GRANULES INDIA LTD Results Analysis-Q2FY2027

GRANULES Financial performance and key operating metrics (Standalone) : Operating Revenue for Q2FY27 is Rs. 1,560 Crs., 20.28% growth YoY, Total Income is Rs. 1,571 Crs., 21.21% growth YoY, EBITDA is Rs. 338 Crs., 21.33% growth YoY, EBITDA Margin is 21.64% improved by 19 Basis points YoY, PBT Rs. 243 Crs. 38.41% growth YoY, PAT Rs. 182 Crs. 39.22% growth YoY. On QoQ basis Op. Revenue is up by 5.63%, Total Income is up by 6.19%, But EBITDA is flat to negative by 0.4%, PBT is flat to positive by 1.26% PAT is flat to up by 1.04%. Eighth consecutive quarter of sequential revenue growth. R&D: INR 885m (5.7% of sales, +26% YoY); framed as central to a shift “from a volume led to a value-led innovation-driven company” focused on high-barrier areas: CII (controlled substances), ADHD, oncology, MUPS, complex formulations. Balance sheet: Quarter ended with net cash INR 8,280m (vs net debt INR 1,012m in Q1), driven by receipt of balance proceeds of warrants; positioned to fund organic + inorganic growth and capex. Capex: INR 1,304m in Q2; company continues to invest in manufacturing/packaging.