Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,748.00 last close on 23 Oct 2026 −0.57%
Research updated
Granules India Ltd.
NSE: GRANULESHealthcareDrug Manufacturers - Specialty & Generic
- Last close
- ₹794.75
- Day change
- −₹22.25 (−2.72%)vs
- Market cap
- ₹22,514 crIndian rupees
- Research updated
- 1 report
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About Granules India
Granules India Ltd. is a pharmaceutical company that focuses on the manufacturing and commercialization of Active Pharmaceutical Ingredients (APIs), pharmaceutical formulation intermediates (PFIs), and finished dosages. The company plays a crucial role in the pharmaceutical supply chain, offering a comprehensive product portfolio spanning various therapeutic segments. Granules India Ltd. stands out for its vertical integration, which enables efficient production processes from raw materials to finished products. This integration allows for cost-effective manufacturing and timely delivery to both domestic and international markets. Operating in the competitive pharmaceutical sector, Granules India Ltd. holds a significant market position due to its focus on innovation, quality control, and regulatory compliance. The company is strategically positioned to serve a global clientele, leveraging its manufacturing capabilities and partnerships to meet diverse healthcare needs. With a strong presence in both pricier patented drugs and more affordable generics, Granules India Ltd. contributes to global healthcare by offering accessible medicinal solutions. Headquartered in Hyderabad, India, the company's commitment to expanding its production capacities and fostering research and development underscores its vital role in the pharmaceutical industry.
- Sector
- Healthcare
- Industry
- Drug Manufacturers - Specialty & Generic
- Listing
- NSE: GRANULES
- Next results
- Chief executive
- Dr. Kandiraju Venkata Sita Ram Rao B.Tech, M.E., Ph.D.
- Employees
- 4,066
- Headquarters
- Hyderabad, India
- ISIN
- INE101D01020
- Website
- granulesindia.com
Public research · Report of
Business model & financial foundation
Granules India (NSE: GRANULES), Integrated APIs, pharmaceutical intermediates, generic finished dosages and peptide CDMO: revenue of ₹5,366 crore in FY26 (+19.7% on FY25), an EBITDA margin of 22.1%, net profit of ₹595.0 crore and net debt of ₹389.1 crore.
- Revenue, FY26 (₹ crore)
- 5,366
- consolidated
- Revenue growth, FY26
- +19.7%
- on FY25
- EBITDA margin, FY26
- 22.1%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 595.0
- to owners
- Return on equity, FY26
- 13.5%
- on average equity
- Net debt, FY26 (₹ crore)
- 389.1
- Net debt excluding leases less all bank balances
- Market capitalisation (₹ crore)
- 20,706
- at the close of 16 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Granules India Limited |
| Exchange and ticker | NSE: GRANULES; BSE: 532482 |
| ISIN | INE101D01020 |
| Sector | Healthcare |
| Industry | Integrated APIs, pharmaceutical intermediates, generic finished dosages and peptide CDMO |
| Headquarters | Hyderabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Associates LLP (since 2022) |
| Market capitalisation | ₹20,706 crore (16 Oct 2026) |
| Shares outstanding | 24.78 crore shares (FY26) |
| Price | ₹812.0 (close, 16 Oct 2026) |
| 52-week range | ₹529.8 - ₹923.7 (to 16 Oct 2026) |
| Website | https://granulesindia.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Granules Pharmaceuticals Inc | 100% | US generics development, manufacturing and distribution |
| Granules Life Sciences Private Limited | 100% | Finished dosage manufacturing at Genome Valley |
| Ascelis Peptides Private Limited | 100% | Peptide CDMO platform including Senn Chemicals AG |
| Senn Chemicals AG | 100% | Swiss peptide CDMO, acquired April 2025 |
| Granules Consumer Health LLC | 100% | US OTC private label front end |
| Granules CZRO Private Limited | 100% | Green chemicals manufacturing platform |
| Granules Pharmaceuticals GmbH | 100% | European front end |
| Granules Pharmaceuticals Canada Inc | 100% | Canadian distribution |
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 38.82% | 38.02% | 38.02% | 37.39% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 13.55% | 15.31% | 17.50% | 20.25% |
| Domestic institutions | 17.47% | 17.01% | 16.11% | 15.33% |
| of which mutual funds | 5.35% | 2.85% | 3.45% | 4.26% |
| Other | 30.15% | 29.67% | 28.36% | 27.04% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Granules India (NSE: GRANULES) integrates high-volume APIs (paracetamol, metformin, ibuprofen) and pharmaceutical formulation intermediates (PFI) into finished dosages (FD) sold mainly in North America. In Q1 FY27, FD was 74% of revenue, API 13%, PFI 9% and peptide CDMO 4%. North America was 72% of revenue and Europe 16%. Complex generics reached 50% of FD revenue against 39% a year earlier. The group controls its own molecule chain from API to tablet, plus a US front end (GPI, Chantilly). It does not control US generic pricing, the timing of FDA inspections, or input prices. Senn Chemicals (Switzerland) has been consolidated since 10 Apr 2025 through Ascelis Peptides.
