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Granules India Overview

Granules India Ltd is a pharmaceutical company with presence across the pharmaceutical production value chain, inclusive of active pharmaceutical elements (APIs), pharmaceutical formulation intermediaries (PFIs) and finished dosages (FDs). The Company's business operations comprises 3 regions: core enterprise, emerging enterprise, and contract research and manufacturing services (CRAMS). Its products in Core commercial enterprise comprises Paracetamol, Ibuprofen, Guaifenesin and Metformin. The Company operates a healthcare department, Granules ...Read More

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Granules India Key Financials

Market Cap ₹16248 Cr.

Stock P/E 32.4

P/B 3.7

Current Price ₹655.7

Book Value ₹ 178.9

Face Value 1

52W High ₹660

Dividend Yield 0.23%

52W Low ₹ 430.6

Granules India Share Price

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Volume
Price

Granules India Quarterly Price

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Granules India Peer Comparison

Granules India Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 1189 1156 1176 1180 967 1138 1197 1210 1297 1388
Other Income 2 1 2 2 3 6 2 16 -1 -4
Total Income 1191 1156 1178 1182 970 1143 1199 1226 1296 1384
Total Expenditure 977 905 920 921 763 907 945 963 1019 1080
Operating Profit 215 251 258 261 207 236 254 263 277 304
Interest 26 29 29 27 26 27 24 24 29 29
Depreciation 53 52 53 53 53 57 63 69 72 74
Exceptional Income / Expenses 0 0 0 0 0 0 31 -26 0 0
Profit Before Tax 136 170 176 181 128 153 198 145 176 202
Provision for Tax 34 44 46 47 31 35 46 32 45 52
Profit After Tax 102 126 130 135 97 118 152 113 131 150
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 102 126 130 135 97 118 152 113 131 150
Adjusted Earnings Per Share 4.2 5.2 5.3 5.6 4 4.8 6.3 4.6 5.4 6.2

Granules India Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 1294 1357 1411 1685 2279 2599 3238 3765 4512 4506 4482 5092
Other Income 4 6 10 11 27 37 27 18 14 4 13 13
Total Income 1297 1363 1420 1695 2306 2635 3264 3783 4526 4511 4495 5105
Total Expenditure 1084 1081 1112 1406 1895 2073 2382 3043 3599 3650 3536 4007
Operating Profit 213 282 309 289 411 562 882 740 928 860 958 1098
Interest 32 37 32 33 28 27 26 23 56 106 103 106
Depreciation 53 58 72 76 105 137 151 159 184 207 226 278
Exceptional Income / Expenses 0 0 0 0 0 28 0 0 0 0 31 5
Profit Before Tax 128 186 230 196 326 451 704 558 687 547 660 721
Provision for Tax 37 61 65 63 89 116 155 145 171 142 159 175
Profit After Tax 91 125 165 133 236 335 549 413 517 405 502 546
Adjustments 0 -2 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 91 123 165 133 236 335 549 413 517 405 502 546
Adjusted Earnings Per Share 4.5 5.7 7.2 5.2 9.3 13.2 22.2 16.6 21.3 16.7 20.7 22.5

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -1% 6% 12% 13%
Operating Profit CAGR 11% 9% 11% 16%
PAT CAGR 24% 7% 8% 19%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 40% 31% 14% 18%
ROE Average 15% 16% 18% 19%
ROCE Average 16% 17% 19% 18%

Granules India Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 431 662 904 1304 1529 1844 2173 2587 2835 3226 3716
Minority's Interest 0 0 0 0 0 0 0 1 0 0 0
Borrowings 303 184 124 433 479 422 334 234 149 69 312
Other Non-Current Liabilities 53 62 64 55 74 64 32 49 106 107 154
Total Current Liabilities 415 655 787 878 896 893 1173 1642 1814 2082 2003
Total Liabilities 1203 1563 1879 2670 2979 3223 3713 4512 4903 5484 6185
Fixed Assets 617 560 644 777 944 1204 1332 1541 1911 2096 2426
Other Non-Current Assets 84 185 406 707 752 390 384 465 418 483 643
Total Current Assets 500 818 828 1187 1282 1519 1997 2505 2574 2905 3115
Total Assets 1203 1563 1879 2670 2979 3223 3713 4512 4903 5484 6185

Granules India Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 42 55 124 42 108 83 186 42 185 292 381
Cash Flow from Operating Activities 150 151 188 -1 262 476 432 332 739 439 867
Cash Flow from Investing Activities -146 -162 -326 -462 -270 -161 -277 -380 -191 -360 -691
Cash Flow from Financing Activities 19 86 56 529 -17 -213 -299 190 -440 8 -93
Net Cash Inflow / Outflow 24 75 -82 66 -25 103 -144 142 107 87 83
Closing Cash & Cash Equivalent 65 130 42 108 83 186 42 185 292 381 466

