Nestle India
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July 15 (Reuters) - Nestle India Ltd NEST.NS:
NESTLE INDIA - RECEIVES RE-ASSESSMENT DEMAND ORDER FOR VAT, INTEREST, AND PENALTY
NESTLE INDIA - GETS RE-ASSESSMENT TAX ORDER WITH VAT DEMAND OF 34.1 MILLION RUPEES
Source text: ID:nBSEzS8zj
Further company coverage: NEST.NS
(([email protected];))
July 15 (Reuters) - Nestle India Ltd NEST.NS:
NESTLE INDIA - RECEIVES RE-ASSESSMENT DEMAND ORDER FOR VAT, INTEREST, AND PENALTY
NESTLE INDIA - GETS RE-ASSESSMENT TAX ORDER WITH VAT DEMAND OF 34.1 MILLION RUPEES
Source text: ID:nBSEzS8zj
Further company coverage: NEST.NS
(([email protected];))
July 3 (Reuters) - Nestle India Ltd NEST.NS:
NESTLÉ INDIA DECLARES SPECIAL DIVIDEND 2026 OF 2 RUPEES PER SHARE
Source text: ID:nBSE3YwzpJ
Further company coverage: NEST.NS
(([email protected];))
July 3 (Reuters) - Nestle India Ltd NEST.NS:
NESTLÉ INDIA DECLARES SPECIAL DIVIDEND 2026 OF 2 RUPEES PER SHARE
Source text: ID:nBSE3YwzpJ
Further company coverage: NEST.NS
(([email protected];))
June 12 (Reuters) - Nestle India NEST.NS on Friday rejected allegations regarding the presence of infestation in its MAGGI noodles.
(Reporting by Nishit Navin; Editing by Janane Venkatraman)
(([email protected];))
June 12 (Reuters) - Nestle India NEST.NS on Friday rejected allegations regarding the presence of infestation in its MAGGI noodles.
(Reporting by Nishit Navin; Editing by Janane Venkatraman)
(([email protected];))
Foreign firms use Indian IPOs mainly to repatriate funds
Sky-high Indian valuations driving exits, bankers say
IPO trend adds to concerns about weakening Indian rupee
By Vibhuti Sharma
MUMBAI, June 4 (Reuters) - India's red-hot initial public offering market may look irresistible as foreign firms line up for listings, but the rush is not about raising funds to expand in a fast-growing market; it's about sending billions of dollars back to headquarters.
Just one of six foreign-based companies that listed their Indian units in Mumbai since 2024 raised new funds, with all others structured purely as secondary offerings - or offer for sale (OFS), where existing shareholders sell their holdings to the public without raising any new funds, according to data from Prime Database, an Indian market research firm.
Foreign-based parents of companies that have long invested in India pocketed nearly $5 billion through such secondary-offering IPOs, with Hyundai Motor 005380.KS and LG Electronics 066570.KS accounting for more than 80% of those payouts, the data showed. Simply put, for each dollar raised in these IPOs taken together, more than $59 went out.
And the trend is continuing: the planned $1 billion IPO of Walmart's WMT.O Indian payments arm and Modern Times Group's MTGb.ST $335 million IPO of its local gaming unit will both take the OFS route.
This week, Coca-Cola KO.N said the planned listing of its Indian bottler will have the American firm sell a portion of its stake. Banking sources said Carlsberg's CARLb.CO planned Indian IPO will also have no new funds raised - it will also be an OFS.
The trend, which bankers and economists say is a result of sky-high stock valuations in India in recent years, shows that the prospect of a lucrative partial exit from Indian investments has become more attractive to many foreign companies than raising new funds to expand.
Global companies are pursuing "India listings as this provides them liquidity as well as a positive impact on the market cap for their parent," said Prashant Gupta, a partner at law firm Shardul Amarchand, which advised both Hyundai and LG on their OFS-structured IPOs.
Modern Times declined to comment, while Carlsberg said it is "exploring different options for increasing shareholder value which may potentially include an" Indian IPO.
Walmart's Indian unit, PhonePe, Hyundai, LG and other companies did not respond to Reuters requests for comment.
RUPEE WOES
The OFS trend comes at a troubling time for the Indian rupee, which has fallen 13% against the U.S. dollar since 2024 and 6% so far this year. That has raised concerns that the IPO-linked repatriations are compounding already heavy foreign capital outflows.
In January, MUFG Bank wrote that its analysis "shows one important contributor to Indian rupee weakness has been the strong IPO market in India."
So far this year, foreign portfolio investors have sold more than $23 billion of their holdings, surpassing 2025's record outflows of $18.9 billion.
IPO-linked capital outflows are "exerting a steady, though not abrupt, depreciation bias on the rupee," said Tanay Dalal, a senior vice president of business and economics research at Axis Bank.
Government officials and regulators have not indicated that they would try to curb the OFS trend, though India's Chief Economic Advisor V Anantha Nageswaran warned in November that IPOs had "increasingly become exit vehicles for early investors rather than mechanisms for raising long-term capital."
"This undermines the spirit of public markets," he said. He did not respond to Reuters queries.
THE VALUATIONS GAME
India was the world's second-largest IPO market in 2025 after the U.S., with 367 listings raising $21.8 billion, according to LSEG data. Its markets surged to record highs over the last two years before starting to struggle this year due to uncertainties related to the U.S.-Israeli war on Iran.
Still, a record $26 billion worth of IPOs are awaiting approvals, according to regulatory data.
The appeal for using the OFS route is rooted in valuations.
Indian-listed units of foreign firms have consistently traded at multiples that dwarf their parents. Add to that a growing group of domestic investors that has resulted in high valuations in India over the past two years, making local listings attractive, lawyers and bankers said.
At least six foreign companies that listed their Indian units in recent years trade at a significant premium to their overseas parents, according to LSEG data.
Nestle India, which listed in 1969, has a price-to-earnings ratio - a measure of stock valuations relative to profit - of nearly 77 times, versus 22 times for Swiss parent Nestle NESN.S. LG Electronics India LGEL.NS, which listed last year, trades at nearly 59 times versus 44 times for its South Korean parent, LG Electronics 066570.KS.
On the day Hyundai 005380.KS listed its Indian unit in 2024, it was valued at about $18 billion, roughly 40% of its parent's market capitalisation.
"What's driving this is smart capital allocation - asset owners capitalizing on cross-market valuation arbitrage," said Abhishek Gang, a director at U.S.-based investment bank Houlihan Lokey.
Since 2024, the IPOs of the Indian units of Italian transmission systems maker Carraro CARD.NS, Norwegian consumer goods group Orkla ORKL.NS, and American auto parts maker Tenneco Clean Air TENN.NS all had OFS structures.
Only one - Britain-based Bupa's India unit, Niva Bupa Health Insurance NIVA.NS - structured its local IPO as a mix of fresh fundraising of $84 million and a larger $146 million OFS component.
"The final structure balanced the company's capital requirements with shareholder objectives, with the fresh capital supporting growth plans and the OFS providing partial liquidity to existing investors," Niva Bupa said in a statement to Reuters.
Most foreign-owned IPO proceeds went to selling shareholders https://www.reuters.com/graphics/INDIA-IPO/lgvdgdxxypo/chart.png
India subsidiaries trade at a steep premium to their parents https://www.reuters.com/graphics/INDIA-IPO/klvylwdzypg/chart.png
(Reporting by Vibhuti Sharma in Mumbai; Editing by Aditya Kalra and Thomas Derpinghaus)
(([email protected];))
Foreign firms use Indian IPOs mainly to repatriate funds
Sky-high Indian valuations driving exits, bankers say
IPO trend adds to concerns about weakening Indian rupee
By Vibhuti Sharma
MUMBAI, June 4 (Reuters) - India's red-hot initial public offering market may look irresistible as foreign firms line up for listings, but the rush is not about raising funds to expand in a fast-growing market; it's about sending billions of dollars back to headquarters.
Just one of six foreign-based companies that listed their Indian units in Mumbai since 2024 raised new funds, with all others structured purely as secondary offerings - or offer for sale (OFS), where existing shareholders sell their holdings to the public without raising any new funds, according to data from Prime Database, an Indian market research firm.
Foreign-based parents of companies that have long invested in India pocketed nearly $5 billion through such secondary-offering IPOs, with Hyundai Motor 005380.KS and LG Electronics 066570.KS accounting for more than 80% of those payouts, the data showed. Simply put, for each dollar raised in these IPOs taken together, more than $59 went out.
And the trend is continuing: the planned $1 billion IPO of Walmart's WMT.O Indian payments arm and Modern Times Group's MTGb.ST $335 million IPO of its local gaming unit will both take the OFS route.
This week, Coca-Cola KO.N said the planned listing of its Indian bottler will have the American firm sell a portion of its stake. Banking sources said Carlsberg's CARLb.CO planned Indian IPO will also have no new funds raised - it will also be an OFS.
The trend, which bankers and economists say is a result of sky-high stock valuations in India in recent years, shows that the prospect of a lucrative partial exit from Indian investments has become more attractive to many foreign companies than raising new funds to expand.
Global companies are pursuing "India listings as this provides them liquidity as well as a positive impact on the market cap for their parent," said Prashant Gupta, a partner at law firm Shardul Amarchand, which advised both Hyundai and LG on their OFS-structured IPOs.
Modern Times declined to comment, while Carlsberg said it is "exploring different options for increasing shareholder value which may potentially include an" Indian IPO.
Walmart's Indian unit, PhonePe, Hyundai, LG and other companies did not respond to Reuters requests for comment.
RUPEE WOES
The OFS trend comes at a troubling time for the Indian rupee, which has fallen 13% against the U.S. dollar since 2024 and 6% so far this year. That has raised concerns that the IPO-linked repatriations are compounding already heavy foreign capital outflows.
In January, MUFG Bank wrote that its analysis "shows one important contributor to Indian rupee weakness has been the strong IPO market in India."
So far this year, foreign portfolio investors have sold more than $23 billion of their holdings, surpassing 2025's record outflows of $18.9 billion.
IPO-linked capital outflows are "exerting a steady, though not abrupt, depreciation bias on the rupee," said Tanay Dalal, a senior vice president of business and economics research at Axis Bank.
Government officials and regulators have not indicated that they would try to curb the OFS trend, though India's Chief Economic Advisor V Anantha Nageswaran warned in November that IPOs had "increasingly become exit vehicles for early investors rather than mechanisms for raising long-term capital."
"This undermines the spirit of public markets," he said. He did not respond to Reuters queries.
THE VALUATIONS GAME
India was the world's second-largest IPO market in 2025 after the U.S., with 367 listings raising $21.8 billion, according to LSEG data. Its markets surged to record highs over the last two years before starting to struggle this year due to uncertainties related to the U.S.-Israeli war on Iran.
Still, a record $26 billion worth of IPOs are awaiting approvals, according to regulatory data.
The appeal for using the OFS route is rooted in valuations.
Indian-listed units of foreign firms have consistently traded at multiples that dwarf their parents. Add to that a growing group of domestic investors that has resulted in high valuations in India over the past two years, making local listings attractive, lawyers and bankers said.
