Nestlé India Limited (NESTLEIND.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-37.6%

₹769.91

vs ₹1,233.30 price

Levered DCF

₹1,194.68

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

19.21

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	64.73×	67.17×	77.97×	79.06×	89.65×	85.14×	72.41×	66.54×
P/B	43.92×	53.71×	74.62×	76.87×	97.61×	87.81×	74.29×	29.09×
P/S	9.78×	10.73×	12.81×	11.26×	12.96×	13.34×	11.59×	9.53×
EV / EBITDA	42.52×	43.36×	52.81×	49.39×	54.93×	52.49×	44.58×	36.61×
Gross margin	43.0%	55.4%	40.5%	53.0%	55.8%	56.5%	56.8%	58.3%
Operating margin	19.9%	21.3%	21.8%	19.9%	21.6%	21.3%	20.8%	20.6%
Net margin	15.1%	16.0%	16.4%	14.2%	14.4%	15.7%	16.0%	14.3%
Current ratio	0.96×	0.8×	0.88×	1.13×	1×	1.68×	1.74×	2.55×
Debt / equity	0.09×	0.29×	0.1×	0.11×	0.14×	0.07×	0.1×	0.01×
Interest coverage	29.1×	58.78×	82.52×	21.64×	60.86×	17.25×	19.79×	20.59×
Dividend yield	1.0%	1.1%	1.2%	1.1%	1.0%	1.1%	2.5%	1.2%
Payout ratio	66.1%	76.6%	94.1%	84.7%	91.0%	90.7%	180.7%	81.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	67.9%	80.0%	95.7%	97.2%	108.8%	103.1%	102.6%	43.7%
Return on invested capital	41.5%	38.2%	47.6%	40.3%	41.6%	37.5%	36.4%	23.8%
Return on assets	26.5%	26.3%	30.4%	26.2%	25.3%	25.9%	26.9%	19.4%
Free cash flow yield	1.9%	0.5%	1.0%	1.2%	0.9%	1.2%	1.7%	2.0%
Earnings yield	1.5%	1.5%	1.3%	1.3%	1.1%	1.2%	1.4%	1.5%
Enterprise value	₹2.3T	₹2.2T	₹2.5T	₹1.9T	₹1.9T	₹1.8T	₹1.4T	₹1.1T
Net debt / EBITDA	-0.17×	0.21×	-0.09×	-0.18×	-0.14×	-0.48×	-0.35×	-0.55×
Cash conversion cycle (days)	-6	27	2	5	-3	0	-8	-15