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Granules India Ltd

GRANULES NSE

Key Fundamentals

SmallcapPharmaceuticalsHealthcare
Market Cap
₹21,250 Cr
Volatility
Moderate
P/E Ratio
31.84
EBITDA
₹1,206 Cr
Return on Equity
11.7%
Debt to Equity
0.3
Book Value
₹190.45
EPS
₹20.3
52W High
₹910
52W Low
₹451.95

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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52 extracted metrics + investor summaries across FY11–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Weaknesses

5
  • The company has delivered a poor sales growth of 10.6% over past five years.
  • Company has a low return on equity of 13.6% 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
  • Promoter holding has decreased over last 3 years: -4.01%

Growth Rate

Revenue Growth
19.84% ↗
Net Income Growth
18.64% ↗
Cash Flow Change
-8.46% ↘
ROE
-13.33% ↘
ROCE
-11.02% ↗
EBITDA Margin (Avg.)
4.97% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 6d ago
AI opinion · based on fundamentals
Risk medium

Granules India Ltd is a mid-cap pharmaceutical company with a market cap of ₹21,657 Cr trading at a PE of 32.6x. The stock has delivered a remarkable 99% return over the past year with TTM sales growth of 25% and profit growth of 36%, though longer-term compounded profit growth stands at only 2% over 5 years.

Bull Case 7
  • Strong TTM sales growth of 25% signals a meaningful acceleration from the 6% CAGR over the prior 3 years
  • TTM profit growth of 36% indicates improving operating leverage and margin expansion
  • Stock CAGR of 43% over 3 years and 99% over 1 year reflects strong market confidence in the business trajectory
  • 10-year compounded sales CAGR of 15% demonstrates a consistent long-term revenue growth track record
  • 10-year compounded profit CAGR of 17% shows the company has historically been able to grow earnings at a healthy rate
  • 10-year ROE average of 17% indicates the business has generated reasonable shareholder returns over longer cycles
  • 10-year stock CAGR of 21% suggests the company has rewarded long-term shareholders with above-market returns
Bear Case 8
  • 5-year compounded profit CAGR of just 2% reveals a prolonged period of earnings stagnation before the recent recovery
  • PE of 32.6x is elevated for a company with 5-year profit CAGR of only 2%, implying the stock prices in significant future growth
  • Promoter holding has decreased by 4.01% over the last 3 years, signaling potential lack of insider confidence
  • Dividend payout of only 7.84% of profits over the last 3 years with a yield of 0.2% offers negligible income to shareholders
  • 3-year ROE of 13.6% (per known cons) and last year ROE of 14% remain below the 10-year average of 17%, indicating sub-par capital efficiency
  • 5-year sales CAGR of only 10.6% (per known cons) reflects historically sluggish top-line growth relative to pharma peers
  • Price-to-book ratio of 4.58x is demanding for a business generating 14% ROE, suggesting limited margin of safety
  • Potential capitalization of interest costs may overstate reported profitability and asset quality

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

AI News Digest

Anthropic anthropic claude-opus-4.6 1h ago
Positives 2
  • Q1FY27 PAT surges 60% YoY Jul 21

    Granules India reported Q1FY27 PAT of INR 1,800 Mn, up 60% YoY, with revenue of INR 14,768 Mn (+22% YoY) and EBITDA of INR 3,389 Mn.

  • Dividend and board continuity approved Aug 6

    Shareholders approved a ₹0.0175 dividend and reappointed Ms. Priyanka Chigurupati at the 35th AGM on August 6, 2026.

Neutral 1
  • CSO transferred to subsidiary CEO Aug 13

    Chief Strategy Officer Sanjay Kumar moved to wholly owned subsidiary Ascelis Peptides Private Limited as CEO, effective August 13, 2026.

TL;DR: Granules India is delivering strong earnings momentum with 60% PAT growth and 22% revenue growth in Q1FY27, signaling robust demand and operational leverage. The company is investing in its peptides subsidiary with a leadership appointment, suggesting strategic diversification. No material headwinds are visible in recent news. The trend is clearly improving, and sustained execution on growth and margins will be key to watch in coming quarters.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
986
1,189
1,156
1,176
1,180
967
1,138
1,197
1,210
1,297
1,388
1,471
1,477
Expenses
849
977
905
920
921
763
907
945
963
1,019
1,080
1,119
1,138
Operating Profit
137
213
250
256
259
203
230
252
247
278
308
352
339
OPM %
14%
18%
22%
22%
22%
21%
20%
21%
20%
21%
22%
24%
23%
Other Income
0
2
1
2
2
3
6
33
-10
-1
-4
25
2
Interest
22
26
29
29
27
26
27
24
24
29
29
33
21
Depreciation
49
53
52
53
53
53
57
64
69
72
74
82
80
PBT
65
136
170
176
181
128
153
198
145
176
202
262
240
Tax %
27%
25%
26%
26%
26%
24%
23%
23%
22%
26%
26%
23%
25%
Net Profit
48
102
126
130
135
97
118
152
113
131
150
202
180
EPS in Rs
1.98
4.21
5.18
5.35
5.56
4.01
4.85
6.27
4.64
5.38
6.19
8.13
7.26
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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
5,632
Expenses
1,082
1,081
1,112
1,406
1,895
2,073
2,382
3,038
3,597
3,648
3,534
4,177
4,355
Operating Profit
210
276
299
278
384
526
856
727
915
858
948
1,188
1,277
OPM %
16%
20%
21%
17%
17%
20%
26%
19%
20%
19%
21%
22%
23%
Other Income
3
5
35
27
75
90
26
13
12
2
41
7
22
Interest
32
37
32
33
28
27
26
23
56
106
103
114
112
Depreciation
53
58
72
76
105
137
151
159
184
207
226
296
307
PBT
128
186
230
196
326
451
704
558
687
547
660
785
881
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
662
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
26.96
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
1,086
Total Liabilities
1,203
1,563
1,879
2,670
2,979
3,223
3,713
4,512
4,903
5,498
6,221
7,683
Fixed Assets
617
560
644
777
944
1,204
1,332
1,541
1,911
2,096
2,426
3,250
CWIP
62
77
267
515
496
294
239
356
239
272
440
410
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
4,022
Total Assets
1,203
1,563
1,879
2,670
2,979
3,223
3,713
4,512
4,903
5,498
6,221
7,683
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
-758
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
414
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%
16%

Shareholding Pattern

As of Jun 2026
Promoters 38.02%
Public 17.85%
FIIs 17.50%
DIIs 16.11%
Others 10.53%
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 2026Jun 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%
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%
17.50%
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%
16.11%
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%
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%
17.85%
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%
10.53%
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
1,69,422

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 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 ₹21249.83 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Granules India Ltd?
The Price-to-Earnings (PE) ratio of Granules India Ltd is 31.84. 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 ₹451.95 and a high of ₹910. 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 0.20%. 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 11.70%. 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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