Small Pharmaceuticals

Granules India Ltd.

GRANULES

₹533.95

1.25% (6.6)

Market Cap

₹12,949 Cr.

P/E

25.82

Granules India Ltd.

Price
Growth Table
Balance Sheet
Profit & Loss
Cash Flow
Cash Flow Analysis
Ratios
Quarterly Results
Reverse DCF

FAQs on Granules India Ltd. Shareprice

Has the share price of Granules India grown faster than its competition?

Granules India has given lower returns compared to its competitors.
Granules India has grown at ~36.09% over the last 2yrs while peers have grown at a median rate of 38.04%

Is Granules India stock expensive?

Yes, Granules India is expensive.
Latest PE of Granules India is 25.5, while 3 year average PE is 20.02.
Also latest EV/EBITDA of Granules India is 14.26 while 3yr average is 11.81.

View FAQ's On Business

Growth Table

Granules India Ltd.
Solara Active Pharma
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IOL Chem & Pharma
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In %	1yr	2yr	3yr	4yr	5yr	6yr	7yr	8yr	9yr	10yr
Share Price CAGR	21.09	37.48	25.12	12.95	23.70	30.95	31.54	18.35	16.05	20.55
TTM EPS CAGR	25.16	-0.61	8.07	-1.80	9.71	14.69	21.54	14.23	15.00	16.60
Sales CAGR	-0.55	-0.34	5.98	8.47	11.52	11.93	14.93	15.30	14.02	13.23
PAT Margin (Abs Growth)	-2.46	-1.97	-4.91	-2.47	-0.96	1.16	-2.47	-0.04	2.15	2.26
PE CAGR	2.27	36.93	15.78	14.68	12.49	13.43	8.98	3.64	0.89	3.20
CFO CAGR	-40.52	15.04	0.53	-1.99	10.87	—	12.87	14.24	12.66	15.07

* Share price and PE growth are updated everyday. All other fields are as of latest financial year end. EPS adjusted for bonus and splits.

Balance Sheet

Granules India Ltd.
Solara Active Pharma
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IOL Chem & Pharma
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In Rs. Cr.	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Assets	1,563	1,879	2,670	2,979	3,223	3,713	4,512	4,903	5,484	6,253
Non Current Assets	688	994	1,436	1,635	1,551	1,715	1,994	2,323	2,593	3,137
Net Block	560	644	777	944	1,204	1,332	1,541	1,911	2,096	2,231
Capital Work in Progress	76.56	267	515	496	294	239	356	239	272	437
Intangible Assets Under Development	—	137	224	172	146	54.31	44.31	11.34	12.16	3.25
Long Term Investments	70.11	108	157	210	19.34	18.99	19.67	21.21	21.52	22.04
Current Assets	818	828	1,187	1,282	1,519	1,997	2,505	2,574	2,905	3,115
Inventory	254	269	280	384	438	782	979	1,149	1,301	1,343
Accounts Receivable	375	418	628	674	662	765	925	949	986	942
Short Term Investments	—	—	—	—	110	—	—	—	—	—
Cash & Bank Balances	130	49.80	116	89.04	284	271	409	313	386	596
Liabilities	1,563	1,879	2,670	2,979	3,223	3,713	4,512	4,903	5,484	6,253
Shareholders Funds	662	904	1,304	1,529	1,844	2,173	2,587	2,835	3,226	3,716
Share Capital	21.67	22.87	25.38	25.42	25.42	24.77	24.80	24.20	24.24	24.25
Reserves	611	878	1,273	1,493	1,800	2,126	2,545	2,793	3,183	3,691
Non Current Liabilities	247	188	488	553	486	366	283	255	176	534
Secured Loans	184	124	433	479	415	334	234	149	68.97	—
Unsecured Loans	0.55	0.34	—	—	6.69	7.34	—	—	—	312
Current Liabilities	655	787	878	896	893	1,173	1,642	1,814	2,082	2,003
Accounts Payable	181	216	274	323	357	541	639	782	750	726
Short Term Loans	393	474	525	454	372	409	766	811	1,054	974

Balance Sheet Snapshot

No data available.

Fund Flow Analysis

Increase
Decrease
Total

No data available.