At least six foreign companies that listed their Indian units in recent years trade at a significant premium to their overseas parents, according to LSEG data.
Nestle India, which listed in 1969, has a price-to-earnings ratio - a measure of stock valuations relative to profit - of nearly 77 times, versus 22 times for Swiss parent Nestle NESN.S. LG Electronics India LGEL.NS, which listed last year, trades at nearly 59 times versus 44 times for its South Korean parent, LG Electronics 066570.KS.
On the day Hyundai 005380.KS listed its Indian unit in 2024, it was valued at about $18 billion, roughly 40% of its parent's market capitalisation.
"What's driving this is smart capital allocation - asset owners capitalizing on cross-market valuation arbitrage," said Abhishek Gang, a director at U.S.-based investment bank Houlihan Lokey.
Since 2024, the IPOs of the Indian units of Italian transmission systems maker Carraro CARD.NS, Norwegian consumer goods group Orkla ORKL.NS, and American auto parts maker Tenneco Clean Air TENN.NS all had OFS structures.
Only one - Britain-based Bupa's India unit, Niva Bupa Health Insurance NIVA.NS - structured its local IPO as a mix of fresh fundraising of $84 million and a larger $146 million OFS component.
"The final structure balanced the company's capital requirements with shareholder objectives, with the fresh capital supporting growth plans and the OFS providing partial liquidity to existing investors," Niva Bupa said in a statement to Reuters.
Most foreign-owned IPO proceeds went to selling shareholders https://www.reuters.com/graphics/INDIA-IPO/lgvdgdxxypo/chart.png
India subsidiaries trade at a steep premium to their parents https://www.reuters.com/graphics/INDIA-IPO/klvylwdzypg/chart.png
(Reporting by Vibhuti Sharma in Mumbai; Editing by Aditya Kalra and Thomas Derpinghaus)
(([email protected];))
** Nestle India's NEST.NS NSE-listed shares rise 24.75% in April, on course for biggest monthly uptick since at least 2010
** Gains follow co's strong Q4 results; profit up 26%, revenue rises 23% year-on-year
** Quarterly revenue of 67.48 billion rupees ($708.64 million) marks firm's highest domestic sales and strongest growth in nearly a decade
** ICICI Direct says rural expansion and e-commerce growth to boost penetration, supporting volume and revenue growth in the upcoming quarters; adds better mix and efficiencies to lift EBITDA margins by FY28
** Motilal Oswal says Nestle's brand investments, wider distribution and capacity expansion are cumulatively driving strong performance
** 15 of 36 brokerages rate the stock "buy" or higher, 14 "hold" and 7 "sell"; their median PT is 1,440 rupees
** YTD, stock up 11.7% vs 7.6% fall in the BSE Fast Moving Consumer Goods Index .BSESCGIP
($1 = 95.2250 Indian rupees)
(Reporting by Abhinav Parmar in Bengaluru)
(([email protected];))
** Nestle India's NEST.NS NSE-listed shares rise 24.75% in April, on course for biggest monthly uptick since at least 2010
** Gains follow co's strong Q4 results; profit up 26%, revenue rises 23% year-on-year
** Quarterly revenue of 67.48 billion rupees ($708.64 million) marks firm's highest domestic sales and strongest growth in nearly a decade
** ICICI Direct says rural expansion and e-commerce growth to boost penetration, supporting volume and revenue growth in the upcoming quarters; adds better mix and efficiencies to lift EBITDA margins by FY28
** Motilal Oswal says Nestle's brand investments, wider distribution and capacity expansion are cumulatively driving strong performance
** 15 of 36 brokerages rate the stock "buy" or higher, 14 "hold" and 7 "sell"; their median PT is 1,440 rupees
** YTD, stock up 11.7% vs 7.6% fall in the BSE Fast Moving Consumer Goods Index .BSESCGIP
($1 = 95.2250 Indian rupees)
(Reporting by Abhinav Parmar in Bengaluru)
(([email protected];))
** Shares of Nestle India NEST.NS jump 10.19% so far this week; on track for most weekly gains since October 2025
** Stock up 0.43% to 1,416.60 rupees on Friday, top gainer on Nifty 50 .NSEI, which is down 1.39%
** Co posted a 26% jump in Q4 profit, 23% rise in revenue on Tuesday, benefiting from strong demand for packaged foods, including KitKat chocolates and Maggi instant noodles
** Citi ("buy", PT 1,675 rupees) expects ~14% rev growth in FY27
** Says good results largely due to improved demand post consumption tax cuts
** BofA ("underperform", PT 1,320 rupees) says co's strategic priorities are in line with existing playbook
** Stock rated "hold" on average by 36 analysts, median PT at 1,425.50 rupees - LSEG data
** YTD, stock up 9.51% vs Nifty 50 down 8.65%
(Reporting by Surbhi Misra in Bengaluru)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
** Shares of Nestle India NEST.NS jump 10.19% so far this week; on track for most weekly gains since October 2025
** Stock up 0.43% to 1,416.60 rupees on Friday, top gainer on Nifty 50 .NSEI, which is down 1.39%
** Co posted a 26% jump in Q4 profit, 23% rise in revenue on Tuesday, benefiting from strong demand for packaged foods, including KitKat chocolates and Maggi instant noodles
** Citi ("buy", PT 1,675 rupees) expects ~14% rev growth in FY27
** Says good results largely due to improved demand post consumption tax cuts
** BofA ("underperform", PT 1,320 rupees) says co's strategic priorities are in line with existing playbook
** Stock rated "hold" on average by 36 analysts, median PT at 1,425.50 rupees - LSEG data
** YTD, stock up 9.51% vs Nifty 50 down 8.65%
(Reporting by Surbhi Misra in Bengaluru)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
** Shares of consumer major Nestle's India unit NEST.NS rise as much as 3.2% to hit fresh record of 1423.90 rupees; last up 2.32%
** Co posted 26% rise in fourth-qtr profit y/y, 23% rise in qtrly rev y/y
** Shares of NEST had climbed 7.3% to record high on Tuesday after reporting quarterly results
** Citi ("buy", PT 1675 rupees) expects ~14% rev growth in FY27, says good results are due to improved demand post consumption tax cuts, among other reasons
** Jefferies ("hold", PT 1325) highlights that rev growth is highest in a decade
** BofA ("underperform", PT 1320 rupees) says co's strategic priorities are in line with existing playbook and unlikely to drive major growth
** NEST up 10.55% YTD
(Reporting by Abhirami G in Bengaluru)
** Shares of consumer major Nestle's India unit NEST.NS rise as much as 3.2% to hit fresh record of 1423.90 rupees; last up 2.32%
** Co posted 26% rise in fourth-qtr profit y/y, 23% rise in qtrly rev y/y
** Shares of NEST had climbed 7.3% to record high on Tuesday after reporting quarterly results
** Citi ("buy", PT 1675 rupees) expects ~14% rev growth in FY27, says good results are due to improved demand post consumption tax cuts, among other reasons
** Jefferies ("hold", PT 1325) highlights that rev growth is highest in a decade
** BofA ("underperform", PT 1320 rupees) says co's strategic priorities are in line with existing playbook and unlikely to drive major growth
** NEST up 10.55% YTD
(Reporting by Abhirami G in Bengaluru)
** Shares of Nestle India NEST.NS, arm of Swiss food major Nestle NESN.S, rise 4.6% to 1,346.8 rupees, extending gains to a fifth straight session after posting quarterly results
** Co posts 26% rise in fourth-quarter profit with net profit at 11.14 billion rupees ($119.06 million), compared to 8.85 billion rupees a year earlier
** Reports revenue from operations of 67.48 billion rupees, up from 55.04 billion rupees in the same quarter last year
** Co announces dividend of 5 rupees per share
** NEST trades at a forward 12-month PE of 66.35 vs industry median of 23.75
** YTD, stock up 2% vs 9.3% decline in the BSE fast moving consumer goods index .BSESCGIP
($1 = 93.5650 Indian rupees)
(Reporting by Abhinav Parmar)
** Shares of Nestle India NEST.NS, arm of Swiss food major Nestle NESN.S, rise 4.6% to 1,346.8 rupees, extending gains to a fifth straight session after posting quarterly results
** Co posts 26% rise in fourth-quarter profit with net profit at 11.14 billion rupees ($119.06 million), compared to 8.85 billion rupees a year earlier
** Reports revenue from operations of 67.48 billion rupees, up from 55.04 billion rupees in the same quarter last year
** Co announces dividend of 5 rupees per share
** NEST trades at a forward 12-month PE of 66.35 vs industry median of 23.75
** YTD, stock up 2% vs 9.3% decline in the BSE fast moving consumer goods index .BSESCGIP
($1 = 93.5650 Indian rupees)
(Reporting by Abhinav Parmar)
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Ujjaini Dutta
BENGALURU, April 10 (Reuters Breakingviews) - As India’s busiest beer season approaches, Carlsberg CARLb.CO is readying its taps. The Tuborg-maker is preparing a $700 million listing of its India arm in a market that offers room for growth at a time when the brewer is grappling with high debt and sluggish beer sales in the West. A premium valuation, possible in a country where wealthy drinkers are trading up, could help the brewer pay down its chunky deal-making tab.
Carlsberg has spent 20 years building its India business. The $18 billion brewer reckons its high-end Tuborg brand is the “most-consumed” in the world’s fourth-largest economy. It has also seen its share of the 639 billion rupees ($6.86 billion) beer market increase to 22% from just about 5% in 2011. But debt has been hanging over the brewer since its $4 billion acquisition of soft drinks maker Britvic in 2024. Since that deal, its net debt-to-EBITDA ratio roughly doubled to 3.25 in the year ended December 2025, well above its 2.5 target.
An India listing gives Carlsberg a shot at a richer valuation that can help bring down this debt. Carlsberg trades at about 13 times its expected earnings this year, trailing rival Anheuser-Busch InBev’s ABI.BR over 17 times. Heineken HEIN.AS-owned United Breweries UBBW.NS in India, by comparison, trades at 80 times. That valuation gap is not unique: Nestlé India NEST.NS at 73, Hindustan Unilever HLL.NS at 47 and LG Electronics India LGEL.NS at 54 trade at multiples higher than their parent companies.
Carlsberg can also use the proceeds from the listing to help fund its expansion plans in India. The growing beer market looks compelling as booze loses pull in ageing, health-conscious populations in Europe and North America. India's beer consumption is still very low - just 2 litres per person annually, according to market research firm IMARC Group. That's far below consumption levels in the U.S. and Europe, suggesting significant room for growth. Meanwhile, the market is expected to grow over 5% annually, compared to Europe’s 2% and North America’s 4%, amid a surge of demand from affluent Indians.
Still, India won’t be an easy win. The sector faces complex state regulations, high levies, and increasing competition from local beer makers and giants like United Breweries and AB InBev. United Breweries, India’s listed beer market leader, is also pushing further into the premium segment in a bid to restore its net profit margin which has halved since 2019. But a local listing will hand Carlsberg's CEO Jacob Aarup-Andersen a currency to strike deals in the country. And with a lighter debt load, he has a shot at growing beyond India too.
