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Granules India Results: Latest Quarterly Results & Analysis

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Granules India Ltd. 13 Nov 2025 14:20 PM
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Q2FY26 Quarterly Result Announced for Granules India Ltd.

Pharmaceuticals company Granules India announced Q2FY26 results

  • Revenue from Operations of Q2FY26 stood at Rs 12,970 million, a growth of 34% YoY across regions.
  • EBITDA: Rs 2,782 million against Rs 2,033 million during Q2FY25, change 37%.
  • EBITDA Margin: 21% for Q2FY26.
  • PBT: Rs 1,759 million against Rs 1,284 million during Q2FY25, change 37%.
  • PAT: Rs 1,306 million against Rs 972 million during Q2FY25, change 34%.
  • PAT Margin: 10% for Q2FY26.

Krishna Prasad Chigurupati, Chairman & Managing Director, Granules India, said: “We are delighted to deliver a resilient financial performance with healthy growth in both revenue and profitability. The improvement in EBITDA and PAT reflects our continued focus on operational excellence, disciplined execution, and the strength of our governance. Our ongoing investments in R&D and talent underscore our commitment to innovation and long-term value creation. Our peptides CDMO platform through Ascelis, anchored in the legacy of Senn Chemicals in Switzerland, is steadily gaining visibility, with renewed customer interest and promising new discussions underway.”

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Pharmaceuticals company Granules India announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue from Operations of Q4FY25 stood at Rs 11,974 million, a growth of 2% YoY, Sustained increase in formulations' share despite slowdown in productivity of Gagillapur facility with ongoing USFDA remediation activities.
  • ROCE is at 16.6% as compared to 16.5% YoY
  • Net debt stood at Rs 7,061 million, a reduction of Rs 1,360 million and Net debt to EBITDA at 0.75x
  • EBITDA slightly declined by 1%, from Rs 2,557 million to Rs 2,524 million.
  • EBITDA Margin dipped from 22% to 21%.
  • PAT grew 17%, from Rs 1,296 million to Rs 1,520 million.

FY25 Financial Highlights:

  • Revenue from Operations declined by 1%, from Rs 45,064 million to Rs 44,816 million.
  • EBITDA increased 10%, from Rs 8,560 million to Rs 9,452 million.
  • EBITDA Margin expanded from 19% to 21%.
  • PAT surged 24%, from Rs 4,053 million to Rs 5,015 million.

Commenting on the results, Krishna Prasad Chigurupati, Chairman & Managing Director of Granules India said, “We are pleased to report a resilient bottom line and cash flow performance this year, despite sales remaining steady. This was achieved with a profitable Formulations growth of 18%, even though we proactively paused Gagillapur’s production operations in Sep-24 for more than a month to re-assess the risks and undertake necessary USFDA remediation activities. Productivity of Gagillapur facility has been lower in H2 FY25 with ongoing remediation activities. Our strong financial performance reflects the success of our strategic initiatives, particularly our focus on enhancing our product mix by prioritizing highmargin offerings and expanding our portfolio of non-legacy molecules. This reflects the strength and adaptability of our business model, and our unwavering commitment”.

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Pharmaceuticals company Granules India announced Q3FY25 results

  • The Company voluntarily paused the production at the Gagillapur plant in Sep-24 for risk assessment on account of the US FDA observations. Subsequently, the production resumed in October in a staggered manner.
  • Revenue from Operations of Q3FY25 stood at Rs 11,377 million, a decline of 2% YoY.
  • Revenue share from North America increased to 77% in Q3FY25, compared to 66% in Q3FY24.
  • Finished dosages (FD), Active Pharmaceuticals Ingredients (API) and Pharmaceutical Formulation Intermediates (PFI) contributed 76%, 12%, and 12% of revenue from operations respectively for Q3FY25.
  • ROCE for Q3FY25 is at 16.4% as compared to 15.3% for Q3FY24.
  • Net debt stood at Rs 8,289 million. and Net debt to EBITDA ratio was 0.90

Krishna Prasad Chigurupati, Chairman & Managing Director of Granules India Limited said, “We continue to sustain our profitable growth in the finished dosages segment, driven by our North America business. We are enhancing quality and compliance through systemic improvements across our operations, including Gagillapur. Progress on our greenfield formulation expansion at GLS remains on track, reinforcing our capabilities and driving future growth.”