*Data is as of latest FY end

Profit & Loss

Granules India Ltd.
Solara Active Pharma
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IOL Chem & Pharma
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In Rs. Cr.	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	TTM
Sales	1,357	1,411	1,685	2,279	2,599	3,238	3,765	4,512	4,506	4,482
Operating Expenses	1,081	1,112	1,406	1,895	2,073	2,382	3,043	3,599	3,650	3,536
Raw Material	762	680	903	1,339	1,315	1,590	2,036	2,353	2,208	1,725
Material Cost (%)	53.42	48.18	53.21	55.09	49.29	42.97	50.03	51.14	44.85	38.51
Employee Cost	118	140	165	210	259	324	366	420	550	660
Power & Fuel Cost	34.97	38.67	48.22	57.67	59.74	68.85	74.66	95.69	101	—
Operating Profit	276	299	278	384	525	855	722	913	856	945
Other Income	5.62	9.93	10.84	26.68	36.56	26.88	18.22	14.29	4.40	12.92
OPM (%)	20.33	21.19	16.53	16.85	20.22	26.42	19.17	20.24	18.99	21.09
Depreciation and Amortisation	58.40	71.51	76.20	105	137	151	159	184	207	226
Interest	37.07	32.26	33.06	28.46	27.02	26.28	23.21	55.93	106	103
Profit Before Tax	186	230	196	326	451	704	558	687	547	660
Tax	61.15	65.20	63.40	89.11	116	155	145	171	142	159
Net Profit	123	165	133	236	335	549	413	517	405	502
Number of shares(Crs)	21.67	22.87	25.38	25.42	25.42	24.77	24.80	24.20	24.24	—
Dividend Payout Ratio(%)	11.45	12.51	19.14	10.75	7.58	6.76	9.01	7.03	8.97	—

TTM Values as of Mar 2025

Cash Flow

Granules India Ltd.
Solara Active Pharma
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IOL Chem & Pharma
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In Rs. Cr.	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Cash from Operating Activity	151	188	-0.65	262	476	432	332	739	439	867
Profit Before Tax	186	205	180	277	426	704	558	687	547	660
Adjustments	92.63	95.14	107	150	157	194	176	238	329	344
OCF Before Working Capital	279	300	287	427	583	899	734	925	876	1,004
Working Capital Changes	-79.70	-52.37	-230	-75.94	12.75	-275	-257	-10.31	-246	6.02
Taxes Paid	-47.54	-59.53	-58.07	-88.45	-119	-191	-145	-176	-190	-144
Cash from Investing Activity	-162	-326	-462	-270	-161	-277	-380	-191	-360	-691
Net Fixed Assets Purchased	-161	-316	-446	-279	-184	-271	-397	-410	-379	-570
Fixed Assets Purchased	-162	-317	-446	-279	-184	-271	-398	-411	-381	-572
Fixed Assets Sold	0.98	0.96	0.14	0.57	0.18	0.33	0.98	0.21	1.75	1.70
Investment Purchased	—	-1.44	-18.74	1.68	-91.94	-131	—	—	—	—
Investment Sold	—	—	—	—	112	110	4.48	203	15.89	0.01
Interest Recieved	4.71	4.46	2.73	7.34	3.27	15.42	12.14	5.05	2.77	3.60
Dividends Recieved	—	—	—	—	—	—	—	—	—	—
Subsidiary Investments	-5.15	-13.45	—	—	—	—	—	—	—	—
Cash from Financing Activity	85.67	55.87	529	-17.43	-213	-299	190	-440	7.66	-92.51
Proceeds From Shares	106	82.91	293	0.96	—	4.14	3.71	2.78	3.16	—
Net Long Term Borrowings	13.33	-59.97	250	102	-59.86	-102	-95.48	-93.09	-82.72	194
Proceeds From Borrowings	71.80	—	382	113	—	—	—	—	18.96	294
Repayment From Borrowings	-58.46	-59.97	-132	-11.05	-59.86	-102	-95.48	-93.09	-102	-99.79
Interest Paid	-37.27	-31.89	-31.42	-27.78	-26.61	-26.28	-24.18	-53.27	-103	-103
Dividend Paid	-23.41	-22.33	-29.05	-30.64	-30.65	-24.72	-37.17	-18.62	-36.31	-36.35
Net Cash Flow	75.44	-81.98	65.66	-25.01	103	-144	142	107	86.92	82.77
Opening Cash & Cash Equivalents	54.85	124	42.37	108	83.02	186	41.84	185	292	381
Effect of FX	—	—	—	—	0.20	-0.12	0.94	-0.25	2.63	2.24
Closing Cash & Cash Equivalents	130	42.37	108	83.02	186	41.84	185	292	381	466
Net Capex (est)	161	316	446	279	184	271	397	410	379	570
Free Cash Flow (est)	-9.79	-127	-447	-16.59	292	161	-64.67	328	60.59	297

Cash Flow Analysis

Increase
Decrease
Total

No data available.

