VALARTH See Granules India in the appOpen in app
GRANULES · NSE · Pharmaceuticals

Granules India Ltd

What the numbers mean, from its filings and the exchange. Data as of 12 Oct 2026.
Small Cap · AMFI list Jan-Jun 2026 · Vendor sector: Basic Materials
cheap low confidence No valuation within 120 days; P/E 30.1 vs peers 41.9 (8th of 22); P/B 3.8 vs peers 5.6 (9th of 25).
Statements through FY2026Prices adjusted for corporate actionsNot yet reviewed by the adversarial model

What is Granules India's share price today?

Granules India last traded at ₹803.35 on the NSE, as of 12 Oct 2026, 11:00 pm IST, down 1.5% on the day, up 44.5% over a year. Its 52-week range is ₹530 to ₹924. The live price is in the app.

₹803.35 −1.5% today
+44.5% over 1 year · NSE, as of 12 Oct 2026, 11:00 pm IST
60 month-end closes, 31 Oct 2021 to 30 Sep 2026, adjusted for splits and bonuses
52-week range69% of the way up
Low ₹530High ₹924

What is Granules India's market cap?

Granules India's market capitalisation is about ₹22,238 crore: what it would cost to buy every share at today's price. That makes it the 98th largest small cap company we cover.

₹22,238 Cr Small Cap98th largest small cap company
Small Cap means the companies ranked 251 and below by size, under SEBI's rules. Shares in issue are worked out from the market cap and the price. What market cap tells you →

Key facts

From the exchange
Symbol
NSE: GRANULES
ISIN
INE101D01020
Cap bucket
Small Cap, 98th largest by market cap
Industry (NSE)
Healthcare › Pharmaceuticals & Biotechnology › Pharmaceuticals
Listed since
2005
Futures and options
Not traded

Is Granules India overvalued?

Cheap, with low confidence: no valuation within 120 days; P/E 30.1 vs peers 41.9 (8th of 22); P/B 3.8 vs peers 5.6 (9th of 25).

Valuation

Latest price and trailing 12 months
P/E 30.13
vs peers 41.9 · 8th of 22
Price divided by last year's earnings per share: how many years of today's profit you pay for. Learn more →
P/B 3.82
vs peers 5.6 · 9th of 25
Price divided by book value per share: what you pay for each rupee of net assets on the balance sheet. Learn more →
Market cap ₹22,238 Cr
Total market value of all shares, in ₹ crore. Learn more →
Dividend yield 0.3%
vs peers 0.6% · 11th of 16
Last year's dividends as a share of today's price. Learn more →
PEG (vendor) 4.13
vs peers 3.1 · 9th of 16
P/E divided by the vendor's earnings growth figure, which it does not disclose; a P/E adjusted for how fast profits grow. Learn more →
PEG on our 3-year EPS growth 6.28
P/E divided by the 3-year EPS growth rate from the stored accounts. Learn more →
3 models could be judged
Skipped — Fair value, EPV, Graham number, Graham value, Lynch, Owner earnings: no valuation stored

Our valuation range

🔒 Pro
Value range, implied growth at today's price, and the nine models behind it: in the app.

Is Granules India a quality business?

Quality score 52.3, 13th of 24 in its peer set; CLEAN on 30 of 30 flags judged.

Quality and risk

Data as of 12 Oct 2026
Business quality Not available
The kind of business, which sets the yardstick it is judged by. Learn more →
Quality score 52.3
vs peers 53.2 · 13th of 24
Returns, margins, leverage and consistency against its peers, out of 100. Learn more →
Risk level CLEAN
30 of 30 flags judged
From flags on debt, earnings quality, dilution and price swings. Learn more →

Profitability

ROE 10.3%
vs peers 16.6% · 17th of 25
Return on equity: profit as a share of shareholders' money. Learn more →
ROCE 12.5%
vs peers 19.8% · 16th of 25
Return on capital employed: operating profit as a share of all the capital in the business, debt and equity. Learn more →
Profit margin 11.7%
vs peers 15.8% · 15th of 24
Profit after everything, as a share of revenue. Learn more →
EPS ₹24.01
Trailing 12 months
Profit for each share over the last 12 months.

