Granules India Ltd
GRANULESGranules India Ltd's price has outrun its earnings. +77.5% in a year against EPS +16.1% — the market is paying now for delivery later.
The sharpest disagreement: the price moved +77.5% in a year while annual EPS moved +16.1% — the difference is re-rating, and re-rating has to be repaid with earnings.
The price is in a confirmed uptrend (40 weeks in) while the P/E sits at the 98th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +59.3% year on year, and 140% of the last 3 years' profit arrived as cash. What settles it: whether earnings grow into a price that has already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Granules India Ltd trades at ₹881, in a confirmed uptrend and 40 weeks into that stage. That is +32.3% against its own 200-day average. It sits at 98% of a 52-week range of ₹511 to ₹890. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 30 straight weeks.
Today the stock is in a confirmed uptrend — week 40 of stage 2, confirmed. At ₹881 it trades +32.3% versus its 200-day average and sits at 98% of its 52-week range (₹511–₹890).
Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +729% while the NIFTY 500 moved +280% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 30 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 98th percentile of its own range.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Granules India Ltd trades at 31.8× P/E, about the priciest it has ever traded. Its long-run median P/E is 18.3×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 31.8× is about the priciest it has ever traded, against a long-run median of 18.3× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
🚨 Why the multiple sits where it does: over the past year annual EPS moved +16.1% against a +77.5% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 5y, of the +18.2%/yr price move, ~+3.6%/yr came from earnings growth and ~+14.6 pp from the multiple (expanding); over 10y, of the +19.7%/yr price move, ~+15.5%/yr came from earnings growth and ~+4.2 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Granules India Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE holding at 20.1% — the per-curve reads carry the story. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +19.7% | +5.9% | +10.6% | +14.7% |
| Profit | +18.5% | +4.8% | +1.6% | +17.1% |
| EPS | +16.1% | +4.0% | +1.6% | +15.5% |
| Share price | +77.5% | +41.8% | +18.2% | +19.7% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
64.8/100 — rank 7 of 24 in Pharma - API & CRAMS · 100% evidence confidence
Granules India Ltd scores 64.8 out of 100 against the 24 companies it is compared with in Pharma - API & CRAMS, ranking 7. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 27.7 + 13.2 + 9.8 + 14.1 = 64.8. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Granules India Ltd reported ₹1,477 Cr of revenue in the Jun 26 quarter, +22.1% year on year. That is the 6th straight quarter of year-on-year growth. Over 10 years it has compounded at 14.7% a year. The last full year, FY26, came in at ₹5,366 Cr. The last four reported quarters add to ₹5,633 Cr.
Granules India Ltd reported ₹1,477 Cr of revenue in the Jun 26 quarter, +22.1% year on year. That is the 6th straight quarter of year-on-year growth. Over 10 years it has compounded at 14.7% a year. The last full year, FY26, came in at ₹5,366 Cr. The last four reported quarters add to ₹5,633 Cr.
FY26 revenue came in at ₹5,366 Cr (+19.7% on the year), capping 10 years at 14.7% compound. The latest quarter (Jun 26) printed ₹1,477 Cr, +22.1% year on year — the 6th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +25.3% growth against the decade's 14.7% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +24.8% over the last 4 quarters against +9.5%/yr over the last 8 — accelerating; TTM profit +38.1% vs +16.0%/yr — accelerating.
→ Revenue grew — did margins hold as it scaled? Next: 23.0% this quarter (+3.0 pp YoY).
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Granules India Ltd's operating margin is 23.0% in the Jun 26 quarter, +3.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 15.0% to 26.0%. The current quarter sits inside that band.
Granules India Ltd's operating margin is 23.0% in the Jun 26 quarter, +3.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 15.0% to 26.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 23.0%, +3.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 15.0%–26.0%.
