Granules India Ltd logo

Granules India Ltd

GRANULES NSE

Granules India Ltd and its subsidiaries are primarily involved in the manufacturing and selling of Active Pharma Ingredients (APIs), Pharmaceutical Formulation Intermediates (PFIs) and Finished Dosages.[1]

AI Verdict: BUY Confidence: 6%

Granules India shows strong recent momentum with 57% 1-year stock CAGR, 20% TTM sales growth, and 25% TTM profit growth. While valuation at 32.4x PE is stretched and historical profit CAGR of 2% over 5 years is weak, the overwhelming analyst consensus (87.5% Buy) and accelerating recent performance support a cautious Buy with medium-to-high risk.

Key Fundamentals

SmallcapPharmaceuticalsHealthcare
Market Cap
₹19,150 Cr
Volatility
Moderate
P/E Ratio
31.4
EBITDA
₹1,148 Cr
Return on Equity
12.57%
Debt to Equity
0.4
Book Value
₹205.21
EPS
₹20.3
52W High
₹804.3
52W Low
₹432.6

Technical Indicators

Key Insights

Weaknesses

5
  • Promoter holding has decreased over last quarter: -0.80%
  • The company has delivered a poor sales growth of 10.6% over past five years.
  • Company has a low return on equity of 13.7% over last 3 years.
  • Company might be capitalizing the interest cost
  • Dividend payout has been low at 7.84% of profits over last 3 years

Growth Rate

Revenue Growth
18.79% ↗
Net Income Growth
17.41% ↘
Cash Flow Change
97.21% ↗
ROE
7.40% ↘
ROCE
-5.42% ↘
EBITDA Margin (Avg.)
0.52% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 1d ago
BUY
Risk high

Granules India shows strong recent momentum with 57% 1-year stock CAGR, 20% TTM sales growth, and 25% TTM profit growth. While valuation at 32.4x PE is stretched and historical profit CAGR of 2% over 5 years is weak, the overwhelming analyst consensus (87.5% Buy) and accelerating recent performance support a cautious Buy with medium-to-high risk.

Bull Case 8
  • Strong analyst consensus with 87.5% Buy ratings (7 out of 8 analysts recommend Buy, zero Sell)
  • Exceptional 1-year stock CAGR of 57% indicating strong price momentum and market confidence
  • TTM sales growth accelerating to 20%, significantly above the 5-year compounded sales growth of 11%
  • TTM profit growth of 25% shows meaningful earnings acceleration versus 5-year CAGR of just 2%
  • 10-year compounded sales growth of 15% demonstrates long-term revenue scalability
  • 10-year compounded profit growth of 17% indicates structural profitability over longer cycles
  • 3-year stock CAGR of 39% reflects sustained multi-year re-rating by the market
  • Market cap of Rs 19,809 Cr provides adequate liquidity and institutional participation
Bear Case 8
  • PE ratio of 32.4x is elevated for a pharmaceutical company with only 14% ROE, leaving limited margin of safety
  • 5-year compounded profit growth of just 2% suggests recent earnings surge may not be sustainable
  • Low return on equity of 13.7% over 3 years indicates sub-optimal capital efficiency for a pharma company
  • Dividend payout of only 7.84% of profits over last 3 years signals poor shareholder return policy
  • Promoter holding decreased by 0.80% in the last quarter, signaling potential insider confidence concerns
  • 5-year sales growth of only 10.6% is poor for a mid-cap pharma company at this valuation multiple
  • Price-to-book ratio of 3.79x is demanding given the modest ROE profile of 14%
  • Possible capitalization of interest costs may be flattering reported earnings quality

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Headwinds 2
  • Four FDA 483 observations noted Jun 03

    USFDA inspection of Chantilly facility (Mar 30–Apr 3, 2026) resulted in four Form 483 observations, though classified as VAI requiring no mandatory action.

  • Gagillapur facility remediation ongoing Jun 03

    Following the Sep 2024 USFDA inspection of Gagillapur, remediation measures including full MES digitization are still underway with completion expected by end of CY26.

Positives 5
  • Strong Q4 FY26 financials Jun 03

    Consolidated net profit climbed 32.58% to ₹201.56 crore and revenue from operations increased 22.81% to ₹1,470.60 crore in Q4 FY26.

  • Chantilly facility gets USFDA EIR Jun 03

    Granules Pharmaceuticals received an Establishment Inspection Report with VAI classification for its Chantilly, Virginia facility, indicating successful closure with no enforcement action required.

  • Emkay maintains Buy at ₹900 Jun 03

    Emkay reiterated a Buy call with ₹900 target price, citing progress on remediation and peptide CDMO growth potential from the India R&D unit.