Scorecard

🔒 Pro
Health scores and red flags with their values and history: in the app.
See the scorecard →
Inside the app

Get a sneak peek of Valarth

Start freeStart free
A Valarth stock page: the share price with its chart and 52-week range, valuation and profitability figures, and a scorecard of health checks.
Stock pagePrice, valuation, profitability and a scorecard of health checks for every company, each figure explained.
The Valarth stock screener: a table of companies with price, market cap, P/E, P/B, PEG, EPS and ROE, and filters down the left.
ScreenerEvery listed company, filtered on 212 figures, each with a plain-language lesson beside it.
The Valarth AI Screener answering 'Which companies will benefit from India's Project 75 submarine programme?' with a basket of four naval shipbuilders and a written thesis.
AI ScreenerAsk a question in plain English, like which companies benefit from India's Project 75. It reads the intent, builds the screen and writes the thesis.
A Valarth business-model card for State Bank of India, with a plain-language summary and statements verified against the filing.
Business modelHow a company makes money and what can hurt it, each statement checked against its annual report.
Valarth's Before the Bell edition, with the day's headline, regulator notes and sector moves.
Before the BellA morning edition before the market opens: what moved, which rule changed, and what it means for your holdings.

Has Granules India made money for shareholders?

Yes: +44.5% over one year and +21.5% a year over five years.

Shareholder returns

1-year return +44.5%
Price only
What the share price did over the last 12 months. Learn more →
5-year return +21.5% a year
Price only
Yearly average price return over five years, bonuses and splits adjusted. Learn more →
Wealth destroyer No
Five-year total return — price CAGR on bonus- and split-adjusted closes plus the dividend yield — below the 7% a bank fixed deposit paid. Learn more →

Returns

3Y and 5Y are yearly averages
1W
−0.2%
1M
−6.6%
3M
−9.2%
6M
+28.9%
1Y
+44.5%
3Y
+37.5%
5Y
+21.5%

Does Granules India pay a dividend?

Yes. Granules India's dividend yield is 0.28% at the latest price; the last payout was ₹1.75 a share, ex-dividend 30 Jul 2026.

Dividends

Per share, by ex-dividend date
Dividend yield0.28%
The past 12 months' dividends as a share of today's price.
30 Jul 2026 · Final₹1.75
31 Jul 2025 · Final₹1.50
30 Jul 2024 · Final₹1.50
3 Aug 2023 · Final₹1.50
19 Jul 2022 · Final₹0.75
Payout ratio🔒 In the app
The share of profit paid out as dividends; a very high share leaves little to reinvest.
Dividend growth, 5 years🔒 In the app
How fast the dividend per share has grown a year.
Years without a miss🔒 In the app
How many years in a row a dividend has been paid.

Is Granules India growing?

Revenue 3 years 6.0% a year; profit 3 years 4.8% a year; revenue 5 years 8.4% a year.

Growth

Statements through FY2026 (Mar-26)
Revenue 3 years 6.0% a year
vs peers 15.7% · 23rd of 24
Compound annual growth of revenue over three years. Learn more →
Profit 3 years 4.8% a year
vs peers 21.6% · 16th of 18
Compound annual growth of net profit over three years. Learn more →
Revenue 5 years 8.4% a year
Compound annual growth of revenue over five years. Learn more →
Profit 5 years 9.9% a year
Compound annual growth of net profit over five years. Learn more →
EPS 3 years 4.8% a year
Growth in earnings per share, so dilution counts against the company. Learn more →
EPS 5 years 2.1% a year
Growth in earnings per share over five years, so dilution counts against the company. Learn more →
P/E vs own history 46.0%
vs peers 16.4% · 12th of 16
Today's P/E against its own 5-year median; negative is cheaper than its history. Learn more →

How did Granules India do last quarter?

