Granules India Limited (GRANULES)

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Granules India Limited (GRANULES) · mywealthgrid

About

Granules India is a pharmaceutical company in India's healthcare sector with market cap ₹21,271 Cr. Quarterly revenues range ₹800–1,500 Cr across standalone and consolidated bases, indicating material subsidiary operations. Operating margins of 22% and D/E of 0.26 show profitability and financial strength.

Face value: ₹1

Market cap

₹20,363 Cr

P/E

30.7×

P/B

4.0×

Dividend yield

0.4%

ROE

13.5%

ROCE

18.4%

Debt / equity

0.26

OPM

22.1%

EPS (TTM)

₹26.7

Book value

₹205.2

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

P/E of 32.11 relative to ROE of 13.52%: verify if growth justifies premium valuation
Standalone OPM of 16.39% (Jun 2026) lags company average of 22.09%; verify driver and sustainability of divergence
Stock near 52-week high (₹858.4 vs ₹903.25) after 90.76% YoY return; downside risk elevated with limited upside cushion
Pharmaceutical sector exposure to pricing regulation, generics competition, supply chain volatility; verify risk exposure and mitigation

Generated analysis · source review pending

Growth drivers

Operating margin of 22.09% demonstrates operational profitability; pharmaceutical sector growth could come from volume expansion, new products, or geographic markets (verify which management prioritizes)
D/E ratio of 0.26 is low, providing debt capacity for growth investments; verify if capex or M&A plans exist
Standalone to consolidated revenue ratio of 1.8x (Jun 2026: ₹801.88 Cr to ₹1,476.77 Cr) shows JV/subsidiary contributions; verify if these entities' growth rates exceed standalone
Quarterly net profit ranging ₹71–201 Cr indicates earnings base; verify if reinvestment or acquisitions are planned

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹821.8-5.2%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 22.1%

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

55/100

Business quality: 54
Growth: 57
Valuation: 54

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Torrent Pharmaceuticals LimitedTORNTPHARMTORNTPHARM	₹1,61,325 Cr	₹1,76,123 Cr	₹15,723 Cr	₹5,191 Cr	32.6%	₹2,181 Cr	15.3%	14.5%	27.1%	163
Zydus Lifesciences LimitedZYDUSLIFEZYDUSLIFE	₹1,14,284 Cr	₹1,26,053 Cr	₹28,592 Cr	₹8,316 Cr	31.2%	₹4,513 Cr	18.9%	23.4%	19.7%	212
Laurus Labs LimitedLAURUSLABSLAURUSLABS	₹1,07,176 Cr	₹1,09,573 Cr	₹7,270 Cr	₹2,034 Cr	26.1%	₹1,093 Cr	13.1%	21.3%	18.2%	263
Mankind Pharma LimitedMANKINDMANKIND	₹1,04,696 Cr	₹1,11,007 Cr	₹14,738 Cr	₹3,827 Cr	25.3%	₹2,068 Cr	13.6%	14.2%	12.5%	117
Aurobindo Pharma LimitedAUROPHARMAAUROPHARMA	₹97,389 Cr	₹1,05,065 Cr	₹34,935 Cr	₹7,085 Cr	20.3%	₹3,713 Cr	10.4%	14.7%	9.9%	252
Lupin LimitedLUPINLUPIN	₹92,866 Cr	₹98,777 Cr	₹29,967 Cr	₹9,538 Cr	31.5%	₹5,529 Cr	19.2%	34.2%	26.9%	181
Glenmark Pharmaceuticals LimitedGLENMARKGLENMARK	₹65,781 Cr	₹65,781 Cr	₹17,737 Cr	₹4,797 Cr	26.9%	₹1,496 Cr	8%	37.8%	0%	83
Alkem Laboratories LimitedALKEMALKEM	₹62,431 Cr	₹64,055 Cr	₹15,081 Cr	₹3,032 Cr	20.4%	₹2,158 Cr	16%	21.5%	17.8%	152
Biocon LimitedBIOCONBIOCON	₹60,413 Cr	₹75,238 Cr	₹17,321 Cr	₹3,536 Cr	20.4%	₹495 Cr	2.2%	3.9%	1.4%	85
Abbott India LimitedABBOTINDIAABBOTINDIA	₹56,901 Cr	—	₹4,310 Cr	₹921 Cr	27.3%	₹691 Cr	22.4%	44.1%	34.5%	110
Ipca Laboratories LimitedIPCALABIPCALAB	₹49,299 Cr	₹50,003 Cr	₹10,126 Cr	₹2,232 Cr	20.5%	₹1,310 Cr	12.3%	17.8%	15.2%	308
Gland Pharma LimitedGLANDGLAND	₹47,428 Cr	₹47,671 Cr	₹6,725 Cr	₹1,751 Cr	25.3%	₹1,129 Cr	16%	14.8%	10.5%	255

