MarketFriction

Granules India Ltd

NSE GRANULES · BSE 532482 · Pharmaceuticals
₹821.75 -2.93%
NSE close2026-10-01
52 week range510.90 - 923.65
Market cap₹23,643 Cr.
P/E36.4
Nifty 500Smallcap 250 Price band 20% Delivery 59.7%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales1,1891,1561,1761,1809671,1381,1971,2101,2971,3881,4711,477
Expenses9779059209217639079459631,0191,0801,1191,138
Operating Profit213250256259203230252247278308352339
OPM %18%22%22%22%21%20%21%20%21%22%24%23%
Other Income21223633-10-1-4252
Interest262929272627242429293321
Depreciation535253535357646972748280
Profit before tax136170176181128153198145176202262240
Tax %25%26%26%26%24%23%23%22%26%26%23%25%
Net Profit10212613013597118152113131150202180
EPS in Rs4.215.185.355.564.014.856.274.645.386.198.137.26
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,3571,4111,6852,2792,5993,2383,7654,5124,5064,4825,3665,632
Expenses1,0811,1121,4061,8952,0732,3823,0383,5973,6483,5344,1774,355
Operating Profit2762992783845268567279158589481,1881,277
OPM %20%21%17%17%20%26%19%20%19%21%22%23%
Other Income535277590261312241722
Interest3732332827262356106103114112
Depreciation587276105137151159184207226296307
Profit before tax186230196326451704558687547660785881
Tax %33%28%32%27%26%22%26%25%26%24%24%
Net Profit123165133236335549413517405502595662
EPS in Rs5.687.195.229.3013.1922.1816.6421.3416.7220.6824.0126.96
Dividend Payout %11%13%19%11%8%7%9%7%9%7%7%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth15%11%6%25%
Compounded Profit Growth17%2%5%36%
Stock Price CAGR22%22%35%68%
Return on Equity17%15%14%14%
Mar 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
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 Assets1,2031,5631,8792,6702,9793,2233,7134,5124,9035,4986,2217,683
Mar 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 Flow3-10-127-447-17292161-6532861297239
CFO/OP87%72%83%21%91%113%73%66%100%73%107%87%
Mar 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 %19%20%18%12%15%17%25%17%19%15%15%16%
Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters41.97%41.96%38.87%38.87%38.85%38.83%38.82%38.81%38.81%38.02%38.01%37.39%
FIIs18.78%19.57%20.39%19.49%15.87%15.14%13.24%14.09%13.55%15.31%17.50%20.29%
DIIs10.16%10.70%14.11%14.85%19.57%22.45%23.52%17.91%17.47%17.01%16.11%15.40%
Public29.10%27.77%26.61%26.80%25.71%23.56%24.41%29.17%30.15%29.67%28.36%26.93%
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

