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Here's what every investor needs to know: The Trigger: New cigarette excise duty of 2,050-8,500 per 1,000 sticks (+ 40% GST) from Feb 1, 2026 The Damage: Stock down 23% from Feb 2025 peak 1.35 lakh crore market cap erased 6 major brokerage downgrades issued The Challenge: Cigarettes = 40% revenue but 80% profits Price hikes of 15-40% needed Volume loss to illicit trade threatens margins The Silver Lining: FMCG business growing 10% YoY 3.94% dividend yield remains attractive Diversified portfolio provides cushion Investment Takeaway: Short-term pain is real, but long-term investors might find value IF management navigates pricing successfully

But that seems like the sort of thing that would share a circuit

An estimated 200,000 to 2 million class members will receive payments

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