GRANULES

Granules India share price & financials

Price
₹880.8
Market cap
₹20.9k Cr
Sector
Healthcare
Calls analysed
8
Latest concall · Q1 FY27 · call held 21 Jul 2026

Granules India Limited Q1 FY27

Revenue ₹1,477 cr +22%EBITDA ₹339 cr +37%EBITDA Margin 22.9% +3%PAT ₹180 cr +60%

What went well

  • Revenue grew 22% YoY to ₹1,477 crores, marking the strongest first quarter ever.
  • EBITDA grew 37% YoY to ₹339 crores, with margin expanding 256 bps to 22.9%.
  • Profit after tax (PAT) grew 60% YoY to ₹180 crores.

What to watch

  • Raw material pressures and geopolitical tensions in West Asia are impacting raw materials, packing inputs, and freight costs.
  • Gagillapur facility is still awaiting FDA clearance, which is holding back the launch of 9 applications.
Read the full call →

What Granules India Limited does

Granules India is a vertically integrated pharmaceutical company spanning Active Pharmaceutical Ingredients (API), Pharmaceutical Formulation Intermediates (PFI), Finished Dosages (FD) and, since the 2025 acquisition of Swiss peptide specialist Senn Chemicals, a Peptide CDMO business run through subsidiary Ascelis Peptides. It manufactures its own APIs and PFIs and forward-integrates these into finished formulations, giving it in-house control over the supply chain for products such as Paracetamol and Metformin as well as complex/high-barrier generics (e.g. ADHD stimulants, controlled substances, MUPS-technology products). It sells to pharmaceutical companies and retailers in North America, Europe, India, Latin America and other regulated and emerging markets, earning revenue from API/PFI/FD product sales and, increasingly, from CDMO manufacturing services for peptide-based therapeutics.

Segments

  • Finished Dosages (FD)
  • Active Pharmaceutical Ingredients (API)
  • Pharmaceutical Formulation Intermediates (PFI)
  • Peptide CDMO
Manufacturing facilities
10
Annual finished-dosage capacity
39 Bn+ dosages
API manufacturing capacity
39,360 TPA
Countries served
80+
Global customers
300+
Molecules in portfolio
100+
Founded 1991Headquarters Hyderabad, Telangana, IndiaEmployees 6,166 (FY2025 (31 Mar 2025)) Company website

Guidance record · Q1 FY27

what the last two calls moved 26 tracked 7 delivered 6 missed 13 open
  • EBITDA Margin delivered said Q1 FY25 Promised: above 20% and improving Q1 FY27: Q1 FY27 margin was 22.9%, down QoQ but up 256 bps YoY, comfortably above the 20% target.
  • Production Disruption Duration missed said Q4 FY25 Promised: slowdown on operation in Gagillapur will continue for a quarter or two Q1 FY27: The facility is still awaiting FDA clearance in Q1 FY27, far exceeding the original 'quarter or two' guidance.
  • Oncology Product Launches revised down said Q1 FY25 Promised: start in FY26 Q1 FY27: Management reiterated a delayed timeline in Q1 FY27, with the first self-developed oncology product now slated for launch in FY28-29, confirming the original FY26 target was missed.

All 26 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 22.1%, net profit up 59.3% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue967 1,138 1,197 1,210 1,297 +34%1,388 +22%1,471 +23%1,477 +22%
EBITDA203 230 252 247 278 +37%308 +34%352 +40%339 +37%
Net profit97 118 152 113 131 +35%150 +27%202 +33%180 +59%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +73.3% 1Y

₹500₹600₹700₹800₹900Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q3 FY26 — 23 Jan 2026Q4 FY26 — 29 Apr 2026Q1 FY27 — 21 Jul 2026

1Y: ₹524.65 on 10 Sept 2025 → ₹909.3. High ₹909.3 (11 Sept 2026), low ₹514.6 (29 Sept 2025).

How the price took the results

close before → close after

Q1 FY27
−0.0%
21 Jul
Q4 FY26
−0.1%
29 Apr
Q3 FY26
−1.1%
23 Jan

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 5.9% a year over 3 years, FY23 to FY26. Operating margin widened to 22.1%.

