Nestle India (NEST IN) – Q3FY26 Result Update – GST cuts fuel growth, rich valuations a drag – HOLD
Published on 30 Jan 2026
We believe Nestlé’s strategic focus on deeper penetration, premiumization, and innovation/new launches positions it to outperform peers in highly competitive categories such as Instant Noodles, wafer-based chocolates and Beverages. We estimate an EPS CAGR of 15.2% over FY26–28. The stock currently trades at 60x FY28 EPS. We revise our DCF-based target price to Rs1,394 (Rs1,359 earlier). We remain positive operationally but assign Hold rating mainly due to rich valuations.