Fundamentals

Market Cap₹ 23,643 Cr.
Current Price₹ 867
Stock P/E36.4
Book Value₹ 205
ROCE15.5 %
ROE13.8 %
Dividend Yield0.20 %
Face Value₹ 1.00
Compounded Sales Growth (TTM)25%
Compounded Profit Growth (TTM)36%
Consolidated figures.
Valuation
Market capRs 20,363 Cr
Enterprise valueRs 20,926 Cr
P/E (TTM)30.74x
Price to book4.00x
Price to sales3.62x
EV / EBITDA16.10x
EV / EBIT21.08x
EV / sales3.72x
Price to cash flow25.67x
Earnings yield3.25%
Dividend yield0.21%
P/E, 3-year average25.03x
P/B, 3-year average3.14x
P/E, 5-year average21.42x
P/B, 5-year average2.97x
Profitability
Operating margin (excl. other income)22.14%
Operating margin (incl. other income)22.28%
EBITDA margin23.07%
Pre-tax margin15.64%
Net profit margin11.76%
Net margin, latest quarter12.19%
ROE13.52%
ROCE15.29%
ROA8.56%
ROE, 3-year average13.78%
ROCE, 3-year average15.45%
ROA, 3-year average8.30%
ROE, 5-year average15.55%
ROCE, 5-year average16.61%
ROA, 5-year average9.18%
ROIC (approx.)13.32%
Tax rate24.20%
Other income / net worth0.14%
Growth
Sales growth (latest year)19.73%
Profit growth (latest year)18.64%
Sales CAGR, 3 years5.95%
Sales CAGR, 5 years10.63%
Profit CAGR, 3 years4.82%
Profit CAGR, 5 years1.61%
Sales growth QoQ0.42%
Profit growth QoQ-10.72%
Sales growth YoY (latest quarter)22.04%
Profit growth YoY (latest quarter)59.77%
Per share
EPS (TTM)Rs 26.73
EPS (latest year)Rs 24.01
EPS (latest quarter)Rs 7.26
EPS, 3-year averageRs 20.47
EPS, 5-year averageRs 19.88
Book value per shareRs 205.21
Sales per shareRs 227.29
Cash flow per shareRs 32.01
Free cash flow per shareRs 9.64
Dividend per share (latest year)Rs 1.75
Dividend per share, 3-year averageRs 1.58
Dividend per share, 5-year averageRs 1.55
Dividends
Dividend payout7.29%
Dividend payout, 3-year average7.84%
Dividend payout, 5-year average7.91%
Efficiency
Asset turnover0.70x
Fixed asset turnover1.65x
Inventory turnover1.39x
Inventory days263 days
Debtor days62 days
Debtors turnover5.90x
Creditor days131 days
Cash conversion cycle256 days
Working capital days49 days
Leverage
Total debtRs 1,512 Cr
Cash and bankRs 949 Cr
Net debtRs 563 Cr
Debt to equity0.30x
Net debt / EBITDA0.43x
Interest coverage8.89x
Current ratio (filing 2026-03-31)1.80x
Quick ratio (filing 2026-03-31)1.00x
Trade payables (filing 2026-03-31)Rs 673 Cr
Owners' fund to total sources66.19%
Debt to assets19.68%
Cash flow
Cash from Operating Activity (latest year)Rs 793 Cr
Cash from Investing Activity (latest year)Rs -758 Cr
Cash from Financing Activity (latest year)Rs 379 Cr
Net Cash Flow (latest year)Rs 414 Cr
Free cash flow (latest year)Rs 239 Cr
FCFE (approx.: FCF + change in debt)Rs 296 Cr
Cash from ops / profit, 5 years1.30x
Sales to cash flow6.76x
Statement figures
Net sales (TTM)Rs 5,632 Cr
Net sales (latest year)Rs 5,366 Cr
Sales (latest quarter)Rs 1,477 Cr
Operating profit excl. other income (latest year)Rs 1,188 Cr
Operating profit (latest quarter)Rs 339 Cr
Other income (TTM)Rs 22 Cr
EBITDA (TTM)Rs 1,299 Cr
PBDT (TTM)Rs 1,188 Cr
Profit before tax (TTM)Rs 881 Cr
Tax (latest year)Rs 190 Cr
Net profit (TTM)Rs 662 Cr
Net profit (latest year)Rs 595 Cr
Net profit (latest quarter)Rs 180 Cr
Depreciation (TTM)Rs 307 Cr
Depreciation (latest quarter)Rs 80 Cr
Interest (TTM)Rs 112 Cr
Cost of goods sold (latest year)Rs 2,326 Cr
Total expenditure (latest year)Rs 4,177 Cr
Total income (latest year)Rs 5,373 Cr
Share capitalRs 25 Cr
ReservesRs 5,060 Cr
Shareholders' fundsRs 5,085 Cr
Total assetsRs 7,683 Cr
Net blockRs 3,250 Cr
Capital work in progressRs 410 Cr
InvestmentsRs 1 Cr
ReceivablesRs 909 Cr
InventoryRs 1,673 Cr
Other liabilitiesRs 1,086 Cr
Shares outstanding (crore)24.78
Ownership
Promoter holding37.39% (-1.42 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 30.7 is at the 88th percentile of its own 9.4-year range (median 19.9, low 9.5, high 43.9).
P/B 4.00 is at the 76th percentile (median 3.49).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodGRANULESNifty 50Difference
1 week-3.7%-2.8% -0.9 pts
1 month-1.8%-6.8% +4.9 pts
3 months-1.4%-7.6% +6.2 pts
6 months+32.5%+0.4% +32.0 pts
1 year+55.0%-9.9% +64.9 pts
2 years+46.7%-13.6% +60.2 pts
3 years+131.6%+14.2% +117.5 pts
5 years+151.1%+27.9% +123.2 pts
74 mutual fund schemes hold about ₹764 Cr. Over three months 21 bought more and 9 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Old Bridge Focused Fund3.14%125 -13%
Aditya Birla SL Small Cap Fund1.88%117 +22%
Aditya Birla SL Value Fund1.68%116 -1%
Aditya Birla SL Multi-Cap Fund1.14%85 -4%
Sundaram Aggressive Hybrid Fund(M0.78%73 +28%
Sundaram Small Cap Fund1.00%41 +100%
TRUSTMF Small Cap Fund1.11%32 +7%
Sundaram Multi Asset Allocation Fund0.73%25 +27%
Nippon India Nifty Smallcap 250 Index Fund0.55%19 -0%
Capitalmind Flexi Cap Fund2.93%13 +2%
Samco Active Momentum Fund1.75%13 -1%
Sundaram Dynamic Asset Allocation Fund0.70%12 +31%
SBI Nifty Smallcap 250 Index Fund0.55%10 -1%
NJ Momentum Fund2.33%8 +100%
Nippon India Nifty 500 Momentum 50 Index Fund0.63%8 -0%
Motilal Oswal Nifty Smallcap 250 Index Fund0.54%7 -1%
Motilal Oswal Nifty 500 Momentum 50 Index Fund0.63%5 -0%
Sundaram Equity Savings Fund0.43%4 +37%
ICICI Pru Nifty Smallcap 250 Index Fund0.55%4 -0%
Sundaram Equity Savings Fund0.43%4 +37%
JioBlackRock Flexi Cap Fund0.13%4 +100%
HDFC NIFTY Smallcap 250 Index Fund0.55%4 -0%
Tata Nifty MidSmall Healthcare Index Fund1.81%4 -2%
Samco Multi Asset Allocation Fund0.72%3 +5%
Samco Multi Cap Fund1.09%3 -15%

