Deven Choksey's research report on Granules India
Consolidated revenue for the quarter increased by 2.6% YoY (+1.1% QoQ) to INR 12,101 Mn., stood below our estimates by 2.9%, due to subdued growth in FD segment and API segments. The modest growth was primarily supported by double-digit expansion in the PFI segment, partially offset by weakness across the other business lines.
Outlook
We have rolled forward our valuation to Jun’27 estimates. We value Granules at 17.6x Jun’27 EPS (~7-year Avg. NTM P/E), implying a target price of INR 533. Granules is currently trading at 19.5x/16.2x of our FY26E/FY27E EPS estimates. We reiterate our “BUY” rating on the stock as the ramp-up of Genome Valley, a strong Europe pipeline, and robust North America demand position the company for sustainable growth.
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