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Prices as of 8 Oct 2026 close · Not investment advice

Granules India Limited

NSE: GRANULESPharmaceuticals

Share price

₹815.05

-3.58% close of 8 Oct 2026

Market cap ₹20,376 CrP/E 31.3

Business score

How strong the business is, in one number. The parts behind it are in Pro.

70

out of 100 · worked out 8 Oct 2026

Your ratios

The numbers you want to see first. Tap Edit to change them.

Market cap

₹20,376 Cr

P/E ratio

31.3

P/B ratio

4.0

ROCE

15.5%

ROE

13.8%

Dividend yield

0.2%

Price & valuation chart

How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.

Prices as of 8 Oct 2026 close52-week high ₹909.3052-week low ₹532.85

Answers

Simple answers to the questions investors ask most, from the company's own numbers.

How fast it has been growing

Sales grew 24.8% over the past year, and 19.7% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales improved from 18.5% to 22.6% over the last four years.

Whether it grew faster than its sector

It grew 19.7% a year against a sector median of 13.1% — 6.6 percentage points faster.

Room to re-rate, or risk of de-rating

At 31.3× earnings against a market that pays 23.9× across 2199 companies we can price. Its own industry sits at 78.7×, across 5 companies. It is against its own five-year median of 25.3×, the 88th percentile of its own range.

Whether growth justifies the valuation

Priced at 6.3 times its growth rate, on earnings growth of 5%.

Profit growthPrice per ₹1 profitPer 1% growth
Granules India Limited — this one5%/yr31.3×₹6.3
Sun Pharmaceutical13%/yr33.4×₹2.6
Divi's Laboratories13%/yr83.3×₹6.4
Torrent Pharmaceuticals22%/yr78.7×₹3.6
Zydus Lifesciences32%/yr23.1×₹0.72
Laurus Labs Limited4%/yr98.6×₹24.7

Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

How it compares with its peers

Against companies the exchange files under the same label (Pharmaceuticals), it ranks 56 of 130 on returns, 19 of 127 on growth, 43 of 130 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

What makes it hard to beat — and is that still true?

A narrow advantage: it earns 15.5% on capital, ahead of 57% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

Whether its growth pays for itself

Yes — Over the last five years it made ₹3170 crore of cash from the business, spent ₹2311 crore on plant and equipment, and returned ₹44 crore to lenders and shareholders. And the profit is real: of every 100 rupees it reported over 12 years, about 119 arrived as cash (before interest, which is why it can exceed the profit). Its cash comes back more slowly than it used to: it went from being waiting 44 days for its cash to waiting 49 days for its cash.

Profit reality check

Is the profit real cash? Simple checks on the accounts. Facts only, not advice.

8 of 9 checks clear · 89%

Latest result

What the last results showed. Whether management kept its word is in Pro.

Results are expected soon.

Checklist before you investPRO

Points for and against, in one list.

Key numbers & peers

The main numbers grouped by topic, and how the company compares with similar ones.

Price

Market cap
₹20,376 Cr
Prev close
₹815.05
52w High
₹924
52w Low
₹530
Enterprise value
₹22,804 Cr
Beta
1.1
Price CAGR 1y
54.0%
Price CAGR 3y
33.0%
Price CAGR 5y
21.0%
Price CAGR 10y
22.0%

Ratios

Return on assets
7.7%
PEG ratio
6.8
P/E ratio
31.3
P/B ratio
4.0
EV / EBITDA
20.0
Industry P/E
38.0
ROCE
15.5%
ROCE 5y average
16.4%
ROE
13.8%
Debt / Equity
0.3
Interest coverage
7.9
Dividend yield
0.2%
ROE 3y average
14.0%
ROE last year
14.0%

Annual P&L

Annual revenue
₹5,366 Cr
Annual profit
₹595 Cr
Operating margin
22.0%
Net profit margin
11.1%
EBITDA margin
22.1%
Sales growth 3y
5.9%
Sales growth 5y
10.6%
Profit growth 3y
5.0%
Profit growth 5y
2.0%
EPS
₹24.0
Sales growth TTM
25.0%
Profit growth TTM
36.0%
Dividend payout
7.0%

