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Granules India Ltd.

•
granulesindia.comBSE: 532482NSE: GRANULES
Market Cap₹ 22,541 Cr.
Current Price
High / Low₹ 915 / 511
Stock P/E34.0
Book Value₹ 198
Price to Book3.26
Dividend Yield0.19 %
ROCE15.7 %
ROE14.1 %
Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2015 • Pharmaceuticals: 100.0%

AI Sector View

AI GENERATED

Healthcare

Buy

This stance relies on proxies and positioning because no direct pharma-export or healthcare operating series exists in the dataset. The depreciated currency at 95.23 (Sep/26) can support export earnings, inflation at 4.45% (Jul/26) is manageable for a defensive sector, and consumer spending remains large at INR 44743 billion (Jun/26). Strong FPI inflow of INR 10620 crore over 3 months to 2026-08-31 from INR -11381 crore in the prior 3 months adds a real sector-specific tailwind, but confidence stays capped because the fundamental drivers are indirect proxies.

Confidence
50%
View full sector analysis →

PROS

  • Company has consistently been profitable over the last 5 years
  • Latest quarter profit grew 59.8% YoY, showing strong momentum
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.40x)
  • Company generates healthy free cash flow
  • Company comfortably covers its interest (7.9x coverage)
  • Company has a consistent dividend-paying track record

CONS

  • Company has delivered a poor profit growth of 1.6% over past five years
  • Operating margins have contracted to 11.8% from 20.2%
  • Recurring exceptional / one-off items are inflating headline profit
  • Though reporting repeated profits, the company pays out little dividend (7.3%)
  • Expensive relative to growth - PEG of 7.1

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

HealthcareHealthcarePharmaceuticals & Drugs
Part ofNIFTY500MOMENTM50NIFTY TOTAL MKTNIFTY 500NIFTY SMLCAP 250
S.No.Name
1.SUNPHARMA1842.0036.54441957.500.872901.2326.5315299.8810.9819.1128.81
2.DIVISLAB9326.0084.64247576.000.32902.0065.503080.0027.8021.5140.75
3.TORNTPHARM4975.0086.76189233.010.76566.003.284921.0057.3219.2733.81
4.ZYDUSLIFE1119.5024.74111670.550.09990.20-34.908017.0023.9721.3924.54
5.CIPLA1365.0032.72110272.680.95785.55-39.187119.284.1316.0016.73
6.LAURUSLABS1970.3597.37106460.420.10362.07123.942026.3129.1018.2031.50
7.DRREDDY1161.0030.0796906.380.69435.60-69.108099.80-5.2113.7510.63
8.AUROPHARMA1675.4525.9796401.690.241032.0325.229150.3517.4412.7620.54
9.LUPIN2096.0017.3495842.920.861416.9816.018276.8934.2828.8629.59
10.MANKIND2277.0046.0494050.370.04574.0929.124030.5912.8913.2426.30
11.GLENMARK2416.9037.9468210.880.10482.83927.884018.4831.3520.3520.03
12.GRANULES909.6534.0322540.850.19179.9659.771476.7722.1715.7422.95
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
9831,1881,1501,1691,1699571,1341,1971,2091,2951,3781,4571,477
8499779059209217639079459631,0191,0801,1191,239
Operating Profit135211245249249193226252245276298339238
OPM %13.70%17.80%21.28%21.30%21.26%20.20%19.95%21.03%20.30%21.31%21.64%23.25%16.13%
021223633-10-1-4252
Interest22262929272627242429293321
Depreciation49535253535357646972748280
Profit before Tax65136170176181128153198145176202262240
Tax %26.85%24.93%26.13%26.19%25.79%24.26%23.03%23.04%22.06%25.73%25.72%23.17%25.14%
Net Profit000013597118152113131150202180
1.984.225.185.355.564.014.856.274.645.386.198.237.26

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
1,4111,6852,2792,5993,2383,7654,5124,5064,4825,3665,607
1,1121,4061,8952,0732,3823,0433,5993,6503,5364,1804,456
Operating Profit2992783845258557229138569451,1851,151
OPM %21.19%16.53%16.85%20.22%26.42%19.17%20.24%18.99%21.09%22.09%20.53%
101127642718144441022
Interest32332827262356106103114112
Depreciation7276105137151159184207226296307
Profit before Tax230196326451704558687547660785881
Tax %28.38%32.35%27.37%25.65%21.99%26.03%24.82%25.93%24.03%24.20%24.81%
Net Profit165133236335549413517405502595662
EPS7.485.479.2813.1521.9516.6421.3416.7220.6824.01—
Dividend Payout %12.51%19.14%10.75%7.58%6.76%9.01%7.03%8.97%7.25%7.29%—

