GRANULES INDIAGranules India LimitedNSE:GRANULESTechnicalAnalystSucritGranules India Ltd. (CMP ₹813.25, NSE: GRANULES) Prepared by Sucrit Patil | The SmartWay Research Desk | 1 July 2026 A Hyderabad‑based pharmaceutical company, incorporated in 1991. Granules India operates across formulations, APIs, and pharmaceutical intermediates, with strong presence in the U.S., Europe, and emerging markets. Promoter Holding (Mar 2026): Chigurupati Family — 42.92% stake (no pledges) FY22–FY26 Snapshot Revenue Growth: FY26 revenue ₹5,842 Cr vs ₹5,212 Cr in FY25 (+12.1% YoY). → Good Net Profit: FY26 PAT ₹812 Cr vs ₹712 Cr in FY25 (+14.0% YoY). → Good Operating Margin: FY26 EBITDA ₹1,312 Cr, margin 22.4% vs 21.6% last year (+80 bps). → Good Equity Capital: Stable, face value ₹1. → Good Dividend Policy: Dividend ₹6.00/share declared for FY26. → Good Asset Building: Investments in capacity expansion and R&D for formulations. → Good Sales: Strong demand from paracetamol, ibuprofen, and metformin formulations. → Good Expense: Raw material cost pressures (bulk drugs) remain. → Neutral/Good EPS: FY26 EPS ₹26.25 vs ₹22.80 last year (+15.2%). → Good Institutional Interest & Ownership Trends (Mar 2026) Promoter Holding: 42.92% (no pledges) FII Holding: 18.12% DII Holding: 22.34% Retail & Others: 16.62% Strategic Moves & Innovations Expansion in API manufacturing and global supply contracts. Focus on formulations exports to regulated markets (U.S., EU). Partnerships with global pharma majors for contract manufacturing. Diversification into new therapeutic segments and R&D investments. Cash Flow & Balance Sheet Strength Market cap ~₹16,200 Cr. Debt‑to‑equity ratio ~0.38 (moderate leverage). Book value per share ₹152.40; P/B ~5.3. EPS (TTM) ₹26.25; P/E ~31.0. Risk Factors Dependence on global pharma demand cycles. Exposure to regulatory risks in U.S./EU markets. Competition from Divi’s Laboratories, Laurus Labs, and Aurobindo Pharma. Margin pressure if raw material costs rise. Investor Takeaway Granules India has delivered steady FY26 performance, with revenue and profit growth supported by formulations and API demand. With strong promoter backing, dividend payouts, and global presence, Granules India remains a mid‑cap pharma play. At CMP ₹813.25, valuations are moderate (P/E ~31.0, P/B ~5.3), making it attractive for investors seeking exposure to India’s pharmaceutical exports and formulations growth.