Quarter P&L

Sales latest quarter
₹1,477 Cr
Profit latest quarter
₹180 Cr
YoY quarterly sales growth
22.0%
YoY quarterly profit growth
59.3%
OPM latest quarter
22.9%

Balance Sheet

Book Value
₹203
Face Value
₹1.0
Total debt
₹1,512 Cr
Total cash
₹949 Cr
Borrowings
₹1,512 Cr
Reserves / Equity
202.4

Cash Flow

Operating cash flow
₹793 Cr
Free cash flow
₹239 Cr
FCF yield
0.6%
Net cash flow
₹414 Cr

Shareholding

Promoter holding
37.4%
FII holding
20.3%
DII holding
15.4%
Public holding
26.9%

Peer comparison

CompanyPrice ₹P/EMkt cap ₹ CrDiv yield %Profit qtr ₹ CrProfit var %Sales qtr ₹ CrSales var %ROCE %
Sun Pharma.Inds.1,781.0033.84,27,3220.902,901.26.015,299.910.520.5
Divi's Lab.9,588.0085.42,54,5310.31902.065.53,080.027.822.0
Torrent Pharma.4,716.2080.41,79,3890.81566.05.84,921.054.915.2
Zydus Lifesci.1,153.0023.61,15,0120.09990.2-35.18,017.022.021.1
Laurus Labs2,052.80101.41,10,9150.10362.1125.52,026.329.117.8
Cipla1,327.2030.01,07,2210.98785.6-39.27,119.32.315.5
Mankind Pharma2,500.0048.41,03,2610.04574.129.64,030.612.913.5
Granules India845.3035.523,0580.21180.036.61,476.822.015.5
Median417.9034.52,2080.0713.529.5164.018.415.0

Competes with: Aurobindo Pharma, Cipla, Divi's Laboratories, Dr Reddy's Laboratories, Laurus Labs Limited, Lupin, Mankind Pharma Limited, Sun Pharmaceutical, Torrent Pharmaceuticals, Zydus Lifesciences

Quarterly results

Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.

Consolidated · to 30 Jun 2026
Line itemJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales9861,1891,1561,1761,1809671,1381,1971,2101,2971,3881,4711,477
Expenses8499779059209217639079459631,0191,0801,1191,138
Material Cost435429498529644496
Change in Inventories3.68-3.45-53-28-14012
Purchases of Stock-in-Trade000000
Employee Cost169203219226240255
Other Expenses338336355352374375
Operating Profit137213250256259203230252247278308352339
OPM %14182222222120212021222423
Other Income021223633-10-1-4252
Exceptional items (within Other Income)31-2600160
Interest22262929272627242429293321
Depreciation49535253535357646972748280
Profit before tax65136170176181128153198145176202262240
Tax %27252626262423232226262325
Net Profit4810212613013597118152113131150202180
EPS in Rs1.984.215.185.355.564.014.856.274.645.386.198.137.26
Diluted EPS in Rs6.274.645.386.198.237.12

Profit & loss

Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.

Consolidated · to 31 Mar 2026
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,2921,3571,4111,6852,2792,5993,2383,7654,5124,5064,4825,3665,632
Expenses1,0821,0811,1121,4061,8952,0732,3823,0383,5973,6483,5344,1774,355
Material Cost1,7252,100
Change in Inventories0.76-224
Purchases of Stock-in-Trade00
Employee Cost660888
Other Expenses1,1511,416
Operating Profit2102762992783845268567279158589481,1881,277
OPM %16202117172026192019212223
Other Income3535277590261312241722
Exceptional items (within Other Income)31-10.00
Interest323732332827262356106103114112
Depreciation53587276105137151159184207226296307
Profit before tax128186230196326451704558687547660785881
Tax %293328322726222625262424
Net Profit91123165133236335549413517405502595662
EPS in Rs4.455.687.195.229.301322172117212427
Diluted EPS in Rs2124
Dividend Payout %11111319118797977

Compounded growth

Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.