Follow Ujjaini Dutta on LinkedIn and X.
CONTEXT NEWS
Carlsberg CEO Jacob Aarup-Andersen on February 4 said that the company was exploring a potential listing of its India business.
Carlsberg has appointed three banks - Kotak Mahindra Capital Co. and the local units of JPMorgan Chase & Co and Citigroup - for the potential listing of its India arm, Bloomberg reported on February 23, citing people familiar with the matter. This offering could raise as much as $700 million.
A draft red herring prospectus could be filed as early as May.
Carlsberg's debt increased after its Britvic acquisition https://www.reuters.com/graphics/BRV-BRV/zdpxgajmbvx/chart.png
Foreign companies’ Indian arms trade at higher multiples than the parent https://www.reuters.com/graphics/BRV-BRV/jnpwrlkmqvw/chart.png
(Editing by Aimee Donnellan; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on DUTTA/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Ujjaini Dutta
BENGALURU, April 10 (Reuters Breakingviews) - As India’s busiest beer season approaches, Carlsberg CARLb.CO is readying its taps. The Tuborg-maker is preparing a $700 million listing of its India arm in a market that offers room for growth at a time when the brewer is grappling with high debt and sluggish beer sales in the West. A premium valuation, possible in a country where wealthy drinkers are trading up, could help the brewer pay down its chunky deal-making tab.
Carlsberg has spent 20 years building its India business. The $18 billion brewer reckons its high-end Tuborg brand is the “most-consumed” in the world’s fourth-largest economy. It has also seen its share of the 639 billion rupees ($6.86 billion) beer market increase to 22% from just about 5% in 2011. But debt has been hanging over the brewer since its $4 billion acquisition of soft drinks maker Britvic in 2024. Since that deal, its net debt-to-EBITDA ratio roughly doubled to 3.25 in the year ended December 2025, well above its 2.5 target.
An India listing gives Carlsberg a shot at a richer valuation that can help bring down this debt. Carlsberg trades at about 13 times its expected earnings this year, trailing rival Anheuser-Busch InBev’s ABI.BR over 17 times. Heineken HEIN.AS-owned United Breweries UBBW.NS in India, by comparison, trades at 80 times. That valuation gap is not unique: Nestlé India NEST.NS at 73, Hindustan Unilever HLL.NS at 47 and LG Electronics India LGEL.NS at 54 trade at multiples higher than their parent companies.
Carlsberg can also use the proceeds from the listing to help fund its expansion plans in India. The growing beer market looks compelling as booze loses pull in ageing, health-conscious populations in Europe and North America. India's beer consumption is still very low - just 2 litres per person annually, according to market research firm IMARC Group. That's far below consumption levels in the U.S. and Europe, suggesting significant room for growth. Meanwhile, the market is expected to grow over 5% annually, compared to Europe’s 2% and North America’s 4%, amid a surge of demand from affluent Indians.
Still, India won’t be an easy win. The sector faces complex state regulations, high levies, and increasing competition from local beer makers and giants like United Breweries and AB InBev. United Breweries, India’s listed beer market leader, is also pushing further into the premium segment in a bid to restore its net profit margin which has halved since 2019. But a local listing will hand Carlsberg's CEO Jacob Aarup-Andersen a currency to strike deals in the country. And with a lighter debt load, he has a shot at growing beyond India too.
Follow Ujjaini Dutta on LinkedIn and X.
CONTEXT NEWS
Carlsberg CEO Jacob Aarup-Andersen on February 4 said that the company was exploring a potential listing of its India business.
Carlsberg has appointed three banks - Kotak Mahindra Capital Co. and the local units of JPMorgan Chase & Co and Citigroup - for the potential listing of its India arm, Bloomberg reported on February 23, citing people familiar with the matter. This offering could raise as much as $700 million.
A draft red herring prospectus could be filed as early as May.
Carlsberg's debt increased after its Britvic acquisition https://www.reuters.com/graphics/BRV-BRV/zdpxgajmbvx/chart.png
Foreign companies’ Indian arms trade at higher multiples than the parent https://www.reuters.com/graphics/BRV-BRV/jnpwrlkmqvw/chart.png
(Editing by Aimee Donnellan; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on DUTTA/[email protected]))
April 1 (Reuters) - Nestle India Ltd NEST.NS:
NESTLE INDIA - NESTLÉ INDIA TO ADD NEW MAGGI NOODLES PRODUCTION LINE AT SANAND FACTORY
NESTLE INDIA - INVESTMENT REQUIRED FOR NEW PRODUCTION LINE IS 900 MILLION RUPEES
NESTLE INDIA - PROPOSED CAPACITY ADDITION OF 20,500 TONS PER ANNUM AT SANAND FACTORY
Source text: ID:nBSE6J6Bfm
Further company coverage: NEST.NS
(([email protected];))
April 1 (Reuters) - Nestle India Ltd NEST.NS:
NESTLE INDIA - NESTLÉ INDIA TO ADD NEW MAGGI NOODLES PRODUCTION LINE AT SANAND FACTORY
NESTLE INDIA - INVESTMENT REQUIRED FOR NEW PRODUCTION LINE IS 900 MILLION RUPEES
NESTLE INDIA - PROPOSED CAPACITY ADDITION OF 20,500 TONS PER ANNUM AT SANAND FACTORY
Source text: ID:nBSE6J6Bfm
Further company coverage: NEST.NS
(([email protected];))
March 19 (Reuters) - Nestle India Ltd NEST.NS:
ADDITION OF A NEW MUNCH PRODUCTION LINE AT SANAND FACTORY, GUJARAT
INVESTMENT REQUIRED 2.25 BILLION RUPEES
PROPOSED CAPACITY ADDITION OF ABOUT 8,300 TONS PER ANNUM
Further company coverage: NEST.NS
(([email protected];;))
March 19 (Reuters) - Nestle India Ltd NEST.NS:
ADDITION OF A NEW MUNCH PRODUCTION LINE AT SANAND FACTORY, GUJARAT
INVESTMENT REQUIRED 2.25 BILLION RUPEES
PROPOSED CAPACITY ADDITION OF ABOUT 8,300 TONS PER ANNUM
Further company coverage: NEST.NS
(([email protected];;))
PARIS, March 6 (Reuters) - A judicial inquiry launched in France after the death of a baby has shown no link with the recalled Nestle NESN.S infant formula he has consumed, the Bordeaux prosecutor said on Friday.
Cereulide, a toxin that can cause nausea and vomiting, was detected in ingredients from a supplier in China for several infant formula makers, triggering precautionary recalls in dozens of countries and raising concerns among parents.
"Based on the current state of the investigation, the infant's death does not appear to be linked to the formula used for feeding," the prosecutor said in a statement.
The analyses carried out on the powdered and reconstituted milk produced by Nestle consumed by the infant shortly before his death did not detect any cereulide, it said.
(Reporting by Sybille de La Hamaide, Editing by Dominique Vidalon)
(([email protected]; +336 8774 4148;))
PARIS, March 6 (Reuters) - A judicial inquiry launched in France after the death of a baby has shown no link with the recalled Nestle NESN.S infant formula he has consumed, the Bordeaux prosecutor said on Friday.
Cereulide, a toxin that can cause nausea and vomiting, was detected in ingredients from a supplier in China for several infant formula makers, triggering precautionary recalls in dozens of countries and raising concerns among parents.
"Based on the current state of the investigation, the infant's death does not appear to be linked to the formula used for feeding," the prosecutor said in a statement.
The analyses carried out on the powdered and reconstituted milk produced by Nestle consumed by the infant shortly before his death did not detect any cereulide, it said.
(Reporting by Sybille de La Hamaide, Editing by Dominique Vidalon)
(([email protected]; +336 8774 4148;))
** Nestle India NEST.NS rises as much as 4% to its highest since October 2024 at 1,338.90 rupees, last up 3.3%
** The Indian arm of Swiss food major Nestle posts Q3 net profit up 46% year-on-year to 10.18 billion rupees ($110.77 million), beating analyst expectations
** Analysts on average expected the Maggi instant noodles maker to post a ~8% y/y jump in profit to 7.51 billion rupees ($81.70 million) - data compiled by LSEG
** Q3 consol rev from ops grew 18.6% YOY
** More than 2.9 million shares exchange hands, ~3x of 30-day avg vol
** NEST rated "hold" on avg by 35 analysts; median PT at 1250 rupees - LSEG data
($1 = 91.9190 Indian rupees)
(Reporting by Brijesh Patel in Bengaluru)
(([email protected]; Ph no. +91 9590227221;))
** Nestle India NEST.NS rises as much as 4% to its highest since October 2024 at 1,338.90 rupees, last up 3.3%
** The Indian arm of Swiss food major Nestle posts Q3 net profit up 46% year-on-year to 10.18 billion rupees ($110.77 million), beating analyst expectations
** Analysts on average expected the Maggi instant noodles maker to post a ~8% y/y jump in profit to 7.51 billion rupees ($81.70 million) - data compiled by LSEG
** Q3 consol rev from ops grew 18.6% YOY
** More than 2.9 million shares exchange hands, ~3x of 30-day avg vol
** NEST rated "hold" on avg by 35 analysts; median PT at 1250 rupees - LSEG data
($1 = 91.9190 Indian rupees)
(Reporting by Brijesh Patel in Bengaluru)
(([email protected]; Ph no. +91 9590227221;))
Adds details from paragraph 2
Jan 16 (Reuters) - Nestle India NEST.NS on Friday named Edouard Mac Nab, currently head of finance and control at Nestle Canada, as its new chief financial officer effective March 1, the company said in an exchange filing.
He will succeed Svetlana Boldina, whose term as Nestle India's CFO is set to end on January 31.
Mac Nab, 54, joined the company in February 2022 as the CFO of Nestle France and moved to his current role in September 2024.
He has previously held senior finance positions at Britain's Reckitt, Mead Johnson Nutrition and Bristol-Myers Squibb.
Nestle India will publish its quarterly earnings for the October-December period on January 30.
The company, known for its Kit Kat chocolates and Maggi brand of noodles, had announced in December that Boldina would step down.
(Reporting by Chandini Monnappa and Nandan Mandayam in Bengaluru; Editing by Vijay Kishore)
(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))
Adds details from paragraph 2
Jan 16 (Reuters) - Nestle India NEST.NS on Friday named Edouard Mac Nab, currently head of finance and control at Nestle Canada, as its new chief financial officer effective March 1, the company said in an exchange filing.
He will succeed Svetlana Boldina, whose term as Nestle India's CFO is set to end on January 31.
Mac Nab, 54, joined the company in February 2022 as the CFO of Nestle France and moved to his current role in September 2024.
He has previously held senior finance positions at Britain's Reckitt, Mead Johnson Nutrition and Bristol-Myers Squibb.
Nestle India will publish its quarterly earnings for the October-December period on January 30.
The company, known for its Kit Kat chocolates and Maggi brand of noodles, had announced in December that Boldina would step down.
