GRANULES
Granules India Limited
Granules India Limited (GRANULES) financial statements and selected valuation metrics through 30 June 2026.
Healthcare›Healthcare›Pharmaceuticals & Biotechnology›Pharmaceuticals
granulesindia.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Stock price
₹825.35
Market cap
22,514 Cr
Stock P/E
30.9
P/B
4.02
Dividend yield
0.2%
ROE (FY26)
11.7%
ROCE (FY26)
14.0%
Operating margin (FY26)
16.6%
Debt / equity (FY26)
0.26
OCF / EBITDA (FY26)
66.9%
OCF / EBITDA (3Y)
70.3%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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Compare with peers
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What you need to know
Granules India makes finished dosage medicines, active pharmaceutical ingredients (APIs) and pharmaceutical formulation intermediates (PFI), mainly for North America, which was 72% of Q1 FY27 revenue, and it is adding a peptide contract development and manufacturing (CDMO) business.
Company snapshot
27thBy market cap
Ranked among 119 companies in Pharmaceuticals.
What we see
Positives
- ✓Debt-to-equity of 0.26x — the company is largely funded by its own money, not borrowed funds.
Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,189 Cr | 1,156 Cr | 1,176 Cr | 1,180 Cr | 967 Cr | 1,138 Cr | 1,197 Cr | 1,210 Cr | 1,297 Cr | 1,388 Cr | 1,471 Cr | 1,477 Cr |
| Operating expenses (approx.) | 977 Cr | 905 Cr | 920 Cr | 921 Cr | 763 Cr | 907 Cr | 945 Cr | 963 Cr | 1,019 Cr | 1,080 Cr | 1,119 Cr | 1,138 Cr |
| EBITDA | 213 Cr | 250 Cr | 256 Cr | 259 Cr | 203 Cr | 230 Cr | 252 Cr | 247 Cr | 278 Cr | 308 Cr | 352 Cr | 339 Cr |
| OPM % | 17.9% | 21.7% | 21.7% | 22.0% | 21.0% | 20.2% | 21.1% | 20.4% | 21.5% | 22.2% | 23.9% | 22.9% |
| Other income | 2 Cr | 0.65 Cr | 2 Cr | 2 Cr | 3 Cr | 6 Cr | 2 Cr | 16 Cr | -1 Cr | -4 Cr | 9 Cr | 2 Cr |
| Interest | 26 Cr | 29 Cr | 29 Cr | 27 Cr | 26 Cr | 27 Cr | 24 Cr | 24 Cr | 29 Cr | 29 Cr | 33 Cr | 21 Cr |
| Depreciation | 53 Cr | 52 Cr | 53 Cr | 53 Cr | 53 Cr | 57 Cr | 63 Cr | 69 Cr | 72 Cr | 74 Cr | 82 Cr | 80 Cr |
| Profit before tax | 136 Cr | 170 Cr | 176 Cr | 181 Cr | 128 Cr | 153 Cr | 198 Cr | 145 Cr | 176 Cr | 202 Cr | 262 Cr | 240 Cr |
| Tax % | 24.9% | 26.1% | 26.2% | 25.8% | 24.3% | 23.0% | 23.0% | 22.1% | 25.7% | 25.7% | 23.2% | 25.1% |
| Net profit | 102 Cr | 126 Cr | 130 Cr | 135 Cr | 97 Cr | 118 Cr | 152 Cr | 113 Cr | 131 Cr | 150 Cr | 202 Cr | 180 Cr |
