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Revenue
₹1,476 Cr
verified against source
Revenue YoY
23%
reported change
EBITDA
₹352.1 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Granules India delivered a strong Q4 FY26 with revenue of ₹1,476 crore (+23% YoY), EBITDA of ₹352 crore (+40% YoY), and PAT of ₹202 crore (+33% YoY). Gross margin expanded 233bps YoY to 65.7%, driven by a favorable mix shift toward complex generics and the peptide CDMO business, which turned EBITDA-positive for the first time. Full-year revenue crossed ₹5,000 crore for the first time, growing 20% YoY. Europe revenue surged 81% YoY, now 15% of total. The Gagilapur remediation is substantially complete, with the company awaiting FDA reinspection. Guidance for FY27 includes sustained USFDA readiness, scaling of peptide CDMO, and capex of ~₹600 crore. Key risk: prolonged uncertainty in raw material and freight costs due to geopolitical tensions, which could pressure margins if price increases lag.
Colored figures show movement against the previous available record.
Guidance to track
- Capital expenditure expected around ₹600 crore, including ₹200 crore for a new distribution center in the US and investments in API facility and IT.
- Management targets annual PAT-positive performance for the peptide CDMO business in FY27, despite quarterly variations.
- The company expects to keep net working capital at around 33% of sales in FY27, despite cost escalations.
- Remediation activities are complete; the company is ready for FDA reinspection at any time, with nine product applications awaiting clearance.
Risks flagged
- Geopolitical tensions in West Asia have increased raw material, packaging, and freight costs; management noted uncertainty in passing these on to customers.
- Despite completing remediation, the FDA has not scheduled a reinspection; management cannot estimate when it will occur, delaying potential product launches.
- The peptide CDMO business is project-driven with potential quarter-to-quarter volatility; management declined to disclose order book or customer concentration details.
- The DCDA pilot plant faced pricing pressure from Chinese competitors; commercialization may be delayed by 2-3 months, with capex of ~₹200 crore.
Key quotes
- FY26 was a year of deliberate reset and measurable progress for Granules India.
- Our objective is very clear to move towards sustainable profitability from FY27 onwards.
- We are ready for an audit and it really depends on when the FDA wants to come in.
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