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
Where the price sits
52-week range, house target and street targets
52w low ₹51552w high ₹909
- Reference close₹867
Range from reference closes; street targets from the PDFs on file (Research & documents). Internal target is never shown to prospects.
Investment case and valuation
Approved model, 8 Sep 2026 review
₹867
Price (2026-09-07)
35.8x / 25.9x
FY27E / FY28E P/E (Buoyant sheet)
13.9%
FY27E ROE (Buoyant sheet)
33.1x
Trailing P/E
4.2x
Price / book
31%
EPS CAGR FY26–28E
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%.
- Model date
- 8 Sep 2026 (prices 7–8 Sep 2026)
- Horizon
- 12 months (bank pages: Sep-2027 roll-forward)
- Audience
- Internal — the book's guardrail: do not quote a target to a client; quote the thesis and the risk
- Reviewer · version
- Investment Committee framework · v1 (book)
Current vs history
Trailing multiples, FY-end
| Ratio | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 19.3x | 19.8x | 12.3x | 10.9x | 13.7x | 18.4x | 13.6x | 25.7x | 23.6x | 25.9x |
| Price to Book | 3.5x | 2.0x | 1.9x | 2.0x | 3.5x | 3.0x | 2.5x | 3.3x | 3.2x | 3.3x |
Tijori FY-end multiples on reported earnings/book; compatible definitions across years, but not the same basis as Buoyant's forward P/E on internal EPS.
UnavailableScenario lab disabled. Needs an approved forward EPS and forward P/E for Granules India plus a reference price. Missing inputs are not substituted.