to cover incremental employee benefits and related obligations. Despite this Rs 35-crore legislative snag, the underlying business remained robust. Profit before tax stood at Rs 25,625.35 lakhs after the exceptional hit, and without that one-off cost, the figure would have been a more muscular Rs 29,125.77 lakhs. Net profit for the quarter came in at Rs 18,953.64 lakhs.
Total expenses rose to Rs 1,10,793.26 lakhs, driven largely by raw material consumption of Rs 30,162.65 lakhs and employee benefits of Rs 23,310.66 lakhs. Even so, the company’s operational strength ensured the bottom line remained firmly stitched together.
For shareholders, the news is particularly “fitting.” The Board has declared a third interim dividend for 2025-26 of Rs 125 per equity share. The record date has been set for 11 February 2026, with the payment scheduled on or before 6 March 2026. This follows two previous interim dividends of Rs 150 and Rs 125 declared earlier in the financial year, reinforcing the company’s commitment to sharing the spoils of its success.
Looking at the nine-month stretch ending December 2025, Page Industries has amassed total income of Rs 4,04,090.59 lakhs, with total comprehensive income of Rs 58,231.49 lakhs. While the basic earnings per share for the quarter dipped slightly to Rs 169.93, compared to Rs 183.48 in the same quarter last year, the year-to-date EPS remains a solid Rs 524.57.
Auditors at S.R. Batliboi & Associates LLP have given the results a “limited review” thumbs up, reporting no material misstatements. It seems that, as far as Page Industries is concerned, the business remains as well-constructed as its famous Jockey briefs.
