16-Oct-2026 07:55:12

MACQUARIE ON NESTLE ; NEUTRAL | TP ₹1,570 | EARLIER TP ₹1,575

• Q2 sales momentum remains strong, but inflation is a key monitorable. • Sales momentum may moderate as a stronger base kicks in. • Rising inflation poses increasing risk to rural demand. • Elevated valuations leave limited room for demand and margin disappointment. • Macquarie cuts FY27–29 EPS estimates by 4–5% each due to inflationary pressure and a more volatile commodity environment.

NESTLE INDIA LIMITED

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