COMPOUNDED SALES GROWTH

10 Years:
15%
5 Years:
11%
3 Years:
6%

COMPOUNDED PROFIT GROWTH

10 Years:
17%
5 Years:
2%
3 Years:
5%

STOCK PRICE CAGR

10 Years:
23%
5 Years:
23%
3 Years:
43%
1 Year:
73%

RETURN ON EQUITY

10 Years:
18%
5 Years:
16%
3 Years:
14%
Last Year:
14%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2026

Jul 30

₹ 1.75

Rs.1.7500 per share(175%)Final Dividend

2025

Jul 31

₹ 1.50

Rs.1.5000 per share(150%)Final Dividend

2024

Jul 30

₹ 1.50

Rs.1.5000 per share(150%)Final Dividend

2023

Aug 3

₹ 1.50

Rs.1.5000 per share(150%)Final Dividend

2022

Jul 19

₹ 0.75

Rs.0.7500 per share(75%)Final Dividend

2022

Feb 17

₹ 0.25

Re.0.25000 per share (25%) Third Interim Dividend

2021

Nov 24

₹ 0.25

Re.0.2500 per share (25%) Second Interim Dividend

2021

Aug 5

₹ 0.25

First Interim Dividend of Rs.0.25/- (25%)

2021

Jul 28

₹ 0.75

Rs.0.7500 per share(75%)Final Dividend

2021

Feb 8

₹ 0.25

Rs.0.2500 per share (25%) Third Interim Dividend

2020

Oct 28

₹ 0.25

Rs.0.25 per share (25%) Second Interim Dividend

2020

Jan 30

₹ 0.25

Rs. 0.25/- (25%) third interim dividend

2019

Aug 8

₹ 0.25

Rs.0.25/- (25%) First Interim Dividend

2018

Aug 29

₹ 0.25

Rs.0.2500 per share(25%)Final Dividend

2018

Aug 1

₹ 0.25

Rs.0.25/- (25%) First Interim Dividend

2018

Feb 20

₹ 0.25

Rs.0.2500 per share(25%)Third Interim Dividend

2017

Nov 20

₹ 0.25

Rs.0.2500 per share(25%)Interim Dividend

2017

Sep 20

₹ 0.25

Rs.0.2500 per share(25%)Interim Dividend

2017

Aug 23

₹ 0.25

Rs.0.2500 per share(25%)Final Dividend

2017

Feb 7

₹ 0.25

Rs.0.2500 per share(25%)Third Interim Dividend

2016

Nov 3

₹ 0.20

Rs.0.2000 per share(20%)Interim Dividend

2016

Aug 23

₹ 0.20

Rs.0.2000 per share(20%)Interim Dividend

2016

Aug 3

₹ 0.20

Rs.0.2000 per share(20%)Final Dividend

2016

Feb 8

₹ 0.15

Re.0.1500 per share (15%) Third Interim Dividend

2015

Nov 9

₹ 0.15

Re.0.1500 per share (15%) Second Interim Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital23252525252524242425
Minority Interest0000010000
8781,2731,4931,8002,1262,5452,7933,1833,6784,695
6569789918908461,0081,0301,2061,3931,483
Trade Payables216274323357541639782750726673
105119145150175295274321364780
Total Liabilities1,8792,6702,9793,2233,7134,5124,9035,4846,1857,656
6447779441,2041,3321,5411,9112,0962,4263,250
Capital Work in Progress130290323148185312228260437406
1081572101919202122221
2692803844387829791,1491,3011,3431,673
00000925949986942909
Cash & Bank5011689284271409313386596949
6771,0511,0271,1291,124326332434418467
Total Assets1,8792,6702,9793,2233,7134,5124,9035,4846,1857,656

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
24857351595624332739439867793
Cash from Investing-326-462-270-161-277-380-191-360-691-773
Cash from Financing56529-17-213-299190-4408-93379
-8266-25103-1441421078783399

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
38.8738.8538.8438.8238.8238.8238.0238.02
19.4915.8715.1413.2414.0913.5515.3117.50
14.8519.5722.4523.5217.9117.4717.0116.11
Government0.000.000.000.000.000.000.000.00
26.8025.7223.5524.4129.1730.1529.6728.38

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11
Updates

2026-09-11 - Granules India Limited has informed the Exchange regarding 'Update'.

2026-09-11
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-11 - Granules India Limited has informed the Exchange about Schedule of meet

2026-08-13
Resignation of Director/KMP/SMP

2026-08-13 - Granules India Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-08-13
Change in Management

2026-08-13 - Granules India Limited has informed the Exchange about change in Management

2026-08-06
Shareholders meeting

2026-08-06 - Granules India Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 06, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report.

2026-07-27
Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-27 - Granules India Limited has informed the Exchange about Transcript

2026-07-22
Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-22 - Granules India Limited has informed the Exchange about Link of Recording

2026-07-21
Monitoring Agency Report

2026-07-21 - Monitoring Agency Report for the quarter ended June 30, 2026

2026-07-21
Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-21 - Granules India Limited has informed the Exchange about Presentation

News

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