Compounded sales growth

10 years
15%
5 years
11%
3 years
6%
TTM
25%

Compounded profit growth

10 years
17%
5 years
2%
3 years
5%
TTM
36%

Stock price CAGR

10 years
22%
5 years
21%
3 years
33%
1 year
54%

Return on equity

10 years
17%
5 years
15%
3 years
14%
Last year
14%

Balance sheet

What the company owns and what it owes, at the end of each year. ₹ crore.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital202223252525252524242425
Reserves4116408811,2791,5041,8182,1492,5622,8113,2013,6915,060
Borrowings4826416569789918928491,1061,1361,3151,4551,512
Other Liabilities2892603193884584876908199329571,0511,086
Minority Interest0
Total Liabilities1,2031,5631,8792,6702,9793,2233,7134,5124,9035,4986,2217,683
Fixed Assets6175606447779441,2041,3321,5411,9112,0962,4263,250
CWIP6277267515496294239356239272440410
Investments0701081572101919202122221
Other Assets5248568591,2221,3281,7062,1232,5942,7323,1093,3334,022
Total Assets1,2031,5631,8792,6702,9793,2233,7134,5124,9035,4986,2537,720

Cash flows

Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity150151188-1262476432332739439867793
Cash from Investing Activity-146-162-326-462-270-160-277-379-192-358-689-758
Cash from Financing Activity198656529-17-213-299190-4408-93379
Net Cash Flow2475-8266-25103-1441431079085414
Free Cash Flow3-10-127-447-17292161-6532861297238

Ratios

How fast customers pay, how long stock sits, and how well capital earns — year by year.

Consolidated
Line itemMar 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 %192018121517251719151516

Shareholding pattern

Who owns the company — founders (promoters), foreign funds, Indian funds and the public. In %.

Consolidated · to 30 Sep 2026
Line itemDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters424239393939393939383837
FIIs192020191615131414151820
DIIs101114152022241817171615
Public292827272624242930302827
No. of Shareholders1,90,6911,82,1421,79,8702,02,1981,77,5541,69,8021,69,7001,65,5421,63,1841,60,2861,69,4221,82,080

Price trend

The price as a Renko brick chart: small moves drop out so the bigger path stands out.

Change over 1 year +44.0% (₹566.15 → ₹815.05)Brick size ₹28.76 (fixed)Bricks 15
₹600₹700₹815Dec '25Jun '26
Price moved up one brickPrice moved down one brickLast close ₹815.05 on 8 Oct 2026

Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.

Open interestPRO

Where option traders are positioned on this stock.

Industry numbers

The numbers that matter most in this industry, from the company's own filings.

1 when an audit qualification is filed as repetitive

0.00flag

2026-03-31

the company's own unlisted debt securities in default at period end

0.00cr

2026-06-30

the company's own loans / revolving facilities in default at period end (standalone filing)

0.00cr

2026-06-30

guarantees / comfort given for promoter, promoter group, directors and KMP

0.00cr

2026-03-31

loans outstanding to promoter, promoter group, directors and KMP (governance filing)

0.00cr

2026-03-31

security given for the borrowing of promoter, promoter group, directors and KMP

0.00cr

2026-03-31

R&D as % of revenue

6.00pct

2026-06-30

FY revenue / permanent employees + workers, same basis (calc)

80,67,719inr

2026-03-31

US share of revenue %

75.00pct

2026-06-30

News

News and filings about Granules India Limited. Open one to see why it matters.

No recent news for this company.

Supply chain

Who it buys from, sells to and competes with — as recorded in our map of company links.

Competes with

Uses as raw material

  • DCDA / dicyandiamide (key starting material for metformin API)
  • Epichlorohydrin (KSM, e.g. guaifenesin synthesis)
  • KSMs and solvents (key starting materials / intermediates)
  • PAP / para-aminophenol (key raw material for paracetamol API)
  • Packaging materials

Depends on the price of

  • coal
  • diesel
  • fuel

Buys from

About

What the company is, from our own records: where it sits, where it makes things, and what it is made of.