(Reporting by Chandini Monnappa and Nandan Mandayam in Bengaluru; Editing by Vijay Kishore)
(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, Jan 13 (Reuters Breakingviews) - India is piling into consumer giants’ basket of troubles. Unilever ULVR.L and Nestlé NESN.S are losing pricing power in the world’s fifth-largest economy amid growing competition from nimble upstarts. It’s an unwelcome headache for the groups that are trying to revive their more established markets in Europe and the U.S. With no easy fixes, the problem may require expensive remedies.
Consumer titans were once synonymous with boringly predictable earnings. But a recent bout of management churn and intense competition has made them about as predictable as the start-ups they are now battling for market share. Last February, $140 billion Unilever replaced its CEO Hein Schumacher with its finance chief Fernando Fernandez to accelerate its growth plans. It also grappled with rising commodity prices and spun out its ice cream unit at a disappointing valuation.
Nestlé is enduring an even trickier time. The $240 billion Kitkat maker is on its third CEO in less than three years and is dealing with a decline in sales in Europe and the U.S. These factors have weighed on the groups’ share prices which are flat versus the same period last year, underperforming Europe’s Stoxx 600 .STOXX which is up nearly 20% in the same period.
In ordinary times, these groups could rely on their Indian businesses to compensate. Indeed, historically they performed better than their parents’ businesses in developed markets. At its 2016 peak, sales at Nestlé India NEST.NS grew nearly 16%, eight times the pace of the Swiss group’s European business and four times that of its Americas unit. As recently as 2021, Hindustan Unilever HLL.NS was growing turnover at a punchy 18% as Europe and the Americas only managed under 5%.
But those dynamics are changing. During the year ended March 2025 sales at HUL grew just 2% , down from double digits two years earlier. Meanwhile, Nestlé ’s Indian business grew 1% in 2024. That run rate means India can barely contribute much more to these groups' top lines than it currently does - 2% and 11% for Nestlé and Unilever respectively.
More concerning for investors, however, is the effect this is having on these groups' profitability. EBITDA margins of Hindustan Unilever and Nestlé India are off pandemic-era peaks and could remain below those levels at least until 2027, according to forecasts compiled by Visible Alpha.
The bosses of these businesses blame the recent weakness on rising commodity prices and high inflation which, coupled with stagnating incomes in the aftermath of Covid, have diminished Indians’ purchasing power.
The danger for investors is the decline may intensify. Affluent urban Indians are increasingly shopping for essentials on e-commerce platforms Eternal ETEA.NS and Swiggy SWIG.NS, which use a network of mini warehouses to deliver everything from milk to umbrellas in 10 minutes. These apps enable challenger brands like Honasa Consumer’s Mamaearth and Investment Corporation of Dubai-backed snackmaker Slurrp Farm to display their brands alongside legacy names like Sunsilk and KitKat, robbing Unilever and Nestlé of their storied distribution edge.
Big groups also missed the boat on premiumisation. Indian consumers have become aspirational. That’s birthed whole categories from grooming products to pancake mixes that Unilever, Nestlé and their large rivals are struggling to compete in.
Amid these forces, consumer group boardrooms face two unpalatable choices. They can jack up prices to protect margins but are likely to lose market share in the hypercompetitive Indian market. Alternatively, they can sacrifice margins to boost growth but that means fewer spoils to share with investors.
The first option hardly seems feasible as smaller and more agile rivals are only likely to take more market share from larger groups. Meanwhile, demand for private labels is growing which will put even more pressure on pricing. For now, investors may have to accept lower margins as Unilever and Nestlé try to protect their businesses and invest more heavily in new products.
The risks are plain to see in these groups' valuations. HUL now trades at 47 times forward earnings, down from 65 times in 2021 and lagging supermarket chain Avenue Supermarts' AVEU.NS 69 times.
For now, there are no easy fixes. Launching their own quick commerce offerings makes little sense for consumer giants as users of the existing apps are proving increasingly sticky. A less immediate but more effective way to counter the loss of pricing power is to rejig their product mix. HUL and Nestlé will have to ensure their presence across categories and locations so that consumers rising up the value chain choose their brands over upstarts. A bigger investment in agile AI-enabled tracking of sales trends at mom-and-pop retailers could help with that.
Acquiring fast-growing brands is another option. HUL's 2025 purchase of personal care brand Minimalist valued its target at 9 times its trailing sales, on par with its own multiple. But buying one of India's top online platforms is out of the question: Eternal and Swiggy are delivery service-based companies that would be a clunky fit in these sprawling manufacturing businesses.
Businesses may also need to rethink marketing in a country where close to two-thirds of the population is under the age of 35 and shopping choices are increasingly based on influencer recommendations. HUL spent 10% of its revenue on sales and marketing in the year to March 2025, while its personal-care rival Honasa shelled out 57%. If the Unilever unit raised marketing spend by 10%, its EBITDA margin would go down 87 basis points, Breakingviews calculations based on Visible Alpha estimates show.
To be sure, all these options involve squeezing margins in the short term to ensure staying power in a crowded market. For now, consumer giants will have to add India to their growing list of fixer upper projects.
Follow Shritama Bose on LinkedIn and X
Consumer giants have begun underperforming the wider stock market https://www.reuters.com/graphics/BRV-BRV/xmvjqymkzpr/chart.png
India sales historically grew faster than in developed markets https://www.reuters.com/graphics/BRV-BRV/lbpgmyabypq/chart.png
EBITDA margins are off peak levels https://www.reuters.com/graphics/BRV-BRV/myvmqyeamvr/chart.png
Online grocers account for a growing share of FMCG sales https://www.reuters.com/graphics/BRV-BRV/zdvxjgzxrvx/chart.png
Staples makers’ valuations have fallen a little https://www.reuters.com/graphics/BRV-BRV/lgvdqgyoepo/chart.png
(Editing by Aimee Donnellan; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, Jan 13 (Reuters Breakingviews) - India is piling into consumer giants’ basket of troubles. Unilever ULVR.L and Nestlé NESN.S are losing pricing power in the world’s fifth-largest economy amid growing competition from nimble upstarts. It’s an unwelcome headache for the groups that are trying to revive their more established markets in Europe and the U.S. With no easy fixes, the problem may require expensive remedies.
Consumer titans were once synonymous with boringly predictable earnings. But a recent bout of management churn and intense competition has made them about as predictable as the start-ups they are now battling for market share. Last February, $140 billion Unilever replaced its CEO Hein Schumacher with its finance chief Fernando Fernandez to accelerate its growth plans. It also grappled with rising commodity prices and spun out its ice cream unit at a disappointing valuation.
Nestlé is enduring an even trickier time. The $240 billion Kitkat maker is on its third CEO in less than three years and is dealing with a decline in sales in Europe and the U.S. These factors have weighed on the groups’ share prices which are flat versus the same period last year, underperforming Europe’s Stoxx 600 .STOXX which is up nearly 20% in the same period.
In ordinary times, these groups could rely on their Indian businesses to compensate. Indeed, historically they performed better than their parents’ businesses in developed markets. At its 2016 peak, sales at Nestlé India NEST.NS grew nearly 16%, eight times the pace of the Swiss group’s European business and four times that of its Americas unit. As recently as 2021, Hindustan Unilever HLL.NS was growing turnover at a punchy 18% as Europe and the Americas only managed under 5%.
But those dynamics are changing. During the year ended March 2025 sales at HUL grew just 2% , down from double digits two years earlier. Meanwhile, Nestlé ’s Indian business grew 1% in 2024. That run rate means India can barely contribute much more to these groups' top lines than it currently does - 2% and 11% for Nestlé and Unilever respectively.
More concerning for investors, however, is the effect this is having on these groups' profitability. EBITDA margins of Hindustan Unilever and Nestlé India are off pandemic-era peaks and could remain below those levels at least until 2027, according to forecasts compiled by Visible Alpha.
The bosses of these businesses blame the recent weakness on rising commodity prices and high inflation which, coupled with stagnating incomes in the aftermath of Covid, have diminished Indians’ purchasing power.
The danger for investors is the decline may intensify. Affluent urban Indians are increasingly shopping for essentials on e-commerce platforms Eternal ETEA.NS and Swiggy SWIG.NS, which use a network of mini warehouses to deliver everything from milk to umbrellas in 10 minutes. These apps enable challenger brands like Honasa Consumer’s Mamaearth and Investment Corporation of Dubai-backed snackmaker Slurrp Farm to display their brands alongside legacy names like Sunsilk and KitKat, robbing Unilever and Nestlé of their storied distribution edge.
Big groups also missed the boat on premiumisation. Indian consumers have become aspirational. That’s birthed whole categories from grooming products to pancake mixes that Unilever, Nestlé and their large rivals are struggling to compete in.
Amid these forces, consumer group boardrooms face two unpalatable choices. They can jack up prices to protect margins but are likely to lose market share in the hypercompetitive Indian market. Alternatively, they can sacrifice margins to boost growth but that means fewer spoils to share with investors.
The first option hardly seems feasible as smaller and more agile rivals are only likely to take more market share from larger groups. Meanwhile, demand for private labels is growing which will put even more pressure on pricing. For now, investors may have to accept lower margins as Unilever and Nestlé try to protect their businesses and invest more heavily in new products.
The risks are plain to see in these groups' valuations. HUL now trades at 47 times forward earnings, down from 65 times in 2021 and lagging supermarket chain Avenue Supermarts' AVEU.NS 69 times.
For now, there are no easy fixes. Launching their own quick commerce offerings makes little sense for consumer giants as users of the existing apps are proving increasingly sticky. A less immediate but more effective way to counter the loss of pricing power is to rejig their product mix. HUL and Nestlé will have to ensure their presence across categories and locations so that consumers rising up the value chain choose their brands over upstarts. A bigger investment in agile AI-enabled tracking of sales trends at mom-and-pop retailers could help with that.
Acquiring fast-growing brands is another option. HUL's 2025 purchase of personal care brand Minimalist valued its target at 9 times its trailing sales, on par with its own multiple. But buying one of India's top online platforms is out of the question: Eternal and Swiggy are delivery service-based companies that would be a clunky fit in these sprawling manufacturing businesses.
Businesses may also need to rethink marketing in a country where close to two-thirds of the population is under the age of 35 and shopping choices are increasingly based on influencer recommendations. HUL spent 10% of its revenue on sales and marketing in the year to March 2025, while its personal-care rival Honasa shelled out 57%. If the Unilever unit raised marketing spend by 10%, its EBITDA margin would go down 87 basis points, Breakingviews calculations based on Visible Alpha estimates show.
To be sure, all these options involve squeezing margins in the short term to ensure staying power in a crowded market. For now, consumer giants will have to add India to their growing list of fixer upper projects.