Granules India Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 4.45 5.68 7.19 5.22 9.3 13.19 22.18 16.64 21.34 16.72 20.68
CEPS(Rs) 7.03 8.46 10.32 8.23 13.45 18.58 28.3 23.04 28.97 25.28 29.98
DPS(Rs) 0.5 0.65 0.9 1 1 1 1.5 1.5 1.5 1.5 1.5
Book NAV/Share(Rs) 21.03 29.2 39.4 51.17 59.73 71.8 86.85 103.62 116.38 132.33 152.63
Core EBITDA Margin(%) 15.76 19.95 20.82 16.46 16.17 17.96 21.65 19.17 20.24 13.07 12.69
EBIT Margin(%) 12.07 16.13 18.25 13.54 14.9 16.35 18.49 15.44 16.47 9.97 10.25
Pre Tax Margin(%) 9.63 13.45 16.01 11.58 13.71 15.43 17.83 14.82 15.23 8.35 8.86
PAT Margin (%) 6.84 9.03 11.46 7.84 9.95 11.47 13.91 10.96 11.45 6.19 6.73
Cash Profit Margin (%) 10.8 13.25 16.45 12.34 14.4 16.15 17.74 15.18 15.54 9.35 9.76
ROA(%) 8.28 9.03 9.56 5.83 8.37 10.82 15.84 10.04 10.97 7.8 8.6
ROE(%) 23.23 23.51 21.45 12.05 16.78 20.06 27.64 17.49 19.18 13.46 14.52
ROCE(%) 18.78 20.15 18.3 11.92 14.74 18.19 25.42 17.37 19.63 15.66 16.16
Receivable days 34.04 67.6 100.84 112.83 100.03 83.34 65.94 81.94 75.78 53.89 47.23
Inventory Days 54.76 63.11 66.49 59.23 51.03 51.34 56.39 85.35 86.07 68.26 64.75
Payable days 78.96 92.81 106.63 99.83 86.9 96.93 117.79 114.29 112.38 138.29 156.05
PER(x) 19.09 21.13 19.26 19.81 12.29 10.89 13.67 18.4 13.62 25.71 23.56
Price/Book(x) 4.04 4.11 3.52 2.02 1.91 2 3.49 2.96 2.5 3.25 3.19
Dividend Yield(%) 0.59 0.54 0.65 0.97 0.87 0.7 0.49 0.49 0.52 0.35 0.31
EV/Net Sales(x) 1.66 2.29 2.68 2.07 1.67 1.64 2.5 2.2 1.73 2.5 2.79
EV/Core EBITDA(x) 10.11 11.05 12.23 12.07 9.27 7.58 9.16 11.19 8.39 13.08 13.05
Net Sales Growth(%) 18.05 4.91 3.93 19.43 35.29 14.02 24.59 16.29 19.84 -0.12 -0.55
EBIT Growth(%) 20.72 39.17 17.42 -12.57 54.54 35.08 52.81 -20.45 27.85 -12.12 16.9
PAT Growth(%) 20.84 37.38 31.74 -19.41 78.3 41.87 63.82 -24.88 25.16 -21.54 23.74
EPS Growth(%) 19.99 27.52 26.74 -27.39 78.01 41.87 68.17 -24.98 28.24 -21.65 23.65
Debt/Equity(x) 1.12 1.01 0.73 0.75 0.65 0.49 0.39 0.43 0.38 0.38 0.35
Current Ratio(x) 1.21 1.25 1.05 1.35 1.43 1.7 1.7 1.53 1.42 1.4 1.56
Quick Ratio(x) 0.66 0.86 0.71 1.03 1 1.21 1.04 0.93 0.79 0.77 0.88
Interest Cover(x) 4.96 6.02 8.12 6.93 12.44 17.69 27.8 25.04 13.29 6.17 7.39
Total Debt/Mcap(x) 0.28 0.25 0.21 0.37 0.34 0.24 0.11 0.14 0.15 0.12 0.11

Granules India Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 41.96 41.96 38.87 38.87 38.85 38.84 38.82 38.82 38.82 38.02
FII 18.78 19.57 20.39 19.49 15.87 15.15 13.24 14.09 13.55 15.31
DII 10.15 10.7 14.12 14.85 19.57 22.44 23.53 17.92 17.48 17.01
Public 29.1 27.77 26.62 26.8 25.72 23.57 24.41 29.17 30.15 29.67
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Granules India News

Granules India Pros & Cons

Pros

  • Company is almost debt free.

Cons

  • Promoter holding is low: 38.02%.
  • Debtor days have increased from 138.29 to 156.05days.
  • Stock is trading at 3.7 times its book value.
  • The company has delivered a poor profit growth of 8% over past five years.
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