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Not investment advice. Data and computed figures, for information only.

Granules India Ltd

NSE: GRANULES
₹811.95
+₹2.85 (+0.35%)
NSE · 15 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹22,238 Cr
CMP
₹811.95
52-wk High / Low
₹924 / 530
P/E
34.2
P/B
4.0
Book Value
₹205.0
Div Yield
0.21%
ROCE
16.0%
ROE
13.8%
Face Value
₹1
D/E
0.30

Price+42.8% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 13 quarters of filings. Not reported by the company.
As of 15 Oct 2026
How we compute these
Piotroski F-Score
4
/ 9
4 of 9 F-score tests passed
Graham Number
₹333
√(22.5 × EPS × book value per share)
ROIC
10.2%
vs 11.2% sector median
Cash flow to profit
1.33
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
+254
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
12.8%
ROE × earnings retention ratio
ROE stability
2.4
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom −0.63FII +4.94DII −1.68
Latest quarter vs the previous one
Cash-accrual divergence
−2.8%
of assets
Low = accruals track cash flow
Strengths
+Price trades above its 200-day moving average (1.1x)
+PE of 34.2x is below the sector median of 45.9x
Watch-outs
−Latest ROCE of 16% trails the sector median of 17%
−Borrowings are up 135.9% since FY2016 (641 to 1512)
−Promoter holding fell by 4.6pp over the last year

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales9861,1891,1561,1761,1809671,1381,1971,2101,2971,3881,4711,477
Expenses8499779059209217639079459631,0191,0801,1191,138
Operating Profit137213250256259203230252247278308352339
OPM %13.9%17.9%21.6%21.8%21.9%21.0%20.2%21.1%20.4%21.4%22.2%23.9%23.0%
Other Income021223633−10−1−4252
Interest22262929272627242429293321
Depreciation49535253535357646972748280
Profit before tax65136170176181128153198145176202262240
Net Profit4810212613013597118152113131150202180
EPS (₹)1.984.215.185.355.564.014.856.274.645.386.198.137.26

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 12 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,2921,3571,4111,6852,2792,5993,2383,7654,5124,5064,4825,3665,632
Expenses1,0821,0811,1121,4061,8952,0732,3823,0383,5973,6483,5344,1774,355
Operating Profit2102762992783845268567279158589481,1881,277
OPM %16.3%20.3%21.2%16.5%16.8%20.2%26.4%19.3%20.3%19.0%21.2%22.1%22.7%
Other Income3535277590261312241722
Interest323732332827262356106103114112
Depreciation53587276105137151159184207226296307
Profit before tax128186230196326451704558687547660785881
Net Profit91123165133236335549413517405502595662
EPS (₹)4.455.687.195.229.3013.1922.1816.6421.3416.7220.6824.0126.96

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital202223252525252524242425—
Reserves4116408811,2791,5041,8182,1492,5622,8113,2013,6915,060—
Borrowings4826416569789918928491,1061,1361,3151,4551,512—
Other Liabilities2892603193884584876908199329571,0511,086—
Total Liabilities1,2031,5631,8792,6702,9793,2233,7134,5124,9035,4986,2217,683—
Fixed Assets6175606447779441,2041,3321,5411,9112,0962,4263,250—
CWIP6277267515496294239356239272440410—
Investments0701081572101919202122221—
Other Assets5248568591,2221,3281,7062,1232,5942,7323,1093,3334,022—
Total Assets1,2031,5631,8792,6702,9793,2233,7134,5124,9035,4986,2217,683—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity150151188−1262476432332739439867793
Cash from Investing Activity−146−162−326−462−270−160−277−379−192−358−689−758
Cash from Financing Activity198656529−17−213−299190−4408−93379
Net Cash Flow2475−8266−25103−1441431079085414

Ratios

As of 31 Mar 2026
12 periods
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %19.020.018.012.015.017.025.017.019.015.015.016.0
ROE %———————————13.8
EPS (₹)4.455.687.195.229.3013.1922.1816.6421.3416.7220.6824.01
Book Value (₹)———————————205.0
Face Value (₹)———————————1
P/E———————————34.2
Div Yield %———————————0.21
NPM %7.09.011.47.810.012.516.810.911.49.011.111.1
OPM %16.020.021.017.017.020.026.019.020.019.021.022.0
D/E1.120.970.730.750.650.480.390.430.400.410.390.30
P/B———————————4.0

Growth

As of 11 Oct 2026
Compounded sales growth
10 years+15.0%
5 years+11.0%
3 years+6.0%
TTM+25.0%
Compounded profit growth
10 years+17.0%
5 years+2.0%
3 years+5.0%
TTM+36.0%
Stock price CAGR
10 years+21.0%
5 years+20.0%
3 years+32.0%
Last year+43.0%
Return on equity
10 years17.0%
5 years15.0%
3 years14.0%
Last year14.0%

