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Granules India

GRANULES NSE
₹794.60 −3.00 (−0.38%)
P/E
29.47
View as Markdown
MCP
Close 4 Nov 2026 ₹794.60 +242.35 +43.9% 1Y
Start ₹552.25

Key Fundamentals

SmallcapPharmaceuticals & BiotechnologyHealthcare

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
15.50%
Debt to Equity
0.30
EPS (TTM)
₹26.96
Book Value
₹240.73
Market Cap
—
P/E (TTM)
29.47
P/B
3.30
ROE
13.80%
Dividend Yield
0.22%
EBITDA
₹1,206 Cr
52W High
₹923.65
52W Low
₹529.85
Day Range
₹770.75 – ₹800.80
Volume
13,05,340

Peer Comparison

Healthcare › Pharmaceuticals

Granules peer comparison
Sun Pharma
₹1,773.4038.81₹4,29,049 Cr4.770.90%16.00%20.50%₹61,631 Cr₹10,987 Cr
Divis Laboratories
₹10,037.5091.10₹2,65,269 Cr15.900.30%16.50%22.00%₹11,230 Cr₹2,925 Cr
Torrent Pharmaceuticals
₹4,738.5078.61₹1,77,061 Cr9.810.82%27.40%15.20%₹17,400 Cr₹2,099 Cr
Zydus Life Science
₹1,188.1026.44₹1,25,446 Cr4.370.08%21.20%21.10%₹28,592 Cr₹4,593 Cr
Laurus Labs
₹2,323.80114.81₹1,25,228 Cr20.720.04%18.30%17.80%₹7,270 Cr₹1,090 Cr
Dr Reddys Laboratories
₹1,374.0035.59₹1,14,543 Cr2.960.58%11.20%13.00%₹33,228 Cr₹3,184 Cr
Cipla
₹1,402.0033.59₹1,12,454 Cr3.200.93%11.60%15.50%₹28,324 Cr₹3,356 Cr
Granules (this company)
₹794.6029.47₹19,505 Cr3.300.22%13.80%15.50%₹5,632 Cr₹663 Cr
Median 8 companies₹1,587.7037.20₹1,25,337 Cr4.570.44%16.25%16.65%₹22,862 Cr₹3,055 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

51 Average

Data confidence 100/100

Category scores

Quality
47
Average
Returns, margins, earnings quality 22% weight
Valuation
63
Good
Cheap vs sector & own history 24% weight
Growth
70
Strong
Sales & profit trajectory 9% weight
Financial Health
39
Weak
Solvency, leverage, coverage 9% weight
Momentum
41
Weak
Trend strength, vol-adjusted 12% weight
Ownership
37
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

No strengths listed

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

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1063
OscillatorsBearish261
Moving AveragesStrong Bearish802

Key readings

RSI (14)
40.41
Neutral
MACD (12,26,9)
−7.58
Bearish
SMA (50)
840.32
Bearish
SMA (200)
741.67
Bullish

As of

Analyst Rating

Based on 7 analysts
BUY86%

6 of 7 analysts rate Buy, 1 Hold, 0 Sell.

As of

BUY
6
86%
HOLD
1
14%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+14.74%
5Y+10.63%
3Y+5.95%
1Y+19.72%
TTM+24.84%

Net profit

Net profit growth by window
10Y+17.07%
5Y+1.62%
3Y+4.80%
1Y+18.53%
TTM+38.13%

Operating cash flow

Operating cash flow growth by window
10Y+18.04%
5Y+12.92%
3Y+2.38%
1Y−8.54%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+1.80 pp
5Y−4.30 pp
3Y+1.86 pp
1Y+0.99 pp
TTM+2.01 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹1,411 Cr
Mar 2018₹1,685 Cr
Mar 2019₹2,279 Cr
Mar 2020₹2,599 Cr
Mar 2021₹3,238 Cr
Mar 2022₹3,765 Cr
Mar 2023₹4,512 Cr
Mar 2024₹4,506 Cr
Mar 2025₹4,482 Cr
Mar 2026₹5,366 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹165 Cr
Mar 2018₹133 Cr
Mar 2019₹236 Cr
Mar 2020₹335 Cr
Mar 2021₹549 Cr
Mar 2022₹413 Cr
Mar 2023₹517 Cr
Mar 2024₹405 Cr
Mar 2025₹502 Cr
Mar 2026₹595 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹375 Cr +14.9% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk medium

Granules India Ltd trades at ₹820.7 as of 2026-11-02 with a market cap of ₹20,718.3 Cr and a P/E (TTM) of 30.44. The company has shown a sharp TTM profit growth of 36% and a 10-year compounded sales CAGR of 15%, though its 5-year profit CAGR of 2% and low dividend payout raise questions about consistency and capital allocation.

