Granules
Granules
HealthcareKey Fundamentals
SmallcapPharmaceuticalsHealthcareTapetide Score
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Key Insights
Weaknesses
5- Promoter holding has decreased over last quarter: -0.63%
- 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
Growth Rate
AI Analysis — Bull vs Bear
Granules India has a market capitalisation of about ₹21,073 Cr and trades at a P/E of 35.2x and a P/B of 3.77x. Recent results have picked up, with TTM sales growth of 25% and TTM profit growth of 36%. Longer-term growth has been weaker: profit compounded at 5% over 3 years and 2% over 5 years, and 3-year ROE averaged about 14%. The stock has returned 68% over the past year, which is ahead of its multi-year earnings growth.
- Recent results have accelerated. TTM sales grew 25%, compared with a 3-year sales CAGR of 6%, which suggests a sharp pickup in the business.
- TTM profit grew 36%, well above the 3-year profit CAGR of 5%. Profit is growing faster than sales, which points to operating leverage or better margins in the latest period.
- The long-term record is solid. Sales compounded at 15% and profit at 17% over 10 years, which shows the business has grown steadily across a full cycle.
- The 10-year average ROE of 17% shows the company has earned higher returns on capital before. Recent momentum could help it move back toward that level from the current ~14%.
- The stock has done well over every period shown: 68% CAGR over 1 year, 35% over 3 years and 22% over both 5 and 10 years.
- A P/B of 3.77x is moderate for a pharma company with a 10-year ROE of 15-17%. The valuation is not at an extreme premium to book value.
- The company paid out only 7.84% of profits as dividends over 3 years. It kept most of its earnings to reinvest in capacity and growth, which could support future expansion if returns hold up.
- Profit growth over the medium term has been weak. The 5-year profit CAGR is only 2% and the 3-year CAGR is 5%, far below the 36% TTM figure, so it is unclear whether the recent pickup will last.
- A P/E of 35.2x is high compared with a 5-year profit CAGR of 2%. The current price already assumes that the recent strong growth will continue.
- Returns on capital are modest. ROE averaged 13.6% over 3 years and was 14% last year, below the 10-year average of 17%. P/E divided by P/B (35.2/3.77) implies an ROE of roughly 10.7% on current book value.
- Sales grew only 10.6% a year over five years and 6% a year over three years. That is slower than the 15% 10-year CAGR, so growth has slowed in recent years.
- The company may be capitalising interest costs. If so, reported profits could look better than they would under full expensing, and the true cost of recent capex may be understated.
- Promoter holding fell by 0.63% in the last quarter. That is a small drop, but investors watch promoter holding as a signal of insider confidence.
- The stock's 68% one-year return is well ahead of its 3-year profit CAGR of 5%. Much of the gain has come from a higher valuation multiple rather than growth in earnings.
- The dividend yield is 0.21% and the payout ratio is 7.84%, so shareholders get very little cash income while they wait for reinvestment to pay off.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Founder sells 6.94% via block Sep 12
Promoter Dr. Krishna Prasad Chigurupati sold 1.72 crore shares in a block deal on Sep 11, 2026, cutting his holding to 24.06% from 31.00%. Institutional investors took the shares, but a large founder exit can create a near-term overhang.
- Promoter group buys 9.12% stake Sep 25
Promoter group member Uma Devi Chigurupati bought 2.48 crore shares on the open market on Sep 16, 2026, raising her holding to 12.51%. The 9.12% purchase is larger than the 6.94% sold on Sep 11, so the promoter group's combined stake appears to have risen by about 2.2 percentage points.
- Strategy pivot to peptide CDMO Sep 26
The Sep 29, 2026 IIFL Capital webinar will cover Granules' transformation journey, with a focus on controlled substances and peptide CDMO. These are higher-margin, specialty areas compared with its core paracetamol and metformin API business.
- Back-to-back investor meets Sep 23
Granules is meeting analysts and investors in Hyderabad on Sep 18, 2026 and in New Delhi on Sep 28, 2026, both disclosed under SEBI LODR Regulation 30. The company says no unpublished price-sensitive information will be shared.
- IIFL webinar scheduled Sep 29 Sep 26
Granules India will host an IIFL Capital webinar on Sep 29, 2026. This is routine investor engagement and should not move the stock by itself.
TL;DR: Granules' promoter stake moves look like a reshuffle within the family. The founder sold 6.94% on Sep 11, and a group member bought 9.12% on Sep 16, so the group's total stake rose by about 2.2 percentage points. That points to continued promoter confidence rather than an exit. The main risk is reduced holding by the founder himself and possible supply from institutions that bought in the block deal, though the stepped-up investor outreach around controlled substances and peptide CDMO suggests the company is pushing a higher-value story. The outlook is steady to improving, and investors should watch whether the specialty and CDMO plans show up as actual revenue and margin gains in coming quarters.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Documents
Frequently Asked Questions about Granules
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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]
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