Arthneeti

Granules India Q2 FY27 Share Price & Earnings Call Analysis

₹837.35-0.37% today
Market cap
₹22,841 Cr
P/E
35.14
ROE
13.75%
PEG
6.59
Price to sales
4.07
Debt to equity
0.30
52W high / low
₹909 / ₹533
Sales growth (5Y)
10.63%
EBITDA margin
22.68%
Net profit margin
11.27%
Promoter holding
37.39%
Sales (last year)
₹5,632 Cr

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]

Guidance scorecard · Q2 FY27 call

What Granules India's management guided
and where it ranks in Pharmaceuticals & Biotechnology

#38of 83 in
Pharmaceuticals & Biotechnology
Revenue10–20%MarginsUp 2%+CapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ2 FY27 call

10–20%
  • Granules aims to achieve approximately $50 million USD in annual revenue run rate within three years (around FY29).
  • Long-term target is to cross the $100 million USD revenue size within five years.
  • Growth driven by four engines: controlled substances, complex generics, oncology portfolio, and peptide CDMO.
  • Expansion into specialty and institutional segments in the US, with first specialty product launch expected in FY29.
  • Geographic diversification planned with increased presence in Europe, Latin America, and other strategic markets by FY30.
  • Increase US ANDA filing rate from 6-10 per year to 10-15 per year to support product pipeline extension globally.
  • Focus on higher-value products and early market opportunities to improve earnings quality and operating leverage.

2 more points from Granules India's call on revenue

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Full Q2 FY27 analysis

MarginsQ2 FY27 call

Up 2%+

See what Granules India said on margins — free account, 30 seconds.

Full Q2 FY27 analysis

CapexQ2 FY27 call

Planned
  • Granules plans to invest about ₹2,000 crore in organic capital expenditure over the next 3-4 years.
  • Capex will support complex generics pipeline, oncology pipeline, peptide CDMO, US operations, manufacturing, and R&D infrastructure.
  • Investments will also be made in digitalization, AI, manufacturing excellence, and quality systems to enhance productivity, resilience, and competitiveness.
  • The capex follows a disciplined, milestone-based approach aligned with development progress, regulatory milestones, customer commitments, and commercial opportunities.
  • Granules is actively looking for inorganic opportunities, particularly on the peptide side or vertical expansions, maintaining discipline in selection.
  • Investment focus areas include the Peptide CDMO platform, with ambitions to become a meaningful mid-size global CDMO.

2 more points from Granules India's call on capex

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Full Q2 FY27 analysis

FundraisingQ2 FY27 call

See what Granules India said on fundraising — free account, 30 seconds.

Full Q2 FY27 analysis

Order bookQ2 FY27 call

  • Granules is focused on complex Schedule II products and has successfully penetrated a competitive market.
  • The company has a growing portfolio with ongoing ANDA filings, especially in oncology (2 filed) and plans to increase US filings to 10-15 per year.
  • Their CAPEX plan (~₹2,000 crores over 3-4 years) supports growth in complex generics, oncology, peptide CDMO, and US operations, indicating expectations of increased demand.
  • The peptide CDMO segment targets a $50 million annual revenue run rate within 3 years, suggesting a growing order flow in this segment.

2 more points from Granules India's call on the order book

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Full Q2 FY27 analysis
Full Pharmaceuticals & Biotechnology ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Pharmaceuticals & Biotechnology
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Granules India rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Pharmaceuticals & Biotechnology companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹556 Cr22.1
240%+Up 0–2%₹215 Cr22.2
340%+Flat₹16,144 Cr—
440%+Flat₹6,072 Cr48.0
540%+Flat₹40 Cr—
620–40%Up 2%+₹50,220 Cr43.8

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Granules India announcements

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Financials of Granules India

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Granules India

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +1,1969861,1891,1561,1761,1809671,1381,1971,2101,2971,3881,471
Expenses +9678499779059209217639079459631,0191,0801,119
Operating Profit228137213250256259203230252247278308352
OPM %19%14%18%22%22%22%21%20%21%20%21%22%24%
Other Income +3021223633-10-1-425
Interest19222629292726272424292933
Depreciation49495352535353576469727482
Profit before tax16465136170176181128153198145176202262
Tax %27%27%25%26%26%26%24%23%23%22%26%26%23%
Net Profit +1204810212613013597118152113131150202
EPS in Rs4.941.984.215.185.355.564.014.856.274.645.386.198.13

Financials of Granules India

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +1,2921,3571,4111,6852,2792,5993,2383,7654,5124,5064,4825,366
Expenses +1,0821,0811,1121,4061,8952,0732,3823,0383,5973,6483,5344,181
Operating Profit2102762992783845268567279158589481,185
OPM %16%20%21%17%17%20%26%19%20%19%21%22%
Other Income +353527759026131224110
Interest323732332827262356106103114
Depreciation53587276105137151159184207226296
Profit before tax128186230196326451704558687547660785
Tax %29%33%28%32%27%26%22%26%25%26%24%24%
Net Profit +91123165133236335549413517405502595
EPS in Rs4.455.687.195.229.3013.1922.1816.6421.3416.7220.6824.01
Dividend Payout %11%11%13%19%11%8%7%9%7%9%7%7%

Financials of Granules India

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital202223252525252524242425
Reserves4116408811,2791,5041,8182,1492,5622,8113,2013,6915,060
Borrowings +4826416569789918928491,1061,1361,3151,4551,512
Other Liabilities +2892603193884584876908199329571,0511,123
Total Liabilities1,2031,5631,8792,6702,9793,2233,7134,5124,9035,4986,2217,720
Fixed Assets +6175606447779441,2041,3321,5411,9112,0962,4263,253
CWIP6277267515496294239356239272440406
Investments0701081572101919202122221
Other Assets +5248568591,2221,3281,7062,1232,5942,7323,1093,3334,059
Total Assets1,2031,5631,8792,6702,9793,2233,7134,5124,9035,4986,2217,720

Financials of Granules India

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +150151188-1262476432332739439867793
Cash from Investing Activity +-146-162-326-462-270-160-277-379-192-358-689-773
Cash from Financing Activity +198656529-17-213-299190-4408-93379
Net Cash Flow2475-8266-25103-1441431079085399
Free Cash Flow3-10-127-447-17292161-6532861297239
CFO/OP87%72%83%21%91%113%73%66%100%73%107%87%

Financials of Granules India

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days3910110813610893869077807762
Inventory Days110128145114112125205190182235284326
Days Payable929111611294102142124124135154131
Cash Conversion Cycle57138137138126116150156135179207256
Working Capital Days69-2424863624436354249
ROCE %19%20%18%12%15%17%25%17%19%15%15%15%

Guidance history

How Granules India's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q2 FY27 call →10–20%Up 2%+Planned——
Q1 FY27 call →20–40%FlatPlanned——
Q4 FY26 call →10–20%FlatPlannedPlanned—
Q3 FY26 call →20–40%FlatPlannedPlannedRising

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

76out of 100

Momentum score · price trend

76 out of 100 — Strengthening

Over the past year its share price has done better than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+46.6%84%
Last 6 months+19.7%74%
Last 3 months+0.4%64%
How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Granules India: 0.4 × 84 + 0.4 × 74 + 0.2 × 64 = 76.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Granules India's management said in earlier quarters

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