Britannia falls 2.13% to Rs 4,780.00, near 52-week low

Britannia Industries Limited fell 2.13 percent on 7 October to close at Rs 4,780.00 on NSE, 1.0 percent above its 52-week low of Rs 4,734.10. I found no filing that explains the fall. Q1 FY27 numbers (consolidated, 6 August): - Revenue: Rs 5,000 crore, up 8.2% from Rs 4,622 crore - EBITDA: Rs 840 crore, up 11% from Rs 757 crore; margin 16.8% vs 16.4% - PAT: Rs 591 crore, up 14% from Rs 520 crore - Management exited the quarter at mid-teens revenue growth; fuel and shipment costs rose steeply EBITDA missed the Street's Rs 870 crore; revenue matched. The shares were Rs 5,404 the day after the results and are down 12 percent since. Nifty FMCG made a 52-week low of 44,202 on 1 October on weak rural demand and higher palm oil costs. Britannia [][***** shares closed at Rs 4,719.58 on 7 October on StockGro (NSE Rs 4,780.00), down 19.49 percent in a year, 24 percent below the NSE 52-week high of Rs 6,271.00. P/E 43.66; PEG 2.68; sector P/E near 30. My view: hold, not a fresh entry. A 24 percent fall has not made it cheap: 43.7x trailing against a sector near 30, for 8 percent revenue growth, and growth does not cover the multiple at PEG 2.68. Profit grew 14 percent with a 40 bps margin gain behind it, and EBITDA still missed. Holders stay into Q2 results (date not out; last year 5 November). Fresh money waits for Q2 revenue growth near the mid-teens exit rate and an EBITDA margin at or above 16.8 percent. Support Rs 4,734.10 (NSE 52-week low); resistance Rs 4,892.50 (6 October high). My exit is a close below Rs 4,734.10, or a Q2 EBITDA margin under 16.4 percent. Disclosure: Vijay Kumar Gupta, SEBI Registered Research Analyst, INH000020226, Vijay Gupta Advisory. SEBI registration and NISM certification do not guarantee performance or assure returns. Securities markets are subject to market risks. No holdings in the subject company.