Value: integrated API-formulations
Granules India Limited is a high-growth pharmaceutical company in India, specializing in APIs, PFIs, and FDs. It holds a leadership position in generic drugs like Paracetamol and Ibuprofen.
Granules India Limited manufactures and sells active pharmaceutical ingredients (APIs), pharmaceutical formulation intermediates (PFIs), finished dosages (FDs), and peptides CDMO in India and internationally. It offers paracetamol, metformin, guaifenesin, ibuprofen, and methocarbamol, as well as prescription and over-the-counter products. The company also develops and manufactures tablets, capsules, press fits, oral solutions, suspensions, and powder for oral solutions. In addition, it provides development and manufacturing solutions for peptides, peptide fragments, and amino acid derivatives. The company offers its products in various therapeutic categories, including antiretroviral, anti-depressant, antihistamine, anti-diabetic, anti-cancer, multiple sclerosis, anti-thrombocytopenia, anti-ulcer, anti-convulsant, mucolytic/expectorant, anti-hypertensive, muscle relaxant, NSAIDs, anti-fibrotic, and anti-microbial, as well as anti-arrhythmic, CNS stimulant, anti-diarrheal, antihypertensive, uterine stimulant, chelating agent, mineral supplements, CNS depressant, PDE inhibitor, antispasmodic, and anti-viral. Granules India Limited was incorporated in 1984 and is headquartered in Hyderabad, India.
Key people: Dr. Krishna Prasad Chigurupati B.Sc. (Chairman & MD) · Ms. Priyanka Chigurupati (Head of Marketing & Executive Director) · Mr. Harsha Chigurupati BBA (Executive Director) · Ms. Uma Devi Chigurupati (Non-Independent Executive Director) · Mr. Ramraj Rangarajalu (President & Head of Formulations Operations) · Dr. P. N. Baskaran (President and Head API Manufacturing & Operations)
Granules India major competitors are Solara Active Pharma, IOL Chem & Pharma, Shilpa Medicare, Acutaas Chemicals, Neuland Laboratories, Alivus Life Sciences, Aarti Pharmalabs. Market Cap of Granules India is ₹23,553 Crs. While the median market cap of its peers are ₹17,369 Crs.
Granules India seems to be less financially stable compared to its competitors.Altman Z score of Granules India is 7.77 and is ranked 5 out of its 8 competitors.
Yahoo profile 23 Sept 2026 · Tijori 23 Sept 2026
Latest reported mix as compiled by Tijori from company disclosures; percentages of revenue.
As the company reports them. They can differ from the ratio table on the Financials tab, which uses Tijori's own definitions (for example NIM on average total assets rather than on interest-earning assets); the Cross-check panel there lines both up.
Granules is a vertically integrated maker of high-volume generics (paracetamol, metformin, ibuprofen, guaifenesin) spanning APIs, pharmaceutical formulation intermediates (PFI) and finished dosages (FD). Q1FY27 revenue mix: FD 74%, API 13%, PFI 9%, CDMO 4%; North America 72%, Europe 16%, RoW 12%. Complex generics are now 50% of the FD portfolio (39% a year ago) and it ranks ~27th by US generic prescriptions (FY26). Senn Chemicals (Switzerland, acquired Apr-2025) gives it a peptide CDMO platform.
TTM PE 33.1x after a re-rating from ~Rs 487 (univest Apr-2026 note, 22x PE) to Rs 867; 5-yr average PE not sourced. EV/EBITDA computed on mcap + Rs 101 cr net debt over FY26 EBITDA. EV/EBITDA 18.2x; dividend yield 0.2%.
| Divi's Laboratories | Divi's trades at a far higher multiple for its API/CDMO franchise; Granules at ~21x FY28E offers 30% EPS CAGR with its own (smaller) peptide CDMO option via Senn. |
| Laurus Labs | Laurus's earnings depend on lumpy CDMO/ARV cycles and it carries more leverage; Granules is near net-debt-free (0.07x) with 23% EBITDA margins on a steadier finished-dosage base. |
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Healthcare — 6.9%: every headwind of 2016–17 has reversed
Indian pharma's great de-rating had four causes: US pharmacy-benefit managers merged and seized pricing power over generics; the patent cliff migrated from simple to complex molecules faster than Indian companies adapted; GDUFA fees and unannounced FDA inspections produced a wave of 483s and import alerts; and non-Indian generic players took ANDA share. We wrote publicly in 2023 that the winds were changing, and every one of those forces has now inverted. Indian companies have become genuinely good at complex chemistry, peptides and biosimilars, against a patent cliff in complex molecules worth roughly $350 bn ($142 bn of annual innovator sales lose exclusivity by 2030, more than 60% biologics). The FDA has lost about 20% of its staff. The PBM combinations are tied up in litigation. And the GLP-1 wave is real: the semaglutide patent expired in India in March 2026 and Glenmark, Dr Reddy's, Sun and Zydus launched at 50–70% discounts on day one. We like the space across the board — formulations, CDMO/CRO platforms and the GLP-1 supply chain — but we remain valuation-disciplined. Hospitals are excellent businesses that we respect and do not own at 60–80x. The sector thesis is expressed through different archetypes: a Turnaround (Glenmark), two Value names (Aurobindo, Granules), a Cyclical (Dr Reddy's at the lenalidomide trough) and a Core retailer (MedPlus). The domestic market itself is growing 10–12% in value with chronic therapies leading.
Sun Pharma is the quality leader but at 35x+ already prices its specialty franchise and is the most exposed to the lenalidomide cliff; Cipla faces a Goa-plant remediation and a respiratory pipeline dependency; Lupin has re-rated to Sun-like multiples on a handful of US launches; Zydus is the closest competitor to our GLP-1 thesis but priced for it. We own no hospital (Apollo, Max, Fortis at 60–80x EBITDA-normalised P/E) and no CDMO at 70x+ (Divi's, Syngene) — the sector can be attractive while individual valuations still matter. Apollo Pharmacy is buried inside a hospital valuation; MedPlus is the pure play.