| Peer | Why the dossier compares them |
|---|---|
| Aurobindo Pharma (AUROPHARMA) | Integrated US generics and API scale comparator |
| Alembic Pharmaceuticals (APLLTD) | US generic filings and launch economics |
| Ipca Laboratories (IPCALAB) | Integrated API and formulations; regulatory execution |
| Laurus Labs (LAURUSLABS) | API to formulations and CDMO transition |
| Aarti Drugs (AARTIDRUGS) | Commodity API economics |
| Divi's Laboratories (DIVISLAB) | High-quality API/CDMO reference; not a pure generics peer |
| Marksans Pharma (MARKSANS) | Regulated-market OTC generic formulations |
| Zydus Lifesciences (ZYDUSLIFE) | US formulations and launch pipeline |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 3,727 | 4,496 | 4,506 | 4,482 | 5,366 |
| Cost of revenue (vendor classification) * | 1,959 | 2,383 | 2,126 | 1,834 | 2,016 |
| Other operating costs (vendor classification) * | 661.4 | 720.4 | 895.8 | 1,018 | 1,244 |
| EBITDA (vendor classification) * | 733.3 | 908.5 | 831.1 | 924.7 | 1,174 |
| Operating EBIT excluding other income | 569.8 | 722.6 | 648.6 | 719.7 | 889.0 |
| Finance costs | 11.8 | 35.4 | 105.8 | 103.2 | 114.4 |
| Profit before tax | 558.0 | 687.2 | 547.2 | 660.2 | 785.0 |
| Total tax expense | 145.2 | 170.6 | 141.9 | 158.7 | 190.0 |
| Profit after tax | 412.8 | 516.6 | 405.3 | 501.5 | 595.0 |
| Diluted EPS (₹) | 16.60 | 21.00 | 16.72 | 20.68 | 24.46 |
| Materials including inventory changes | 2,021 | 1,726 | 1,876 | ||
| Employee benefits expense | 597.9 | 659.8 | 888.4 | ||
| Other expenses including R&D | 1,031 | 1,151 | 1,416 | ||
| Operating EBITDA excluding other income | 856.0 | 945.2 | 1,185 | ||
| Other income | 4.40 | 12.9 | 20.3 | ||
| Depreciation and amortisation | 207.3 | 225.5 | 296.1 | ||
| Exceptional items PBT effect | 0.00 | 30.8 | -10.00 | ||
| Non-controlling share of profit | 0.00 | 0.00 | 0.00 | ||
| Share of associate profit | 0.00 | 0.00 | 0.00 | ||
| PAT attributable to owners | 405.3 | 501.5 | 595.0 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 2,587 | 2,835 | 3,226 | 3,716 | 5,085 |
| Borrowings excluding lease liabilities | 1,106 | 1,136 | 1,223 | 1,286 | 1,338 |
| Cash equivalents plus other bank balances | 184.7 | 291.6 | 386.4 | 596.4 | 949.1 |
| Trade receivables | 925.0 | 948.5 | 985.8 | 942.2 | 900.4 |
| Inventories | 978.6 | 1,149 | 1,301 | 1,343 | 1,673 |
| Total trade payables | 638.6 | 782.1 | 749.5 | 726.1 | 672.8 |
| Net PPE plus ROU plus other intangibles | 47.1 | 53.4 | 2,096 | 2,426 | 3,238 |
| Capital work in progress | 374.0 | 359.5 | 259.5 | 436.9 | 406.5 |
| Total assets | 4,513 | 4,905 | 5,521 | 6,253 | 7,720 |
| Current investments | 0.00 | 0.00 | 0.00 | ||
| Net debt excluding leases less all bank balances | 836.8 | 689.4 | 389.1 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | 238.8 | 620.4 | 439.4 | 866.6 | 793.3 |
| Free cash flow (vendor definition) * | -65.7 | 328.1 | 58.8 | 294.9 | 235.0 |
| Cash dividends paid negative outflow | -37.2 | -18.6 | -36.3 | -36.4 | -36.4 |
| Cash purchases of PPE and intangible assets | -396.7 | -410.5 | -380.6 | -571.7 | -558.2 |
| CFO less cash PPE and intangible purchases | 58.8 | 294.9 | 235.0 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Year-end issued and fully paid equity shares | 24.78 | 24.54 | 24.24 | 24.25 | 24.78 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 966.6 | 1,138 | 1,197 | 1,210 | 1,297 | 1,388 | 1,471 | 1,477 |
