Granules
Granules
HealthcareKey Fundamentals
SmallcapPharmaceuticalsHealthcareTapetide Score
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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
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoGranules India Ltd trades at a market cap of ₹21,977 Cr with a P/E of 33.7x and P/B of 4.73x. The company has shown a sharp TTM sales growth acceleration to 25% and profit growth of 36%, though its longer-term 5-year compounded sales growth stands at a more modest 11% and profit growth at just 2%. The stock has delivered a 1-year return of 71%, significantly outpacing its longer-term CAGRs.
- TTM revenue growth has accelerated sharply to 25%, well above the 5-year compounded sales CAGR of 11%, signaling a potential inflection in the business
- TTM profit growth of 36% outpaces revenue growth, indicating meaningful operating leverage and margin expansion in the recent period
- Stock has delivered a 1-year return of 71%, reflecting strong market confidence and momentum in the near term
- 10-year compounded sales growth of 15% and profit growth of 17% demonstrate a credible long-term track record of scaling the business
- 10-year stock CAGR of 23% shows sustained long-term wealth creation for shareholders over a full market cycle
- 10-year ROE averaging 17% indicates the company has historically generated reasonable returns on shareholder equity
- 3-year stock CAGR of 43% suggests the re-rating has been sustained over multiple years, not just a short-term spike
- Operating in the pharmaceutical and healthcare sector, which benefits from structural tailwinds such as rising generic drug demand globally
- 5-year compounded profit growth of only 2% is extremely weak, suggesting that recent profit acceleration may not be sustainable
- P/E of 33.7x is elevated relative to the company's 5-year profit CAGR of 2%, implying the stock prices in significant future growth that may not materialize
- Promoter holding has declined by 4.01% over the last 3 years, which may signal reduced insider confidence
- 5-year compounded sales growth of approximately 10.6% is modest for a mid-cap pharma company trading at premium valuations
- 3-year ROE of approximately 13.6% is below the 10-year average of 17%, indicating a deterioration in capital efficiency in recent years
- Dividend payout of just 7.84% of profits over the last 3 years offers minimal income return to shareholders, with a current yield of only 0.19%
- P/B ratio of 4.73x is rich, and if ROE remains around 14% rather than reverting to historical highs, the valuation premium may be hard to sustain
- The company may be capitalizing interest costs, which could overstate reported profitability and asset quality
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Major promoter stake dilution Sep 12
Promoter Dr. Krishna Prasad Chigurupati sold 1.72 crore shares on Sep 11, reducing promoter stake from 31.00% to 24.06% of total voting capital. Post-sale promoter holding stands at 5,96,08,111 shares (21.85% on diluted basis).
- Strong institutional buyer interest Sep 12
Block deal attracted marquee institutional buyers including Capital Group, Kotak Life, and ChrysCapital, signaling institutional confidence in Granules India at current levels.
TL;DR: Granules India saw a significant promoter share sale of 1.72 crore shares via block deal, which is a notable overhang signal as promoter stake dropped below 25%. However, the quality of institutional buyers like Capital Group and ChrysCapital absorbing the supply is a reassuring sign of fundamental confidence. Watch for any further promoter stake reductions and whether the stock can absorb the near-term supply pressure.
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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70 extracted metrics + investor summaries across FY10–FY27.
Documents
Frequently Asked Questions about Granules
What does Granules India Ltd do?
Where is Granules India Ltd (GRANULES) listed?
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What is the Return on Equity (ROE) of Granules India Ltd?
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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