| EPS (₹) | ₹4.22 | ₹5.18 | ₹5.35 | ₹5.56 | ₹4.01 | ₹4.85 | ₹6.27 | ₹4.64 | ₹5.38 | ₹6.19 | ₹8.23 | ₹7.26 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,435 Cr | 1,692 Cr | 2,279 Cr | 2,599 Cr | 3,238 Cr | 3,765 Cr | 4,512 Cr | 4,506 Cr | 4,482 Cr | 5,366 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 1,136 Cr | 1,413 Cr | 1,895 Cr | 2,073 Cr | 2,382 Cr | 3,043 Cr | 3,598 Cr | 3,650 Cr | 3,536 Cr | 4,180 Cr | Sign in free for the trailing twelve months |
| EBITDA | 299 Cr | 278 Cr | 384 Cr | 525 Cr | 855 Cr | 722 Cr | 914 Cr | 856 Cr | 945 Cr | 1,185 Cr | Sign in free for the trailing twelve months |
| OPM % | 20.8% | 16.5% | 16.8% | 20.2% | 26.4% | 19.2% | 20.3% | 19.0% | 21.1% | 22.1% | Sign in free for the trailing twelve months |
| Other income | 10 Cr | 11 Cr | 27 Cr | 37 Cr | 27 Cr | 18 Cr | 14 Cr | 4 Cr | 13 Cr | 20 Cr | Sign in free for the trailing twelve months |
| Interest | 32 Cr | 33 Cr | 28 Cr | 27 Cr | 26 Cr | 23 Cr | 56 Cr | 106 Cr | 103 Cr | 114 Cr | Sign in free for the trailing twelve months |
| Depreciation | 72 Cr | 76 Cr | 105 Cr | 137 Cr | 151 Cr | 159 Cr | 184 Cr | 207 Cr | 226 Cr | 296 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 230 Cr | 196 Cr | 326 Cr | 451 Cr | 704 Cr | 558 Cr | 687 Cr | 547 Cr | 660 Cr | 785 Cr | Sign in free for the trailing twelve months |
| Tax % | 28.4% | 32.3% | 27.4% | 25.7% | 22.0% | 26.0% | 24.8% | 25.9% | 24.0% | 24.2% | Sign in free for the trailing twelve months |
| Net profit | 165 Cr | 133 Cr | 236 Cr | 335 Cr | 549 Cr | 413 Cr | 517 Cr | 405 Cr | 502 Cr | 595 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹7.52 | ₹5.49 | ₹9.30 | ₹13.19 | ₹22.05 | ₹16.66 | ₹21.05 | ₹16.73 | ₹20.69 | ₹24.47 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | 4.5% | 9.0% | 3.6% | 9.0% | 7.2% | 6.1% | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 23 Cr | 25 Cr | 25 Cr | 25 Cr | 25 Cr | 25 Cr | 24 Cr | 24 Cr | 24 Cr | 25 Cr |
| Reserves | 881 Cr | 1,279 Cr | 1,504 Cr | 1,818 Cr | 2,149 Cr | 2,562 Cr | 2,811 Cr | 3,201 Cr | 3,691 Cr | 5,060 Cr |
| Borrowings | 598 Cr | 958 Cr | 933 Cr | 793 Cr | 750 Cr | 1,093 Cr | 1,059 Cr | 1,223 Cr | 1,286 Cr | 1,338 Cr |
| Other liabilities | 377 Cr | 381 Cr | 520 Cr | 665 Cr | 790 Cr | 833 Cr | 1,011 Cr | 1,072 Cr | 1,251 Cr | 1,297 Cr |
| Total liabilities | 1,879 Cr | 2,644 Cr | 2,983 Cr | 3,301 Cr | 3,713 Cr | 4,513 Cr | 4,905 Cr | 5,521 Cr | 6,253 Cr | 7,720 Cr |
| Fixed assets (net) | 569 Cr | 701 Cr | 748 Cr | 989 Cr | 1,071 Cr | 1,284 Cr | 1,631 Cr | 1,856 Cr | 2,217 Cr | 3,051 Cr |