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,692	2,279	2,599	3,238	3,765	4,512	4,506	4,482	5,366
COGS	896	1,256	1,281	1,391	1,884	2,307	2,021	1,726	1,876
Gross profit	796	1,024	1,318	1,846	1,881	2,205	2,485	2,756	3,490
	501	591	767	991	1,159	1,291	1,629	1,811	2,305
	294	433	551	855	722	914	856	945	1,185
OPM %	17.4%	19%	21.2%	26.4%	19.2%	20.3%	19%	21.1%	22.1%
Depreciation	76	105	137	151	159	184	207	226	296
Interest	33	28	27	26	23	56	106	103	114
	11	27	64	27	18	14	4	44	10
Profit before tax	196	326	451	704	558	687	547	660	785
Tax	63	89	116	155	145	171	142	159	190
Tax %	32.4%	27.4%	25.7%	22%	26%	24.8%	25.9%	24%	24.2%
	133	236	335	549	413	517	405	502	595
PAT margin %	7.8%	10.4%	12.9%	17%	11%	11.5%	9%	11.2%	11.1%
EPS (₹)	5.5	9.3	13.2	22.1	16.7	21.1	16.7	20.7	24.5
EPS adjusted (₹)	—	—	13.2	22.2	16.6	21.4	17.6	20.7	24
	18.2%	10.8%	7.6%	6.8%	9%	7.1%	9%	7.2%	7.2%
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	22	25	25	25	24	24	24	25
Reserves	617	—	2,149	2,562	2,811	3,201	3,691	5,060
Minority interest	—	—	—	1	—	—	0	—
	404	—	846	1,093	1,059	1,223	1,286	1,338
	410	—	694	833	1,011	1,072	1,251	1,297
Total equity & liabilities	1,453	—	3,713	4,513	4,905	5,521	6,253	7,720
	668	1,204	1,332	1,541	1,911	2,096	2,426	3,250
CWIP	62	—	185	312	228	260	437	406
Investments	0	—	19	20	21	22	22	1
	723	—	2,178	2,640	2,744	3,144	3,367	4,062
Total assets	1,453	—	3,713	4,513	4,905	5,521	6,253	7,720

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	44.9%	50.7%	57%	50%	48.9%	55.1%	61.5%	65%
EBITDA margin %	16.9%	20.2%	26.4%	19.2%	20.3%	19%	21.1%	22.1%
EBIT margin %	12.2%	14.9%	21.7%	15%	16.2%	14.4%	16.1%	16.6%
PAT margin %	10.4%	12.9%	17%	11%	11.5%	9%	11.2%	11.1%
Working capital
Receivable days	—	—	86	90	77	80	77	62
Inventory days	—	—	205	190	182	235	284	326
Payable days	—	—	142	124	124	135	154	131
NWC days	—	—	150	156	135	179	207	256
Leverage
Current ratio	—	—	1.7	1.53	1.42	1.4	1.56	1.8
Debt to EBITDA	—	—	0.99	1.51	1.16	1.43	1.36	1.13
Debt to equity	—	—	0.39	0.42	0.37	0.38	0.35	0.26
Interest coverage	10.7	15.7	27.8	25	13.3	6.2	7.1	8
Asset turnover	—	—	0.87	0.83	0.92	0.82	0.72	0.7
Return ratios
Return on assets %	—	—	14.8%	9.1%	10.5%	7.3%	8%	7.7%
Return on capital employed %	—	—	28.8%	21.5%	24.9%	20%	19.1%	18.4%
Return on equity %	—	—	25.3%	16%	18.2%	12.6%	13.5%	11.7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	41.96%	41.96%	41.96%	38.87%	38.87%	38.85%	38.84%	38.82%	38.82%	38.82%	38.02%	38.02%
	21.48%	18.78%	19.57%	20.39%	19.49%	15.87%	15.15%	13.24%	14.09%	13.55%	15.31%	17.5%
	7.06%	10.16%	10.7%	14.12%	14.87%	19.57%	22.45%	23.53%	17.92%	17.48%	17.01%	16.11%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	29.5%	29.1%	27.77%	26.62%	26.77%	25.71%	23.56%	24.41%	29.17%	30.15%	29.66%	28.37%
No. of shareholders	—	—	—	—	—	—	—	—	1,65,542	1,63,184	1,60,286	1,69,422

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 13 fund houses

Held by these funds

1.38%

of the company's equity

All mutual funds

3.45%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

43 schemes · 13 fund houses

		Shares
Focused Fund	Old Bridge Mutual Fund	16.51 L	136.74	3.14%	0.666%	-0
TRUSTMF Small Cap Fund	Trust Mutual Fund	4.62 L	38.24	1.11%	0.186%	-0
Nifty Smallcap 250 Index Fund	Nippon India Mutual Fund	2.31 L	19.16	0.54%	0.093%	+2,828
Flexi Cap Fund	Capitalmind Mutual Fund	1.68 L	13.95	2.93%	0.068%	-0
ACTIVE MOMENTUM FUND	Samco Mutual Fund	1.59 L	13.18	1.75%	0.064%	+20,732
Nifty Smallcap 250 Index Fund	SBI Mutual Fund	1.18 L	9.74	0.54%	0.047%	+1,315
Nifty 500 Momentum 50 Index Fund	Nippon India Mutual Fund	1.02 L	8.41	0.63%	0.041%	+1,494
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	85,214	7.06	0.54%	0.034%	+773

