Granules India Ltd(GRANULES)

NSE: GRANULESBSE: 532482

₹ 819.85+3.16%refreshed 26 Oct, 03:58 pm ISTMarket cap: ₹ 22,364 crNext results: 2 Nov 2026Website: www.granulesindia.comUpdated: 24 Oct 2026

About

Granules India is a vertically integrated pharmaceutical manufacturer producing APIs, pharmaceutical intermediates, and finished dosages across pain management, metabolic disorders, and controlled substances, with operations in India, the US, and Switzerland. Its US subsidiary GPI ranked 27th among all US generic companies by sales value in FY26, up from 74th in FY21.^[1][2][3]

Business segments

Finished Dosages segment: revenue grew 16% YoY to ₹39,893 million in FY26, accounting for 74% of total revenues, driven by strong demand across North America and Europe.^[2]
Peptide/CDMO segment (Ascelis/Senn): contributed ₹1,593 million in FY26 revenue (3% of total) and achieved positive EBITDA for the first time in Q4 FY26.^[2][3]
Complex generics rose from 1% of overall revenue in FY20 to 33% in FY26; as a share of finished dosages they reached approximately 45 - 50% in FY26.^[4]

Products and pipeline

Core portfolio comprises Paracetamol, Metformin, Ibuprofen, and controlled substances; future pipeline covers oncology, large molecules, differentiated dosage formats (liquids, nasal sprays), and peptide-based therapies.^[2]
As of Q2 FY27, cumulative US ANDA filings stand at north of 95; current filing run rate is 6 - 10 per year with a target to increase to 10 - 15 per year.^[4]
In FY26, Granules filed 6 US ANDAs, 3 EU dossiers, 1 Canadian dossier, and 15 filings across other regions; total dossiers filed stand at 148, including 59 complex generics.^[2]
Two sole first-to-file ANDAs already filed for Generic Lumryz and Generic Dyanavel with a combined US market size of more than $350 million and potential 180-day exclusivity; four to five additional FTFs are in the pipeline.^[4]
Oncology pipeline has 9 - 13 products in various development stages; first self-developed, fully backward-integrated oncology oral solid dosage product targeted for launch from FY28 - 29 across multiple geographies.^[5]

Manufacturing and capacity

Total finished dosage capacity across the network is 39 Bn+ dosages per annum; total API manufacturing capacity is 39,360 TPA across India, the US, and Switzerland.^[2]
Bonthapally API Unit-I: 34,560 TPA. Jeedimetla: API 4,800 TPA, PFI 1,440 TPA, FD 1.1 Bn dosages. Vizag Unit-IV: PFI 23,200 TPA. Vizag Unit-V (Oncology): 15 KL PA.^[2]
Gagillapur finished dosage facility: 26.8 Bn dosages capacity. Genome Valley (GLS), Shamirpet, Hyderabad: 10 Bn dosages per annum; adds ~40% to formulation capacity.^[2][3]
Genome Valley utilisation is currently very low; target is to cross 50% utilisation by end of FY27, rising from products transferred from Gagillapur and new filings.^[5]
GPI Virginia (US) facility is at ~70% utilisation as of Q1 FY27; capacity expansion needed by end of FY28.^[5]
Six R&D centres across Hyderabad (Genome Valley and Pragathi Nagar), Pune, and IIT Hyderabad (peptide Centre of Excellence); Hyderabad R&D centre for Senn Tides India is already operational as of Q2 FY27.^[2][4]

Key operating metrics

R&D spend reached ~6% of revenue in Q1 FY27 (₹880 million, +30% YoY), up from ~3% a few years ago; guided at 5.5 - 6% of sales going forward.^[5][4]
Gross margin expanded ~1,500 bps over four years to 65% in FY26; EBITDA margin expanded ~300 bps over the same period to 22%.^[4]
ROCE was 18% in FY26 (+1 pp YoY) and remained 18% in Q1 FY27.^[4][5]
CFO as a percentage of EBITDA averaged ~73% over FY23 - FY26.^[4]
Complex generics share in finished dosages rose from 31% in FY25 to 43% in FY26 and further to 50% in Q1 FY27, up from ~39% a year earlier.^[3][5]