  • ADHD generic with 180-day exclusivity Jun 03

    USFDA tentative approval received for generic amphetamine extended-release tablets (5–20 mg) with 180-day exclusivity eligibility, following a Dec 22, 2025 approval for ODT formulations.

  • Stock up 27% YTD Jun 03

    Granules India shares have gained more than 27% year-to-date, with the stock closing at ₹789.95 on Jun 3 after a 1.69% daily gain.

Neutral 3
  • London investor meet Jun 23–24 Jun 15

    Granules India will hold an analyst and investor meeting in London on June 23–24, 2026, with no unpublished price-sensitive information to be shared.

  • Hyderabad analyst meet Jun 3 May 28

    Granules India scheduled a tentative analyst/investor meeting on June 3, 2026, in Hyderabad with no UPSI to be disclosed.

  • Five NSE block trades executed May 27

    Five block trades recorded on NSE at ₹760–₹784.10 per share, with the largest transaction valued at ₹118.48 crore involving approximately 15.6 lakh shares.

TL;DR: Granules India is executing well on both financials (32.6% profit growth, 22.8% revenue growth in Q4 FY26) and regulatory fronts, with the Chantilly VAI classification removing a key overhang. The ADHD generic pipeline with exclusivity eligibility adds medium-term upside. Key risks remain around ongoing Gagillapur remediation and the four observations at Chantilly, though neither requires mandatory action. The trend is clearly improving with strong YTD performance and positive brokerage sentiment pointing to continued momentum.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
1,196
986
1,189
1,156
1,176
1,180
967
1,138
1,197
1,210
1,297
1,388
1,471
Expenses
967
849
977
905
920
921
763
907
945
963
1,019
1,080
1,119
Operating Profit
228
137
213
250
256
259
203
230
252
247
278
308
352
OPM %
19%
14%
18%
22%
22%
22%
21%
20%
21%
20%
21%
22%
24%
Other Income
3
0
2
1
2
2
3
6
33
-10
-1
-4
25
Interest
19
22
26
29
29
27
26
27
24
24
29
29
33
Depreciation
49
49
53
52
53
53
53
57
64
69
72
74
82
PBT
164
65
136
170
176
181
128
153
198
145
176
202
262
Tax %
27%
27%
25%
26%
26%
26%
24%
23%
23%
22%
26%
26%
23%
Net Profit
120
48
102
126
130
135
97
118
152
113
131
150
202
EPS in Rs
4.94
1.98
4.21
5.18
5.35
5.56
4.01
4.85
6.27
4.64
5.38
6.19
8.13
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
1,292
1,357
1,411
1,685
2,279
2,599
3,238
3,765
4,512
4,506
4,482
5,366
Expenses
1,082
1,081
1,112
1,406
1,895
2,073
2,382
3,038
3,597
3,648
3,534
4,181
Operating Profit
210
276
299
278
384
526
856
727
915
858
948
1,185
OPM %
16%
20%
21%
17%
17%
20%
26%
19%
20%
19%
21%
22%
Other Income
3
5
35
27
75
90
26
13
12
2
41
10
Interest
32
37
32
33
28
27
26
23
56
106
103
114
Depreciation
53
58
72
76
105
137
151
159
184
207
226
296
PBT
128
186
230
196
326
451
704
558
687
547
660
785
Tax %
29%
33%
28%
32%
27%
26%
22%
26%
25%
26%
24%
24%
Net Profit
91
123
165
133
236
335
549
413
517
405
502
595
EPS in Rs
4.45
5.68
7.19
5.22
9.3
13.19
22.18
16.64
21.34
16.72
20.68
24.01
Div. Payout %
11%
11%
13%
19%
11%
8%
7%
9%
7%
9%
7%
7%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
20
22
23
25
25
25
25
25
24
24
24
25
Reserves
411
640
881
1,279
1,504
1,818
2,149
2,562
2,811
3,201
3,691
5,060
Borrowings
482
641
656
978
991
892
849
1,106
1,136
1,315
1,455
1,512
Other Liabilities
289
260
319
388
458
487
690
819
932
957
1,051
1,123
Total Liabilities
1,203
1,563
1,879
2,670
2,979
3,223
3,713
4,512
4,903
5,498
6,221
7,720
Fixed Assets
617
560
644
777
944
1,204
1,332
1,541
1,911
2,096
2,426
3,253
CWIP
62
77
267
515
496
294
239
356
239
272
440
406
Investments
0
70
108
157
210
19
19
20
21
22
22
1
Other Assets
524
856
859
1,222
1,328
1,706
2,123
2,594
2,732
3,109
3,333
4,059
Total Assets
1,203
1,563
1,879
2,670
2,979
3,223
3,713
4,512
4,903
5,498
6,221
7,720
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
150
151
188
-1
262
476
432
332
739
439
867
793
Investing
-146
-162
-326
-462
-270
-160
-277
-379
-192
-358
-689
-773
Financing
19
86
56
529
-17
-213
-299
190
-440
8
-93
379
Net Cash Flow
24
75
-82
66
-25
103
-144
143
107
90
85
399
Free Cash Flow
3
-10
-127
-447
-17
292
161
-65
328
61
297
239
CFO/OP
87
72
83
21
91
113
73
66
100
73
107
87
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
39
101
108
136
108
93
86
90
77
80
77
62
Inventory Days
110
128
145
114
112
125
205
190
182
235
284
326
Days Payable
92
91
116
112
94
102
142
124
124
135
154
131
Cash Conversion Cycle
57
138
137
138
126
116
150
156
135
179
207
256
Working Capital Days
6
9
-2
42
48
63
62
44
36
35
42
49
ROCE %
19%
20%
18%
12%
15%
17%
25%
17%
19%
15%
15%
15%

