Nestlé India’s consolidated profit climbed 35.9% in the July-September quarter, outpacing Hindustan Unilever Limited (HUL), whose earnings were flat but whose larger profit and dividend marked a different strength.
Nestlé’s consolidated profit after tax reached ₹1,009.6 crore for the quarter ended Sept. 30, 2026, compared with ₹743.2 crore a year earlier. Its Oct. 15 release put total sales at ₹6,782.2 crore, up 20.5%. Separately, the consolidated results statement listed revenue from operations of ₹6,788.3 crore, up 20.3%.
HUL reported consolidated profit after tax of ₹2,796 crore and described it as flat year over year. Its turnover was ₹18,071 crore, and profit after tax before exceptional items grew 9%. The company said the year-earlier comparison included ₹273 crore in one-time tax-related gains. HUL’s reported profit was nearly 2.8 times Nestlé India’s.
The sales growth measures differ. HUL’s underlying sales growth was 15%, its highest in 14 quarters; the company defines that measure as turnover growth excluding changes from acquisitions and disposals. Nestlé’s 20.5% figure is for total sales, so the rates are not directly comparable. HUL also reported underlying volume growth of 7%.
Nestlé reported an EBITDA margin of 23.8%, compared with HUL’s 22.6%. HUL’s EBITDA rose 8% to ₹4,089 crore. Nestlé said its advertising and marketing spending increased 46% as it stepped up brand investment. Manish Tiwary, chairman and managing director of Nestlé India, said, “Rising inflation, particularly food inflation, is a reality.”
HUL declared an interim dividend of ₹19 per share for the financial year ending March 31, 2027. Nestlé’s Oct. 15 results announcement did not include a corresponding Q2 dividend declaration; the company had separately announced a ₹2-per-share special dividend in July.
The releases detail different operating results and HUL’s payout, but neither provides a comparison of the companies’ share valuations.