USFDA site status

Gagillapur: under warning letter; all 100+ CAPAs completed as of Q2 FY27 and re-inspection expected imminently. Nine ANDA approvals are queued and ready to launch pending clearance.^[4][5]
7 of 8 facilities carry a clean EIR as of Q1 FY27. GLS Genome Valley received EIR with VAI status after December 2025 inspection; GPI Virginia received EIR on 5 November 2025; GCH US packaging site completed a December 2025 inspection with zero Form 483.^[5][6]

Customers, geography, and market position

Exports account for 92.10% of revenue in FY26; products are supplied to 80+ countries. North America is the largest market; US revenue is approximately 75% of overall revenue as of Q2 FY27.^[2][4]
Europe grew 81% YoY in FY26 (49% excluding Senn) and represents approximately 15% of total revenue.^[3]
GPI ranked 27th among all US generic companies by sales value in FY26 (up from 74th in FY21); ranked 4th in controlled substances in FY26 and further rose to #3 in controlled substances by value as of Q2 FY27, up from #8 in July 2025.^[3][4][2]
Market share in Adderall XR grew from 5% in 2024 to 29% as of Q2 FY27; Lisdexamfetamine reached #2 generic supplier in the US.^[4]
As of IQVIA MAT Nov 2025, Granules holds #1 market share rank in 9 of 35 (25%) US portfolio products and top-3 rank in 18 of 35 (50%) products.^[6]

Expansion and capex

FY27 full-year capex guidance is ~₹600 crore, broad-based across new API facility, IT investments, and a US distribution centre (~₹200 crore for distribution).^[3]
~₹2,000 crore organic capex planned over the next three to four years across complex generics, oncology, peptide CDMO, US operations, manufacturing, and R&D infrastructure.^[4]
Senn Tides India peptide CDMO facility (intermediates and APIs) in Hyderabad: manufacturing expansion commenced October 2026 with land allocated; India R&D centre already operational.^[4]
Peptide intermediate India facility estimated at ~₹100 crore; peptide API facility at ~₹200 crore; combined ~₹300 crore, not fully deployed in the first year.^[5]
Granules CZRO (green chemicals): DCDA commercial plant to be initiated after pilot wrap-up; total commercial plant capex estimated at ~₹200 crore.^[3][2]
Peptide CDMO capacity expansion at Senn's Zurich facility was targeted to come online in H2 FY27.^[3]

Recent developments

Preferential warrant proceeds received in September 2026 moved the company to a consolidated net cash position from net debt of ₹4,021 million at FY26 close.^[4][3]
Two opioid ANDAs (oxycodone acetaminophen, hydrocodone acetaminophen) approved and gaining meaningful traction approximately one year after US market entry as of Q2 FY27.^[4]
Two oncology ANDAs filed in the US as of Q2 FY27; one product extended to approximately 15 countries; approximately six oncology products targeted for filing in FY27 and early FY28.^[4]
Granules Peptides Private Limited incorporated on 4 March 2025 as a wholly-owned subsidiary for the peptides business, with ₹2,000 million invested.^[7]
B2C division launch in Canada planned for FY28; meaningful presence in Latin America and other strategic international markets targeted by FY30.^[4]

Market Cap

₹22,364 Cr

High / Low

₹922 / 520

Stock P/E

29.5

Price / Book

3.9

Book Value

₹205

EPS

₹24.0

No. of Shares

24.78 Cr

ROCE

15.5%

ROE

13.5%

OPM

16.9%

Debt / Equity

0.26

Sales

₹5,366 Cr

Net Profit

₹595 Cr

Promoter holding

37.4%

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