Red flags

F-score 5 of 8
No red flags in the latest statements and filings.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2021-10-01Guntamukkala Sivaram PrasadEmployees/Designated Employeother60,000Rs 1.96 CrESOP
2021-10-01Maddargi Devendra KumarEmployees/Designated Employeother40,000Rs 1.31 CrESOP
2021-10-01Manikandan RamalingamEmployees/Designated Employeother30,000Rs 0.98 CrESOP
2021-10-01Shaik KhaleelEmployees/Designated Employeother10,000Rs 0.33 CrESOP
2021-10-01Chaitanya TummalaKey Managerial Personnelother17,660Rs 0.58 CrESOP
2021-10-01Jaiashokan VelusamyEmployees/Designated Employeother4,000Rs 0.13 CrESOP
2021-10-01Murali Mohana Raju GottumukkalaEmployees/Designated Employeother20,000Rs 0.65 CrESOP
2021-10-01Atul DhavleEmployees/Designated Employeother40,000Rs 1.31 CrESOP
2021-08-04Umesh Kumar GuptaEmployees/Designated Employesell3,000Rs 0.12 CrMarket Sale
2021-08-02Suryanarayana Murthy PonnadaEmployees/Designated Employesell20,000Rs 0.78 CrMarket Sale
2021-06-30Swapna GuttaImmediate relativesell33,000Rs 1.10 CrMarket Sale
2021-06-15Swapna GuttaImmediate relativesell932Rs 0.03 CrMarket Sale
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹1,477 Cr +22.1% vs Jun 2025. Net profit ₹180 Cr +59.3%.
Against our estimate for Jun 2026: sales -0.3%, profit +16.2% beat. Our estimate for Sep 2026: sales Rs 1,589 Cr, profit Rs 183 Cr (how).

