Granules India – Q4 FY26 Results

key financial highlights

• Revenue from Operations:
  • Revenue (Q4 FY26): ₹14,706.08 million
    • QoQ Change: +5.9%
    • YoY Change: +22.8%
  • Previous Quarter (Q3 FY26): ₹13,879.40 million
  • Previous Year (Q4 FY25): ₹11,974.29 million
• Profit After Tax (PAT):
  • PAT (Q4 FY26): ₹2,015.68 million
    • QoQ Change: +34.2%
    • YoY Change: +34.4%
  • Previous Quarter (Q3 FY26): ₹1,502.11 million
  • Previous Year (Q4 FY25): ₹1,520.31 million
• QoQ Performance
  • Revenue Trend: Moderate Growth
  • Profit Trend: Strong Growth

Margin Analysis

Key Drivers:

• Improvement in operating leverage
• Controlled employee and finance costs
• Stable raw material consumption ratio

Key Signal: Margins are improving, supported by better cost efficiency and scale benefits

Earning quality check

Drivers:

• Strong operating cash flow generation
• Limited dependence on exceptional income
• Stable tax structure

Interpretation:

• High-quality earnings backed by strong cash conversion and core business performance

balance sheet Analysis

• Total Assets: ₹77,199.50 million
• Total Liabilities: ₹26,349.55 million

Insight:

• Strong equity base (~₹50,849.95 Mn)
• Moderate debt levels indicate financial stability
• Balance sheet supports future expansion

key risks

• Pharma pricing pressure (especially exports)
• Regulatory risks (USFDA compliance)
• Currency fluctuation impact
• Raw material dependency

management strategy signals

Focus Area:

• Capacity expansion in formulations & APIs
• Strengthening global presence
• Improving backward integration

Financial Metrics

Quarterly Performance Context