Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 7 Oct - Granules filed Paragraph IV for Ruxolitinib ER tablets, seeking potential first-to-file exclusivity.
Source: Bse
Granules India Limited (GRANULES)
Large CapPharma stocks · Large cap · NSE
Granules India is a vertically integrated pharmaceutical company, manufacturing APIs and finished dosages. It is undergoing a strategic transformation to higher-value products, including complex generics, oncology, and peptide CDMO, while expanding its global footprint and leveraging its manufacturing excellence and cost competitiveness.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result21 Jul, 06:52 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
67BullishSMA20 -2.7% / mo · MACD − · sector +3.8pp vs Nifty 500 (3M)
Stock trend: 46
Sector RS: 98
Sector 3M: -1.8% vs Nifty 500 -5.6%
Pharma FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
GRANULESD candles · FIT view+16.9%Latest close ₹806.05 on 2026-10-19
Bar
-1.6%
RSI
42
MACD hist
-2.38
52W pos
70%
2026-10-19O ₹818.90H ₹836.95L ₹799.30C ₹806.05Vol 8.7L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
GRANULESNifty PharmaNifty 500
- GRANULES
- -8.0%
- Nifty 500
- -5.6%
- Nifty Pharma
- -1.5%
- Vs Nifty 500
- -2.4 pp
Chart stats
19 Oct 2026- From 52W high
- -12.7%
- 52W range position
- 70%
- ATR (14)
- 3.5%
- Volume vs 20D
- 1.25x
- Avg traded value
- ₹56.9 Cr
- 20D price channel
- ₹782.1 - ₹890.3
₹923.7
₹529.9 - ₹923.7
₹28.4
Latest completed session
20-session average
27.5% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · WATCHLIST37
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +22.1% · PAT +59.3% YoY
Technical
Bullish67
Price trend and sector-relative-strength timing.
Valuation
Legacy model-237.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence77
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +22% YoY · PAT +59% YoY · margin expansion · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,477 Cr | +22.1% | +0.4% |
| EBITDA | ₹339 Cr | +37.2% | -3.7% |
| Operating margin | 23.0% | +300 bps | -100 bps |
| PAT | ₹180 Cr | +59.3% | -10.9% |
| PAT margin | 12.2% | +285 bps | -154 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 33.90
- P/B
- 3.93
- EV/EBITDA
- 14.87
- Market Cap
- 22036.00Cr
Profitability
- ROE
- 13.80%
- ROCE
- 15.50%
- ROA
- 8.62%
- Dividend Y
- 0.22%
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 2.00%
- Revenue 3Y
- 6.00%
- EPS 3Y
- 5.00%
Balance Sheet
- Debt/Equity
- 0.30
- Interest Coverage
- 11.40×
- Altman Z
- 7.53
- Book Value
- 205.00
Cash Flow
- FCF Yield
- 0.16%
- FCF Positive Y
- 7/5
- OCF
- 793.00 Cr
- EPS TTM
- 26.96
Shareholding
- Promoter Hold
- 37.39%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 71%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 5,366+19.7% vs prev
Net Profit
₹ CrLatest: 595+18.5% vs prev
Return on Equity
%Latest: 11.7-13.4% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 42. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~2.7% over last month) — short-term momentum negative.
- RSI(14) at 42 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 13% off 52W high · 52% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
89
RS percentile
Stage 2 UptrendEstablished S2
1M return
-7.9%
3M return
-8.0%
6M return
+19.8%
1Y return
+41.4%
RS 1D
-1
RS 20D
-3
Sector rank
#1
Industry rank
#3
Stage evidence
- Price is 2.8% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +4.5%.
50-DMA
price below
200-DMA
price above
S2 entered
17 Mar 2026
S2 age
153 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 161-1.33%
RS vs Nifty 500161
Valuation & peers
U-Score 37 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 37 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation3/30
Growth7/25
Quality10/20
Balance Sheet8/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
37
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
37/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 8/15 to the score.
- Quality contributes 10/20 to the score.
Main drags
- Fair-value margin of safety is negative at -237.8%.
- Valuation is weaker at 3/30; verify the latest quarterly trend.
- Growth is weaker at 7/25; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
33.9
PB
3.9
EV/EBITDA
14.9
ROE
13.8%
ROCE
15.5%
FCF Yield
0.2%
Debt/Equity
0.3
MoS
-237.8%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
37
Previous: 37
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-237.8%
Previous: -237.8%
Score history
12 stored score snapshots. Latest stored move: +1 points.
20 Oct 2026
v4.3-runtime-valuation
37
37
37
37
37
37
37
37
36
36
36
37
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹352.64
-128.6% MoS
Growth-justified P/E
8.8
Growth-justified Value
₹238.6
-237.8% MoS
PEG
10.59
Comparable companies
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
CONCORDBIO
Large
Concord Biotech Limited
Pharmaceuticals
match 164
27
52.1
12.5%
-506%
OVERVALUED
AARTIDRUGS
Micro
Aarti Drugs Limited
Pharmaceuticals
match 154
36
19.4
13.4%
-321%
WATCHLIST
PFIZER
Large
Pfizer Limited
Pharmaceuticals
match 138
33
117.0
19.8%
-738%
WATCHLIST
ALIVUS
Large
Alivus Life Sciences Limited
Pharmaceuticals
match 137
29
47.0
—
+14%
OVERVALUED
CAPLIPOINT
Large
Caplin Point Laboratories Limited
Pharmaceuticals
match 136
61
26.3
20.9%
+43%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-19T07:44:50.292Z
Management commentary snapshot
Granules India returned to growth in FY26 after three flat years, driven by strategic investments in R&D and manufacturing. The company is pivoting towards higher-value products like controlled substances, complex generics, oncology, and peptide CDMO, aiming for faster earnings growth and a more differentiated portfolio.
