GRANULES · Healthcare
Granules India Ltd. reported revenue of ₹1,297 cr for July to September 2025, +34.1% on the year and +7.2% on the quarter. It is the highest quarterly revenue in the last 10 quarters on record. Over the last four quarters revenue comes to ₹4,842 cr, +8.1% on the four before.
Operating profit (EBITDA) was ₹278 cr, a margin of 21.4%, +44 bps on the year and +102 bps on the quarter. Over the last 8 quarters the margin has ranged from 20.2% to 21.9%, averaging 21.2%. Operating costs grew +33.4% against revenue growth of +34.1%, so more of each rupee of sales reached operating profit.
Net profit was ₹131 cr, +35.1% on the year and +15.9% on the quarter, with earnings per share of ₹5.38. Profit before other income, one-offs and tax grew faster, at +41.6%; other income, one-offs or tax held the headline back. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹514 cr, +5.3% on the four before.
On earnings per share of ₹21.14 over the last four quarters, the stock at ₹823.00 trades at 38.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, 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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 ₹1,297 cr (+34.1% on the year) and net profit of ₹131 cr (+35.1% on the year) for July to September 2025.
Profit before other income, exceptional items and tax moved +41.6% on the year, against +35.1% for reported profit.
None of the 7 checks that could run raised a question.
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