Buy Granules India; target of Rs 460: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Granules India

Revenues grew 20% YoY to Rs 845 crore driven by new launches and higher market share of existing products across segments. Formulations grew 11% YoY to Rs 422 crore, API grew 20% to Rs 252 crore and PFI grew 48% to Rs 171 crore. EBITDA margins improved 187 bps YoY to 25.1% due to change in product mix and higher operational efficiency. EBITDA grew 29.7% YoY to Rs 212 crore. Adjusted PAT grew 52.8% YoY to Rs 147 crore. Delta vis-a-vis EBITDA was due to higher other income (one-time Rs 13.4 crore stimulus money received by US subsidiary).

Outlook

We maintain BUY and target price of Rs 460, unchanged, at 15x of FY23E EPS of Rs 30.6).

For all recommendations report, click here

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