Follow Shritama Bose on LinkedIn and X
Consumer giants have begun underperforming the wider stock market https://www.reuters.com/graphics/BRV-BRV/xmvjqymkzpr/chart.png
India sales historically grew faster than in developed markets https://www.reuters.com/graphics/BRV-BRV/lbpgmyabypq/chart.png
EBITDA margins are off peak levels https://www.reuters.com/graphics/BRV-BRV/myvmqyeamvr/chart.png
Online grocers account for a growing share of FMCG sales https://www.reuters.com/graphics/BRV-BRV/zdvxjgzxrvx/chart.png
Staples makers’ valuations have fallen a little https://www.reuters.com/graphics/BRV-BRV/lgvdqgyoepo/chart.png
(Editing by Aimee Donnellan; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, Jan 13 (Reuters Breakingviews) - India is piling into consumer giants’ basket of troubles. Unilever ULVR.L and Nestlé NESN.S are losing pricing power in the world’s fifth-largest economy amid growing competition from nimble upstarts. It’s an unwelcome headache for the groups that are trying to revive their more established markets in Europe and the U.S. With no easy fixes, the problem may require expensive remedies.
Consumer titans were once synonymous with boringly predictable earnings. But a recent bout of management churn and intense competition has made them about as predictable as the start-ups they are now battling for market share. Last February, $140 billion Unilever replaced its CEO Hein Schumacher with its finance chief Fernando Fernandez to accelerate its growth plans. It also grappled with rising commodity prices and spun out its ice cream unit at a disappointing valuation.
Nestlé is enduring an even trickier time. The $240 billion Kitkat maker is on its third CEO in less than three years and is dealing with a decline in sales in Europe and the U.S. These factors have weighed on the groups’ share prices which are flat versus the same period last year, underperforming Europe’s Stoxx 600 .STOXX which is up nearly 20% in the same period.
In ordinary times, these groups could rely on their Indian businesses to compensate. Indeed, historically they performed better than their parents’ businesses in developed markets. At its 2016 peak, sales at Nestlé India NEST.NS grew nearly 16%, eight times the pace of the Swiss group’s European business and four times that of its Americas unit. As recently as 2021, Hindustan Unilever HLL.NS was growing turnover at a punchy 18% as Europe and the Americas only managed under 5%.
But those dynamics are changing. During the year ended March 2025 sales at HUL grew just 2% , down from double digits two years earlier. Meanwhile, Nestlé ’s Indian business grew 1% in 2024. That run rate means India can barely contribute much more to these groups' top lines than it currently does - 2% and 11% for Nestlé and Unilever respectively.
More concerning for investors, however, is the effect this is having on these groups' profitability. EBITDA margins of Hindustan Unilever and Nestlé India are off pandemic-era peaks and could remain below those levels at least until 2027, according to forecasts compiled by Visible Alpha.
The bosses of these businesses blame the recent weakness on rising commodity prices and high inflation which, coupled with stagnating incomes in the aftermath of Covid, have diminished Indians’ purchasing power.
The danger for investors is the decline may intensify. Affluent urban Indians are increasingly shopping for essentials on e-commerce platforms Eternal ETEA.NS and Swiggy SWIG.NS, which use a network of mini warehouses to deliver everything from milk to umbrellas in 10 minutes. These apps enable challenger brands like Honasa Consumer’s Mamaearth and Investment Corporation of Dubai-backed snackmaker Slurrp Farm to display their brands alongside legacy names like Sunsilk and KitKat, robbing Unilever and Nestlé of their storied distribution edge.
Big groups also missed the boat on premiumisation. Indian consumers have become aspirational. That’s birthed whole categories from grooming products to pancake mixes that Unilever, Nestlé and their large rivals are struggling to compete in.
Amid these forces, consumer group boardrooms face two unpalatable choices. They can jack up prices to protect margins but are likely to lose market share in the hypercompetitive Indian market. Alternatively, they can sacrifice margins to boost growth but that means fewer spoils to share with investors.
The first option hardly seems feasible as smaller and more agile rivals are only likely to take more market share from larger groups. Meanwhile, demand for private labels is growing which will put even more pressure on pricing. For now, investors may have to accept lower margins as Unilever and Nestlé try to protect their businesses and invest more heavily in new products.
The risks are plain to see in these groups' valuations. HUL now trades at 47 times forward earnings, down from 65 times in 2021 and lagging supermarket chain Avenue Supermarts' AVEU.NS 69 times.
For now, there are no easy fixes. Launching their own quick commerce offerings makes little sense for consumer giants as users of the existing apps are proving increasingly sticky. A less immediate but more effective way to counter the loss of pricing power is to rejig their product mix. HUL and Nestlé will have to ensure their presence across categories and locations so that consumers rising up the value chain choose their brands over upstarts. A bigger investment in agile AI-enabled tracking of sales trends at mom-and-pop retailers could help with that.
Acquiring fast-growing brands is another option. HUL's 2025 purchase of personal care brand Minimalist valued its target at 9 times its trailing sales, on par with its own multiple. But buying one of India's top online platforms is out of the question: Eternal and Swiggy are delivery service-based companies that would be a clunky fit in these sprawling manufacturing businesses.
Businesses may also need to rethink marketing in a country where close to two-thirds of the population is under the age of 35 and shopping choices are increasingly based on influencer recommendations. HUL spent 10% of its revenue on sales and marketing in the year to March 2025, while its personal-care rival Honasa shelled out 57%. If the Unilever unit raised marketing spend by 10%, its EBITDA margin would go down 87 basis points, Breakingviews calculations based on Visible Alpha estimates show.
To be sure, all these options involve squeezing margins in the short term to ensure staying power in a crowded market. For now, consumer giants will have to add India to their growing list of fixer upper projects.
Follow Shritama Bose on LinkedIn and X
Consumer giants have begun underperforming the wider stock market https://www.reuters.com/graphics/BRV-BRV/xmvjqymkzpr/chart.png
India sales historically grew faster than in developed markets https://www.reuters.com/graphics/BRV-BRV/lbpgmyabypq/chart.png
EBITDA margins are off peak levels https://www.reuters.com/graphics/BRV-BRV/myvmqyeamvr/chart.png
Online grocers account for a growing share of FMCG sales https://www.reuters.com/graphics/BRV-BRV/zdvxjgzxrvx/chart.png
Staples makers’ valuations have fallen a little https://www.reuters.com/graphics/BRV-BRV/lgvdqgyoepo/chart.png
(Editing by Aimee Donnellan; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, Jan 13 (Reuters Breakingviews) - India is piling into consumer giants’ basket of troubles. Unilever ULVR.L and Nestlé NESN.S are losing pricing power in the world’s fifth-largest economy amid growing competition from nimble upstarts. It’s an unwelcome headache for the groups that are trying to revive their more established markets in Europe and the U.S. With no easy fixes, the problem may require expensive remedies.
Consumer titans were once synonymous with boringly predictable earnings. But a recent bout of management churn and intense competition has made them about as predictable as the start-ups they are now battling for market share. Last February, $140 billion Unilever replaced its CEO Hein Schumacher with its finance chief Fernando Fernandez to accelerate its growth plans. It also grappled with rising commodity prices and spun out its ice cream unit at a disappointing valuation.
Nestlé is enduring an even trickier time. The $240 billion Kitkat maker is on its third CEO in less than three years and is dealing with a decline in sales in Europe and the U.S. These factors have weighed on the groups’ share prices which are flat versus the same period last year, underperforming Europe’s Stoxx 600 .STOXX which is up nearly 20% in the same period.
In ordinary times, these groups could rely on their Indian businesses to compensate. Indeed, historically they performed better than their parents’ businesses in developed markets. At its 2016 peak, sales at Nestlé India NEST.NS grew nearly 16%, eight times the pace of the Swiss group’s European business and four times that of its Americas unit. As recently as 2021, Hindustan Unilever HLL.NS was growing turnover at a punchy 18% as Europe and the Americas only managed under 5%.
But those dynamics are changing. During the year ended March 2025 sales at HUL grew just 2% , down from double digits two years earlier. Meanwhile, Nestlé ’s Indian business grew 1% in 2024. That run rate means India can barely contribute much more to these groups' top lines than it currently does - 2% and 11% for Nestlé and Unilever respectively.
More concerning for investors, however, is the effect this is having on these groups' profitability. EBITDA margins of Hindustan Unilever and Nestlé India are off pandemic-era peaks and could remain below those levels at least until 2027, according to forecasts compiled by Visible Alpha.
The bosses of these businesses blame the recent weakness on rising commodity prices and high inflation which, coupled with stagnating incomes in the aftermath of Covid, have diminished Indians’ purchasing power.
The danger for investors is the decline may intensify. Affluent urban Indians are increasingly shopping for essentials on e-commerce platforms Eternal ETEA.NS and Swiggy SWIG.NS, which use a network of mini warehouses to deliver everything from milk to umbrellas in 10 minutes. These apps enable challenger brands like Honasa Consumer’s Mamaearth and Investment Corporation of Dubai-backed snackmaker Slurrp Farm to display their brands alongside legacy names like Sunsilk and KitKat, robbing Unilever and Nestlé of their storied distribution edge.
Big groups also missed the boat on premiumisation. Indian consumers have become aspirational. That’s birthed whole categories from grooming products to pancake mixes that Unilever, Nestlé and their large rivals are struggling to compete in.
Amid these forces, consumer group boardrooms face two unpalatable choices. They can jack up prices to protect margins but are likely to lose market share in the hypercompetitive Indian market. Alternatively, they can sacrifice margins to boost growth but that means fewer spoils to share with investors.
The first option hardly seems feasible as smaller and more agile rivals are only likely to take more market share from larger groups. Meanwhile, demand for private labels is growing which will put even more pressure on pricing. For now, investors may have to accept lower margins as Unilever and Nestlé try to protect their businesses and invest more heavily in new products.
The risks are plain to see in these groups' valuations. HUL now trades at 47 times forward earnings, down from 65 times in 2021 and lagging supermarket chain Avenue Supermarts' AVEU.NS 69 times.
For now, there are no easy fixes. Launching their own quick commerce offerings makes little sense for consumer giants as users of the existing apps are proving increasingly sticky. A less immediate but more effective way to counter the loss of pricing power is to rejig their product mix. HUL and Nestlé will have to ensure their presence across categories and locations so that consumers rising up the value chain choose their brands over upstarts. A bigger investment in agile AI-enabled tracking of sales trends at mom-and-pop retailers could help with that.
Acquiring fast-growing brands is another option. HUL's 2025 purchase of personal care brand Minimalist valued its target at 9 times its trailing sales, on par with its own multiple. But buying one of India's top online platforms is out of the question: Eternal and Swiggy are delivery service-based companies that would be a clunky fit in these sprawling manufacturing businesses.
Businesses may also need to rethink marketing in a country where close to two-thirds of the population is under the age of 35 and shopping choices are increasingly based on influencer recommendations. HUL spent 10% of its revenue on sales and marketing in the year to March 2025, while its personal-care rival Honasa shelled out 57%. If the Unilever unit raised marketing spend by 10%, its EBITDA margin would go down 87 basis points, Breakingviews calculations based on Visible Alpha estimates show.
To be sure, all these options involve squeezing margins in the short term to ensure staying power in a crowded market. For now, consumer giants will have to add India to their growing list of fixer upper projects.