| CWIP | 130 Cr | 290 Cr | 323 Cr | 148 Cr | 185 Cr | 312 Cr | 228 Cr | 260 Cr | 437 Cr | 406 Cr |
| Investments | 108 Cr | 157 Cr | 210 Cr | 19 Cr | 19 Cr | 20 Cr | 21 Cr | 22 Cr | 22 Cr | 0.84 Cr |
| Loans & advances | — | — | 3 Cr | 8 Cr | 10 Cr | 8 Cr | 0 Cr | 0 Cr | 0 Cr | 0 Cr |
| Inventories | 269 Cr | 280 Cr | 384 Cr | 438 Cr | 782 Cr | 979 Cr | 1,149 Cr | 1,301 Cr | 1,343 Cr | 1,673 Cr |
| Trade receivables | 418 Cr | 617 Cr | 674 Cr | 735 Cr | 765 Cr | 925 Cr | 949 Cr | 986 Cr | 942 Cr | 909 Cr |
| Cash & bank | 42 Cr | 108 Cr | 83 Cr | 186 Cr | 42 Cr | 185 Cr | 292 Cr | 381 Cr | 466 Cr | 880 Cr |
| Other assets | 342 Cr | 491 Cr | 557 Cr | 778 Cr | 839 Cr | 802 Cr | 634 Cr | 716 Cr | 825 Cr | 799 Cr |
| Total assets | 1,879 Cr | 2,644 Cr | 2,983 Cr | 3,301 Cr | 3,713 Cr | 4,513 Cr | 4,905 Cr | 5,521 Cr | 6,253 Cr | 7,720 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 188 Cr | -0.65 Cr | 262 Cr | 476 Cr | 432 Cr | 332 Cr | 739 Cr | 439 Cr | 867 Cr | 793 Cr |
| Cash from investing | -326 Cr | -462 Cr | -270 Cr | -161 Cr | -277 Cr | -380 Cr | -191 Cr | -360 Cr | -691 Cr | -773 Cr |
| Cash from financing | 56 Cr | 529 Cr | -17 Cr | -213 Cr | -299 Cr | 190 Cr | -440 Cr | 8 Cr | -93 Cr | 379 Cr |
| Net cash flow | -82 Cr | 66 Cr | -25 Cr | 103 Cr | -144 Cr | 143 Cr | 107 Cr | 90 Cr | 85 Cr | 412 Cr |
| Free cash flow (OCF − Capex) | -128 Cr | -447 Cr | -17 Cr | 292 Cr | 161 Cr | -66 Cr | 328 Cr | 59 Cr | 295 Cr | 235 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 17.4% | 10.1% | 14.4% | 18.1% | 25.0% | 15.8% | 19.1% | 14.7% | 15.3% | 14.0% |
| ROE % | 18.2% | 10.2% | 15.5% | 18.2% | 25.3% | 16.0% | 18.2% | 12.6% | 13.5% | 11.7% |
| Debtor days | 106 | 133 | 108 | 103 | 86 | 89 | 77 | 80 | 77 | 62 |
| Inventory days | 144 | 113 | 104 | 122 | 179 | 175 | 178 | 215 | 283 | 290 |
| Days payable | 116 | 102 | 88 | 119 | 124 | 114 | 121 | 124 | 153 | 117 |
| Cash conversion cycle | 134 | 144 | 124 | 106 | 141 | 150 | 133 | 171 | 207 | 235 |
| OCF / EBITDA % | 63.0% | -0.2% | 68.3% | 90.6% | 50.6% | 46.0% | 80.8% | 51.3% | 91.7% | 66.9% |
| OCF / EBITDA % (3 years) | — | — | 46.8% | 62.1% | 66.4% | 59.0% | 60.3% | 60.6% | 75.3% | 70.3% |
| Debt / equity | 0.66 | 0.73 | 0.61 | 0.43 | 0.35 | 0.42 | 0.37 | 0.38 | 0.35 | 0.26 |
| Current ratio | 1.05 | 1.37 | 1.43 | 1.65 | 1.70 | 1.53 | 1.42 | 1.40 | 1.56 | 1.80 |
| Net debt / EBITDA | 1.86 | — | 2.21 | 1.16 | 0.83 | 1.26 | 0.84 | 0.98 | 0.87 | 0.39 |