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Pharmaceuticals company Granules India announced Q2FY25 results

  • Revenue from Operations of Q2FY25 stood at Rs 9,666 million, a decline of 19% YoY.
  • The Company has voluntarily paused production in the Gagillapur plant in Sep-24 to reassess the potential risk on account of the US FDA observations, if any. Subsequently in October, the production was resumed in a staggered manner.
  • Revenue share from the North America increased to 79% in Q2FY25 as compared to 67% in Q2FY24.
  • Finished dosages (FD), Active Pharmaceuticals Ingredients (API) and Pharmaceutical Formulation Intermediates (PFI) contributed 77%, 15%, and 8% of revenue from operations respectively for Q2FY25.
  • ROCE is at 16.9% as compared to 12.9% YoY.
  • Net debt stood at Rs 7,973 mn and Net debt to EBITDA at 0.86x.

Krishna Prasad Chigurupati, Chairman & Managing Director of Granules India, said: “Q2 sales were impacted by a voluntary pause in manufacturing and distribution from our Gagillapur facility. We delivered strong margins, supported by profitable formulations sales and a favourable product mix. Our operations also generated a healthy cash from operations of Rs. 2,007 million.”

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Pharmaceuticals company Granules India announced Q1FY25 results:

  • Revenue from Operations of Q1FY25 stood at Rs 11,799 million, a growth of 20% YoY.
  • Revenue share from the North America increased to 74% in Q1FY25 as compared to 61% in Q1FY24.
  • Decline in Para API and PFI sales volume and price erosion.
  • Active Pharmaceuticals Ingredients (API), Pharmaceutical Formulation Intermediates (PFI), and Finished dosages contribute 14%, 10%, and 76% of revenue from operations respectively for Q1FY25.
  • ROCE is at 19.6% as compared to 9.3% YoY.
  • Net debt stood at Rs 7,941 million and Net debt to EBITDA at 0.77x.

Commenting on the results, Dr Krishna Prasad Chigurupati, Chairman & Managing Director of Granules India Limited said, “With our robust quarterly performance, we are back on our planned trajectory after a few setbacks last year. Q1 performance highlights include continued growth in our formulation segment, strong North America business, and product diversification, which offset the Paracetamol API/PFI decline, promising a brighter future driven by our formulations offering and new product pipeline.”

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Pharmaceuticals company Granules India announced Q4FY24 results:

  • Revenue from Operations of Q4FY24 stood at Rs 11,758 million, a decline of 2% YoY.
  • Formulations including GPI manufactured products grew by 41%.
  • Revenue share from the North America increased to 70% in Q4FY24 as compared to 58% in Q4FY23.
  • Decline in Para API sales volume and price erosion.
  • Active Pharmaceuticals Ingredients (API), Pharmaceutical Formulation Intermediates (PFI), and Finished dosages contribute 14%, 13%, and 73% of revenue from operations respectively for Q4FY24.
  • ROCE is at 16.5% as compared to 21.2% YoY.
  • Net debt stood at Rs 8,421 million and Net debt to EBITDA at 0.98x.

Commenting on the results, Dr Krishna Prasad Chigurupati, Chairman & Managing Director of Granules India Limited said, “We had a strong uptick in gross margin for the Q4 and for the full year, with continued growth in formulations share coming from US and Europe as part of our global expansion strategy and a higher contribution from new products. While the fiscal year numbers were below expectations due to cyber incident and low paracetamol demand, we are very excited about the way our strategies for the future are playing out and look forward to the upcoming years.”