Shareholding Pattern

As of Mar 2026
Promoters 38.02%
Public 19.09%
DIIs 17.01%
FIIs 15.31%
Others 10.58%
Total 100.01%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Oct 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Feb 2026Mar 2026
Promoters
42.04%
42.04%
42.04%
41.98%
41.98%
41.98%
41.93%
42.02%
42.02%
42.02%
42.02%
41.96%
41.96%
41.96%
38.87%
38.87%
38.85%
38.84%
38.82%
38.82%
38.82%
38.02%
38.02%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
19.57%
20.39%
19.49%
15.87%
15.15%
0.00%
14.09%
13.55%
13.79%
15.31%
DIIs
1.50%
2.86%
2.77%
4.34%
3.97%
3.03%
4.32%
4.23%
4.76%
5.03%
6.68%
6.85%
10.14%
10.70%
14.12%
14.86%
19.57%
22.45%
22.74%
17.92%
17.48%
18.51%
17.01%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
26.21%
29.74%
27.00%
24.99%
24.55%
25.26%
21.72%
21.60%
20.74%
21.13%
21.91%
21.11%
20.39%
19.38%
18.78%
18.29%
17.45%
16.07%
16.54%
18.28%
19.19%
19.31%
19.09%
Others
30.26%
25.36%
28.19%
28.69%
29.49%
29.73%
32.03%
32.15%
32.49%
31.82%
29.39%
30.07%
27.51%
8.39%
7.84%
8.49%
8.27%
7.50%
21.89%
10.89%
10.96%
10.38%
10.58%
No. of Shareholders
0
1,93,871
2,61,165
2,39,520
2,16,385
2,10,785
2,14,539
2,16,055
2,02,329
1,90,894
2,01,054
2,07,055
1,90,691
1,82,142
1,79,870
2,02,198
1,77,554
1,69,802
1,69,700
1,65,542
1,63,184
1,63,818
1,60,286

Documents

1
Concall - May 2017 May 2017
2
Concall - Aug 2017 Aug 2017
3
Concall - Nov 2017 Nov 2017
4
Concall - Feb 2018 Feb 2018
5
Concall - May 2018 May 2018

Frequently Asked Questions about Granules India Ltd

What does Granules India Ltd do?
Granules India Ltd and its subsidiaries are primarily involved in the manufacturing and selling of Active Pharma Ingredients (APIs), Pharmaceutical Formulation Intermediates (PFIs) and Finished Dosages.[1]
Where is Granules India Ltd (GRANULES) listed?
Granules India Ltd is listed on the Indian stock exchanges. It is listed on NSE: GRANULES and BSE: 532482. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Granules India Ltd belong to?
Granules India Ltd operates in the Healthcare sector within the Pharmaceuticals & Biotechnology industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Granules India Ltd?
Granules India Ltd has a market capitalisation of approximately ₹19149.75 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Granules India Ltd?
The Price-to-Earnings (PE) ratio of Granules India Ltd is 31.40. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Granules India Ltd?
Over the past 52 weeks, Granules India Ltd has traded between a low of ₹432.6 and a high of ₹804.3. This range helps investors understand the stock's price volatility and recent trading levels.
Does Granules India Ltd pay dividends?
Yes, Granules India Ltd has a dividend yield of 0.23%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Granules India Ltd?
Granules India Ltd has a Return on Equity (ROE) of 12.57%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Granules India Ltd on Tapetide?
On Tapetide, you can view Granules India Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Granules India Ltd and its subsidiaries are primarily involved in the manufacturing and selling of Active Pharma Ingredients (APIs), Pharmaceutical Formulation Intermediates (PFIs) and Finished Dosages.[1]

Website granulesindia.com
CEO Dr. Krishna Prasad Chigurupati B.Sc.
Employees 4,066
Listed 2005-06-20
Face Value ₹ 1
Issued Size 24,26,68,716

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