1–8 of 43

1 / 6

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

19 announcementsExport CSV

29 Sept 2026, 7:04 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	44.9%	50.7%	57%	50%	48.9%	55.1%	61.5%	65%
EBITDA margin %	16.9%	20.2%	26.4%	19.2%	20.3%	19%	21.1%	22.1%
EBIT margin %	12.2%	14.9%	21.7%	15%	16.2%	14.4%	16.1%	16.6%
PAT margin %	10.4%	12.9%	17%	11%	11.5%	9%	11.2%	11.1%
Working capital
Receivable days	—	—	86	90	77	80	77	62
Inventory days	—	—	205	190	182	235	284	326
Payable days	—	—	142	124	124	135	154	131
NWC days	—	—	150	156	135	179	207	256
Leverage
Current ratio	—	—	1.7	1.53	1.42	1.4	1.56	1.8
Debt to EBITDA	—	—	0.99	1.51	1.16	1.43	1.36	1.13
Debt to equity	—	—	0.39	0.42	0.37	0.38	0.35	0.26
Interest coverage	10.7	15.7	27.8	25	13.3	6.2	7.1	8
Asset turnover	—	—	0.87	0.83	0.92	0.82	0.72	0.7
Return ratios
Return on assets %	—	—	14.8%	9.1%	10.5%	7.3%	8%	7.7%
Return on capital employed %	—	—	28.8%	21.5%	24.9%	20%	19.1%	18.4%
Return on equity %	—	—	25.3%	16%	18.2%	12.6%	13.5%	11.7%

86 deals · 20 Dec 2021 – 11 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
11 Sept 2026	KRISHNA PRASAD CHIGURUPATI	Block	NSE	Sell	1,32,95,129	₹872.50	₹1,160.00 Cr
11 Sept 2026	KRISHNA PRASAD CHIGURUPATI	Bulk	NSE	Sell	1,32,95,129	₹872.50	₹1,160.00 Cr
11 Sept 2026	KRISHNA PRASAD CHIGURUPATI	Bulk	NSE	Sell	39,04,871	₹892.84	₹348.64 Cr
11 Sept 2026	SMALLCAP WORLD FUND INC	Block	NSE	Buy	34,74,080	₹872.50	₹303.11 Cr
11 Sept 2026	SMALLCAP WORLD FUND INC	Bulk	NSE	Buy	34,74,080	₹872.50	₹303.11 Cr
11 Sept 2026	BNP PARIBAS FINANCIAL MARKETS	Bulk	NSE	Buy	13,18,051	₹872.50	₹115.00 Cr
11 Sept 2026	BNP PARIBAS FINANCIAL MARKETS	Block	NSE	Buy	13,18,051	₹872.50	₹115.00 Cr
11 Sept 2026	GOLDMAN SACHS BANK EUROPE SE	Block	NSE	Buy	11,73,916	₹872.50	₹102.42 Cr
11 Sept 2026	KOTAK MAHINDRA LIFE INSURANCE COMPANY LIMITED	Block	NSE	Buy	11,54,316	₹872.50	₹100.71 Cr
11 Sept 2026	CLARUS CAPITAL 1	Block	NSE	Buy	8,59,600	₹872.50	₹75.00 Cr

1–10 of 86

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Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Date	Category	Subject	Filing
29 Sept 2026, 7:04 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
16 Sept 2026, 5:39 pm	Company Update Allotment of Equity Shares	Announcement under Regulation 30 (LODR)-Allotment	PDF
15 Sept 2026, 7:42 pm	Company Update General	Update	PDF
12 Sept 2026, 11:32 am	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
11 Sept 2026, 6:35 pm	Company Update General	Update	PDF
11 Sept 2026, 3:36 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
27 Jul 2026, 12:04 pm	Company Update General	Transcript Of The Earnings Call For Q1 Of FY27	PDF
22 Jul 2026, 7:44 am	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome	PDF

₹ Cr	Mar 2016	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	144	432	332	739	439	867	793
	-128	-277	-380	-191	-360	-691	-773
	61	-299	190	-440	8	-93	379
Net cash flow	—	-144	142	107	87	83	399
Free cash flow	9	161	-66	328	59	295	235
CFO / Operating profit %	—	50.6%	46%	80.8%	51.3%	91.7%	66.9%

Granules India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Investor Presentation and earnings call

41

1

1

Compounded sales growth

Compounded profit growth

Return on equity

Granules India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Announcements

Quarterly record

Annual reports

Investor Presentation and earnings call

Dividends41

Board meetings1

Stock splits1

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

41

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