Granules India LtdNSE:GRANULES
Current view Q4 2026
Shifted from raw ingredients to finished tablets, lifting margins and finally breaking three flat years (sales +20%). Swiss weight-loss-drug arm now profitable. Watch: a US FDA plant issue stays unresolved.
Latest exchange filings last 5 · 5 after Q4 2026
- 16 Sep ’26Granules allotted 2.50 crore equity shares on 16 Sep 2026 via warrant conversion, raising ₹1,461.5 crore. ↗
- 15 Sep ’26Promoters paid ₹1,093 crore balance for warrants; 2.49 crore warrants now convertible, boosting net cash. ↗
- 12 Sep ’26Promoter Krishna Prasad Chigurupati sold 1.72 crore Granules India shares in a block deal on 11 September 2026. ↗
- 11 Sep ’26Promoter sold 1.72 crore shares on Sept. 11; promoter group holding fell to 31.08%. ↗
- 11 Sep ’26Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 11 Sep ↗
Exchange filings, with the company's own one-line summary, read off the same page as the figures. Screener publishes only the most recent few, so this is the last 5 — not everything filed since your note, and a quiet-looking list is not proof of a quiet quarter. A filing is marked new when it is dated after the end of the quarter your note covers. Not scored, and not a judgement — a routine repayment notice and a takeover sit in the same list.
AI concall report · Q4 2026
The full earnings-call read behind this view — what management promised, what they delivered, and the earning trigger.
Growth Q4 2026
| Metric | This year vs lastYoY · vs Q4 2025 | vs the quarter beforeQoQ, sequential · vs Q3 2026 | 3-year yearly average3Y CAGR · compounded | 5-year yearly average5Y CAGR · compounded |
|---|---|---|---|---|
| Sales | ▲ +22.9% | +6.0% | +6.0% | +10.6% |
| Operating profit | ▲ +39.7% | +14.3% | +8.8% | +6.3% |
| EPS | ▲ +29.7% | +31.3% | +4.0% | +1.6% |
| PAT | ▲ +32.9% | +34.7% | — | — |
Tinted rows drive the Tier. Tier = the weaker of YoY Sales and YoY PAT growth. Here the weaker is Sales at +22.9%, which is ≥ 20% → Tier 1.
QoQ is sequential, not a trend. For most Indian companies the March quarter is seasonally the largest, so a June-quarter fall against it is a calendar effect. Only the YoY column feeds the Tier.
Multibagger potential
Weak49/100
⚠ Your own view here is Positive, and the figures are not. The note above is where the reason lives; the score only sees the numbers.
Growing, but too slowly to re-price. Profit per share grew 4% a year. A big re-pricing usually needs more than 15% a year, so the score is capped no matter how cheap it looks.
₹851 → ₹1,703 needs the P/E at 62× — it is 35× today, and has ranged 14× to 53× over the last 5 years. The rest would come from earnings growing as they have.
What you pay for its profitlog scale · 5-year range
Tripling needs 93× — never traded above 53× in 5 years.
Re-rated already, on growth that doesn't fully back it.
How this is calculated
This is arithmetic, not a forecast — Return = ΔEPS × ΔMultiple. It says what would have to be true, not how likely it is, and "earnings keep growing at this rate for three more years" is the assumption doing the most work. This is a mid-cap at ₹20,977 cr, so the odds of a re-rate are not fighting its own size.
Band capped: growth of 4.0% is below the 15% bar a re-rate needs.
Growth rate used: 4.0% — the weakest of EPS / Sales / Op-profit from 3-year EPS CAGR. Latest quarter reads 30%.
How it compares with its rivals Healthcare · 6 of 159 listed
These are the industry's largest names rather than companies of its own size, so the columns are worth reading straight across — a ranking against them would only be restating the size gap.
| Company | Price | P/E | Size | ROCE | Profitlast qtr | Saleslast qtr |
|---|---|---|---|---|---|---|
| Granules India | ₹867 | 36.3× | ₹23,658 Cr | 15.5% | +36.6% | +22.0% |
| Sun Pharma.Inds. | ₹1,853 | 35.1× | ₹4.45 L Cr | 20.5% | +6.0% | +10.5% |
| Divi's Lab. | ₹9,378 | 83.5× | ₹2.49 L Cr | 22.0% | +65.5% | +27.8% |
| Torrent Pharma. | ₹4,855 | 82.8× | ₹1.85 L Cr | 15.2% | +5.8% | +54.9% |
| Zydus Lifesci. | ₹1,152 | 23.6× | ₹1.15 L Cr | 21.1% | −35.1% | +22.0% |
| Cipla | ₹1,375 | 31.0× | ₹1.11 L Cr | 15.5% | −39.2% | +2.3% |
Screener's own peer group, from the request already made for the industry P/E. It serves the industry's largest names by market cap, not companies of a similar size, so treat this as context rather than a like-for-like table; this company is always shown. On a phone the price, size and sales columns are dropped rather than pushed off the edge. Not part of the score.
Business quality to Jun 2026
| Are the margins widening? | wider, but it has moved around a lot | operating margin 14% → 23% over 3 years |
|---|---|---|
| Did the profit turn into cash? | most of it arrived as cash | 87% last year, 89% over three · free cash flow ₹239 cr, positive in 4 of 5 years |
| Is the growth borrowed? | lightly borrowed | ₹1,512 cr — 0.30× its own equity (was 0.39×) |
| Is it being collected? | collection is steady | 62 days to collect, down 15 in a year · cash cycle 256 days |
| Who has been buying? | the promoters have held steady | promoters 38.0% (−0.8 in a year), 42.0% → 38.0% over 2.8 years · FIIs 17.5% (+4.3) · DIIs 16.1% (−7.4) · shareholders 2,07,055 → 1,69,422 |
| What does it earn on its capital? | earns a fair return on its capital | ROCE 15.5% · ROE 13.8% |
Fetched from the filings, not typed — and deliberately not part of the score. These are the questions the score cannot ask: it reads growth, price and trend, so a company can score well while its profit never becomes cash. Weigh these beside the note, not against the number.
Screener's own checklist not mine, not the score
Against it
- The company has delivered a poor sales growth of 10.6% over past five years.
- Company has a low return on equity of 13.6% over last 3 years.
- Company might be capitalizing the interest cost
- Dividend payout has been low at 7.84% of profits over last 3 years
- Promoter holding has decreased over last 3 years: -4.01%
Generated by screener.in from a fixed checklist — not written by me and not an input to the score. It is here as a second machine opinion to weigh against the note; where it disagrees with the view above, the note is the considered one.