GRANULES - गुणवत्ता वाली दवाओं से विश्व स्वास्थ्य को मजबूत

Detailed Technical Rationale (Buy-Side) Granules exhibits oversold bounce potential at ₹583.10 with RSI(14) 38.16 sell zone but CCI(14) -109 exhaustion signal, pivot ₹487.7 reference पर S1 ₹473.54 / S2 ₹466.77 / S3 ₹454.54 strong support cluster aligning with 200-day SMA ₹514-520 neutral extension. All 12 MAs strong sell (10-day ₹602 / 50-day ₹575) लेकिन high volatility ATR 4.60 confirms capitulation bottom during pharma rotation. Volume accumulation targets R1 ₹597 / R2 ₹612 / R3 ₹621 resistance (2-6% upside) with stop below S3 ₹454 offering 1:4 risk-reward pre-results catalyst.

Micro & Macro View Micro View: Granules US-centric growth (90% exports), formulation expansion APIs/PFIs/FD, regulatory wins (FDA tentative approvals), new facilities commissioning offset Q2 one-offs, sticky customer concentration top-5 60% revenue stable. Macro View: US pricing reforms tailwinds complex generics, PLI scheme electronics/pharma incentives, rupee depreciation export boost; risks FDA observations, raw material volatility but hedged via long-term contracts. Key News Events & Impacts Q3 Results Jan 23, 2026 (Call 6 PM IST): Revenue +17.7% YoY ₹1,377 Cr, PAT +21% ₹118 Cr, EBITDA +15% ₹174 Cr expected on export volumes/margins. Watch USFDA updates, fundraising utilization guidance. EGM Jan 22, 2026: Approved ₹1,763 Cr preferential issue (promoters/institutions), positive expansion signal but equity dilution ~10% risk. Key Watch Levels: Pre-results ₹600 resistance break → ₹650 target; sub ₹473 breakdown → ₹450 test.