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Granules India (532482) investor relations material
Granules India Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved 34% year-over-year revenue growth in Q2 FY 2026, led by formulation business in North America and Europe, with EBITDA growth despite a ₹200 million loss from SLS/Ascelis Peptides.
Operational efficiency, improved product mix, and capacity expansion contributed to margin improvement.
Regulatory remediation at Gagillapur is in final stages, with FDA meeting scheduled for January 2026 and facility cleared by German and Danish authorities.
Genome Valley facility received FDA approval, adding 10 billion doses of capacity and enabling new product launches.
SLS Peptides (including Senn Chemicals) integration progressing, with profitability targeted for Q4 FY 2026.
Financial highlights
Q2 FY 2026 revenue: ₹12,970 million, up 34% year-over-year and 7% sequentially.
Gross margin: 65.7%, up 368 bps year-over-year and 82 bps sequentially.
EBITDA: ₹2,782 million (21.5% of sales), up 37% year-over-year.
PAT increased 34% year-over-year to ₹1,306 million, with PAT margin stable at 10.1%.
R&D expenses: ₹705 million (5.4% of sales), consistent with prior quarters.
Outlook and guidance
Expecting normalization of operations and new product approvals at Gagillapur post-remediation.
Anticipate double-digit top-line growth from FY 2027, supported by capacity expansion and new launches.
SLS Peptides expected to turn EBITDA profitable in Q4 FY 2026, with full profitability targeted in FY 2027.
R&D investments and regulatory progress support long-term strategic growth.
Portfolio expansion and new product launches are expected to drive future growth.
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