Scope

As at 31 Aug 2026 · IST₹ · ₹ cr · BSE 500 TRI

NSE: GRANULES· HealthCareNot in Aug top-30Small cap

Granules India

Value: integrated API-formulations

Last close: ₹866.75; 29 Sept 2026 · reference
1D · 1M: +1.8% · +3.6%; price-only
Weight: 0.7%; 31 Jul 2026 · Aug rank —
Thesis review: 8 Sep 2026; Why We Own, p44

Coverage owner: Research (per book); latest results Q Jun-26Screener ↗Tijori ↗NSE ↗

Analysis · industrial rules · FY21–FY26

What the numbers say

data to 30 Jun 2026

Growth

3.0

Profitability

3.2

Balance sheet

3.3

Cash conversion

4.4

Valuation

0.0

Sales5,366 cr FY26

Net Profit595 cr FY26

Operating margin22.1% FY26

ROCE16.3% FY26

Revenue CAGR 3y

5.9%

5y 10.6%

Net profit CAGR 3y

4.8%

5y 1.6%

Operating margin

22.1%

3y avg 20.1%

CFO / PAT, 3y

1.40x

FCF ₹597 cr cumulative

ROCE

16.3%

3y avg 17.7%

Debt / equity

0.26x

interest cover 7.9x

Cash conversion cycle

-47 days

49 days three years earlier

P/E

35.5x

PEG 7.4 on 3y PAT growth

Promoter holding

38.0%

FII 17.5% · DII 16.1%

Growth. Revenue compounded 5.9% a year over FY23–FY26, net profit 4.8%; the latest year grew 19.7% (profit 18.5%). · Tijori P&L, annual
Margins. Operating margin 22.1% in FY26, +2.0 pp against the prior three-year average. · Tijori P&L (OPM)
Cash conversion. Operating cash flow was 1.40x reported profit across the last three years; free cash flow of ₹597 cr after capex. · Tijori cash flow vs P&L
Returns on capital. ROCE 16.3% and ROE 11.7% in FY26 (three-year average ROCE 17.7%). · Tijori ratios sheet
Balance sheet. Debt to equity 0.26x, interest covered 7.9x by EBIT in FY26. · Tijori ratios sheet
Working capital. Cash conversion cycle shortened from 49 to -47 days over three years. · Tijori ratios sheet
Valuation. 35.5x trailing earnings, 13.1x EV/EBITDA, 3.3x book — 7.4x the three-year profit growth rate; dividend yield 0.3%. · Tijori valuation ratios at the latest price
Latest quarter. Q Jun-26: revenue 22.1% YoY, net profit 59.3% YoY; 4 of the last 4 quarters grew revenue year on year. · Tijori quarterly results

Forensic flags · Tijori

Accounting & Shareholding

Contingent Liabilities: Company does not have significant contingent liabilities
Depreciation Effect: Depreciation accounting is not leading to increase in profits
Other Income: Other income is not affecting ratios of the company
Pledge: Promoters have not pledged a significant portion of their holding
Promoter Holding: Promoter has not sold any shares in the last 90 days
Retail Holding: Retail has been selling the stock which is usually a good time to buy
Revenue Recognition: Company is converting accounting profit to cash

Price & Performance

ROE: Asset turnover is responsible for roe increase over last 10 years
Share price: Share price has increased over last 10 years due to earnings
Working Capital: Working capital of the company seems to be under control
Capex vs ROCE: Roce of the company has decreased even without significant capex
Current vs Historic Valuation: Company is trading at a premium to 3yr historic valuations
Debt: Company should not have issues servicing its debt
Sales Growth: Sales of the company has grown at a slow pace
Margin Stability: Margins of the company are volatile
ROCE Strength: Roce of the company is consistently strong
Balance Sheet Strength: Balance sheet of the company is strong. but it might have issues paying it suppliers

Rules over the stated numbers only — CAGRs need positive start and end values, margins use the company's own OPM line, cash conversion is cumulative operating cash flow over cumulative profit for the last three fiscal years. Scores are 0–5 rule outputs, not a recommendation. Source: Tijori Finance normalised statements; Buoyant's own estimates are shown separately below and never blended in.

Cross-check

Same metric, every source · Granules India

Where the app shows the same metric in more than one place, this table lists each figure with its period and definition. No two sources disagree on the same period and definition; every difference below is a period or definition difference.

Metric	Source	Period	Definition	Value	Verdict
Return on equity	Tijori ratio table	FY26	net profit ÷ year-end equity (Tijori)	11.70%	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	TTM	trailing 12 months (Tijori)	11.70%
	House model (one-pager)	FY26	net profit ÷ average equity, standalone	13.80%
Net profit	Tijori P&L	FY26	consolidated, annual	₹595 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori P&L	TTM Jun-26	trailing 12 months	₹662 cr
	Tijori screener	TTM	trailing 12 months	₹662 cr
	House model (one-pager)	FY26	standalone, annual	₹595 cr
	Tijori quarterly table	Q Jun-26	single quarter	₹180 cr
P/E	Tijori screener	TTM at 2026-09-25	price ÷ trailing EPS	35.60x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori ratio table	FY26 year-end	year-end price ÷ that year's EPS	25.87x
	House model (one-pager)	FY27E	FY27E / FY28E P/E (Buoyant sheet)	35.80x
P/B	Tijori screener	at 2026-09-25	price ÷ book value per share	4.64x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
P/B	Tijori ratio table	FY26 year-end	year-end price ÷ book value	3.26x
Market cap	BSE master	2026-09-25	BSE full market cap	₹21,301 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	latest Tijori refresh	price × shares	₹23,581 cr
	House one-pager	31-Jul-26	as printed	₹20,665 cr
Promoter holding	Tijori screener	latest filing	% of shares	38.02%	One source

Tolerance for a conflict: 1.5% on the same period and definition (3% for market cap, which moves with the price date). Tijori's ratio table uses its own definitions; the quarterly table and operating metrics carry the company's reported figures; the house model is standalone and dated.