Follow Shritama Bose on LinkedIn and X
Consumer giants have begun underperforming the wider stock market https://www.reuters.com/graphics/BRV-BRV/xmvjqymkzpr/chart.png
India sales historically grew faster than in developed markets https://www.reuters.com/graphics/BRV-BRV/lbpgmyabypq/chart.png
EBITDA margins are off peak levels https://www.reuters.com/graphics/BRV-BRV/myvmqyeamvr/chart.png
Online grocers account for a growing share of FMCG sales https://www.reuters.com/graphics/BRV-BRV/zdvxjgzxrvx/chart.png
Staples makers’ valuations have fallen a little https://www.reuters.com/graphics/BRV-BRV/lgvdqgyoepo/chart.png
(Editing by Aimee Donnellan; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
Dec 10 (Reuters) - Nestle India NEST.NS said on Wednesday its finance chief Svetlana Boldina will step down with effect from January 31, 2026.
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Janane Venkatraman)
(([email protected]; X: @MukherjeeHritam;))
Dec 10 (Reuters) - Nestle India NEST.NS said on Wednesday its finance chief Svetlana Boldina will step down with effect from January 31, 2026.
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Janane Venkatraman)
(([email protected]; X: @MukherjeeHritam;))
Dec 2 (Reuters) - Nestle India Ltd NEST.NS:
NESTLE INDIA - RECEIVES TAX PENALTY OF 82.8 MILLION RUPEES
Source text: ID:nBSEbZ7r8M
Further company coverage: NEST.NS
(([email protected];))
Dec 2 (Reuters) - Nestle India Ltd NEST.NS:
NESTLE INDIA - RECEIVES TAX PENALTY OF 82.8 MILLION RUPEES
Source text: ID:nBSEbZ7r8M
Further company coverage: NEST.NS
(([email protected];))
** Nestle India NEST.NS extends gains to climb 1% to 1,289 rupees, its highest level in more than one year
** Stock rose as much as 5.3% on Thursday after the Maggi noodles maker reported higher quarterly profit, led by rebound in urban demand
** Centrum analysts call results a "positive surprise", highlighting a pick-up in revenue momentum and volume-led growth
** Results boosted by strong recovery in sales volumes, says ICICI Direct, adding softening coffee and cocoa prices to support margins in the second half
** Stock rated "hold" on avg; median PT is 1,210 rupees, per data compiled by LSEG
** YTD, stock up ~19% vs FMCG index's .NIFTYFMCG 1.2% decline
(Reporting by Kashish Tandon in Bengaluru)
** Nestle India NEST.NS extends gains to climb 1% to 1,289 rupees, its highest level in more than one year
** Stock rose as much as 5.3% on Thursday after the Maggi noodles maker reported higher quarterly profit, led by rebound in urban demand
** Centrum analysts call results a "positive surprise", highlighting a pick-up in revenue momentum and volume-led growth
** Results boosted by strong recovery in sales volumes, says ICICI Direct, adding softening coffee and cocoa prices to support margins in the second half
** Stock rated "hold" on avg; median PT is 1,210 rupees, per data compiled by LSEG
** YTD, stock up ~19% vs FMCG index's .NIFTYFMCG 1.2% decline
(Reporting by Kashish Tandon in Bengaluru)
Oct 16 (Reuters) - Nestle India Ltd NEST.NS:
NESTLE INDIA Q2 PROFIT 7.53 BILLION RUPEES
NESTLE INDIA Q2 REV FROM OPS 56.44 BLN RUPEES
MILK PRICES ARE EXPECTED TO SOFTEN AFTER THE FESTIVE SEASON
GLOBAL SUPPLY, DEMAND FOR COCOA PROJECTED TO BALANCE, DUE TO CORRECTION IN DEMAND
EDIBLE OIL PRICES TO REMAIN FIRM, MAY RISE FURTHER DUE TO TIGHT SUPPLY, DEMAND AT GLOBAL LEVEL
COFFEE PRICES ANTICIPATED TO STABILIZE
COFFEE PRICES MAY DECREASE AS UPCOMING CROPS IN VIETNAM, INDIA APPEAR TO BE NORMAL
Further company coverage: NEST.NS
(([email protected];))
Oct 16 (Reuters) - Nestle India Ltd NEST.NS:
NESTLE INDIA Q2 PROFIT 7.53 BILLION RUPEES
NESTLE INDIA Q2 REV FROM OPS 56.44 BLN RUPEES
MILK PRICES ARE EXPECTED TO SOFTEN AFTER THE FESTIVE SEASON
GLOBAL SUPPLY, DEMAND FOR COCOA PROJECTED TO BALANCE, DUE TO CORRECTION IN DEMAND
EDIBLE OIL PRICES TO REMAIN FIRM, MAY RISE FURTHER DUE TO TIGHT SUPPLY, DEMAND AT GLOBAL LEVEL
COFFEE PRICES ANTICIPATED TO STABILIZE
COFFEE PRICES MAY DECREASE AS UPCOMING CROPS IN VIETNAM, INDIA APPEAR TO BE NORMAL
Further company coverage: NEST.NS
(([email protected];))
Sept 30 (Reuters) - Nestle India Ltd NEST.NS:
NESTLE INDIA LTD - NESTLÉ INDIA SIGNS MOU WITH MINISTRY FOR INVESTMENTS
NESTLE INDIA - INVESTMENTS IN PROJECTS IN ODISHA, EXISTING MANUFACTURING LOCATIONS
Source text: ID:nBSE5dqlXy
Further company coverage: NEST.NS
Sept 30 (Reuters) - Nestle India Ltd NEST.NS:
NESTLE INDIA LTD - NESTLÉ INDIA SIGNS MOU WITH MINISTRY FOR INVESTMENTS
NESTLE INDIA - INVESTMENTS IN PROJECTS IN ODISHA, EXISTING MANUFACTURING LOCATIONS
Source text: ID:nBSE5dqlXy
Further company coverage: NEST.NS
Modi's GST cuts to boost sales of consumer goods, electronics
Proposed tax cut on small hybrid cars a win for Toyota, Suzuki
GST council to finalise tax cuts on September 3-4
Add details, context in paragraphs 2, 5, 7-14
By Nikunj Ohri and Aditi Shah
NEW DELHI, Sept 1 (Reuters) - India plans to cut consumption tax by at least 10 percentage points on nearly 175 products ranging from shampoos and hybrid cars to consumer electronics, two sources said, revealing new details of Prime Minister Narendra Modi's tax overhaul.
The biggest reform of the goods and services tax system in nearly a decade comes amid strained trade ties with the U.S., with Modi making repeated calls for increased use of Indian products. Modi first flagged his reform plan last month on Independence Day when he said he would make daily products cheaper for people in the world's fifth largest economy.
His proposal includes reducing goods and services tax (GST) on consumer items such as talcum powder, toothpaste and shampoo from 18% to 5%, which is likely to boost sales at companies like Hindustan Unilever HLL.NS and Godrej Industries GODI.NS.
Air conditioners and television sets could see GST drop from 28% to 18% ahead of the Diwali shopping season starting in October, when brands like Samsung 005930.KS, LG Electronics 066570.KS, and Sony 6758.T dominate sales.
India's GST council, which is headed by federal Finance Minister Nirmala Sitharaman and has representation from the country's states, is expected to finalise the list of items for tax cuts in a meeting on September 3-4.
The finance ministry did not immediately reply to an email seeking comments on this story.
The proposed tax cuts are also aimed at cushioning the expected fall in exports to the United States by boosting domestic consumption, helping raise farm incomes and encouraging self-reliance among Indian manufacturers.
India is planning to cut consumption tax on key export items like fertilisers, farm machinery and tractors and their parts to 5% from 12% or 18% at present. The reduction also extends to the textile sector - one of India's largest exporters - that has been hard hit by U.S. President Donald Trump's tariff blitz.
CARS AND COLAS
In a win for Japanese carmakers Toyota Motor 7203.T and Suzuki Motor 7269.T, Modi's government has proposed reducing GST on small petrol hybrid cars to 18% from 28%. The carmakers have for years lobbied for cuts to tax on a technology they say is cleaner than petrol cars.
Lowering the tax on hybrids, which use a combustion engine and electric motor to power the vehicle, will bring it closer to the 5% GST on electric cars.
Indian EV makers Tata Motors TAMO.NS and Mahindra & Mahindra MAHM.NS have previously expressed fears that reducing the tax on hybrids risks derailing the country's electrification ambitions.
The government has also proposed cutting the tax on motorcycles and scooters with an engine capacity of less than 350cc, which mainly includes commuter vehicles and covers 95% of close to 20 million two-wheelers sold in India last fiscal year by companies including Bajaj Auto BAJA.NS, Hero MotoCorp HROM.NS and TVS Motor TVSM.NS.
The proposed tax cuts are expected to lead to a resurgence in the sale of small cars in the world's third-largest automobile market - a boost for Maruti Suzuki MRTI.NS, India's largest carmaker, as well as rivals Hyundai Motor HYUN.NS and Tata Motors TAMO.NS.
However, bigger cars, categorised as those longer than 4 meters in length and with a large engine capacity, will see a higher GST of 40%, up from 28%, but the government is expected to lower additional levies to keep the overall rate the same at around 50%.
India is also considering raising rates on items like coal as well as services like betting, casinos and horse racing while maintaing levies on colas and other carbonated drinks made by the likes of PepsiCo PEP.O, Coca-Cola KO.N and homegrown Reliance Industries RELI.NS, despite calls for tax cuts.
(Reporting by Nikunj Ohri and Aditi Shah; editing by Toby Chopra and Mark Heinrich)
(([email protected]; +91 99109 33884;))
Modi's GST cuts to boost sales of consumer goods, electronics
Proposed tax cut on small hybrid cars a win for Toyota, Suzuki
GST council to finalise tax cuts on September 3-4
Add details, context in paragraphs 2, 5, 7-14
By Nikunj Ohri and Aditi Shah
NEW DELHI, Sept 1 (Reuters) - India plans to cut consumption tax by at least 10 percentage points on nearly 175 products ranging from shampoos and hybrid cars to consumer electronics, two sources said, revealing new details of Prime Minister Narendra Modi's tax overhaul.
The biggest reform of the goods and services tax system in nearly a decade comes amid strained trade ties with the U.S., with Modi making repeated calls for increased use of Indian products. Modi first flagged his reform plan last month on Independence Day when he said he would make daily products cheaper for people in the world's fifth largest economy.
His proposal includes reducing goods and services tax (GST) on consumer items such as talcum powder, toothpaste and shampoo from 18% to 5%, which is likely to boost sales at companies like Hindustan Unilever HLL.NS and Godrej Industries GODI.NS.
Air conditioners and television sets could see GST drop from 28% to 18% ahead of the Diwali shopping season starting in October, when brands like Samsung 005930.KS, LG Electronics 066570.KS, and Sony 6758.T dominate sales.
India's GST council, which is headed by federal Finance Minister Nirmala Sitharaman and has representation from the country's states, is expected to finalise the list of items for tax cuts in a meeting on September 3-4.
The finance ministry did not immediately reply to an email seeking comments on this story.
