Systematix holds Nestle India at Rs 1,460 as rich valuations cap upside
Brokerage flags FY27E P/E of 70x and FY28E of 61x as stretched, with GST benefit phase-out from Q3, Maggi base normalisation, and input-cost inflation pressuring margins. Forecasts 11% revenue CAGR and 13% EPS CAGR through FY28, with A&P spend and reach expansion further weighing on profitability.
Systematix maintains Hold on Nestle India with Rs 1,460 target, citing rich valuations, GST benefit phase-out from Q3, Maggi base normalization, input-cost inflation, and margin pressure from A&P spend and reach expansion.