US Generic Ranking (IQVIA)
27th
+47 positions vs FY21
Moved from 74th in FY21 to 27th in FY26 in US generic sales value.
GRANULESINDIA
Other
15 May 2026
Granules India Ltd — Q4 FY26
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).
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Controlled Substance Ranking
4th
N/A
Granules is now the 4th largest player in the US controlled substance generics space.
Peptide CDMO Revenue (FY26)
₹1,593M
N/A
Peptide CDMO contributed 3% of total revenue and turned EBITDA-positive in Q4.
Europe Revenue Growth
15% of total revenue
+81% YoY
Europe grew 81% YoY (49% ex-SEN), now representing ~15% of total revenue.
Management Guidance
Capex of ~₹600 crore for FY27
Capital expenditure expected around ₹600 crore, including ₹200 crore for a new distribution center in the US and investments in API facility and IT.
capexPeptide CDMO to be PAT-positive in FY27
Management targets annual PAT-positive performance for the peptide CDMO business in FY27, despite quarterly variations.
growthWorking capital to sales ratio maintained at ~33%
The company expects to keep net working capital at around 33% of sales in FY27, despite cost escalations.
otherGagilapur site ready for FDA reinspection
Remediation activities are complete; the company is ready for FDA reinspection at any time, with nine product applications awaiting clearance.
otherKey Risks
Raw material and freight cost escalation
Geopolitical tensions in West Asia have increased raw material, packaging, and freight costs; management noted uncertainty in passing these on to customers.
high · management_commentaryGagilapur FDA reinspection timeline uncertainty
Despite completing remediation, the FDA has not scheduled a reinspection; management cannot estimate when it will occur, delaying potential product launches.
medium · analyst_questionPeptide CDMO customer concentration and project dependency
The peptide CDMO business is project-driven with potential quarter-to-quarter volatility; management declined to disclose order book or customer concentration details.
medium · analyst_questionDCDA project commercialization delays
The DCDA pilot plant faced pricing pressure from Chinese competitors; commercialization may be delayed by 2-3 months, with capex of ~₹200 crore.
low · management_commentaryNotable 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.