External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Thematic (Sector/Industry)

<ul><li>Market Performance - Broader Market Continues to Outperform:</li><li>Indian equities entered Sep’26 with a fundamentally stronger earnings backdrop but a less supportive global liquidity and valuation environment.</li><li>Corporate earnings for Q1FY27 have been among the strongest witnessed in the last ten quarters, yet benchmark indices have struggled to sustain momentum and have experienced corrections from recent highs.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Market Performance - Broader Market Continues to Outperform:Indian equities entered Sep’26 with a fundamentally stronger earnings backdrop but a less supportive global liquidity and valuation environment.Corporate earnings for Q1FY27 have been among the strongest witnessed in the last ten quarters, yet benchmark indices have struggled to sustain momentum and have experienced corrections from recent highs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis Top Picks for the month of September 2026

Equity Bottom-Up

<ul><li>Nestlé reported an 18.5% YoY growth in revenue, supported by its strongest volume expansion in nearly five years.</li><li>Performance was driven by double-digit growth in confectionery and MAGGI noodles, along with robust growth in beverages and prepared dishes, while the Milk &amp; Nutrition portfolio delivered mid-single-digit growth.</li><li>Management attributed the strong quarter to capacity additions, sustained brand investments, market recovery, and benefits from GST-related changes. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nestlé reported an 18.5% YoY growth in revenue, supported by its strongest volume expansion in nearly five years.Performance was driven by double-digit growth in confectionery and MAGGI noodles, along with robust growth in beverages and prepared dishes, while the Milk &amp; Nutrition portfolio delivered mid-single-digit growth.Management attributed the strong quarter to capacity additions, sustained brand investments, market recovery, and benefits from GST-related changes. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nestle India Ltd - Steller Topline Growth; Margins Under Pressure

<ul><li>Growth stays strong, margins diverge: The FMCG sector witnessed a healthy start to FY27, with most companies delivering high-single to doubledigit topline growth, supported by resilient consumption and calibrated pricing.</li><li>The recovery remained broad-based, aided by the GST rate cut, improving consumer sentiment, premiumisation and deeper distribution.</li><li>A second consecutive quarter of sequential improvement indicates that the demand environment is gradually strengthening. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Growth stays strong, margins diverge: The FMCG sector witnessed a healthy start to FY27, with most companies delivering high-single to doubledigit topline growth, supported by resilient consumption and calibrated pricing.The recovery remained broad-based, aided by the GST rate cut, improving consumer sentiment, premiumisation and deeper distribution.A second consecutive quarter of sequential improvement indicates that the demand environment is gradually strengthening. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Stellar Performance: Nestlé posted a healthy ~11% YoY revenue increase, supported by robust double-digit growth in confectionery, beverages, and prepared dishes, alongside solid volume traction in MAGGI noodles.</li><li>The Milk and Nutrition portfolio remained mixed.</li><li>EBITDA rose ~6% YoY, though margins compressed by 105 bps to 22%, weighed down by a 216-bps decline in gross margins amid higher input costs and increased operational expenses from capacity expansion.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Stellar Performance: Nestlé posted a healthy ~11% YoY revenue increase, supported by robust double-digit growth in confectionery, beverages, and prepared dishes, alongside solid volume traction in MAGGI noodles.The Milk and Nutrition portfolio remained mixed.EBITDA rose ~6% YoY, though margins compressed by 105 bps to 22%, weighed down by a 216-bps decline in gross margins amid higher input costs and increased operational expenses from capacity expansion.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nestle India Ltd. - Strong Topline Growth, Margins Under Pressure; Maintain BUY

<ul><li>Balancing External Risks with Domestic Fundamentals: The Q1FY27 earnings season unfolds against a backdrop of relatively better global conditions, making corporate earnings and management commentary increasingly important for market direction.</li><li>While external uncertainties, including elevated crude oil prices, a relatively weaker Indian rupee, geopolitical developments, and evolving global trade dynamics, remain key monitorable factors.</li><li>Although oil prices have moderated from the peaks seen during recent geopolitical events, they remain vulnerable to supply disruptions, keeping inflationary pressures and input costs elevated. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Balancing External Risks with Domestic Fundamentals: The Q1FY27 earnings season unfolds against a backdrop of relatively better global conditions, making corporate earnings and management commentary increasingly important for market direction.While external uncertainties, including elevated crude oil prices, a relatively weaker Indian rupee, geopolitical developments, and evolving global trade dynamics, remain key monitorable factors.Although oil prices have moderated from the peaks seen during recent geopolitical events, they remain vulnerable to supply disruptions, keeping inflationary pressures and input costs elevated. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

Nestle India Limited is the Indian subsidiary of the Swiss multinational company Nestlé, operating as a prominent player in India's Fast-Moving Consumer Goods (FMCG) industry. The company manufactures and sells a diverse range of food products, beverages, chocolates, and confectioneries, with key brands including Maggi, Nescafé, and KitKat. Nestle India Limited was incorporated on March 28, 1959, and is headquartered in Gurugram, Haryana, India.

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Nestle India (NEST IN)

Axis Top Picks for the month of September 2026

Indian equities entered Sep’26 with a fundamentally stronger earnings backdrop but a less supportive global liquidity and valuation environment.

Axis Direct

Nestle India Ltd - Steller Topline Growth; Margins Under Pressure

Nestlé reported an 18.5% YoY growth in revenue, supported by its strongest volume expansion in nearly five years. Performance was driven by double...

Axis Direct

High Conviction Ideas:FMCG

The FMCG sector witnessed a healthy start to FY27, with most companies delivering high-single to doubledigit topline growth, supported by resilient...

Axis Direct

Nestle India Ltd. - Strong Topline Growth, Margins Under Pressure; Maintain BUY

Nestlé posted a healthy ~11% YoY revenue increase, supported by robust double-digit growth in confectionery, beverages, and prepared dishes...

Axis Direct

Q1FY27 Consolidated Earnings Preview

The Q1FY27 earnings season unfolds against a backdrop of relatively better global conditions, making corporate earnings and management commentary...

Axis Direct

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