Granules India reported revenue of ₹1,465 Cr, up 19.7% on a year earlier and a net profit of ₹180 Cr, up 18.6% in the Jun 2026 quarter.

Latest quarter

Jun 2026
Revenue, latest quarter₹1,465 Cr
+19.7% on a year earlier
What the company took in over the quarter.
Net profit, latest quarter₹180 Cr
+18.6% on a year earlier
What was left for shareholders after every cost and tax.

How does Granules India compare with its peers?

Compared with 24 Pharmaceuticals; 8th of 22 on P/E; 13th of 24 on quality score.

Compared with 24 Pharmaceuticals

24 companies

Granules India against its peers

Largest 10 of 24 peers, by market cap
CompanyMarket capP/EP/BROEROCE1YQuality 🔒Rank 🔒
Granules India Ltd₹22,238 Cr30.13.810.3%12.5%+44.5%
Ajanta Pharma Ltd₹42,612 Cr37.58.324.1%30.6%+41.0%
J B Chemicals & Pharmaceuticals Ltd₹38,677 Cr—8.218.2%24.2%+45.1%
Emcure Pharmaceuticals Ltd₹34,783 Cr34.48.221.8%22.8%+33.8%
Wockhardt Ltd₹32,440 Cr79.26.29.9%9.6%+43.8%
Sai Life Sciences Ltd₹31,606 Cr86.78.214.6%18.7%+71.4%
Neuland Laboratories Ltd₹26,802 Cr53.88.321.5%26.5%+28.0%
Piramal Pharma Ltd₹26,212 Cr—2.29.0%10.8%−0.3%
Acutaas Chemicals Ltd₹25,876 Cr67.012.624.6%32.7%+110.9%
Rubicon Research Ltd₹25,633 Cr87.29.418.6%20.8%+146.5%
Shilpa Medicare Ltd₹19,983 Cr65.12.53.9%4.8%+179.8%
Peer median—41.95.616.6%19.8%+30.9%
Market cap in rupees crore; P/E and P/B on the latest price; 1Y is the price return over a year. A dash is a figure that does not apply or is not reported.

Full peer comparison

🔒 Pro
Every peer, every figure, the ranks and the quality and forensic scores side by side: in the app.

Who owns Granules India?

Granules India is held by promoters 37.4%, foreign institutions 20.3%, domestic institutions 15.4%.

Shareholding pattern

Latest filing, percent of shares
Promoters37.4%
The founders and controlling group.
Foreign institutions20.3%
Overseas funds investing through the FPI route.
Domestic institutions15.4%
Indian insurers, banks, pension and mutual funds together.
Mutual funds4.2%
Indian mutual fund schemes; part of domestic institutions.
Retail and others12.7%
Individual investors and everyone else.
Promoter shares pledged🔒 In the app
Promoter shares given as collateral for loans; a high share is a risk to watch.
Holding trend🔒 In the app
Whether promoters, foreign funds and mutual funds have been adding or selling over recent quarters.

What do analysts say about Granules India?

7 analysts cover Granules India, and the consensus is buy. A consensus is a count of opinions, not a forecast; read it beside the numbers.

Analyst consensus

7 analysts
ConsensusBuy
The rating most covering analysts give the share.
Average target price🔒 In the app
The mean of the analysts' 12-month price targets.
Upside to target🔒 In the app
How far the target sits above or below today's price.
Share rating it a buy🔒 In the app
The share of covering analysts with a buy rating.

What does Granules India do and what is it sensitive to?

Granules India Limited operates in one pharmaceutical segment that includes ingredients and intermediaries, with manufacturing in India and the US. Sensitive to: interest rates on floating-rate debt.

Business-model card

FY2025 · 38 verified
2Revenue
3Channels
2Regulators
5Reg. dependencies
4Sensitivities
5Costs
5Geographies

Granules India Limited operates in one pharmaceutical segment that includes ingredients and intermediaries, with manufacturing in India and the US. It sells pharmaceutical products to pharmaceutical companies and retailers across North America, Europe, India, Latin America and other emerging markets, and earns mainly from sale of manufactured goods.