Sector
Healthcare
Industry
Pharmaceuticals
Classification
Healthcare › Pharmaceuticals
ISIN
INE101D01020

Plants

  • Bonthapally API facility · Bonthapally / Hyderabad, Telangana
  • Bonthapally II API intermediate facility · Bonthapally / Hyderabad, Telangana
  • Gagillapur PFI facility · Hyderabad, Telangana
  • Gagillapur finished dosage facility · Hyderabad, Telangana
  • Granules CZRO DCDA pilot plant
  • Granules Consumer Health packaging facility · Manassas, Virginia
  • Granules Life Sciences (GLS) / Genome Valley facility
  • Granules Pharmaceuticals Inc. facility
  • Jeedimetla API facility · Hyderabad, Telangana
  • Jeedimetla PFI facility · Hyderabad, Telangana
  • Senn Chemicals AG
  • Visakhapatnam Unit IV
  • Visakhapatnam Unit V

News impact

Big market events that reach Granules India Limited, and how the effect spreads.

Who it hits first

  • Granules faces 2-4% technical pressure from Rs 1,500 cr of new free float
  • Quality buyers (Goldman, BNP) validate the business and likely mark a near-term floor
  • Pharma peers see no fundamental change — ranked names are sentiment-only

Who may gain

  • Goldman Sachs, BNP Paribas and other block buyers who accumulated at a discount
  • Granules' public float and liquidity improve post-deal

Along the supply chain

Downstream

Formulation customers and distributors are unaffected; pricing and contracts continue as before.

Upstream

No supply-chain link — API suppliers and job-workers see no order change from a share sale.

Where demand moves

Business

No business demand shifts — this is a pure ownership transfer; Granules' API and formulations orders are untouched.

Capital

Promoter supply meets institutional demand at a small discount; some weak holders exit on the news while quality funds accumulate — net neutral to mildly positive for the register.

How it spreads across sectors

Healthcare

neutral — single-stock block with quality buyers; no sector read-through

When it plays out

Immediate

Granules dips 2-4% on supply overhang; peers flat

Medium term

Non-event for earnings — price rejoins fundamentals within a quarter

Short term

Block gets absorbed in 1-2 weeks; quality-holder register supports stability

1 Sept, 04:32 IST · Market event · high impact

Trump squeezes mid-size pharma for cheaper US drug prices in a $64 billion savings push, and Sun Pharma agrees to lower its US prices

The White House got nine mid-sized drug companies, including India's Sun Pharma, to agree to charge Americans no more than the lowest price they charge in other rich countries. That caps the most profitable part of Sun Pharma's US business, though past versions of this policy have not actually hurt Indian drugmakers' share prices.

Healthcare

Who it hits first

  • Sun Pharma's US specialty franchise, its highest-margin business, now carries an explicit price ceiling under the agreement it signed.
  • Other US-exposed Indian drugmakers face the headline risk that branded price compression eventually transmits to generic pricing.

Who may gain

  • Generic and active-ingredient suppliers can gain volume if the policy pushes prescriptions toward cheaper medicines - Granules, which sells ingredients and finished doses to US generic makers, rose 11.20% in the week after the May 2025 most-favoured-nation order.
  • Aurobindo Pharma is running a live offsetting positive: its Lannett subsidiary has just launched generic Advair Diskus, a complex inhalation product that carries far better pricing than ordinary generics.
  • Domestically skewed drugmakers such as Alkem are relatively insulated, because a smaller share of their revenue is exposed to US pricing at all.

Along the supply chain

Downstream

US pharmacy benefit managers, insurers and ultimately American patients are the downstream beneficiaries of lower prices. For Indian exporters the practical downstream effect is on contract renewal terms with US distributors and pharmacy chains, which reset annually rather than immediately.

Upstream

Active pharmaceutical ingredient makers sit one layer above the pricing pressure. If US branded prices fall, formulators squeeze their ingredient suppliers on cost, but if the policy also shifts prescription volume toward cheaper generics, the number of doses made goes up - which is what an ingredient supplier gets paid for. Granules sits squarely at this junction, which is why its direction is mixed rather than negative.

