Motilal Oswal's research report on Granules India
Granules India (GRAN) delivered better-than-expected operational performance (9.5%/8.3% beat on revenue/EBITDA). However, earnings were in line with estimates due to higher depreciation and tax rate for the quarter. GRAN showed improved performance in the Finished Dosage (FD), Intermediates (PFI), and API segments for the quarter. The addition of CDMO revenue further boosted YoY growth.
Outlook
We have trimmed our FY26 estimates by 3%, factoring in the delay in the USFDA inspection at the Gagillapur site. We have largely maintained our estimate for FY27/FY28. We value GRAN at 19x 12M forward earnings to arrive at a TP of INR650.
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