Trend

Sales and net profit, FY

₹ crore. Actuals only; the last column is a TTM where labelled. Estimates are shown separately below with an "E" and never blended into this series.

Buoyant estimates

Model table from the research book

Buoyant estimates
₹ crore / %	FY24	FY25	FY26
Revenue (₹ cr)	4,506	4,482	5,366
EBITDA (₹ cr)	858	948	1,188
Net profit (₹ cr)	405	502	595
ROE (%)	n.a.	n.a.	13.8

Estimate columns (E) are in green italics.

Consolidated where reported · standalone not separately available in this source

Income statement (annual)
₹ crore unless %	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	TTM Jun-26
Sales	1,685	2,279	2,599	3,238	3,765	4,512	4,506	4,482	5,366	5,632
Operating Expenses	1,406	1,895	2,073	2,382	3,043	3,599	3,650	3,536	4,180	4,355
Raw Material	903	1,339	1,315	1,590	2,036	2,353	2,208	1,725	2,100	2,167
Material Cost (%)	53.21	55.09	49.29	42.97	50.03	51.14	44.85	38.51	34.96	34.77
Employee Cost	165	210	259	324	366	420	550	620	849	940
Power & Fuel Cost	48	58	60	69	75	96	101	101	129	—
Operating Profit	278	384	525	855	722	913	856	945	1,185	1,277
Other Income	11	27	37	27	18	14	4	13	20	6
OPM (%)	16.53	16.85	20.22	26.42	19.17	20.24	18.99	21.09	22.09	22.68
Depreciation and Amortisation	76	105	137	151	159	184	207	226	296	307
Interest	33	28	27	26	23	56	106	103	114	112
Profit Before Tax	196	326	451	704	558	687	547	660	785	881
Tax	63	89	116	155	145	171	142	159	190	219
Net Profit	133	236	335	549	413	517	405	502	595	662
Number of shares(Crs)	25	25	25	25	25	24	24	24	25	—
Dividend Payout Ratio(%)	19.14	10.75	7.58	6.76	9.01	7.03	8.97	7.25	7.29	—

Consolidated where the company reports consolidated; Tijori Finance normalisation of company filings. Fiscal years end 31 March; "TTM" columns are trailing twelve months to the stated quarter. Quarterly growth is year-on-year (same quarter, prior year). Quarterly balance-sheet and cash-flow data are not disclosed and are not implied. General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA.

Ratios

Sector-appropriate ratios

Ratio	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Interest Coverage Ratio	8.12	6.93	12.44	17.69	27.80	25.04	13.29	6.17	7.39	7.86
Cash Conversion Cycle	60.70	72.23	64.17	37.75	4.54	52.99	49.48	-16.14	-44.08	-47.47
Inventory Days	66.49	59.23	51.03	51.34	56.39	85.35	86.07	68.26	64.75	54.92
Days Receivable	101.00	113.00	100.00	83.34	65.94	81.94	75.78	53.89	47.23	33.72
Days Payable	107.00	99.83	86.90	96.93	118.00	114.00	112.00	138.00	156.00	136.00
Debt to Equity Ratio	0.73	0.75	0.65	0.48	0.39	0.42	0.37	0.38	0.35	0.26
Free Cash Flow/Sales (%)	-9.03	-26.53	-0.73	11.23	4.99	-1.72	7.28	1.34	6.62	4.45
Free Cash Flow(est) (Crs)	-127.00	-447.00	-16.59	292.00	161.00	-64.67	328.00	60.59	297.00	239.00
Gross Margin (%)	51.82	46.79	44.91	50.71	57.03	49.97	48.86	55.15	61.49	65.04
Op Profit Margin (%)	21.19	16.53	16.85	20.22	26.42	19.17	20.24	18.99	21.09	22.09
Net Profit Margin (%)	11.66	7.87	10.37	12.91	16.97	10.96	11.45	8.99	11.19	11.09
ROCE (%)	21.73	11.89	14.66	18.24	28.77	20.25	24.05	19.20	17.52	16.34
ROIC (%)	18.03	9.22	11.65	16.69	25.85	17.71	21.09	17.14	16.16	15.36
ROE (%)	18.21	10.17	15.46	18.19	25.28	15.96	18.22	12.57	13.50	11.70
Net Profit Margin (%)	11.66	7.87	10.37	12.91	16.97	10.96	11.45	8.99	11.19	11.09
P/E	19.26	19.81	12.29	10.89	13.67	18.40	13.62	25.71	23.56	25.87
Price to Book	3.52	2.02	1.91	2.00	3.49	2.96	2.50	3.25	3.19	3.26
EV/EBITDA	12.23	12.07	9.27	7.58	9.16	11.19	8.39	13.08	13.05	13.09
Dividend Yield (%)	0.65	0.97	0.87	0.70	0.49	0.49	0.52	0.35	0.31	0.28

General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA. Suppressed for this preset: none.