No dividend or forward guidance was issued, and technical indicators show limited upside unless ₹770 is breached.
GM Breweries shares fell over 3% on Tuesday after the company reported its first quarter (Q1 FY26) earnings.
SEBI-registered analyst Lalit Mundhra noted that while the headline numbers were stable year-on-year (YoY), it took a hit quarter-on-quarter (QoQ) due to a drop in other income.
Q1 revenues rose 6.23% YoY to ₹638 crore, while they declined 3.78% QoQ. Profits rose by 4% to ₹25.86 crore (YoY), and fell 57.2% (QoQ) due to lower non-operating income.
Other income was reported at ₹5.13 crore vs ₹3.63 crore (YoY), and ₹40.42 crore (QoQ).
Mundhra highlighted that operating margins were relatively stable, while a one-off base effect impacted net margin. No dividend or guidance was declared.
On the technical charts, the stock faced resistance at the 61.8% Fibonacci retracement level from its last swing move. He identified the next support at ₹709, and sees upside only above ₹770 for GM Breweries.
GM Breweries shares have declined 10% year-to-date (YTD).
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