Ratios

= Dominant Factor

Granules India Ltd.
Solara Active Pharma
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IOL Chem & Pharma
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	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Operational Ratios
Quick Ratio	0.66	0.86	0.71	1.03	1.00	1.21	1.04	0.93	0.79	0.77
Liquid Assets (Crs)	276	564	559	907	898	1,080	1,215	1,526	1,425	1,604
Current Liabilities (Crs)	415	655	787	878	896	893	1,173	1,642	1,814	2,082
Current Ratio	1.21	1.25	1.05	1.35	1.43	1.70	1.70	1.53	1.42	1.40
Current Assets (Crs)	500	818	828	1,187	1,282	1,519	1,997	2,505	2,574	2,905
Current Liabilities (Crs)	415	655	787	878	896	893	1,173	1,642	1,814	2,082
Interest Coverage Ratio	4.96	6.02	8.12	6.93	12.44	17.69	27.80	25.04	13.29	6.17
EBIT (Crs)	160	223	237	213	305	425	731	581	743	653
Interest Expenses (Crs)	32.35	37.07	32.26	33.06	28.46	27.02	26.28	23.21	55.93	106
Fixed Asset Turnover	1.53	1.65	1.43	1.40	1.55	1.39	1.51	1.53	1.51	1.34
Net Sales (Crs)	1,294	1,357	1,411	1,685	2,279	2,599	3,238	3,765	4,512	4,506
Fixed Assets (Crs)	844	823	984	1,200	1,473	1,875	2,145	2,462	2,981	3,352
Cash Conversion Cycle	9.84	37.90	60.70	72.23	64.17	37.75	4.54	52.99	49.48	39.26
Inventory Days	54.76	63.11	66.49	59.23	51.03	51.34	56.39	85.35	86.07	99.22
Days Receivable	34.04	67.60	101	113	100	83.34	65.94	81.94	75.78	78.34
Days Payable	78.96	92.81	107	99.83	86.90	96.93	118	114	112	138
Debt to Equity Ratio	1.12	0.97	0.73	0.75	0.65	0.48	0.39	0.42	0.37	0.38
Total Debt (Crs)	482	641	657	978	991	892	838	1,093	1,059	1,223
Shareholders Equity (Crs)	431	662	904	1,304	1,529	1,844	2,173	2,587	2,835	3,226
Free Cash Flow/Sales (%)	0.23	-0.72	-9.03	-26.53	-0.73	11.23	4.99	-1.72	7.28	1.34
Free Cash Flow(est) (Crs)	2.99	-9.79	-127	-447	-16.59	292	161	-64.67	328	60.59
Net Sales (Crs)	1,294	1,357	1,411	1,685	2,279	2,599	3,238	3,765	4,512	4,506
Profitability Ratios
Gross Margin (%)	42.26	46.58	51.82	46.79	44.91	50.71	57.03	49.97	48.86	55.15
Op Profit Margin (%)	16.18	20.33	21.19	16.53	16.85	20.22	26.42	19.17	20.24	18.99
Operating Profit (Crs)	213	282	309	289	411	562	882	740	928	860
Net Sales (Crs)	1,294	1,357	1,411	1,685	2,279	2,599	3,238	3,765	4,512	4,506
Net Profit Margin (%)	7.03	9.06	11.66	7.87	10.37	12.91	16.97	10.96	11.45	8.99
Net Profit (Crs)	90.91	123	165	133	236	335	549	413	517	405
Net Sales (Crs)	1,294	1,357	1,411	1,685	2,279	2,599	3,238	3,765	4,512	4,506
ROCE (%)	20.35	24.56	21.73	11.89	14.66	18.24	28.77	20.25	24.05	19.20
EBIT (Crs)	160	223	237	213	305	425	731	581	743	653
Capital Employed (Crs)	788	908	1,092	1,792	2,082	2,330	2,540	2,870	3,090	3,402
Return on Assets (%)	7.56	7.87	8.76	4.97	7.94	10.41	14.80	9.15	10.54	7.39
Net Profit (Crs)	90.91	123	165	133	236	335	549	413	517	405
Total Assets (Crs)	1,203	1,563	1,879	2,670	2,979	3,223	3,713	4,512	4,903	5,484
ROIC (%)	15.91	21.81	18.03	9.22	11.65	15.69	25.85	17.71	21.09	17.14
Op Profit after Taxes (Crs)	111	146	163	137	202	289	549	416	548	480
Invested Capital (Crs)	700	669	903	1,484	1,737	1,840	2,124	2,351	2,598	2,804
ROE (%)	21.08	18.59	18.21	10.17	15.46	18.19	25.28	15.96	18.22	12.57
Net Profit Margin (%)	7.03	9.06	11.66	7.87	10.37	12.91	16.97	10.96	11.45	8.99
Asset Turnover ratio	1.08	0.87	0.75	0.63	0.77	0.81	0.87	0.83	0.92	0.82
Equity Multiplier	2.79	2.36	2.08	2.05	1.95	1.75	1.71	1.74	1.73	1.70
Adjusted EPS	4.45	5.68	7.19	5.22	9.30	13.19	22.18	16.64	21.34	16.72
Valuation Ratios
P/E	19.09	21.13	19.26	19.81	12.29	10.89	13.67	18.40	13.62	25.71
Price to Book	4.04	4.11	3.52	2.02	1.91	2.00	3.49	2.96	2.50	3.25
EV/EBITDA	10.11	11.05	12.23	12.07	9.27	7.58	9.16	11.19	8.39	13.08
Dividend Yield (%)	0.59	0.54	0.65	0.97	0.87	0.70	0.49	0.49	0.52	0.35

