Fastest growth in forty quarters — so do not anchor the rate.

We lock a binary: Nestlé India's reported revenue from operations for Q2 FY2027 is INR 5,900 crore or higher. Confidence 92%.

Q1 FY2027 revenue was INR 6,378.18 crore. Our threshold sits about 7.5% below that. The lock is on the revenue LEVEL, and the reason it is not on the growth rate is the whole point of this brief.

Nestlé India grew revenue 25.16% year-on-year in Q1 FY2027. The company itself describes this as its highest revenue growth in the past forty quarters — ten years.

That fact is a warning, not an invitation. A growth rate that is the best in a decade is by definition an outlier, and outliers are the worst possible anchor for a forward forecast. Some of that 25% is genuine demand — rural penetration, quick-commerce momentum, double-digit growth in all four product groups — but a rate that extreme almost always carries a favourable comparative underneath it, and comparatives normalise.

A lock written as Nestlé India Q2 growth above 15% would therefore be a forecast about the shape of last year's base as much as about this year's business. If Q2 FY2026 was a stronger quarter than Q1 FY2026, the same rupees of revenue produce a much smaller percentage, and the lock fails for a reason that has nothing to do with how Nestlé India performed.

So this brief locks the LEVEL. INR 5,900 crore of revenue is INR 5,900 crore of revenue regardless of what the prior-year quarter did, and it survives the growth rate normalising from 25% to something ordinary — which it almost certainly will.

Coverage of the quarter reported net profit as INR 958.68 crore, up 48.26% from INR 646.59 crore, and separately as INR 975 crore. Sales growth appeared as both 25.16% and 25.4%. Revenue from operations of INR 6,378.18 crore and domestic sales of INR 6,073.05 crore were consistent.

Under the standing rule — when sources conflict, lock the quantity they agree on — the criterion names revenue from operations and rules out the profit line entirely. This is the same treatment applied to Britannia at P-321 in the previous tranche, where two irreconcilable revenue figures pushed the lock onto the margin instead. Different company, different conflicted line, same discipline.

The support for the floor is breadth. Growth came from all four key product groups and across all channels, rather than one product or one route to market, and domestic sales of INR 6,073.05 crore make up the overwhelming majority of the total, so the lock is not exposed to the smaller and more volatile export line, up 35.64% to INR 290.22 crore.

Indian packaged foods revenue is also not strongly seasonal between the June and September quarters in the way steel or coal is, which is why the buffer here is 7.5% rather than the 36% taken for Tata Steel at P-326 in this same tranche.

The residual 8% is a sharp demand slowdown, a pricing reversal, or a channel correction as quick-commerce inventory normalises.