Bull Case 8
  • TTM profit growth of 36% signals a strong recent earnings recovery, well above the 3-year compounded profit growth of 5%
  • 10-year compounded sales CAGR of 15% demonstrates a long track record of sustained revenue expansion
  • TTM sales growth of 25% indicates accelerating top-line momentum
  • Debt-to-equity ratio of 0.3 as of 2026-11-02 reflects a conservatively leveraged balance sheet
  • Stock price CAGR of 44% over 1 year and 21% over 10 years shows strong long-term wealth creation
  • ROCE of 15.98% as of 2026-11-02 suggests reasonably efficient deployment of total capital
  • The stock has rallied roughly 55% from its 52-week low of ₹529.85, reflecting positive market sentiment
  • 10-year average ROE of 17% indicates the company has historically generated healthy returns on shareholder equity
Bear Case 7
  • P/E (TTM) of 30.44 as of 2026-11-02 is elevated for a pharmaceutical company, demanding sustained high earnings growth to justify the valuation
  • 5-year compounded profit CAGR of just 2% highlights inconsistent bottom-line performance despite the recent TTM spike
  • Dividend payout has been low at 7.84% of profits over the last 3 years, with a current yield of only 0.21%, offering minimal income to shareholders
  • Promoter holding decreased by 0.63% in the last quarter, which may signal reduced insider confidence
  • 3-year ROE of approximately 14% and current ROE of 11.7% show a declining trend from the 10-year average of 17%
  • Price-to-book ratio of 3.62 as of 2026-11-02 is relatively rich, implying the market is pricing in significant future growth
  • The company might be capitalizing interest costs, which could overstate reported profitability and asset values

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

AI News Digest

9h ago

TL;DR: Granules India delivered strong Q2FY27 results with 39% profit growth, 20% revenue growth, and a shift to net cash, continuing the momentum from Q1 where profit jumped 60% YoY. The key risk is the 11 FDA observations at Gagillapur — the first inspection since the Feb 2025 Warning Letter — though the absence of data integrity or cross-contamination flags is reassuring. The stock's 35% YTD gain reflects market confidence in the operational turnaround. The FDA response quality over the next 15 days will be a near-term catalyst or overhang.

Headwinds 1
  • FDA issues 11 observations Oct 31

    USFDA concluded a GMP inspection of the Gagillapur finished dosage facility (Oct 19–30, 2026) and issued Form 483 with 11 observations. This is the first inspection since the Warning Letter of Feb 26, 2025; the company must respond within 15 business days.

Positives 4
  • Q2FY27 profit up 39% YoY Nov 2

    Consolidated net profit rose 39.2% YoY to ₹1,818 million in Q2FY27. Revenue crossed ₹1,500 crore at ₹15,600 million (up 20% YoY) and EBITDA margin held at 21.64% despite higher input costs.

  • Net cash position achieved Nov 2

    Net debt shifted to a net cash position of ₹8,280 million, aided by warrant proceeds, strengthening the balance sheet considerably.

  • No data integrity concerns Oct 31

    None of the 11 FDA observations related to data integrity or cross-contamination. The company confirmed no impact on manufacturing or distribution from the site.

Neutral 2
  • FDA response due in 15 days Oct 30

    Granules will submit a comprehensive response to the USFDA within 15 business days addressing observations around investigations, change control, process qualification, and documentation practices.

  • Q2FY27 earnings call uploaded Nov 2

    The company uploaded the Q2FY27 earnings call audio recording per SEBI regulations.

Quarterly Results

₹ Cr
GRANULES quarterly results, ₹ crore
Particulars 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 (₹)
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

₹ Cr
GRANULES profit and loss, annual, ₹ crore
Particulars 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 (₹)
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

₹ Cr
GRANULES balance sheet, annual, ₹ crore
Particulars 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

Cash Flow

₹ Cr
GRANULES cash flow, annual, ₹ crore
Particulars 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

Ratios

GRANULES financial ratios, annual
Particulars 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%

Insights

Beta

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

Log in to view Granules insights

70 extracted metrics across FY10–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 37.39%
  • FIIs 20.25%
  • Public 17.94%
  • DIIs 15.33%
  • Others 9.10%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Granules India

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.
Where is Granules India Ltd (GRANULES) listed?
Granules India Ltd trades as GRANULES on the NSE and under code 532482 on the BSE.
Which sector does Granules India Ltd belong to?
Granules India Ltd is classified under the Healthcare sector, in the Pharmaceuticals industry.
What is the PE ratio of Granules India Ltd?
Granules India Ltd trades at a PE ratio of 29.47 as of 4 Nov 2026, on earnings per share of ₹26.96, against a book value of ₹240.73 per share.
What is the 52-week high and low of Granules India Ltd?
Over the last 52 weeks Granules India Ltd has traded between ₹529.85 and ₹923.65 as of 4 Nov 2026.
Does Granules India Ltd pay dividends?
Granules India Ltd has a dividend yield of 0.22%.
What is the Return on Equity (ROE) of Granules India Ltd?
Granules India Ltd reported a return on equity of 13.80%. Its debt-to-equity ratio is 0.30.

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.

Website granulesindia.com
CEO Dr. Krishna Prasad Chigurupati B.Sc.
Employees 4,066
Listed 20 Jun 2005
Face Value ₹1

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