Quarterly Results

Granules India Ltd.
Solara Active Pharma
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IOL Chem & Pharma
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In Rs. Cr.	Dec'22	Mar'23	Jun'23	Sep'23	Dec'23	Mar'24	Jun'24	Sep'24	Dec'24	Mar'25
Net Sales	1,146	1,196	986	1,189	1,156	1,176	1,180	967	1,138	1,197
Operating Expenses	915	967	849	977	905	920	921	763	907	945
Increase/Decrease in Stock	-1.83	19.48	-109	55.35	-55.92	-76.92	1.43	4.76	-9.11	3.68
Raw Material	594	604	589	520	553	547	483	362	445	435
Employee Cost	119	127	140	149	157	152	164	159	168	169
Selling and Distribution Expenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Electricity, Power & Fuel Cost	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Gen_AdminExpenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Miscellaneous Expenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Profit	231	228	137	213	250	256	259	203	230	252
Other Income	0.95	3.38	0.35	1.53	0.65	1.87	2.06	3.25	5.68	1.92
Interest	16.97	18.80	22.46	25.96	28.65	28.76	27.02	25.67	26.57	23.98
PBDT	215	213	115	189	222	229	234	181	209	261
Depreciation and Amortization	48.36	48.71	49.24	52.52	52.39	53.18	52.87	52.52	56.61	63.50
Profit Before Tax	167	164	65.47	136	170	176	181	128	153	198
Tax	42.57	44.38	17.58	33.91	44.44	45.99	46.79	31.15	35.19	45.52
Profit After Tax	124	120	47.90	102	126	130	135	97.23	118	152
Exceptional Items	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	30.75
Net Profit	124	120	47.90	102	126	130	135	97.23	118	152
Quarterly Ratios
EPS	5.14	4.94	1.98	4.21	5.18	5.35	5.56	4.01	4.85	6.27
Operating Profit Margin	20.18	19.08	13.88	17.90	21.68	21.75	21.97	21.03	20.24	21.07
Net Profit Margin	10.85	10.00	4.86	8.58	10.87	11.03	11.41	10.06	10.34	12.70

Reverse DCF

Earnings

Discount Rate (%)

Terminal Multiple

5 YEAR

10 YEAR

20 YEAR

35.00%

Implied Growth Rate over a 5 year period*

11.50%

Implied Growth Rate over a 10 year period*

5.00%

Implied Growth Rate over a 20 year period*

*Implied Growth calculated using Newton-Rhapson method.

Learn how to use Reverse DCF

FAQs on Granules India Ltd. Financials

How strong is Granules India balance sheet?

Balance sheet of Granules India is strong.
But short term working capital might become an issue for this company.

Is the debt of Granules India increasing or decreasing?

Yes, The net debt of Granules India is increasing.
Latest net debt of Granules India is ₹689 Crs as of Mar-25.
This is greater than Mar-24 when it was ₹451 Crs.

Is the profitablity of Granules India improving?

The profit is oscillating.
The profit of Granules India is ₹502 Crs for TTM, ₹405 Crs for Mar 2024 and ₹517 Crs for Mar 2023.

Does Granules India pay decent dividends?

The company seems to be paying a very low dividend.
Investors need to see where the company is allocating its profits.
Granules India latest dividend payout ratio is 8.97% and 3yr average dividend payout ratio is 8.34%

How has Granules India allocated its funds?

Companies resources are allocated to majorly productive assets like Plant & Machinery

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Granules India Ltd.

Granules India Ltd.

Has the share price of Granules India grown faster than its competition?

Is Granules India stock expensive?

How strong is Granules India balance sheet?

Is the debt of Granules India increasing or decreasing?

Is the profitablity of Granules India improving?

Does Granules India pay decent dividends?

How has Granules India allocated its funds?

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