Granules India Ltd.

•

granulesindia.comBSE: 532482NSE: GRANULES

Market Cap₹ 21,885 Cr.

Current Price

High / Low₹ 910 / 511

Stock P/E54.3

Book Value₹ 166

Price to Book3.82

Dividend Yield0.20 %

ROCE12.8 %

ROE10.8 %

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
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.54x)
Company comfortably covers its interest (9.7x coverage)
Company generates healthy free cash flow
Company has a consistent dividend-paying track record
Company maintains a comfortable, low leverage position

CONS

Valuation is stretched - P/E of 54.3 is well above its own 5-year median (23.9)
Company has delivered a poor profit growth of -6.2% over past five years
Company has delivered a poor sales growth of 2.1% over past five years
Recurring exceptional / one-off items are inflating headline profit
Though reporting repeated profits, the company pays out little dividend (10.8%)

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

Peer comparison

HealthcareHealthcarePharmaceuticals & Drugs

Part ofNIFTY500MOMENTM50 NIFTY TOTAL MKT NIFTY 500 NIFTY SMLCAP 250

S.No.	Name
1.	SUNPHARMA	1868.50	37.06	448315.74	0.86	2901.23	26.53	15299.88	10.98	19.11	28.81
2.	DIVISLAB	9482.75	86.06	251737.22	0.32	902.00	65.50	3080.00	27.80	21.51	40.75
3.	TORNTPHARM	4931.90	86.01	187593.62	0.77	566.00	3.28	4921.00	57.32	19.27	33.81
4.	ZYDUSLIFE	1129.00	24.95	112618.18	0.09	990.20	-34.90	8017.00	23.97	21.39	24.54
5.	CIPLA	1368.00	32.79	110515.04	0.95	785.55	-39.18	7119.28	4.13	16.00	16.73
6.	LAURUSLABS	1933.25	95.54	104455.86	0.10	362.07	123.94	2026.31	29.10	18.20	31.50
7.	AUROPHARMA	1690.00	26.19	97238.86	0.24	1032.03	25.22	9150.35	17.44	12.76	20.54
8.	LUPIN	2092.00	17.30	95660.02	0.86	1416.98	16.01	8276.89	34.28	28.86	29.59
9.	DRREDDY	1143.20	29.61	95420.61	0.70	435.60	-69.10	8099.80	-5.21	13.75	10.63
10.	MANKIND	2266.00	45.82	93596.02	0.04	574.09	29.12	4030.59	12.89	13.24	26.30
11.	GLENMARK	2439.55	38.29	68850.12	0.10	482.83	927.88	4018.48	31.35	20.35	20.03
12.	GRANULES	883.20	33.04	21885.42	0.20	179.96	59.77	1476.77	22.17	15.74	22.95

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	819	1,008	980	933	841	558	838	730	797	877	869	848	802
	664	801	738	751	675	465	674	651	667	680	701	702	719
Operating Profit	155	207	242	183	167	93	164	79	131	197	168	146	83
OPM %	18.89%	20.53%	24.72%	19.56%	19.81%	16.58%	19.53%	10.86%	16.39%	22.48%	19.35%	17.21%	10.32%
	0	1	1	3	2	3	6	61	1	8	12	17	14
Interest	15	18	20	20	18	15	17	13	14	17	15	16	10
Depreciation	35	36	36	36	36	35	38	38	40	41	41	44	39
Profit before Tax	107	156	192	137	126	56	119	127	91	162	150	132	97
Tax %	25.49%	25.55%	25.53%	28.79%	25.49%	26.18%	24.02%	25.76%	24.01%	25.50%	25.80%	25.06%	25.70%
Net Profit	80	116	143	97	94	41	90	94	69	121	112	99	72
	3.30	4.80	5.89	4.01	3.87	1.71	3.72	3.88	2.86	4.97	4.60	4.04	2.90

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	1,349	1,647	2,098	2,310	3,135	3,238	3,931	3,755	3,030	3,474	3,397
	1,054	1,353	1,766	1,816	2,274	2,594	3,096	2,954	2,465	2,750	2,802
Operating Profit	296	294	332	494	861	644	835	801	565	724	594
OPM %	21.92%	17.83%	15.84%	21.39%	27.48%	19.89%	21.25%	21.34%	18.64%	20.84%	17.49%
	15	24	28	188	14	18	13	6	71	38	50
Interest	32	33	28	27	24	16	39	72	63	61	57
Depreciation	71	76	91	102	118	126	146	144	146	164	164
Profit before Tax	207	208	242	553	733	520	664	591	427	536	541
Tax %	30.94%	33.24%	33.04%	19.70%	24.57%	25.62%	24.87%	26.28%	25.25%	25.22%	25.51%
Net Profit	143	139	162	444	553	387	499	436	319	401	403
EPS	6.49	5.74	6.35	17.41	22.09	15.58	20.61	17.99	13.17	16.17	—
Dividend Payout %	14.41%	18.24%	15.71%	5.73%	6.72%	9.62%	7.28%	8.34%	11.39%	10.82%	—

COMPOUNDED SALES GROWTH

10 Years:: 10%
5 Years:: 2%
3 Years:: -4%

COMPOUNDED PROFIT GROWTH

10 Years:: 13%
5 Years:: -6%
3 Years:: -7%

STOCK PRICE CAGR

10 Years:: 23%
5 Years:: 22%
3 Years:: 42%
1 Year:: 71%

RETURN ON EQUITY

10 Years:: 17%
5 Years:: 14%
3 Years:: 12%
Last Year:: 11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	23	25	25	25	25	25	24	24	24	25
	859	1,247	1,391	1,777	2,128	2,494	2,662	3,073	3,365	4,009
	656	978	991	890	846	962	820	961	843	822
Trade Payables	210	261	277	323	508	607	744	655	613	491
	107	127	140	131	177	285	252	292	306	635
Total Liabilities	1,855	2,639	2,824	3,146	3,683	4,373	4,503	5,006	5,152	5,981
	606	660	700	927	985	1,171	1,330	1,324	1,405	1,453
Capital Work in Progress	120	271	309	101	147	194	63	53	120	117
	75	75	506	445	592	597	677	941	1,282	2,030
	238	227	314	344	462	591	593	579	648	626
	0	0	0	0	0	1,210	1,372	1,633	1,295	1,247
Cash & Bank	39	97	62	272	241	355	203	228	170	276
	777	1,308	933	1,057	1,257	255	265	248	232	232
Total Assets	1,855	2,639	2,824	3,146	3,683	4,373	4,503	5,006	5,152	5,981

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	249	77	314	614	561	280	664	317	823	643
Cash from Investing	-300	-495	-243	-165	-233	-318	-96	-303	-552	-1,033
Cash from Financing	36	529	-17	-212	-296	151	-519	26	-340	444
	-73	58	-33	118	-154	113	48	40	-70	54

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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

Shareholding Pattern

Numbers in percentages

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	38.87	38.85	38.84	38.82	38.82	38.82	38.02	38.02
	19.49	15.87	15.14	13.24	14.09	13.55	15.31	17.50
	14.85	19.57	22.45	23.52	17.91	17.47	17.01	16.11
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	26.80	25.72	23.55	24.41	29.17	30.15	29.67	28.38

Documents

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

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