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Swing Capital

Granules India Ltd

NSE: GRANULES BSE: 532482Pharma

Granules India Ltd and its subsidiaries are primarily involved in the manufacturing and selling of Active Pharma Ingredients (APIs), Pharmaceutical Formulation Intermediates (PFIs) and Finished Dosages.[1]

₹726
52W: ₹433 — ₹761
PE 43.9 · Book ₹178 · +308% vs book
Market Cap₹17,986 Cr
Stock P/E43.9Price to Earnings
ROCE12.8%Return on Capital
ROE10.5%Return on Equity
Div. Yield0.2%Face Value ₹1

Weaknesses

  • −Stock is trading at 4.04 times its book value
  • −Promoter holding has decreased over last quarter: -0.80%
  • −The company has delivered a poor sales growth of 2.07% over past five years.
  • −Company has a low return on equity of 11.4% over last 3 years.
  • −Dividend payout has been low at 10.2% of profits over last 3 years

Shareholding Pattern

Promoters38.02%
FIIs15.31%
DIIs17.01%
Public29.67%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters38.87%38.87%38.85%▼0.038.83%▼0.038.82%▼0.038.81%▼0.038.81%38.02%▼0.8
FIIs20.39%19.49%▼0.915.87%▼3.615.14%▼0.713.24%▼1.914.09%▲0.813.55%▼0.515.31%▲1.8
DIIs14.11%14.85%▲0.719.57%▲4.722.45%▲2.923.52%▲1.117.91%▼5.617.47%▼0.417.01%▼0.5
Public26.61%26.8%▲0.225.71%▼1.123.56%▼2.224.41%▲0.929.17%▲4.830.15%▲1.029.67%▼0.5

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales984940852568842768810892895877
Expenses738751675465674651667680701702
Operating Profit247189177103168117144211194175
OPM %25%20%21%18%20%15%18%24%22%20%
Net Profit14397944190946912111299
EPS ₹5.894.013.871.713.723.882.864.974.63.99

AI Insights

Revenue Trend

Mar 2026 revenue at ₹3,474Cr, up 14.7% YoY. OPM at 21%.

Debt Position

Borrowings at ₹828Cr. Debt-to-equity ratio: 0.19x. Healthy balance sheet.

Capex Cycle

CWIP at ₹117Cr (8% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 17.01% (+10.33pp change). FIIs: 15.31% (-6.04pp change). Promoters hold 38.02%.

Margin & Efficiency

ROCE declining from 22% (Mar 2015) to 13% (Mar 2026). Working capital days: 60.

Valuation

PE 43.9x with 12.8% ROCE. Price is 308% above book value of ₹178. Dividend yield: 0.2%.

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