Why the margin moved: operating margin went +2.6 pp year on year while gross margin went +0.7 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
→ Margins held — did that reach the bottom line? Next: profit +59.3% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Granules India Ltd earned ₹180 Cr of net profit in the Jun 26 quarter, +59.3% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹595 Cr. The 10-year compound rate is 17.1%. That is 12.2% of the quarter's revenue. The same quarter a year earlier earned ₹113 Cr.
Granules India Ltd earned ₹180 Cr of net profit in the Jun 26 quarter, +59.3% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹595 Cr. The 10-year compound rate is 17.1%. That is 12.2% of the quarter's revenue. The same quarter a year earlier earned ₹113 Cr.
Jun 26 profit was ₹180 Cr, +59.3% year on year — the 4th consecutive quarter of growth. On the full year, FY26 printed ₹595 Cr (+18.5%), and the 10-year compound rate is 17.1%.
Why profit moved: revenue contributed +22.1% and the margin +3.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +38.6% vs revenue +25.3%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
→ Profit rose — but did the cash follow? Next: 140% of the last 3 years' profit arrived as cash.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 140% of Granules India Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹793 Cr of operating cash against ₹595 Cr of profit. After ₹1,090 Cr of capital spending, ₹−297 Cr was left as free cash.
FY26: operating cash of ₹793 Cr against reported profit of ₹595 Cr, leaving free cash of ₹−297 Cr after ₹1,090 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 140% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 140%: the cash cycle stretched 106 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.
Router verdict: the bigger cash user is investment — capital spending ran 3.1× depreciation over three years, so the next section's job is to check what that build-out is buying.
→ So follow the cash to where it goes. Next: ₹2,239 Cr of building over 3 years.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Granules India Ltd's cash conversion cycle runs 256 days in FY26, up from 150 days in FY21. Capital spending ran ₹2,239 Cr over the last 3 years. At FY26 sales of ₹5,366 Cr each day of that cycle holds about ₹14.7 Cr, so roughly ₹3,764 Cr sits inside the business at any moment.
FY26: debtors at 62 days, inventory at 326 days — roughly 10.7 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 256 days, looser than FY21's 150.
The full loop: cash goes out to suppliers and production on day 0; stock waits 326 days to sell; customers pay about 62 days after that; and suppliers themselves are paid at 131 days — netting out to the 256-day cycle.
In money terms: at FY26 sales of ₹5,366 Cr, each day of the cycle holds about ₹14.7 Cr — so the 256-day loop keeps roughly ₹3,764 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹2,239 Cr over the last 3 fiscal years against ₹729 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹410 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
→ Does all this activity actually earn its cost of capital? Next: ROCE is 16% and the ROIC − WACC spread is +0.9 pp.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Granules India Ltd earns a ROCE of 16% in FY26. That is up from a trough of 12% in FY18. Return on invested capital clears the cost of that capital by +0.9 percentage points, so growth here adds value rather than only size. The wiring behind it is 11.1% net margin on 0.70× asset turns.
FY26 ROCE is 16%, recovered from a FY18 trough of 12% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 11.1% net margin × 0.70× asset turns × 1.51× balance-sheet leverage ≈ 11.7% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.
The capstone test — ROIC − WACC: 12.9% − 12.0% = a +0.9 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.30.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Granules India Ltd carries total debt of ₹1,512 Cr against shareholder equity of ₹5,085 Cr as of Jun 26, a debt-to-equity of 0.30 — effectively unlevered. On the annual view that ratio went from 0.43 in FY22 to 0.30 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Jun 26: total debt of ₹1,512 Cr against shareholder equity of ₹5,085 Cr — a debt-to-equity of 0.30. On the annual view, debt-to-equity went from 0.43 (FY22) to 0.30 (FY26). The returns on this page are earned, not borrowed.
→ Who owns this, and are they adding or leaving? Next: Foreign institutions cut 2.0 points over 8 quarters.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Foreign institutions cut 2.0 points of Granules India Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 17.5% of the company. Domestic institutions moved +1.3 points over the same window, to 16.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Foreign institutions: −2.0 points over 8 quarters to 17.5%; Domestic institutions: +1.3 points over 8 quarters to 16.1%; Promoters: −0.9 points over 8 quarters to 38.0%.
