GRANULES · Healthcare
Granules India Ltd. reported revenue of ₹1,477 cr for April to June 2026, +22.1% on the year and +0.4% on the quarter. That is faster than this quarter has grown in recent years (+11.1% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹5,633 cr, +24.8% on the four before.
Operating profit (EBITDA) was ₹339 cr, a margin of 23.0%, +254 bps on the year and −98 bps on the quarter. Over the last 8 quarters the margin has ranged from 20.2% to 23.9%, averaging 21.6%. Operating costs grew +18.2% against revenue growth of +22.1%, so more of each rupee of sales reached operating profit.
Net profit was ₹180 cr, +59.3% on the year and −10.9% on the quarter, with earnings per share of ₹7.26. Profit before other income, one-offs and tax grew 53.5%, so 6 points of the headline growth came from outside the core business. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹663 cr, +38.1% on the four before.
On earnings per share of ₹26.96 over the last four quarters, the stock at ₹823.00 trades at 30.5 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,189 cr | ₹1,156 cr | ₹1,176 cr | ₹1,180 cr | ₹967 cr | ₹1,138 cr | ₹1,197 cr | ₹1,210 cr | ₹1,297 cr | ₹1,388 cr | ₹1,471 cr | ₹1,477 cr |
| YoY | — | — | — | +20% | −19% | −2% | +2% | +3% | +34% | +22% | +23% | +22% |
| EBITDA margin | 17.9% | 21.6% | 21.8% | 21.9% | 21.0% | 20.2% | 21.1% | 20.4% | 21.4% | 22.2% | 23.9% | 23.0% |
| Other income, % of PBT | 1% | 1% | 1% | 1% | 2% | 4% | 17% | −7% | −1% | −2% | 10% | 1% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 26% | 26% | 26% | 24% | 23% | 23% | 22% | 26% | 26% | 23% | 25% |
| Net profit | ₹102 cr | ₹126 cr | ₹130 cr | ₹135 cr | ₹97.0 cr | ₹118 cr | ₹152 cr | ₹113 cr | ₹131 cr | ₹150 cr | ₹202 cr | ₹180 cr |
| YoY | — | — | — | +181% | −5% | −6% | +17% | −16% | +35% | +27% | +33% | +59% |
| Core profit YoY | — | — | — | +175% | −7% | −13% | −5% | −13% | +42% | +40% | +44% | +54% |
| EPS | ₹4.21 | ₹5.18 | ₹5.35 | ₹5.56 | ₹4.01 | ₹4.85 | ₹6.27 | ₹4.64 | ₹5.38 | ₹6.19 | ₹8.13 | ₹7.26 |
| Flags | · | · | · | ✓ | ✓ | ✓ | 1 | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Granules India Ltd. reported revenue of ₹1,477 cr (+22.1% on the year) and net profit of ₹180 cr (+59.3% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved +53.5% on the year, against +59.3% for reported profit.
None of the 7 checks that could run raised a question.
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