The proposed tax cuts are also aimed at cushioning the expected fall in exports to the United States by boosting domestic consumption, helping raise farm incomes and encouraging self-reliance among Indian manufacturers.
India is planning to cut consumption tax on key export items like fertilisers, farm machinery and tractors and their parts to 5% from 12% or 18% at present. The reduction also extends to the textile sector - one of India's largest exporters - that has been hard hit by U.S. President Donald Trump's tariff blitz.
CARS AND COLAS
In a win for Japanese carmakers Toyota Motor 7203.T and Suzuki Motor 7269.T, Modi's government has proposed reducing GST on small petrol hybrid cars to 18% from 28%. The carmakers have for years lobbied for cuts to tax on a technology they say is cleaner than petrol cars.
Lowering the tax on hybrids, which use a combustion engine and electric motor to power the vehicle, will bring it closer to the 5% GST on electric cars.
Indian EV makers Tata Motors TAMO.NS and Mahindra & Mahindra MAHM.NS have previously expressed fears that reducing the tax on hybrids risks derailing the country's electrification ambitions.
The government has also proposed cutting the tax on motorcycles and scooters with an engine capacity of less than 350cc, which mainly includes commuter vehicles and covers 95% of close to 20 million two-wheelers sold in India last fiscal year by companies including Bajaj Auto BAJA.NS, Hero MotoCorp HROM.NS and TVS Motor TVSM.NS.
The proposed tax cuts are expected to lead to a resurgence in the sale of small cars in the world's third-largest automobile market - a boost for Maruti Suzuki MRTI.NS, India's largest carmaker, as well as rivals Hyundai Motor HYUN.NS and Tata Motors TAMO.NS.
However, bigger cars, categorised as those longer than 4 meters in length and with a large engine capacity, will see a higher GST of 40%, up from 28%, but the government is expected to lower additional levies to keep the overall rate the same at around 50%.
India is also considering raising rates on items like coal as well as services like betting, casinos and horse racing while maintaing levies on colas and other carbonated drinks made by the likes of PepsiCo PEP.O, Coca-Cola KO.N and homegrown Reliance Industries RELI.NS, despite calls for tax cuts.
(Reporting by Nikunj Ohri and Aditi Shah; editing by Toby Chopra and Mark Heinrich)
(([email protected]; +91 99109 33884;))
Rewrites throughout, updates stock moves
By Kashish Tandon and Chandini Monnappa
Aug 18 (Reuters) - Indian auto and consumer stocks rallied on Monday, with the auto index .NIFTYAUTO jumping nearly 5% to a 10-month high after the government's plans of sweeping tax cuts, including lower goods and services tax (GST) on small cars.
The government's plan to lower GST on small cars to 18% from 28%, among other changes, as part of tax reforms unveiled by Prime Minister Narendra Modi on Friday, is expected to spur demand and boost consumer spending.
The plans are likely to be announced by Diwali, a major, five-day Hindu festival in October and India's biggest shopping season as households traditionally splurge, leading to the country's consumption cycle peaking around the festival.
"These are strong tailwinds for the market with potential to take it higher," said VK Vijayakumar, chief investment strategist at Geojit Investments, calling the timing of the next major GST reforms a "big positive".
"Sectors like autos and cement, which are presently in the 28% tax slabs, are expected to benefit," he said.
Urban consumers have been tightening their belts in recent quarters, squeezed by high living costs and sluggish income growth. A cut in GST on small cars, the auto-market's most price-sensitive segment, could fire up festive season demand, giving middle-class buyers a break.
Auto stocks .NIFTYAUTO led sectoral gains on the Nifty 50 .NSEI index, and were set for their best day since June 5, 2024.
Maruti Suzuki MRTI.NS and Hyundai Motor India HYUN.NS jumped 8% and 9%, respectively, to a record high.
Additionally, the simpler two-rate structure - slabs of 5% and 18%, with the 12% and 28% slabs scrapped - would make a host of products cheaper, from butter and fruit juices to dry fruits, offering a lift to consumer goods firms and shoppers.
Consumption stocks such as Hindustan Unilever HLL.NS, Nestle India NEST.NS and Dabur DABU.NS gained between 4% and 7%, powering the FMCG index .NIFTYFMCG 1.8% higher.
Brokerages see potential GST cuts driving consumption boom across sectors https://reut.rs/4fCLOs2
(Reporting by Kashish Tandon and Bharath Rajeswaran in Bengaluru; Editing by Mrigank Dhaniwala and Janane Venkatraman)
(([email protected]; 8800437922;))
Rewrites throughout, updates stock moves
By Kashish Tandon and Chandini Monnappa
Aug 18 (Reuters) - Indian auto and consumer stocks rallied on Monday, with the auto index .NIFTYAUTO jumping nearly 5% to a 10-month high after the government's plans of sweeping tax cuts, including lower goods and services tax (GST) on small cars.
The government's plan to lower GST on small cars to 18% from 28%, among other changes, as part of tax reforms unveiled by Prime Minister Narendra Modi on Friday, is expected to spur demand and boost consumer spending.
The plans are likely to be announced by Diwali, a major, five-day Hindu festival in October and India's biggest shopping season as households traditionally splurge, leading to the country's consumption cycle peaking around the festival.
"These are strong tailwinds for the market with potential to take it higher," said VK Vijayakumar, chief investment strategist at Geojit Investments, calling the timing of the next major GST reforms a "big positive".
"Sectors like autos and cement, which are presently in the 28% tax slabs, are expected to benefit," he said.
Urban consumers have been tightening their belts in recent quarters, squeezed by high living costs and sluggish income growth. A cut in GST on small cars, the auto-market's most price-sensitive segment, could fire up festive season demand, giving middle-class buyers a break.
Auto stocks .NIFTYAUTO led sectoral gains on the Nifty 50 .NSEI index, and were set for their best day since June 5, 2024.
Maruti Suzuki MRTI.NS and Hyundai Motor India HYUN.NS jumped 8% and 9%, respectively, to a record high.
Additionally, the simpler two-rate structure - slabs of 5% and 18%, with the 12% and 28% slabs scrapped - would make a host of products cheaper, from butter and fruit juices to dry fruits, offering a lift to consumer goods firms and shoppers.
Consumption stocks such as Hindustan Unilever HLL.NS, Nestle India NEST.NS and Dabur DABU.NS gained between 4% and 7%, powering the FMCG index .NIFTYFMCG 1.8% higher.
Brokerages see potential GST cuts driving consumption boom across sectors https://reut.rs/4fCLOs2
(Reporting by Kashish Tandon and Bharath Rajeswaran in Bengaluru; Editing by Mrigank Dhaniwala and Janane Venkatraman)
(([email protected]; 8800437922;))
Modi's supporters call for boycott of foreign brands in India
U.S. tariffs on Indian goods stoking anti-American sentiment
India is key growth market for American companies
Group linked to Modi's party protesting against foreign brands
By Aditya Kalra
NEW DELHI, Aug 11 (Reuters) - From McDonald's and Coca-Cola to Amazon and Apple, U.S.-based multinationals are facing calls for a boycott in India as business executives and Prime Minister Narendra Modi's supporters stoke anti-American sentiment to protest against U.S. tariffs.
India, the world's most populous nation, is a key market for American brands that have rapidly expanded to target a growing base of affluent consumers, many of whom remain infatuated with international labels seen as symbols of moving up in life.
India, for example, is the biggest market by users for Meta's WhatsApp and Domino's has more restaurants than any other brand in the country. Beverages like Pepsi and Coca-Cola often dominate store shelves, and people still queue up when a new Apple store opens or a Starbucks cafe doles out discounts.
Although there was no immediate indication of sales being hit, there's a growing chorus both on social media and offline to buy local and ditch American products after Donald Trump imposed a 50% tariff on goods from India, rattling exporters and damaging ties between New Delhi and Washington.
McDonald's, Coca-Cola, Amazon and Apple did not immediately respond to Reuters queries.
Manish Chowdhary, co-founder of India's Wow Skin Science, took to LinkedIn with a video message urging support for farmers and startups to make "Made in India" a "global obsession," and to learn from South Korea whose food and beauty products are famous worldwide.
"We have lined up for products from thousands of miles away. We have proudly spent on brands that we don't own, while our own makers fight for attention in their own country," he said.
Rahm Shastry, CEO of India's DriveU, which provides a car driver on call service, wrote on LinkedIn: "India should have its own home-grown Twitter/Google/YouTube/WhatsApp/FB -- like China has."
To be fair, Indian retail companies give foreign brands like Starbucks stiff competition in the domestic market, but going global has been a challenge.
Indian IT services firms, however, have become deeply entrenched in the global economy, with the likes of TCS TCS.NS and Infosys INFY.NS providing software solutions to clients world over.
On Sunday, Modi made a "special appeal" for becoming self-reliant, telling a gathering in Bengaluru that Indian technology companies made products for the world but "now is the time for us to give more priority to India's needs."
He did not name any company.
DON'T DRAG MY MCPUFF INTO IT
Even as anti-American protests simmer, Tesla TSLA.O launched its second showroom in India in New Delhi, with Monday's opening attended by Indian commerce ministry officials and U.S. embassy officials.
The Swadeshi Jagran Manch group, which is linked to Modi's Bharatiya Janata Party, took out small public rallies across India on Sunday, urging people to boycott American brands.
"People are now looking at Indian products. It will take some time to fructify," Ashwani Mahajan, the group's co-convenor, told Reuters. "This is a call for nationalism, patriotism."
He also shared with Reuters a table his group is circulating on WhatsApp, listing Indian brands of bath soaps, toothpaste and cold drinks that people could choose over foreign ones.
On social media, one of the group's campaigns is a graphic titled "Boycott foreign food chains", with logos of McDonald's MCD.N and many other restaurant brands.
In Uttar Pradesh, Rajat Gupta, 37, who was dining at a McDonald’s in Lucknow on Monday, said he wasn’t concerned about the tariff protests and simply enjoyed the 49-rupee ($0.55) coffee he considered good value for money.
"Tariffs are a matter of diplomacy and my McPuff, coffee should not be dragged into it," he said.
(Reporting by Aditya Kalra; Additional reporting by Saurabh Sharma, Praveen Paramasivam and Aditi Shah)
((Email: [email protected]; X: @adityakalra;))
Modi's supporters call for boycott of foreign brands in India
U.S. tariffs on Indian goods stoking anti-American sentiment
India is key growth market for American companies
Group linked to Modi's party protesting against foreign brands
By Aditya Kalra
NEW DELHI, Aug 11 (Reuters) - From McDonald's and Coca-Cola to Amazon and Apple, U.S.-based multinationals are facing calls for a boycott in India as business executives and Prime Minister Narendra Modi's supporters stoke anti-American sentiment to protest against U.S. tariffs.
India, the world's most populous nation, is a key market for American brands that have rapidly expanded to target a growing base of affluent consumers, many of whom remain infatuated with international labels seen as symbols of moving up in life.
India, for example, is the biggest market by users for Meta's WhatsApp and Domino's has more restaurants than any other brand in the country. Beverages like Pepsi and Coca-Cola often dominate store shelves, and people still queue up when a new Apple store opens or a Starbucks cafe doles out discounts.
