GRANULES INDIA Results Analysis-Q3FY26

Operating Revenue for Q3FY26 is Rs. 1,388 Crs., 22% growth YoY (driven by the Finished Dosage (FD) segment in North America and Europe), Total Income is Rs. 1,384 Crs., 21% growth YoY, EBITDA is Rs. 308 Crs., 33.78% growth YoY, EBITDA Margin is 22.2% Improved by 196 Basis points YoY (supported by improved sales and margins, partially offset by an EBITDA loss of ₹248 Mn from Ascelis Peptides), PBT Rs. 202 Crs, 32.36% growth YoY, PAT Rs. 150 Crs, 27.73% growth YoY. On QoQ basis Op. Revenue is up by 7% (led by higher sales in Europe), Total Income is up by 6.83%, EBITDA is up by 10.73% (despite EBITDA loss of ₹248 Mn from Ascelis Peptides in Q3FY26), PBT is up by 15%, PAT is also up by 15%. Complex generics contribution increased YoY from 27% to 49% (Q3 FY25 to Q3 FY26) and QoQ from 40% to 49% (Q2 to Q3 FY26). The Peptide platform is being run with a CDMO “project execution → delivery” cadence; Q3 cost spike appears deliberate (maintenance + staffing for deliveries), with management strongly signalling Q4 breakeven. Regulatory tone is constructive (no pace/adequacy concerns; no DI observations at GLS; zero 483 at GCH), but Gagillapur timing remains uncertain, prompting product filing/site-transfer de-risking. GLS commercialization ramps over the next 1–2 quarters via transferred products, with further upside contingent on EU approval for the site.