Nestle India fell 5% post-Q1 as net profit declined 6.5% to ₹873 crore, despite a 4.5% revenue rise. Analyst Lalit Mundhra flagged high valuations at 70x FY26 earnings and warned of downside if the stock breaches ₹2,326. While Maggi volumes and e-commerce showed growth, sentiment remains cautious amid input cost and margin pressures.