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Pharmaceuticals company Granules India announced Q4FY23 results:

  • Revenue from operations of Q4FY23 stood at Rs 11,955 million, a growth of 16% YoY, primarily driven by higher sales in key geographies, including the US and Europe. Revenue share from the USA increased to 54% in Q4FY23 as compared to 48% YoY.
  • Active Pharmaceuticals Ingredients (API), Pharmaceutical Formulation Intermediates (PFI), and finished dosages contribute 31%, 18%, and 51% of revenue from operations respectively for Q4FY23.
  • RoCE increased to 21.1% as compared to 19.3% YoY
  • Net debt stood at Rs 7,671 million and Net debt to EBITDA at 0.84x

Commenting on the results, Dr Krishna Prasad Chigurupati, Chairman & Managing Director of Granules India said, “We have grown in terms of revenues year on year as well as sequential quarter despite the price erosion challenges in our key geographies including the US. Our Cash flow from operations has improved significantly this year as compared to FY22. This shows the strength of our business and will also help us fund our green initiatives in the coming quarters and years. We are moving towards a more sustainability-driven approach in the future and all our efforts and plans are geared towards that.”

 

 

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Pharmaceuticals firm Granules India declares Q4FY22 result:

  • Granules India reports Income from operations at INR 1,030 Cr up 29% YoY, EBITDA at INR 193 Cr, EBITDA Margin at 19%; PAT at INR 111 Cr.
  • The Board of Directors have recommended final dividend of 75 paise per equity share of Re.1/- each in addition to interim dividend of 75 paise per equity share of Re.1/- each paid during the year.
  • Revenue for Q4FY22 stood at INR 1,030Crs, growth of 29% YoY across all geographies and segments. Revenue share from Europe increased to 21.5% when compared to 14.5% YoY.
  • Increase in Revenue, EBITDA and PAT in Q4FY22 compared to Q3FY22, despite adverse business condition arising out of supply constraints of Para Amino Phenol (PAP), other input price cost increase and logistic cost increase.
  • Revenue share of non-core molecules stood at 19% on a full year basis versus 16% in the previous year, in line with our long-term strategy
  • During the quarter we filed one ANDA, two US DMF, and received two ANDA approvals.

Commenting on the results, Dr Krishna Prasad Chigurupati, Chairman & Managing Director of Granules India Limited said, “FY 22 has been a challenging year for the industry in the face of adverse external environment with headwinds around the availability and price for Raw Materials, Solvents, Catalysts, uncertainties arising out of Ukraine-Russia conflict as well as reemergence of Covid cases in China. The global supply chain and logistics continue to remain under duress. In face of these challenges, Granules has demonstrated great resilience and I am happy with the performance of the Company. While we strive for continued improvement in our financial performance in the short term, we are working on long term strategy for making ourselves self-sustainable and overcome most of the challenges that we are facing now. We are now embarking on a new journey to reimagine our business model and transform Granules to an Innovative, science & technology driven organization, with responsible sustainable operations.”

 

Result PDF

Pharmaceuticals company Granules India announced Q3FY22 results:

  • Revenue for Q3FY22 stood at Rs 997 crore, growth of 18% YoY.
  • FD segment grew by 8%, PFI grew by 32% and API 24% when compared to YoY.
  • Increase in Paracetamol across all the segments by Rs 108 crore and increase in other molecules by Rs 56 crore in view of steady market capture by newly launched molecules.
  • For the consecutive two quarters, revenue share of other molecules maintained at 19%.
  • Revenue from Europe increased to 24.5% when compared to 18.6% YoY on account of increase in selling prices for Paracetamol.
  • The overall gross margin recorded is lower in % terms due to change in Segment mix in the total revenue. Share of Finished dosage has come down from 57% in Q2 to 46% in Q3 due to higher inventory build-up at USA and year end.
  • EBITDA stood at Rs 174 crore, down by 17.9% YoY. EBITDA margins stood at 17.4% compared to 25.1%. PAT at Rs 101 crore, down by 31.3%, driven by reduction in Gross margin and increase in Freight cost by Rs 29 crore on account of shortage of containers and increase in R&D cost by Rs 13 crore as part of our future growth strategy.
  • During the quarter we filed two ANDA, two Canadian Dossiers, one US DMF, one CEP and received three ANDA approvals.
  • The Board of Directors has declared its third interim dividend of 25 paise per equity share of INR 1/- each.