| Cost of revenue (vendor classification) * | 367.2 | 435.7 | 546.2 | 425.1 | 445.0 | 501.6 | 504.1 | 507.8 |
| Other operating costs (vendor classification) * | 236.7 | 304.1 | -477.0 | 335.6 | 354.6 | 352.3 | 373.9 | 375.5 |
| EBITDA (vendor classification) * | 206.6 | 236.0 | 242.5 | 263.1 | 277.1 | 304.5 | 360.9 | 341.2 |
| EBIT * | 154.1 | 179.4 | 179.0 | 168.3 | 205.1 | 230.9 | 295.1 | 261.5 |
| Finance costs | 25.7 | 26.6 | 24.0 | 23.8 | 29.2 | 28.7 | 32.7 | 21.1 |
| Profit before tax after exceptional items | 128.4 | 152.8 | 197.6 | 144.5 | 175.9 | 202.2 | 262.4 | 240.4 |
| Total tax expense: current plus deferred | 31.1 | 35.2 | 45.5 | 31.9 | 45.3 | 52.0 | 60.8 | 60.4 |
| Consolidated profit after tax | 97.2 | 117.6 | 152.0 | 112.6 | 130.6 | 150.2 | 201.6 | 180.0 |
| Diluted EPS (₹) | 4.01 | 4.85 | 6.27 | 4.64 | 5.38 | 6.19 | 8.23 | 7.12 |
| Materials and inventory changes | 367.2 | 435.7 | 438.4 | 425.1 | 445.0 | 501.6 | 504.1 | 507.8 |
| Employee benefits expense | 159.4 | 167.6 | 169.1 | 202.8 | 219.2 | 226.0 | 240.4 | 254.6 |
| Other expenses including R&D | 236.7 | 304.1 | 337.6 | 335.6 | 354.6 | 352.3 | 373.9 | 375.5 |
| Company reported EBITDA before exceptional items | 203.3 | 230.3 | 252.4 | 246.7 | 278.2 | 308.1 | 352.1 | 338.9 |
| Other income | 3.26 | 5.68 | 1.92 | 16.3 | -1.15 | -3.64 | 8.77 | 2.27 |
| Depreciation and amortisation expense | 52.5 | 56.6 | 63.5 | 68.8 | 72.0 | 73.5 | 81.7 | 79.6 |
| Exceptional items: signed effect on PBT | 0.00 | 0.00 | 30.8 | -25.9 | 0.00 | 0.00 | 15.9 | 0.00 |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of profit of associates and joint ventures | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to owners of the parent | 97.2 | 117.6 | 152.0 | 112.6 | 130.6 | 150.2 | 201.6 | 180.0 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 16.6% | 20.6% | 0.2% | -0.5% | 19.7% |
| EBITDA margin | 19.0% | 21.1% | 22.1% | ||
| Net margin | 9.0% | 11.2% | 11.1% | ||
| Return on equity | 13.4% | 14.5% | 13.5% | ||
| Return on capital employed | 17.0% | 18.9% | 15.4% | 15.2% | 15.6% |
| Return on assets | 7.8% | 8.5% | 8.5% | ||
| Net debt (₹ crore) | 836.8 | 689.4 | 389.1 | ||
| Net debt / EBITDA | 0.98x | 0.73x | 0.33x | ||
| Interest cover | 48.1x | 20.4x | 6.13x | 6.97x | 7.77x |
| Asset turnover | 0.91x | 0.95x | 0.86x | 0.76x | 0.77x |
| Receivable days | 91 | 77 | 80 | 77 | 61 |
| Inventory days (on revenue) | 96 | 93 | 105 | 109 | 114 |
| Payable days (on revenue) | 63 | 63 | 61 | 59 | 46 |
| Cash conversion | 1.08x | 1.73x | 1.33x | ||
| Capex intensity | 10.6% | 9.1% | 8.4% | 12.8% | 10.4% |
| Free cash flow (₹ crore) | -157.9 | 209.9 | 58.8 | 294.9 | 235.0 |
| Dividend payout | 9.0% | 7.2% | 6.1% | ||
| EPS, diluted (₹) | 16.60 | 21.00 | 16.72 | 20.68 | 24.46 |
| Book value per share (₹) | 104.4 | 115.5 | 133.1 | 153.2 | 205.2 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt excluding leases less all bank balances; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Granules India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
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