Mrs Bectors Food Specialities (BECTORS IN) Q4 revenue grew 8.9% YoY, broadly in line, supported by recovery in domestic biscuits, partly offset by muted exports due to peak US tariff impact and March softness in retail bakery due to Navratri. Management expects growth to improve in FY27, driven by low-to-mid teens growth in biscuits, while bakery should grow mid-teens on new market entry, portfolio expansion and QSR/institutional revival. We cut FY27E/FY28E earnings by 12%/8% but maintain Buy with revised TP of Rs 240 at 35x FY28E P/E,...