Stock GRANULES GRANULES INDIA LIMITED
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Financials Granules India Limited NSE India S.E.

Equities

GRANULES

INE101D01020

Pharmaceuticals

Market Closed - NSE India S.E.
Other stock markets
 07:43:47 2024-04-26 am EDT 		5-day change 1st Jan Change
424 INR +1.46% Intraday chart for Granules India Limited +3.09% +4.59%
Apr. 15 Granules India Gets Zero Observation from US FDA After Inspection of Visakhapatnam, India Unit MT
Apr. 03 Granules India Unit Gets VAI Status for Virginia Facility MT

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 29,060 36,510 75,120 75,964 70,374 102,837 - -
Enterprise Value (EV) 1 37,495 36,510 82,206 82,880 78,577 110,963 111,158 110,863
P/E ratio 12.3 x 10.9 x 13.8 x 18.5 x 13.8 x 24.9 x 17.2 x 14.2 x
Yield 0.87% 0.7% 0.49% 0.49% 0.52% 0.32% 0.32% 0.32%
Capitalization / Revenue 1.28 x 1.4 x 2.32 x 2.02 x 1.56 x 2.25 x 1.96 x 1.73 x
EV / Revenue 1.65 x 1.4 x 2.54 x 2.2 x 1.74 x 2.43 x 2.11 x 1.86 x
EV / EBITDA 9.76 x 6.95 x 9.61 x 11.5 x 8.6 x 12.8 x 9.97 x 8.48 x
EV / FCF -219 x 12.5 x 51 x -126 x 24 x 113 x 102 x 18.8 x
FCF Yield -0.46% 7.99% 1.96% -0.79% 4.18% 0.88% 0.98% 5.31%
Price to Book 1.9 x 1.98 x 3.46 x 2.94 x 2.48 x 3.26 x 2.73 x 2.31 x
Nbr of stocks (in thousands) 254,248 254,248 247,675 248,006 242,043 242,369 - -
Reference price 2 114.3 143.6 303.3 306.3 290.8 424.3 424.3 424.3
Announcement Date 5/9/19 6/2/20 5/11/21 5/18/22 5/16/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 22,792 25,986 32,375 37,649 45,119 45,623 52,564 59,493
EBITDA 1 3,840 5,253 8,552 7,222 9,138 8,665 11,151 13,068
EBIT 1 2,786 3,884 7,038 5,636 7,293 6,677 8,808 10,130
Operating Margin 12.22% 14.94% 21.74% 14.97% 16.16% 14.64% 16.76% 17.03%
Earnings before Tax (EBT) 1 2,768 4,256 7,044 5,580 6,872 5,602 7,977 9,582
Net income 1 2,364 3,354 5,495 4,128 5,166 4,184 6,040 7,327
Net margin 10.37% 12.91% 16.97% 10.96% 11.45% 9.17% 11.49% 12.32%
EPS 2 9.280 13.15 21.95 16.60 21.00 17.02 24.72 29.87
Free Cash Flow 1 -171.6 2,917 1,611 -656.5 3,281 979 1,088 5,885
FCF margin -0.75% 11.23% 4.98% -1.74% 7.27% 2.15% 2.07% 9.89%
FCF Conversion (EBITDA) - 55.53% 18.84% - 35.9% 11.3% 9.76% 45.03%
FCF Conversion (Net income) - 86.97% 29.33% - 63.51% 23.4% 18.01% 80.32%
Dividend per Share 2 1.000 1.000 1.500 1.500 1.500 1.375 1.375 1.375
Announcement Date 5/9/19 6/2/20 5/11/21 5/18/22 5/16/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 8,445 7,993 8,498 8,883 9,968 10,300 10,196 11,555 11,471 11,955 9,855 11,215 12,346 12,500
EBITDA 1 2,116 2,020 2,014 1,512 1,737 1,927 2,115 2,429 2,313 2,281 1,368 1,880 2,368 2,793
EBIT 1,747 1,575 1,620 1,113 1,345 1,525 - 1,988 1,829 1,794 - 1,354 1,869 2,068
Operating Margin 20.69% 19.71% 19.07% 12.53% 13.49% 14.81% - 17.21% 15.95% 15.01% - 12.07% 15.14% 16.54%
Earnings before Tax (EBT) 1 1,839 1,540 1,629 1,102 1,348 1,501 1,659 1,904 1,669 1,640 654.7 1,169 1,704 1,924
Net income 1 1,468 1,276 1,202 806.8 1,009 1,110 1,276 1,451 1,243 1,196 479 1,112 1,295 1,738
Net margin 17.38% 15.96% 14.14% 9.08% 10.12% 10.78% 12.51% 12.56% 10.84% 10% 4.86% 9.91% 10.49% 13.91%
EPS 2 - - - - - 4.460 5.130 5.820 5.100 4.930 1.980 - - -
Dividend per Share - - - - - - - - - - - - - -
Announcement Date 1/28/21 5/11/21 7/27/21 11/12/21 2/8/22 5/18/22 8/9/22 10/20/22 1/24/23 5/16/23 8/9/23 - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 8,434 - 7,086 6,916 8,203 8,126 8,321 8,026
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.196 x - 0.8285 x 0.9576 x 0.8976 x 0.9378 x 0.7462 x 0.6142 x
Free Cash Flow 1 -172 2,917 1,611 -657 3,281 979 1,088 5,885
ROE (net income / shareholders' equity) 16.7% 19.9% 27.4% 17.3% 19.1% 13.5% 16.8% 17.6%
ROA (Net income/ Total Assets) - - - - - - - -
Assets 1 - - - - - - - -
Book Value Per Share 2 60.20 72.50 87.70 104.0 117.0 130.0 155.0 184.0
Cash Flow per Share - - - - - - - -
Capex 1 2,794 1,845 2,713 3,977 4,107 6,023 5,734 5,165
Capex / Sales 12.26% 7.1% 8.38% 10.56% 9.1% 13.2% 10.91% 8.68%
Announcement Date 5/9/19 6/2/20 5/11/21 5/18/22 5/16/23 - - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Granules India Limited

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
7
Last Close Price
424.3 INR
Average target price
483.4 INR
Spread / Average Target
+13.94%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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