Year endingFY23FY24FY25FY26
Revenue₹4.5k Cr₹4.5k Cr₹4.5k Cr₹5.4k Cr
Operating profit₹914 Cr₹856 Cr₹944 Cr₹1.2k Cr
Operating margin20.3%19.0%21.1%22.1%
Interest₹56 Cr₹106 Cr₹104 Cr₹115 Cr
Depreciation₹184 Cr₹207 Cr₹227 Cr₹297 Cr
Net profit₹517 Cr₹406 Cr₹502 Cr₹596 Cr
Net margin11.5%9.0%11.2%11.1%
ROCE19.0%15.0%15.0%16.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹25 Cr₹25 Cr₹24 Cr₹24 Cr₹24 Cr₹25 Cr
Reserves₹2.1k Cr₹2.6k Cr₹2.8k Cr₹3.2k Cr₹4.0k Cr₹5.1k Cr
Borrowings₹849 Cr₹1.1k Cr₹1.1k Cr₹1.3k Cr₹1.8k Cr₹1.5k Cr
Other liabilities₹690 Cr₹819 Cr₹932 Cr₹957 Cr₹1.2k Cr₹1.1k Cr
Total liabilities₹3.7k Cr₹4.5k Cr₹4.9k Cr₹5.5k Cr₹6.9k Cr₹7.7k Cr
Fixed assets₹1.3k Cr₹1.5k Cr₹1.9k Cr₹2.1k Cr₹2.8k Cr₹3.3k Cr
Capital work in progress₹239 Cr₹356 Cr₹239 Cr₹272 Cr₹702 Cr₹410 Cr
Investments₹19 Cr₹20 Cr₹21 Cr₹22 Cr₹1 Cr₹1 Cr
Other assets₹2.1k Cr₹2.6k Cr₹2.7k Cr₹3.1k Cr₹3.4k Cr₹4.0k Cr
Total assets₹3.7k Cr₹4.5k Cr₹4.9k Cr₹5.5k Cr₹6.9k Cr₹7.7k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs trimmed −7.41 pp while FIIs added +4.26 pp.

Promoters
38.0%
FIIs
17.5%
DIIs
16.1%
Public
28.4%

Since Jun 2025

  • DIIs −7.41 pp
  • FIIs +4.26 pp
  • Public +3.95 pp

How it drifted, 12 quarters

Over this window DIIs went from 7.1% to 16.1% — +9.1 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 42.0%, FIIs 21.5%, DIIs 7.1%, Public 29.5%.Dec '23: Promoters 42.0%, FIIs 18.8%, DIIs 10.2%, Public 29.1%.Mar '24: Promoters 42.0%, FIIs 19.6%, DIIs 10.7%, Public 27.8%.Jun '24: Promoters 38.9%, FIIs 20.4%, DIIs 14.1%, Public 26.6%.Sep '24: Promoters 38.9%, FIIs 19.5%, DIIs 14.8%, Public 26.8%.Dec '24: Promoters 38.9%, FIIs 15.9%, DIIs 19.6%, Public 25.7%.Mar '25: Promoters 38.8%, FIIs 15.1%, DIIs 22.4%, Public 23.6%.Jun '25: Promoters 38.8%, FIIs 13.2%, DIIs 23.5%, Public 24.4%.Sep '25: Promoters 38.8%, FIIs 14.1%, DIIs 17.9%, Public 29.2%.Dec '25: Promoters 38.8%, FIIs 13.6%, DIIs 17.5%, Public 30.1%.Mar '26: Promoters 38.0%, FIIs 15.3%, DIIs 17.0%, Public 29.7%.Jun '26: Promoters 38.0%, FIIs 17.5%, DIIs 16.1%, Public 28.4%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 3 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Granules India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Krishna Prasad Chigurupati 31.00%unchanged
Life Insurance Corporation Of India Insurer4.10%−1.12 pp
Chigurupati Uma Devi 3.73%unchanged
SBI Life Insurance Co. Ltd Insurer2.84%−0.46 pp
Kotak Mahindra Life Insurance Company Ltd Insurer1.70%unchanged
Smallcap World Fund, Inc Global fund house1.59%+0.20 pp
Aditya Birla Sun Life Trustee Private Limited A/C Mutual fund1.43%−0.26 pp
Tyche Investments Private Limited 1.43%unchanged
Basava Sankararao Kolli 1.17%unchanged
360 One Pipe Fund Mutual fund1.10%unchanged
Pragnya Chigurupati 0.74%unchanged
Chigurupati Priyanka 0.73%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in GRANULES

Filings to Aug 2026

0 new, 5 added, 1 trimmed, 0 sold out — net +0.06 L shares (+1.2%).

Held by funds
₹39 Cr
6 schemes
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹19 Cr · 0.5% of that fund
SchemeHoldingLast month
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹19 Cr+0.03 L
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund₹10 Cr+0.01 L
Nippon India Nifty 500 Momentum 50 Index Fund Nippon India Mutual Fund₹8 Cr+0.01 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹0 Cr−0.00 L
SBI Nifty Small Cap 250 ETF SBI Mutual Fund₹0 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

5 added, 1 trimmed — net +5,639 shares (+1.2%)

Funds are sitting on
+59%
vs est. average cost
Held by funds
₹39 Cr
6 schemes · ≈ 0.20% of the company
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹19 Cr · 0.5% of that fund

Shares held by these funds −72%

Aug '23 4.63 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹909, this stock must grow earnings at 23% every year for 7 years. Our analysis caps realistic growth at ~4%. At that growth it is worth ₹326 — downside of 64%.

Growth the price implies
23.0% a year
for 7 years, fading to 4%
It has actually compounded at
3.5% a year
net profit, FY23–FY26 · EPS 3.6%
The gap
0.2 pp
-64% downside if it only repeats history
Price today ₹909.3 Value at the reference growth ₹325.8

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Granules India Limited

Guides on how to read this kind of business and the numbers that matter.