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-07-30Dividend - Rs 1.75 Per Share
2025-07-31Dividend - Rs 1.50 Per Share
2024-07-30Annual General Meeting/Dividend - Rs 1.50 Per Share
2023-08-03Dividend - Rs 1.50 Per Share
2023-08-03Annual General Meeting
2022-08-22Buy Back
2022-07-19Annual General Meeting/Dividend - Rs 0.75 Per Share
2022-02-17Interim Dividend - Rs 0.25 Per Share
2021-11-24 Interim Dividend - Rs 0.25 Per Share
2021-08-05 Interim Dividend - Rs 0.25 Per Share
2021-07-28 Annual General Meeting/Dividend - Rs 0.75 Per Share
2021-02-08 Interim Dividend - Rs 0.25 Per Share
2020-10-28 Interim Dividend - Rs 0.25 Per Share
2020-08-05 Annual General Meeting/Dividend - Rs 0.25 Per Share
2020-07-28 Interim Dividend - Rs 0.25 Per Share
2020-03-19 Buyback
2020-01-30 Interim Dividend - Re 0.25 Per Share
2019-10-31 Interim Dividend - Rs 0.25 Per Share
2019-08-21 Annual General Meeting/ Dividend - Re 0.25 Per Share
2019-08-08 Interim Dividend - Re 0.25 Per Share
2019-02-07 Interim Dividend - Re 0.25 Per Share
2018-11-06 Interim Dividend - Rs 0.25 Per Share
2018-08-29 Annual General Meeting/Dividend- Re 0.25 Per Share
2018-08-01 Interim Dividend- Re 0.25 Per Share
2018-02-20 Interim Dividend Re 0.25 Per Share
2017-11-20 Interim Dividend Re 0.25 Per Share
2017-09-20 Annual General Meeting/Dividend - Re 0.25 Per Share (Book Closure Dates Revised)
2017-08-23 Interim Dividend - Re 0.25 Per Share
2017-02-07 Interim Dividend Re 0.25 Per Share
2016-11-03 Interim Dividend - Re 0.20 Per Share
2016-08-23 Interim Dividend - Re 0.20 Per Share
2016-08-03 Annual Genral Meeting/ Dividend - Re 0.20/- Per Share
2016-02-08 Interim Dividend - Re 0.15/- Per Share
2015-11-09 Interim Dividend-Re 0.15/- Per Share
2015-08-05Final Dividend - Rs 0.50/- Per Share And Interim Dividend - Rs 0.15/- Per Share (Purpose Revised)
2015-03-23Face Value Split Rs 10 To Rs 10.1000
2014-08-20Annual General Meeting / Final Dividend - Rs 3.50/- Per Share
2013-08-08Annual General Meeting/Dividend Rs 2 Per Share
2012-06-22Annual General Meeting And Dividend Rs.2/- Per Share
2011-09-02Annual General Meeting And Dividend Rs.1.50 Per Share
2010-09-17Annual General Meeting And Dividend Rs.1.25 Per Share
2009-09-18Agm/Div-Rs.1.25 Per Share
2008-12-15Agm/Dividend - 12.5%
2007-12-24Agm/Dividend - 12.5%
2006-12-21Agm/Dividend-12.5%
DateTypeWhat it says
2026-10-02General UpdatesGeneral Updates
2026-09-29Concall / analyst meetLink of Recording
2026-09-26Concall / analyst meetSchedule of meet
2026-09-23Concall / analyst meetSchedule of meet
2026-09-16ConversionConversion
2026-09-15UpdatesUpdate.
2026-09-11UpdatesUpdate.
2026-09-11Concall / analyst meetSchedule of meet
2026-08-13ResignationResignation of Director/KMP/SMP
2026-08-13Change in ManagementChange in Management
2026-08-06Shareholder meetingProceedings of Annual General Meeting held on August 06, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report.
2026-07-27Concall / analyst meetTranscript
2026-07-22Concall / analyst meetLink of Recording
2026-07-21Monitoring Agency ReportMonitoring Agency Report for the quarter ended June 30, 2026
2026-07-21Concall / analyst meetPresentation
2026-07-21Press ReleaseA press release dated July 21, 2026, titled "Press Release for Q1 of FY27".
2026-07-21Board meeting outcomeGranules India Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-15Shareholder meetingNotice of Annual General Meeting to be held on August 06, 2026
2026-07-09Concall / analyst meetSchedule of meet
2026-07-06Press ReleaseA press release dated July 06, 2026, titled "Granules India Limited Secures Sole First-to-File ANDA Status for Sodium Oxybate Extended-Release for Ora...
2026-06-15Concall / analyst meetSchedule of meet
2026-06-03Press ReleaseA press release dated Jun 03, 2026, titled "Granules Pharmaceuticals, Inc. Receives USFDA EIR for Chantilly Facility".
2026-05-28Concall / analyst meetSchedule of meet
2026-05-28Volume querySignificant increase in volume has been observed in Granules India Limited. The Exchange, in order to ensure that investors have latest relevant infor...
2026-05-27Volume querySignificant increase in volume has been observed in Granules India Limited. The Exchange, in order to ensure that investors have latest relevant infor...
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2021-01-28NCLTGranules India ltd vs Ariston Pharma Novatech Pvt Ltd Vs
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Granules India Ltd?

Granules India Ltd (GRANULES) has a market capitalisation of Rs 23,643 Cr. at the 2026-10-01 close.

What is the P/E ratio of Granules India Ltd?

Granules India Ltd trades at a P/E of 36.4 on trailing twelve-month profit, at the 2026-10-01 close.

What were Granules India Ltd's latest quarterly results?

In the Jun 2026 quarter, Granules India Ltd sales was Rs 1,477 Cr (+22.1% vs Jun 2025) and net profit was Rs 180 Cr.

What is the 52-week high and low of Granules India Ltd?

The 52-week high is Rs 923.65 and the 52-week low is Rs 510.90.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03