Although there was no immediate indication of sales being hit, there's a growing chorus both on social media and offline to buy local and ditch American products after Donald Trump imposed a 50% tariff on goods from India, rattling exporters and damaging ties between New Delhi and Washington.
McDonald's, Coca-Cola, Amazon and Apple did not immediately respond to Reuters queries.
Manish Chowdhary, co-founder of India's Wow Skin Science, took to LinkedIn with a video message urging support for farmers and startups to make "Made in India" a "global obsession," and to learn from South Korea whose food and beauty products are famous worldwide.
"We have lined up for products from thousands of miles away. We have proudly spent on brands that we don't own, while our own makers fight for attention in their own country," he said.
Rahm Shastry, CEO of India's DriveU, which provides a car driver on call service, wrote on LinkedIn: "India should have its own home-grown Twitter/Google/YouTube/WhatsApp/FB -- like China has."
To be fair, Indian retail companies give foreign brands like Starbucks stiff competition in the domestic market, but going global has been a challenge.
Indian IT services firms, however, have become deeply entrenched in the global economy, with the likes of TCS TCS.NS and Infosys INFY.NS providing software solutions to clients world over.
On Sunday, Modi made a "special appeal" for becoming self-reliant, telling a gathering in Bengaluru that Indian technology companies made products for the world but "now is the time for us to give more priority to India's needs."
He did not name any company.
DON'T DRAG MY MCPUFF INTO IT
Even as anti-American protests simmer, Tesla TSLA.O launched its second showroom in India in New Delhi, with Monday's opening attended by Indian commerce ministry officials and U.S. embassy officials.
The Swadeshi Jagran Manch group, which is linked to Modi's Bharatiya Janata Party, took out small public rallies across India on Sunday, urging people to boycott American brands.
"People are now looking at Indian products. It will take some time to fructify," Ashwani Mahajan, the group's co-convenor, told Reuters. "This is a call for nationalism, patriotism."
He also shared with Reuters a table his group is circulating on WhatsApp, listing Indian brands of bath soaps, toothpaste and cold drinks that people could choose over foreign ones.
On social media, one of the group's campaigns is a graphic titled "Boycott foreign food chains", with logos of McDonald's MCD.N and many other restaurant brands.
In Uttar Pradesh, Rajat Gupta, 37, who was dining at a McDonald’s in Lucknow on Monday, said he wasn’t concerned about the tariff protests and simply enjoyed the 49-rupee ($0.55) coffee he considered good value for money.
"Tariffs are a matter of diplomacy and my McPuff, coffee should not be dragged into it," he said.
(Reporting by Aditya Kalra; Additional reporting by Saurabh Sharma, Praveen Paramasivam and Aditi Shah)
((Email: [email protected]; X: @adityakalra;))
Aug 5 (Reuters) - Indian biscuit maker Britannia Industries BRIT.NS reported first-quarter profit below estimates on Tuesday.
The company, which sells 'Marie Gold' and 'Bourbon' biscuits, reported consolidated net profit of 5.21 billion rupees ($59.3 million).
Analysts, on average, had expected 5.7 billion rupees, as per data compiled by LSEG.
($1 = 87.8470 Indian rupees)
(Reporting by Ananta Agarwal in Bengaluru; Editing by Janane Venkatraman)
(([email protected];))
Aug 5 (Reuters) - Indian biscuit maker Britannia Industries BRIT.NS reported first-quarter profit below estimates on Tuesday.
The company, which sells 'Marie Gold' and 'Bourbon' biscuits, reported consolidated net profit of 5.21 billion rupees ($59.3 million).
Analysts, on average, had expected 5.7 billion rupees, as per data compiled by LSEG.
($1 = 87.8470 Indian rupees)
(Reporting by Ananta Agarwal in Bengaluru; Editing by Janane Venkatraman)
(([email protected];))
July 31 (Reuters) - Nestle India Ltd NEST.NS:
NESTLE INDIA LTD - SURESH NARAYANA TO RETIRE AS CHAIRMAN AND MD OF NESTLÉ INDIA
Source text: ID:nBSE5bkznG
Further company coverage: NEST.NS
(([email protected];;))
July 31 (Reuters) - Nestle India Ltd NEST.NS:
NESTLE INDIA LTD - SURESH NARAYANA TO RETIRE AS CHAIRMAN AND MD OF NESTLÉ INDIA
Source text: ID:nBSE5bkznG
Further company coverage: NEST.NS
(([email protected];;))
** Nestle India NEST.NS falls more than 2% to hit a near 4-month low of 2,270 rupees
** Down for second straight session after posting a drop in Q1 profit
** "Past price hikes driven by broad-based inflation have weighed on performance amid demand stress," says Emkay Global Financial Services, which retained "reduce" rating on stock
** UBS lowers PT to 2,500 rupees from 2,650 rupees earlier, says earnings growth outlook remains lacklustre
** Analysts on avg recommend "hold" rating on stock; median PT 2,410 rupees, as per LSEG data
** YTD, NEST up 4.6%
(Reporting by Vivek Kumar M)
(([email protected];))
** Nestle India NEST.NS falls more than 2% to hit a near 4-month low of 2,270 rupees
** Down for second straight session after posting a drop in Q1 profit
** "Past price hikes driven by broad-based inflation have weighed on performance amid demand stress," says Emkay Global Financial Services, which retained "reduce" rating on stock
** UBS lowers PT to 2,500 rupees from 2,650 rupees earlier, says earnings growth outlook remains lacklustre
** Analysts on avg recommend "hold" rating on stock; median PT 2,410 rupees, as per LSEG data
** YTD, NEST up 4.6%
(Reporting by Vivek Kumar M)
(([email protected];))
** Shares of Nestle India NEST.NS fall 2.6% to 2,387.8 rupees
** Shares dropped as much as 4.1% after results, they were trading about 0.1% higher ahead of the announcement
** Consumer goods maker posted first-quarter profit at 6.59 billion rupees ($76.37 million), down ~12% on-year from 7.47 billion rupees a year ago
** Stock top loser on the benchmark Nifty 50 index .NSEI, which is down 0.4%
** Session's losses trim YTD gains to ~9%
($1 = 86.2950 Indian rupees)
(Reporting by Manvi Pant in Bengaluru)
(([email protected]; +918447554364;))
** Shares of Nestle India NEST.NS fall 2.6% to 2,387.8 rupees
** Shares dropped as much as 4.1% after results, they were trading about 0.1% higher ahead of the announcement
** Consumer goods maker posted first-quarter profit at 6.59 billion rupees ($76.37 million), down ~12% on-year from 7.47 billion rupees a year ago
** Stock top loser on the benchmark Nifty 50 index .NSEI, which is down 0.4%
** Session's losses trim YTD gains to ~9%
($1 = 86.2950 Indian rupees)
(Reporting by Manvi Pant in Bengaluru)
(([email protected]; +918447554364;))
July 4 (Reuters) - Nestle India Ltd NEST.NS:
NESTLE INDIA LTD - NESTLÉ INDIA APPROVES BONUS EQUITY SHARES IN 1:1 RATIO
Source text: ID:nNSEbFlyw5
Further company coverage: NEST.NS
(([email protected];))
July 4 (Reuters) - Nestle India Ltd NEST.NS:
NESTLE INDIA LTD - NESTLÉ INDIA APPROVES BONUS EQUITY SHARES IN 1:1 RATIO
Source text: ID:nNSEbFlyw5
Further company coverage: NEST.NS
(([email protected];))
July 2 (Reuters) - Nestle India Ltd NEST.NS:
NESTLE INDIA LTD - ADDS NEW MAGGI NOODLES PRODUCTION LINE
NESTLE INDIA LTD - INVESTMENT REQUIRED FOR CAPACITY ADDITION 1.05 BILLION RUPEES
NESTLE INDIA LTD - CAPACITY ADDITION FINANCED THROUGH INTERNAL ACCRUALS
Source text: ID:nBSE8TN1tS
Further company coverage: NEST.NS
(([email protected];;))
July 2 (Reuters) - Nestle India Ltd NEST.NS:
NESTLE INDIA LTD - ADDS NEW MAGGI NOODLES PRODUCTION LINE
NESTLE INDIA LTD - INVESTMENT REQUIRED FOR CAPACITY ADDITION 1.05 BILLION RUPEES
NESTLE INDIA LTD - CAPACITY ADDITION FINANCED THROUGH INTERNAL ACCRUALS
Source text: ID:nBSE8TN1tS
Further company coverage: NEST.NS
(([email protected];;))
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Popular questions
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What does Nestle India do?
Nestle India is primarily involved in food business which incorporates product groups viz. Milk Products and Nutrition, Prepared Dishes and Cooking Aids, Powdered and Liquid Beverages and Confectionery. NESTLE India is a subsidiary of NESTLE S.A. of Switzerland. With several manufacturing facilities, large number of co-packers, and a strong distribution network, Nestle India provides consumers in India with products of global standards and is committed to long-term sustainable growth and shareholder satisfaction.
Who are the competitors of Nestle India?
Nestle India major competitors are Varun Beverages, Britannia Industries, Godrej Consumer Prod, Dabur India, Hindustan Unilever, P&G Hygiene & Health, Jyothy Labs. Market Cap of Nestle India is ₹2,74,872 Crs. While the median market cap of its peers are ₹1,08,593 Crs.
Is Nestle India financially stable compared to its competitors?
Nestle India seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does Nestle India pay decent dividends?
The company seems to pay a good stable dividend. Nestle India latest dividend payout ratio is 66.13% and 3yr average dividend payout ratio is 75.41%
How has Nestle India allocated its funds?
Companies resources are allocated to majorly productive assets like Plant & Machinery and unproductive assets like Cash & Short Term Investments
How strong is Nestle India balance sheet?
Balance sheet of Nestle India is strong. But short term working capital might become an issue for this company.
Is the profitablity of Nestle India improving?
The profit is oscillating. The profit of Nestle India is ₹3,499 Crs for Mar 2026, ₹3,208 Crs for Mar 2025 and ₹3,933 Crs for Mar 2024
Is the debt of Nestle India increasing or decreasing?
The net debt of Nestle India is decreasing. Latest net debt of Nestle India is -₹2,654.68 Crs as of Mar-26. This is less than Mar-25 when it was ₹563 Crs.
Is Nestle India stock expensive?
Yes, Nestle India is expensive. Latest PE of Nestle India is 78.56, while 3 year average PE is 77.96. Also latest EV/EBITDA of Nestle India is 52.25 while 3yr average is 50.61.
Has the share price of Nestle India grown faster than its competition?
Nestle India has given better returns compared to its competitors. Nestle India has grown at ~17.04% over the last 9yrs while peers have grown at a median rate of 6.45%
Is the promoter bullish about Nestle India?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in Nestle India is 62.76% and last quarter promoter holding is 62.76%.
Are mutual funds buying/selling Nestle India?
The mutual fund holding of Nestle India is increasing. The current mutual fund holding in Nestle India is 4.24% while previous quarter holding is 4.07%.