🚨 Why the register moved: foreign institutions drove it (−2.0 points), absorbed on the other side by domestic institutions (+1.3 points) — distribution into the market’s bid.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Granules India Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| Granules India Ltd this page | 31.8× | ₹20,655 Cr | Consistent | |||
| Divis Laboratories Ltd | 73.4× | ₹1.9L Cr | Mixed | |||
| Laurus Labs Ltd | 79.1× | ₹86,505 Cr | Mixed | |||
| Anthem Biosciences Ltd | 73.1× | ₹43,360 Cr | No read | |||
| Gland Pharma Ltd | 37.6× | ₹39,257 Cr | Improving | |||
| Acutaas Chemicals Ltd | 75.2× | ₹26,785 Cr | Improving | |||
| Acutaas Chemicals Ltd | 69.1× | ₹26,686 Cr | Mixed | |||
| Sai Life Sciences Ltd | 73.8× | ₹26,174 Cr | No read | |||
| Piramal Pharma Ltd | — | ₹24,133 Cr | No read | |||
| Neuland Laboratories Ltd | 65.9× | ₹23,794 Cr | Turning around | |||
| OneSource Specialty Pharma Ltd | — | ₹18,961 Cr | No read | |||
| Syngene International Ltd | 44.9× | ₹16,708 Cr | Turning around | |||
| Syngene International Ltd | 44.1× | ₹16,415 Cr | Turning around | |||
| Cohance Lifesciences Ltd | 80.9× | ₹15,957 Cr | Deteriorating | |||
| Jubilant Pharmova Ltd | 35.2× | ₹15,378 Cr | No read | |||
| Concord Biotech Ltd | 54.8× | ₹13,061 Cr | Deteriorating | |||
| Shilpa Medicare Ltd | 50.8× | ₹11,856 Cr | No read | |||
| Blue Jet Healthcare Ltd | 43.3× | ₹10,730 Cr | Deteriorating | |||
| Supriya Lifescience Ltd | 32.3× | ₹6,765 Cr | Consistent | |||
| IOL Chemicals & Pharmaceuticals Ltd | 30.0× | ₹4,380 Cr | Improving | |||
| SMS Pharmaceuticals Ltd | 35.0× | ₹3,569 Cr | Mixed | |||
| Morepen Laboratories Ltd | 39.6× | ₹2,948 Cr | Mixed | |||
| Dishman Carbogen Amcis Ltd | 29.0× | ₹2,878 Cr | No read | |||
| Hikal Ltd | 73.8× | ₹2,681 Cr | Deteriorating | |||
| Solara Active Pharma Sciences Ltd | 551.0× | ₹2,351 Cr | No read | |||
| Windlas Biotech Ltd | 26.6× | ₹1,770 Cr | Mixed |
Frequently asked questions
What is Granules India Ltd's share price today?
Granules India Ltd trades at ₹881, +77.5% over the past year. The company is valued at ₹20,655 Cr. The stock sits at 98% of its 52-week range of ₹511–₹890, +32.3% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 40 weeks in. — as of 24 July 2026.
What were Granules India Ltd's latest quarterly results?
Granules India Ltd reported revenue of ₹1,477 Cr and net profit of ₹180 Cr for the Jun 26 quarter. Revenue rose 22.1% and profit rose 59.3% year on year. Earnings per share were ₹7.26. The operating margin was 23.0%, 3.0 pp higher than a year earlier. — as of 24 July 2026.
What is Granules India Ltd's revenue?
Granules India Ltd reported revenue of ₹1,477 Cr in the Jun 26 quarter, +22.1% year on year. For the full FY26 fiscal year, revenue was ₹5,366 Cr (+19.7%). Over the last 10 years revenue compounded at 14.7% a year. — as of 24 July 2026.
What is Granules India Ltd's profit?
