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Vertically integrated generics maker producing APIs, intermediates and finished tablets, notably paracetamol and metformin.
Vertically integrated generics maker producing APIs, intermediates and finished tablets, notably paracetamol and metformin.
Sells the paracetamol active ingredient, the ready-to-press granules that formulators turn into tablets, and finished tablets for the US, so each step sold carries its own margin and high volumes keep plants busy. Controlled by the Chigurupati family and based in Hyderabad.
In one line: A vertically integrated generics/API producer.
Moat: narrow (scale, process know-how). Vertical integration from API to finished tablet gives cost advantages in high-volume generics.
Headquarters: Hyderabad, India · Founded: 1984 · Employees: 6,523
Size Granules India (GRANULES.NS) is an India Health Care company (Pharmaceuticals: Other) with a market value of $2.10B, the 365th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹799.65 on 6 Nov 2026.
Performance Over six months the shares gained 7.5%, against -2.5% for the median peer and 0.0% for the India market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 21.8% over the last twelve months (peer median +8.1%); the operating margin is 17.3% (peer median 15.5%).
Valuation It trades at 24.9× forward earnings against a peer median of 16.9× (6th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 23% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +13 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.4 points below its cost of capital (12.8% WACC).
Next results Next results expected around 26 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹59.0B | ₹53.7B | ₹44.8B | ₹45.1B | ₹45.1B |
| Revenue growth | — | +20% | -1% | 0% | — |
| Gross profit | ₹25.3B | ₹19.1B | ₹15.8B | ₹14.0B | ₹13.2B |
| EBITDA | ₹13.4B | ₹12.1B | ₹9.62B | ₹8.89B | ₹9.33B |
| Net income | ₹7.14B | ₹5.95B | ₹5.02B | ₹4.05B | ₹5.17B |
| Free cash flow | n/a | ₹1.20B | ₹1.95B | -₹411M | ₹2.80B |
| Capital expenditure | n/a | ₹5.58B | ₹5.72B | ₹3.81B | ₹4.11B |
| Total debt | ₹11.0B | ₹15.1B | ₹14.5B | ₹13.2B | ₹11.4B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Granules India GRANULES.NS | $2.10B | +8% | +22% | 17% | 24.9× | 23.5% |
| Aurobindo Pharma AUROPHARMA.NS | $10.9B | +22% | +14% | 15% | 22.4× | 21.0% |
| Divi's Laboratories DIVISLAB.NS | $29.0B | +54% | +16% | 31% | 82.0× | 50.9% |
| Lupin LUPIN.NS | $9.65B | -19% | +24% | 24% | 20.9× | 8.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | GRANULES.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.4% | +1.7% | 3rd lowest of 21 |
| 6-month return | +7.5% | -2.5% | 9th highest of 21 |
| Distance from 52-week high | -13.4% | -20.8% | 7th highest of 21 |
| Revenue growth (TTM) | +21.8% | +8.1% | 7th highest of 21 |
| Operating margin | 17.3% | 15.5% | 10th highest of 21 |
| Forward P/E | 24.9× | 16.9× | 6th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 23.5% | 0.9% | 2nd most demanding of 20 |
| Growth delivered (Del g) | +10.6% | +5.9% | 7th highest of 20 |
| Hurdle (Req g minus delivered) | +12.9 pp | -7.7 pp | 3rd most demanding of 20 |
| ROIC minus cost of capital | -0.4 pp | +4.1 pp | 5th lowest of 21 |
| EV / EBITDA | 14.5× | 16.4× | 4th cheapest of 10 |
| Net debt / EBITDA | -0.3× | 0.3× | 5th least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Granules India GRANULES.NS | India | $2.10B | +8% | +22% | 17% | 24.9× | 23.5% | +10.6% |
| Health and Happiness (H&H) International 1112.HK | Hong Kong | $2.05B | +70% | +24% | 16% | 12.6× | -3.0% | +4.4% |
| China Resources Jiangzhong Pharmaceutical 600750.SS | China | $2.19B | -3% | -10% | 24% | 15.7× | -2.5% | +11.6% |
| China Meheco 600056.SS | China | $2.00B | -14% | +2% | 3% | n/a | -0.8% | -2.1% |
| Porton Pharma Solutions 300363.SZ | China | $1.92B | +14% | +6% | -2% | n/a | 5.3% | +10.4% |
| China Resources Double-Crane Pharmaceutical 600062.SS | China | $2.50B | -10% | -1% | 13% | 9.8× | -8.3% | +5.3% |
| By-health 300146.SZ | China | $2.61B | -1% | +10% | 11% | 25.0× | 5.1% | +0.6% |
| Tibet Cheezheng Tibetan Medicine 002287.SZ | China | $1.66B | -15% | -7% | 28% | n/a | -1.1% | +10.4% |
| Zhejiang Medicine 600216.SS | China | $1.61B | -23% | -6% | 7% | 11.3× | -6.7% | +3.9% |
| Bora Pharmaceuticals 6472.TW | Taiwan | $1.55B | -2% | -6% | 15% | 14.2× | 4.5% | +60.2% |
| Guilin Sanjin Pharmaceutical 002275.SZ | China | $1.53B | +27% | -3% | 24% | 18.6× | -2.2% | +5.5% |
| Jilin Aodong Pharmaceutical 000623.SZ | China | $3.02B | -9% | -4% | -13% | n/a | 5.2% | +1.0% |
| Bausch Health Companies BHC.TO | Canada | $3.09B | +48% | +10% | 27% | 1.9× | -14.5% | +5.9% |
| Sudeep Pharma SUDEEPPHRM.NS | India | $1.41B | +75% | +27% | 33% | 67.7× | n/a | n/a |
| Guangdong Zhongsheng Pharmaceutical 002317.SZ | China | $3.13B | +35% | -14% | 9% | 80.3× | 34.7% | +5.9% |
| Jamieson Wellness JWEL.TO | Canada | $1.35B | +35% | +15% | 15% | 21.2× | 11.0% | +15.3% |
| Cronos CRON.TO | Canada | $1.34B | +45% | +36% | -2% | 15.6× | 2.1% | +26.7% |
| Pharma Mar PHM.MC | Spain | $1.30B | -33% | +32% | 19% | 37.7× | 11.4% | -3.9% |
| BioGaia BIOG-B.ST | Sweden | $1.26B | -7% | +13% | 28% | 30.1× | 0.9% | +15.5% |
| HBM 2142.HK | Hong Kong | $1.18B | -23% | +55% | 44% | 12.4× | 14.1% | +62.3% |
| Shijiazhuang Yiling Pharmaceutical 002603.SZ | China | $4.02B | -6% | +32% | 21% | 18.1× | -3.2% | -2.2% |