Nestlé India outpaced HUL in growth velocity for the September 2026 quarter, posting a 35.9% rise in consolidated net profit alongside double-digit volume growth. However, HUL led decisively in absolute scale, generating ₹17,543 crore in revenue and an operating profit of ₹4,089 crore despite a 140-basis-point margin contraction. Income investors also saw immediate rewards from HUL through an interim dividend of ₹19 per share, whereas Nestlé made no quarterly distribution. Analysts, including Morgan Stanley, have responded by maintaining neutral ratings across both companies due to persistent inflation.
Key points
Nestlé India outperformed in top-line and bottom-line growth percentages, whereas HUL del…: Nestlé India outperformed in top-line and bottom-line growth percentages, whereas HUL delivered substantially larger absolute revenues and profits.
Inflationary headwinds and elevated marketing expenditures continue to pressure operating…: Inflationary headwinds and elevated marketing expenditures continue to pressure operating margins across the fast-moving consumer goods industry.
Major brokerages such as Morgan Stanley and Macquarie maintain cautious, neutral stances…: Major brokerages such as Morgan Stanley and Macquarie maintain cautious, neutral stances on both companies due to commodity volatility.
Sources checked by our analysis pipeline: 1
HUL and Nestlé India have delivered sharply different profit growth in the September quarter, setting up a fresh battle for investors choosing between two of India's biggest FMCG stocks.
The September-quarter results of the two consumer goods giants present investors with different numbers to weigh. While Nestlé India reported faster year-on-year growth in both profit and revenue, HUL reported a much larger absolute profit and declared an interim dividend. Here's how the two stocks compare across five key parameters and what investors should consider before choosing between them.
Nestlé India reported a 35.9% year-on-year increase in consolidated net profit to ₹1,009.6 crore for the quarter ended September 2026. Its standalone net profit rose 36.2% to ₹1,026.8 crore.
In comparison, HUL reported a 6% year-on-year increase in net profit to ₹2,844 crore for the September quarter. The company also exceeded Street estimates of ₹2,777 crore.
On profit growth, Nestlé India clearly outpaced HUL during the quarter. However, HUL remained ahead in absolute earnings, reporting a quarterly profit nearly three times that of Nestlé India's consolidated net profit.
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