Revenue by segment

year ended March 31, 2025 (consolidated, Group; geographical segment split)
Outside India94.0%
Within India6.0%

Revenue engine

2 verified
Sale of products (manufactured pharmaceutical goods)
Sale of manufactured goods to customers, recognised at a point in time, typically on dispatch or delivery. Reported as INR 44,559.72 million in FY2024-25.
Other operating revenue
Smaller line that includes sale of scraps and export incentives. Reported as INR 256.36 million in FY2024-25.

Customers & channels

3 verified
Pharmaceutical companies and retailers
Named customer groups across North America, Europe, India, Latin America and other emerging markets.
Dealers and distributors (0.8%)
Share of total sales made to dealers or distributors, which is small. Interpretation: most sales go direct to customers rather than through this channel.
Related parties as customers (46.5%)
Share of total sales made to related parties. This is a material share of revenue, so related-party sales affect reported sales concentration.

Regulators

2 verified
Global regulatory bodies
Set the quality limits the company's products must meet. Also grant the regulatory approvals the company relies on for its facilities.
US regulatory landscape
Regulatory changes in the USA are tracked by the company as part of its export-market risk management.

Regulatory dependencies

5 verified
Government generic substitution policy
Incentives and penalties that push substitution toward generics raise generic penetration. Interpretation: a change to this policy would move demand for the company's generic products.
Import tariffs and regulatory directives
The company states that changes in import tariffs or regulatory directives may affect cost and market reach.
Scrutiny of pharmaceutical exports from India
The company identifies increased scrutiny of Indian pharmaceutical exports as a risk to export revenue, which is the larger part of its sales.
2 more statements
Medicine pricing debate
Pricing pressure in the US and Europe affects what manufacturers can charge. Interpretation: lower prices would reduce revenue per product.
Regulatory approvals for facilities
Company states its output is maximised through facilities that hold global regulatory approvals. Interpretation: loss of approval would constrain supply.

Sensitivities

4 verified
Interest rates on floating-rate debt
All debt obligations carry floating rates. Interpretation: a rise in market rates increases finance cost and lowers profit before tax.
USD and EUR exchange rates
Exchange-rate risk relates mainly to USD and EUR against the functional currencies. Foreign exchange earnings fell from INR 35,545.21 million to INR 28,144.26 million in FY2024-25.
Raw material and commodity prices
Raw material cost is the largest part of operating expenses. Commodity prices can move sharply over short periods, and API raw materials are more volatile.
1 more statement
Supply disruption from China
Disruptions in API and intermediate supply from China affected cost structures and planning cycles.

Cost inputs

5 verified
Cost of materials consumed
Raw materials, intermediates and packaging. Cost of materials consumed was INR 17,249.37 million in FY2024-25, against INR 22,082.21 million in FY2023-24.
Raw materials, intermediates and packaging suppliers (90.0%)
Suppliers of these inputs account for about 90% of procurement value and are assessed periodically under an SOP.
Salaries, wages and bonus
Largest employee-cost line. Reported as INR 5,903.22 million in FY2024-25.
2 more statements
Backward integration into API
Company states its backward integration and expanded API capabilities supported cost control and assured supply for its formulations business.
Other borrowing costs and depreciation
Finance and fixed-asset charges. Other borrowing costs were INR 425.68 million and depreciation was INR 1,727.37 million in FY2024-25.

Geographies

5 verified
Exports (revenue from customers outside India)
Largest geographic revenue segment by customer location. Reported as INR 42,107.80 million in FY2024-25.
Domestic India sales
Revenue from customers located in India. Reported as INR 2,708.28 million in FY2024-25.
India and US facilities
Integrated operations in India and the US support supply to multiple regions.
2 more statements
European market filings
Company states it filed three dossiers in the European market and is working on additional markets.
Subsidiary Granules USA Inc
Wholly owned subsidiary in the USA, held at 100% equity interest.
Each statement is checked word for word against the FY2025 annual report; the passages are in the app.