Shareholding pattern

As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters53.45%53.45%53.45%44.94%42.90%42.86%42.04%41.98%42.02%41.96%38.83%38.02%37.39%
FIIs10.04%10.04%10.04%10.60%12.77%21.70%23.11%23.19%23.90%19.57%15.14%15.31%20.25%
DIIs1.50%1.50%1.50%6.95%3.01%3.01%1.50%3.98%5.03%10.70%22.45%17.01%15.33%
Government—————————————
Public35.01%35.01%35.01%37.51%41.32%32.43%33.36%30.85%29.05%27.77%23.56%29.67%27.04%
No. of shareholders72,66572,66572,6651,08,8001,03,86789,5191,93,8712,10,7851,87,7771,82,1421,69,8021,60,2861,82,022
Change since Jun 2023 (pp)
Promoters −16.06FIIs +10.21DIIs +13.83Public −7.97

Documents

As of 11 Oct 2026
Announcements
Announcement under Regulation 30 (LODR)-Press Release / Media ReleaseTranscript Of The WebinarIncorporation Of A Wholly Owned Foreign SubsidiaryAnnouncement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationAnnouncement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Sep 2026RecordingJul 2026TranscriptJul 2026PPTJul 2026RecordingMay 2026TranscriptMay 2026PPTMay 2026RecordingApr 2026PPTJan 2026TranscriptJan 2026PPTJan 2026Recording

Corporate actions

As of 30 Jul 2026
30 Jul 2026DIVIDENDDividend - Rs 1.75 Per Share—
31 Jul 2025DIVIDENDDividend - Rs 1.50 Per Share—
30 Jul 2024DIVIDENDAnnual General Meeting/Dividend - Rs 1.50 Per Share—
3 Aug 2023DIVIDENDDividend - Rs 1.50 Per Share—
19 Jul 2022DIVIDENDAnnual General Meeting/Dividend - Rs 0.75 Per Share—
17 Feb 2022DIVIDENDInterim Dividend - Rs 0.25 Per Share—
24 Nov 2021DIVIDEND Interim Dividend - Rs 0.25 Per Share—
5 Aug 2021DIVIDEND Interim Dividend - Rs 0.25 Per Share—
28 Jul 2021DIVIDEND Annual General Meeting/Dividend - Rs 0.75 Per Share—
8 Feb 2021DIVIDEND Interim Dividend - Rs 0.25 Per Share—
28 Oct 2020DIVIDEND Interim Dividend - Rs 0.25 Per Share—
5 Aug 2020DIVIDEND Annual General Meeting/Dividend - Rs 0.25 Per Share—
28 Jul 2020DIVIDEND Interim Dividend - Rs 0.25 Per Share—
30 Jan 2020DIVIDEND Interim Dividend - Re 0.25 Per Share—
31 Oct 2019DIVIDEND Interim Dividend - Rs 0.25 Per Share—
21 Aug 2019DIVIDEND Annual General Meeting/ Dividend - Re 0.25 Per Share—
8 Aug 2019DIVIDEND Interim Dividend - Re 0.25 Per Share—
7 Feb 2019DIVIDEND Interim Dividend - Re 0.25 Per Share—
6 Nov 2018DIVIDEND Interim Dividend - Rs 0.25 Per Share—
29 Aug 2018DIVIDEND Annual General Meeting/Dividend- Re 0.25 Per Share—
1 Aug 2018DIVIDEND Interim Dividend- Re 0.25 Per Share—
20 Feb 2018DIVIDEND Interim Dividend Re 0.25 Per Share—
20 Nov 2017DIVIDEND Interim Dividend Re 0.25 Per Share—
20 Sep 2017DIVIDEND Annual General Meeting/Dividend - Re 0.25 Per Share (Book Closure Dates Revised)—
23 Aug 2017DIVIDEND Interim Dividend - Re 0.25 Per Share—
7 Feb 2017DIVIDEND Interim Dividend Re 0.25 Per Share—
3 Nov 2016DIVIDEND Interim Dividend - Re 0.20 Per Share—
23 Aug 2016DIVIDEND Interim Dividend - Re 0.20 Per Share—
3 Aug 2016DIVIDEND Annual Genral Meeting/ Dividend - Re 0.20/- Per Share—
8 Feb 2016DIVIDEND Interim Dividend - Re 0.15/- Per Share—
9 Nov 2015DIVIDEND Interim Dividend-Re 0.15/- Per Share—
5 Aug 2015DIVIDENDFinal Dividend - Rs 0.50/- Per Share And Interim Dividend - Rs 0.15/- Per Share (Purpose Revised)—
23 Mar 2015SPLITFace Value Split Rs 10 To Rs 110 : 1
20 Aug 2014DIVIDENDAnnual General Meeting / Final Dividend - Rs 3.50/- Per Share—
8 Aug 2013DIVIDENDAnnual General Meeting/Dividend Rs 2 Per Share—
22 Jun 2012DIVIDENDAnnual General Meeting And Dividend Rs.2/- Per Share—
2 Sep 2011DIVIDENDAnnual General Meeting And Dividend Rs.1.50 Per Share—
17 Sep 2010DIVIDENDAnnual General Meeting And Dividend Rs.1.25 Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman