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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 ofNIFTY500MOMENTM50NIFTY TOTAL MKTNIFTY 500NIFTY SMLCAP 250
S.No.Name
1.SUNPHARMA1868.5037.06448315.740.862901.2326.5315299.8810.9819.1128.81
2.DIVISLAB9482.7586.06251737.220.32902.0065.503080.0027.8021.5140.75
3.TORNTPHARM4931.9086.01187593.620.77566.003.284921.0057.3219.2733.81
4.ZYDUSLIFE1129.0024.95112618.180.09990.20-34.908017.0023.9721.3924.54
5.CIPLA1368.0032.79110515.040.95785.55-39.187119.284.1316.0016.73
6.LAURUSLABS1933.2595.54104455.860.10362.07123.942026.3129.1018.2031.50
7.AUROPHARMA1690.0026.1997238.860.241032.0325.229150.3517.4412.7620.54
8.LUPIN2092.0017.3095660.020.861416.9816.018276.8934.2828.8629.59
9.DRREDDY1143.2029.6195420.610.70435.60-69.108099.80-5.2113.7510.63
10.MANKIND2266.0045.8293596.020.04574.0929.124030.5912.8913.2426.30
11.GLENMARK2439.5538.2968850.120.10482.83927.884018.4831.3520.3520.03
12.GRANULES883.2033.0421885.420.20179.9659.771476.7722.1715.7422.95
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
8191,008980933841558838730797877869848802
664801738751675465674651667680701702719
Operating Profit155207242183167931647913119716814683
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%
01132366118121714
Interest15182020181517131417151610
Depreciation35363636363538384041414439
Profit before Tax107156192137126561191279116215013297
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 Profit801161439794419094691211129972
3.304.805.894.013.871.713.723.882.864.974.604.042.90

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
1,3491,6472,0982,3103,1353,2383,9313,7553,0303,4743,397
1,0541,3531,7661,8162,2742,5943,0962,9542,4652,7502,802
Operating Profit296294332494861644835801565724594
OPM %21.92%17.83%15.84%21.39%27.48%19.89%21.25%21.34%18.64%20.84%17.49%
1524281881418136713850
Interest3233282724163972636157
Depreciation717691102118126146144146164164
Profit before Tax207208242553733520664591427536541
Tax %30.94%33.24%33.04%19.70%24.57%25.62%24.87%26.28%25.25%25.22%25.51%
Net Profit143139162444553387499436319401403
EPS6.495.746.3517.4122.0915.5820.6117.9913.1716.17—
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

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
8591,2471,3911,7772,1282,4942,6623,0733,3654,009
656978991890846962820961843822
Trade Payables210261277323508607744655613491
107127140131177285252292306635
Total Liabilities1,8552,6392,8243,1463,6834,3734,5035,0065,1525,981
6066607009279851,1711,3301,3241,4051,453
Capital Work in Progress1202713091011471946353120117
75755064455925976779411,2822,030
238227314344462591593579648626
000001,2101,3721,6331,2951,247
Cash & Bank399762272241355203228170276
7771,3089331,0571,257255265248232232
Total Assets1,8552,6392,8243,1463,6834,3734,5035,0065,1525,981

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
24977314614561280664317823643
Cash from Investing-300-495-243-165-233-318-96-303-552-1,033
Cash from Financing36529-17-212-296151-51926-340444
-7358-33118-1541134840-7054

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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

2026-08-13
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

2026-07-21
Press Release

2026-07-21 - Granules India Limited has informed the Exchange regarding a press release dated July 21, 2026, titled "Press Release for Q1 of FY27".

2026-07-21
Outcome of Board Meeting

2026-07-21 - Granules India Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

News

Recent coverage and analyst commentary for GRANULES

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