Granules India Ltd earned ₹180 Cr of net profit in the Jun 26 quarter, +59.3% year on year — the 4th straight quarter of growth. Full-year FY26 profit was ₹595 Cr. The operating margin ran 23.0% in the latest quarter. — as of 24 July 2026.
What is Granules India Ltd's market cap?
Granules India Ltd's market capitalisation is ₹20,655 Cr at a share price of ₹881. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.
What is Granules India Ltd's P/E ratio?
Granules India Ltd trades at a P/E of 31.8×, at the 98th percentile of its own 10-year range, against a long-run median of 18.3×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does Granules India Ltd pay a dividend?
Yes — Granules India Ltd's dividend payout was 7% of profit in FY26, and it recorded a payout in each of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.
Is Granules India Ltd overvalued?
On its own history, Granules India Ltd looks expensive against its own history: its P/E of 31.8× sits at the 98th percentile of its 10-year range (long-run median 18.3×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.
Is Granules India Ltd growing?
Yes — Granules India Ltd is growing: latest-quarter revenue +22.1% year on year, profit +59.3%, and the margin +3.0 pp at 23.0%. The 10-year compound rates are 14.7% (revenue) and 17.1% (profit). The earnings engine currently reads: improving — as of 24 July 2026.
How is Granules India Ltd performing?
Granules India Ltd is in a confirmed uptrend, 40 weeks in. Its latest quarter's revenue rose 22.1% and profit rose 59.3% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 30 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
What stage is Granules India Ltd in?
Mixed — no clean majority across the growth curves, ROCE holding at 20.1% — the per-curve reads carry the story. The read comes from the last 12 quarters of growth (revenue growth +24.8% latest, profit growth +38.1% latest, eps growth +36.4% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.
Is Granules India Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 40 of stage 2), trading +32.3% versus its 200-day average and at 98% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.
Is Granules India Ltd beating the market?
On recent form, yes — Granules India Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 30 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +729% against the NIFTY 500's +280% — ahead of the index over the full window. — as of 24 July 2026.
Will Granules India Ltd's share price go up?
This page publishes no price forecast for Granules India Ltd. What it measures instead: the share price is ₹881, the price is in a confirmed uptrend 40 weeks in. Its P/E of 31.8× sits at the 98th percentile of its own 10-year range. — as of 24 July 2026.
Who owns Granules India Ltd?
Promoters hold 38.0% of Granules India Ltd, foreign institutions 17.5%, domestic institutions 16.1% and the public 28.4% (latest quarter). The biggest move on the register over the last two years: Foreign institutions cut 2.0 points over 8 quarters. — as of 24 July 2026.
Does Granules India Ltd have too much debt?
No — Granules India Ltd's debt-to-equity is 0.30, and operating profit covers the interest bill 10×. FY26 borrowings were ₹1,512 Cr against equity of ₹5,085 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.
What is Granules India Ltd's capex?
Granules India Ltd spent ₹2,239 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹1,090 Cr, with ₹410 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is Granules India Ltd's cash flow?
Granules India Ltd generated ₹793 Cr of operating cash flow in FY26 and ₹−297 Cr of free cash flow after ₹1,090 Cr of capital spending. Reported profit that year was ₹595 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is Granules India Ltd's profit real cash?
Yes — over the last 3 fiscal years, 140% of Granules India Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹793 Cr against reported profit of ₹595 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.
Where is Granules India Ltd in its business cycle?
Granules India Ltd's FY26 operating margin was 22.0%, against a 13-year band of 15.0%–26.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 23.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.
What could break the Granules India Ltd story?
The sharpest disagreement: the price moved +77.5% in a year while annual EPS moved +16.1% — the difference is re-rating, and re-rating has to be repaid with earnings. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.
Is Granules India Ltd a stock worth studying right now?
This is not investment advice. The machine read: Granules India Ltd's price has outrun its earnings. +77.5% in a year against EPS +16.1% — the market is paying now for delivery later. The sharpest open question: whether earnings grow into a price that has already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.