What changed recently?

Q1 FY2027 results filed (21 Jul 2026).

Change log

6 entries · newest first
  1. Results filedQ1 FY2027 results filed.
  2. Results filedQ4 FY2026 results filed.
  3. Results filedQ3 FY2026 results filed.
  4. Results filedQ2 FY2026 results filed.
  5. Results filedQ1 FY2026 results filed.
  6. Results filedQ4 FY2025 results filed.
Get alerts →Sign in to be told when any of these change.

What this page does not tell you

What could not be judged, and why. Never empty.
  • Models not runFair value, EPV, Graham number, Graham value, Lynch, Owner earnings: no valuation stored.
  • FlagsCLEAN on 30 of 30 flags judged; no red flag.
  • Data gapsBusiness quality: not available yet.

What this page rests on

✓10 years of annual statements, through FY2026 (Mar-26)✓10 quarters of results✓256 months of month-end prices, adjusted for bonuses and splits○no valuation of ours yet✓business-model card FY2025 · 38 verified

Questions people ask

What is Granules India's share price today?

Granules India last traded at ₹803.35 on the NSE, as of 12 Oct 2026, 11:00 pm IST, down 1.5% on the day, up 44.5% over a year. Its 52-week range is ₹530 to ₹924. The live price is in the app.

What is Granules India's market cap?

Granules India's market capitalisation is about ₹22,238 crore: what it would cost to buy every share at today's price. That makes it the 98th largest small cap company we cover.

Is Granules India Ltd a large cap, mid cap or small cap?

Granules India Ltd (GRANULES) is a small cap company in AMFI's classification for Jan-Jun 2026. SEBI's buckets go by rank on six-month average market capitalisation: the top 100 are large caps, 101 to 250 mid caps, the rest small caps.

What is Granules India Ltd's P/E ratio?

30.13, vs peers 41.9 · 8th of 22. Price divided by last year's earnings per share: how many years of today's profit you pay for.

Is Granules India Ltd overvalued?

Cheap, with low confidence: no valuation within 120 days; P/E 30.1 vs peers 41.9 (8th of 22); P/B 3.8 vs peers 5.6 (9th of 25).

How does Granules India Ltd make money?

Granules India Limited operates in one pharmaceutical segment that includes ingredients and intermediaries, with manufacturing in India and the US. It sells pharmaceutical products to pharmaceutical companies and retailers across North America, Europe, India, Latin America and other emerging markets, and earns mainly from sale of manufactured goods.

Who are Granules India Ltd's peers?

Compared with 24 Pharmaceuticals: Ajanta Pharma Ltd, J B Chemicals & Pharmaceuticals Ltd, Emcure Pharmaceuticals Ltd, Wockhardt Ltd, Sai Life Sciences Ltd and 19 more. The app shows how they compare on every figure.

Is this investment advice?

No. Valarth is a research and learning tool and is not a SEBI-registered investment adviser or research analyst. The figures come from the company's filings and the exchanges; what to do with them is your call.

How did Granules India do last quarter?

Granules India reported revenue of ₹1,465 Cr, up 19.7% on a year earlier and a net profit of ₹180 Cr, up 18.6% in the Jun 2026 quarter.

Who owns Granules India?

Granules India is held by promoters 37.4%, foreign institutions 20.3%, domestic institutions 15.4%.

Does Granules India pay a dividend?

Yes. Granules India's dividend yield is 0.28% at the latest price; the last payout was ₹1.75 a share, ex-dividend 30 Jul 2026.

What do analysts say about Granules India?

7 analysts cover Granules India, and the consensus is buy. A consensus is a count of opinions, not a forecast; read it beside the numbers.

Everything on Granules India, and 6,621 other companies, with 212 filters and the full peer tables

See Granules India in the app →See pricing