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Company details

6M Return 36.90%
1Y Return 15.71%
Mkt Cap.(Cr) 9,557.82
Volume 921,805
Div Yield 0.38%
OI Chg %
Volume 921,805

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About The Stock

    Granules is a large-scale vertically integrated company that manufactures API, intermediates and finished dosages and has seven manufacturing facilities along with B2B & B2C marketing & distribution.

    • Revenue mix FY22: Formulations – 52%, API (API+PFI) – 48%
    • Top five products (Paracetamol, Ibuprofen, Metformin, Methocarbamol, Guaifenesin) contributed 81% to FY22 revenues

    : Granules’ revenue growth in this quarter was mainly on the back of higher selling price realisation from Paracetamol and new launches in the US.

    • Sales were up 29% YoY to ₹ 1030 crore
    • EBITDA was at ₹ 193 crore, down 5% YoY with margins at 18.7%
    • Adjusted PAT was at ₹ 111 crore (down 13% YoY)

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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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Investment recommendation
Call Date
20 Apr 2023
Entry Price 290.00
Target Price 340.00
3 Month


Operating Profit
Profit after Tax
Reserves and Surplus
Operating Profit
Profit after Tax

Granules India Ltd Stocks COMPARISION


Equity Capital: 2,586.53 Cr FV: 1.00

Period MF Net Purchase / (sold) FII Net
LAST 1M 15,807.61 22,242.37
LAST 3M 53,561.78 1,857.71
LAST 6M 93,771.92 77,726.86
LAST 12M 161,092.98 118,023.38

Granules India Ltd Information

Stock PE (TTM)
Promoter Holding
Book Value
  • Granules India Ltd. is an Indian pharmaceutical manufacturing company. Its product range consists of several off-patent drugs, such as ibuprofen, guaifenesin, metformin, and paracetamol. It was incorporated in 1984 with its headquarters in Hyderabad. The company’s quarterly consolidated net sales reported in June 2022 were Rs 1,019.56 crore, up 19.79% from Rs 849.85 crore in June 2021. On 12 August 2022, Granules India Ltd.’s market capitalisation was worth Rs 7,713 crore.  

    The company is listed on the Bombay Stock Exchange with the code 532482, and on the National Stock Exchange with the code GRANULES. It is also listed on the MCX Stock Exchange, Madras Stock Exchange, and Hyderabad Stock Exchange.  

    Granules India Ltd.’s product portfolio is diverse, featuring safe, effective, and high-quality drugs. It manufactures active pharmaceutical ingredients (APIs) and pharmaceutical formulation intermediaries (PFIs) with complete vertical integration. In the API sector, the company is among the largest manufacturers of first-line of defence products.  

    On 30 June 2022, Granules India Ltd.’s shareholding pattern indicated a 41.98% promoter stake, 23.13% foreign institutional investor stake, 3.03% domestic institutional investor stake, and 31.85% public stake. Promoters pledged 3.67% shares in the June quarter, making the total pledge of promoter holdings stand at 10.59%. Dr Krishna Prasad Chigurupati was the leading promoter with a 34.8% share. He is the company’s chairman and managing director. During the June 2022 quarter, mutual funds decreased holdings from 3.77% to 3.03%.  

    The company’s top management comprises Dr K V S Ram Rao, Mrs Uma Devi Chigurupati, Mr Arun Rao Akinepally, Dr Saumen Chakraborty, Mrs Sucharita Rao Palepu, Mr Arun Sawhney, Mr Robert George Cunard, Mr K B Sankar Rao, and Mr Harsha Chigurupati. The auditors are B S R & Associates LLP. On 30 June 2022, the company disclosed a total of 24.80 crore shares outstanding.  

    Granules India Ltd.’s share price closed at Rs 310.45 on BSE on 12 August 2022. It closed at Rs 310.65 on NSE. The 52-week high for Granules India Ltd.’s share price was Rs 374.70, and the 52-week low for the company’s share price was Rs 227.  

    The company’s peers include Divis Laboratories Ltd., Sun Pharmaceutical Industries Ltd., Cipla Ltd., Dr Reddys Laboratories Ltd., and Glenmark Pharmaceuticals Ltd. 

    Disclaimer: ICICI Securities Ltd. (I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025, India, Tel No : 022 - 6807 7100. I-Sec is a Member of National Stock Exchange of India Ltd (Member Code :07730), BSE Ltd (Member Code :103) and Member of Multi Commodity Exchange of India Ltd. (Member Code: 56250) and having SEBI registration no. INZ000183631. Name of the Compliance officer (broking): Mr. Anoop Goyal, Contact number: 022-40701000, E-mail address: complianceofficer@icicisecurities.com. Investment in securities market are subject to market risks, read all the related documents carefully before investing. The contents herein above shall not be considered as an invitation or persuasion to trade or invest.  I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. The contents herein above are solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments or any other product. Investors should consult their financial advisers whether the product is suitable for them before taking any decision. The contents herein mentioned are solely for informational and educational purpose

Registered Address

Second Floor Block III, My Home Hub Madhapur, Hyderabad, Telangana, 500081

Tel : 91-40-66760000
Email : investorrelations:granulesindia.com
Website : http://www.granulesindia.com

CIL Securities Limited

AGM Date (Month) : Aug
Face Value Equity Shares : 1
Market Lot Equity Shares : 1
BSE Code : 532482
Book Closure Date (Month) :
BSE Group : A
ISIN : INE101D01020

FAQ’s on Granules India Ltd Shares

You can buy Granules India Ltd shares through a brokerage firm. ICICIdirect is a registered broker through which you can place orders to buy Granules India Ltd Share.

Company share prices and volatile and keep changing according to the market conditions. As of Dec 04, 2023 12:19 PM the closing price of Granules India Ltd was ₹ 394.35.

Market capitalization or market cap is determined by multiplying the current market price of a company’s shares with the total number of shares outstanding. As of Dec 04, 2023 12:19 PM, the market cap of Granules India Ltd stood at ₹ 9,557.82.

The latest PE ratio of Granules India Ltd as of Dec 04, 2023 12:19 PM is 24.17

The latest PB ratio of Granules India Ltd as of Dec 04, 2023 12:19 PM is 0.31

The 52-week high of Granules India Ltd is ₹ 404.90 while the 52-week low is ₹ 267.75

According to analyst recommendations, Granules India Ltd has a “Buy” rating for the long term.

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