Management's articulated strategy for a new growth cycle, focusing on differentiated products and global expansion, appears credible. The strong performance in controlled substances and explicit plans for CapEx and R&D signal commitment. However, execution risks in new segments and regulatory hurdles remain key monitoring points.
Growth engines
Controlled Substances
Granules is the third largest controlled substance manufacturer in the US by value, with strong market share gains in ADHD products and a visible pipeline of launches.
Complex Generics & Early Market Opportunities
First-to-file strategy demonstrated by two sole first-to-file ANDAs (Generic Lumryz, Dyanavel) with potential 180-day exclusivity, and another sole FDF in oncology filed.
Oncology
Reassessed approach to selected molecules with technical complexity, differentiated formulations, and early market entry. Pipeline commercialization begins in Fiscal 29.
Peptide CDMO
Acquired Senn Chemicals, combining Swiss expertise with Indian manufacturing scale and cost competitiveness. Targeting $50M annual revenue in 3 years.
Capacity and execution
Controlled Substances Manufacturing (Chantilly)
Chantilly facility has room to grow, allowing continued share growth with existing infrastructure.
Oncology Manufacturing (Vizag)
Leveraging existing oncology manufacturing infrastructure in Vizag, with additional investments against development programs.
Peptide CDMO R&D (Hyderabad)
Hyderabad R&D center for peptide CDMO is already operational.
Peptide CDMO Manufacturing (India)
Advancing manufacturing expansion in India, starting this month with land allocated for peptide intermediates and APIs.
Tailwinds
DEA Quota System Change
Changes in the quota system caused shortages, leading wholesalers to consolidate business with reliable suppliers like Granules, which delivers near 100% service level.
API Vendor Consolidation
API vendors are choosing Granules for disproportionate allocation due to its ability to consistently buy and quickly sell API in finished dosage form.
Strengthened Balance Sheet
Received balance proceeds from preferential warrants in September 2026, resulting in a consolidated net cash position.
Headwinds
Legacy Business Challenges
Near-term challenges include product shortages in developed markets (e.g., ibuprofen) and raw material cost pressure.
Risk radar
Regulatory Approvals & IP Outcomes
Timing and realization of first-to-file opportunities depend on regulatory approvals, intellectual property outcomes, and market conditions.
Peptide CDMO Clinical Success
Success in peptide CDMO is largely dependent on the clinical success outcome of innovator partners' programs.
DEA Compliance Lapses
DEA regulations are stringent, and any lapses in compliance could have a very high adverse impact on the controlled substances segment.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
The document discusses FY26 annual growth and Q1 FY27 R&D spend, indicating a need to track both annual performance and sequential momentum in strategic investments and operational efficiency.
Sector KPIs management disclosed
Gross Margin
Expanded by about 15 percentage points to 65 percent over four years.
EBITDA Margin
Expanded by three percentage points to 22 percent over four years.
R&D Investment (% of Revenue)
Rose from about 3% of revenue a few years ago to 6% in Q1 FY27.
Complex Generics Contribution to Revenue
Increased from 1% of overall revenue in fiscal 20 to 33% of overall revenue in fiscal 26. As a percentage of overall finished dosages, 45-50% in fiscal 26.
Management forward view
Future Business & Earnings Growth
Objective over the next three to four years is to translate investments into a substantially larger business with earnings growing faster, a more differentiated portfolio, and developing operating leverage.
Capital Expenditure Plans
Plans to invest about 2,000 crore in organic capital expenditure over the next three to four years, supporting complex generics, oncology, peptide CDMO, US operations, manufacturing, and R&D infrastructure.
Geographic Expansion
US remains anchor market (75% revenue), expanding into specialty/institutional segments (first product FY29). Launching B2C in Canada next year. Intends to establish presence in Latin America and other international markets by FY30.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Gaggilapur USFDA Re-inspection Outcome | All CAPAs committed to the FDA have been completed, and continuous correspondence is ongoing. | The timing and outcome of the expected USFDA re-inspection. |
| Peptide CDMO Profitability | The Peptide CDMO business is currently generating an EBITDA loss. | Management's immediate financial priority is for the Peptide CDMO business to become profitable in FY27. |
| First-to-File ANDA Announcements | Two sole first-to-file ANDAs have been filed, and one oncology product is filed. | Announcement of two more complex products, which are very close to filing, in the next couple of quarters. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
77Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 83rd percentile of the scored universe and 76th percentile within Pharma. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
141 docs text-extracted · 45 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
83rd percentile
overall median 67 · Pharma: 76th pctile, median 70 · Large: 65th pctile, median 73
Evidence depth
Financial-only
141 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
70
acceptable · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.2%.
- ▸7 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Promoter holding fell 1.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Granules India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Sep - Granules India to meet analysts and investors on September 28, 2026 in New Delhi.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Allotment 16 Sep - Granules allotted 2.50 crore equity shares on 16 Sep 2026 via warrant conversion, raising ₹1,461.5 crore.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 26 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 11 Sep
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Management 13 Aug - Mr. Sanjay Kumar resigns as CSO, becomes CEO of Ascelis Peptides Pvt Ltd effective August 13, 2026.
Source: Bse
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 9 Jul - Q1 FY27 earnings call scheduled for 21 July 2026 at 5:00 PM IST.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 16 Jul
Source: Bse
Annual report
Notice Of Annual General Meeting Along With Integrated Annual Report For FY26 15 Jul
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 15 Jul
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.