Commenting on the results, Dr Krishna Prasad Chigurupati, Chairman & Managing Director of Granules India Limited said, “I am pleased to share that we are slowly getting back to the normal as is evident from the revenue growth which came in despite the continuing disruptions and challenging environment such as raw material price increase, unstable supply from China and PAP supply constraints. We expect the situation to improve in coming quarters and remain focused on execution and agile to the market opportunities. We at Granules are now ready to take a leap to transform our business to the next level. We are strengthening management capabilities and are investing in R&D infrastructure, scientific talent, and partnerships in science & technology which will lead to sustainability, leadership, backward integration and focus on quality of our portfolio. Our initiatives will bring in the triple bottom line in the form of social, environmental, and financial advantages resulting in a greater stakeholder’s value.”

 

Result PDF

Highlights:

  • Granules India reports Income from operations at INR 888 Cr up 4% YoY
  • EBITDA at INR 151 Cr, EBITDA Margin at 17%
  • PAT at INR 81 Cr, down 51% YoY
  • Granules Q2 business was unfavourably impacted due to difficulties in procuring Raw materials, mainly from China due to Chinese dual energy policy and increased procurement prices for almost all items due to interruptions in supply of materials and increased logistics costs arising out of vessel shortage and port congestion in various part of the world
  • Q2FY22 revenues at INR 888 Crs, growth of 4% YoY. EBITDA stood at INR 151 Crs, down by 41% YoY. EBITDA margins stood at 17% compared to 30%. PAT at INR 81 Crs, down by 51%
  • Gross margin % drop from 57.9% to 50.9% was on account of reduction in margins of all major products especially Paracetamol due to increase in KSM prices and increased logistics cost. Price pressure in USA has also resulted in marginal drop in Gross margin for Core products. The entire loss of Gross margin for the current quarter was mainly absorbed by Granules. We expect to pass on some of the increases to our customers from Q3FY22 onwards.
  • Pharmaceutical Formulation Intermediates (PFI) segment grew 10% YoY, Finished Dosage (FD) grew 18% YoY and, Active Pharmaceutical Ingredients (API) segment down by 25% YoY mainly due to Paracetamol KSM supply disruption.
  • During the quarter:
    • Revenue share from other molecules has increased to 19% and Revenue share of FD has increased to 57% consistent with our strategy
    • We filed one ANDA, one European Dossier, one US DMF and one CEP.
    • R&D expenses has significantly gone up in line with our accelerated R&D strategy.
  • The Board of Directors has declared its second interim dividend of 25 paise per equity share of INR 1/- each.

Commenting on the results, Dr. Krishna Prasad Chigurupati, Chairman & Managing Director of Granules India Limited said, “The last quarter was one of the most challenging quarters that we have witnessed in the recent past. We were unable to pass on our cost increases to our customers.

Based on ongoing discussions with customers, we are confident of passing on our price increases substantially from Q3FY22 onwards. We expect that our gross margins will see a recovery and we believe that our performance for the rest of the fiscal will be substantially better. We have been taking all necessary measures to de-risk ourselves from supply chain disruptions and expect to see these efforts bear fruits next fiscal onwards.

Due to the current volatile and uncertain environment, we believe that we will not be able to meet our guidance, and it will not be prudent on our part to give any future guidance until the situation becomes stable. All our projects and plans are on track, and I am very confident that the current fiscal will be a one off and not affect our long-term growth strategy and aspirations.”

 

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