Where demand moves

Business

Volume of medicine consumed does not change - people take the same drugs - so this reallocates value along the chain rather than destroying demand. Money moves from branded manufacturers' margins to US payers and patients. Where prescriptions shift from branded to generic alternatives, volume moves toward Indian generic suppliers, which is the mechanism behind the consistently positive historical reaction.

Capital

Within Indian pharma, capital rotates from US-specialty-heavy names such as Sun Pharma toward domestically skewed names such as Alkem and toward complex-generic stories such as Aurobindo Pharma. Because the historical base rate is flat-to-positive, the rotation has been mild rather than a sector-wide de-rating.

How it spreads across sectors

Healthcare

US specialty pricing capped; generic and active-ingredient volumes potentially supported; domestically skewed drugmakers relatively insulated.

When it plays out

Immediate

Sun Pharma opens weaker on the specialty pricing cap; the wider Indian pharma complex is likely to be muted rather than sold off, based on the base rate.

Medium term

The real risk is cumulative: successive orders capping US branded prices, adding pharmaceutical import tariffs and pressuring generic pricing together would eventually compress the US profit pool Indian exporters draw on, even though no single announcement has done so yet.

Short term

Watch which other Indian companies sign most-favoured-nation deals and on what terms. Watch whether the separate generic tariff proposal from July 2026 advances, because that channel HAS produced negative day-one reactions where the pricing orders have not.

Who it hits first

  • Granules India faces potential import alert, revenue disruption

Who may gain

  • Competing API companies may gain redirected orders

Along the supply chain

Downstream

US customers seek alternative paracetamol sources

Upstream

API suppliers to Granules see order uncertainty

Where demand moves

Business

FDA restriction - Granules loses US contracts - competitors fill gap

Capital

Risk-off for regulatory-challenged pharma - rotation to clean-record names

How it spreads across sectors

Healthcare

Pharma sector mixed - company-specific but contagion risk to Indian pharma reputation

When it plays out

Immediate

Stock pressure on FDA news

Medium term

Recovery if observations addressed

Short term

Remediation costs, production slowdown

Who it hits first

  • Import-dependent API/formulation companies face margin pressure and supply gaps

Who may gain

  • Domestic API producers with backward integration gain pricing power

Along the supply chain

Downstream

Hospital chains may face drug shortages

Upstream

Chinese API suppliers face shipping delays through Hormuz

Where demand moves

Business

API supply disrupted - formulation companies scramble for alternatives - domestic producers gain pricing power

Capital

Market rotates from import-heavy to self-sufficient pharma

How it spreads across sectors

Chemicals

Related supply chains also stressed

Healthcare

Drug prices may rise

When it plays out

Immediate

Import-dependent companies see cost spikes

Medium term

Supply chains normalize as alternative routes established

Short term

Domestic API producers benefit from substitution

Dividends, splits & big trades

Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.

Dividends

30 Jul 2026unspecified₹1.75
31 Jul 2025unspecified₹1.5
30 Jul 2024unspecified₹1.5
3 Aug 2023unspecified₹1.5
19 Jul 2022unspecified₹0.75
17 Feb 2022interim₹0.25
24 Nov 2021interim₹0.25
5 Aug 2021interim₹0.25

Splits, bonuses & buybacks

  • daily-prices repair: 8 rows from NSE's archive (replace 1, delete 0, insert 7), 2016-10-30..2026-02-01 (docs/flat_day_repair.md)1× · 30 Oct 2016

Bulk & block deals

DateWhoBought / soldSharesPrice
11 Sep 2026KRISHNA PRASAD CHIGURUPATISELL1,32,95,129₹872.50
11 Sep 2026KRISHNA PRASAD CHIGURUPATISELL39,04,871₹892.84
11 Sep 2026SMALLCAP WORLD FUND INCBUY34,74,080₹872.50
11 Sep 2026BNP PARIBAS FINANCIAL MARKETSBUY13,18,051₹872.50

Documents

Annual reports, results presentations and earnings calls, straight from the source.

Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.