NSE: GRANULES · BSE: 532482
GRANULES INDIA LIMITED
Manufactures and sells generic pharmaceutical finished dosage formulations (tablets, capsules and other oral solids), which made up 74% of consolidated revenue in Q1 FY27. The complex-generics portion of the finished-dosage book has risen to 50% (from 39% a year earlier), and the company now holds two Sole First-to-File ANDA approvals that grant 180-day US market exclusivity — Sodium Oxybate Extended-Release Oral Suspension (generic of LUMRYZ for narcolepsy) and Amphetamine Extended-Release Tablets. Alongside finished dosages, it makes Active Pharmaceutical Ingredients (13% of Q1 FY27 revenue), Pharma Formulation Intermediates (9%), and runs a peptide Contract Development and Manufacturing Organization through the acquired Senn Chemicals AG, which grew more than 100% year-on-year and contributed 4% of revenue. Manufacturing spans eight facilities; seven have a clean Establishment Inspection Report from the USFDA, with 9 product launches and 25 ANDAs sitting behind the Gagillapur facility's pending reinspection. R&D spending ran at about 6% of sales in Q1 FY27, and FY27 capex is guided at ₹600 crore, including roughly ₹300 crore phased over multiple years for a peptide intermediates and API plant in India. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Finished Dosages (74%), Active Pharmaceutical Ingredients (API) (13%), Pharma Formulation Intermediates (PFI) (9%), Peptide CDMO (4%). Asset-heavy generic pharma manufacturer shifting mix toward complex generics and adding a peptide CDMO vertical.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,765 | 4,512 | 4,506 | 4,482 | 5,366 |
| EBITDA (ex other income) | 722 | 914 | 856 | 976 | 1,175 |
| margin % | 19.2 | 20.3 | 19.0 | 21.8 | 21.9 |
| Owners' profit | 413 | 517 | 426 | 502 | 595 |
| EPS, as reported (₹) | 16.66 | 21.05 | 16.73 | 20.69 | 24.47 |
| ROE % · ROCE % | 16.0 · 20.2 | 18.2 · 24.0 | 12.6 · 19.0 | 13.5 · 18.0 | 11.7 · 16.0 |
| Debt / equity (x) | 0.42 | 0.37 | 0.38 | 0.35 | 0.26 |
| Cash from operations | 332 | 739 | 439 | 867 | 793 |
| Capex | (398) | (411) | (381) | (572) | (558) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 967 | 1,138 | 1,197 | 1,210 | 1,297 | 1,388 | 1,471 | 1,477 |
| Profit before tax | 128 | 153 | 198 | 145 | 176 | 202 | 262 | 240 |
| Net profit | 97 | 118 | 152 | 113 | 131 | 150 | 202 | 180 |
| EPS (₹) | 4.01 | 4.85 | 6.27 | 4.64 | 5.38 | 6.19 | 8.23 | 7.26 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,21,677 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,53,976 | 87.0 | 15.15 | 65.5 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,54,957 | 73.1 | 8.81 | 38.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| LAURUS LABS LIMITED | 1,17,877 | 107.7 | 21.70 | 65.6 | 16.4 | 17.2 | 7.2 | 32.0 |
| ZYDUS LIFESCIENCES LTD | 1,17,315 | 26.2 | 3.97 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| DR. REDDY S LABORATORIES | 1,11,506 | 34.5 | 2.92 | 14.9 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,10,320 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,02,829 | 50.3 | 6.21 | 28.3 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 30.9 | 30.8 | 81 of 158 | 49% |
| P/B | 4.1 | 3.1 | 101 of 163 | 38% |
| ROCE | 13.9 | 10.8 | 72 of 183 | 61% |
| ROE | 11.7 | 9.8 | 69 of 166 | 59% |
| Debt / Equity | 0.3 | 0.2 | 108 of 166 | 35% |
| EBITDA margin | 23.1 | 17.5 | 61 of 165 | 63% |
| Revenue growth | 22.0 | 16.3 | 64 of 161 | 61% |
| Profit growth | 59.8 | 30.9 | 56 of 158 | 65% |
| Market cap | 20753 | 806 | 26 of 181 | 86% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Q2 and H1 FY27 earnings call scheduled for November 2, 2026 | board shareholder meetings | low | — | — |
| 24 Oct 2026 · Promoter group receives warrants equal to 9.16% of Granules equity | ownership changes | high | — | — |
| 24 Oct 2026 · Promoter group stake rises to 37.39% after warrant conversion | ownership changes | high | — | — |
| 24 Oct 2026 · Promoter sells 1.72 crore Granules shares, cutting stake to 24.06% | ownership changes | high | — | — |
| 23 Oct 2026 · Board to consider Q2 and half-year results on November 2, 2026 | results | low | — | — |
| 23 Oct 2026 · Granules India sets up 100% owned pharmaceutical subsidiary in Mexico | strategic transactions | medium | — | — |
| 7 Oct 2026 · Granules eyes potential first-to-file status for Ruxolitinib ER Tablets ANDA | compliance | low | — | — |
| 6 Oct 2026 · Granules India webinar outlines 2.0 growth plan, 2000 crore capex | investor communications | low | — | — |
| 2 Oct 2026 · Granules India incorporates wholly owned subsidiary in Brazil | strategic transactions | medium | — | — |
| 29 Sept 2026 · Audio recording of September 29 2026 webinar shared | investor communications | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.