Granules India Ltd-$ — earnings calls

Management presented Granules India's strategic transformation, outlining four growth engines: controlled substances, complex generics and early market opportunities, oncology, and peptide CDMO. The company reported that complex generics grew from 1% of revenue in FY20 to 33% in FY26, gross margin expanded by about 15 percentage points to 65% over four years, and EBITDA margin rose three percentage points to 22%. Management also discussed a planned organic capital expenditure of about 2,000 crore over the next three to four years to support these growth engines.

Granules India reported Q1 FY27 revenue of about Rs 1,477 crore, up 22% year-on-year, with EBITDA growing 37% to Rs 339 crore and profit after tax up 60% to Rs 180 crore. Management said complex generics now form about 50% of finished dosages compared to 39% a year earlier, and the peptide CDMO business grew more than 100% year-on-year. The company also stated that remediation work at its Gagillapur facility is essentially complete, with the FDA having raised no concerns on the pace or adequacy of corrective actions to date.

Granules India reported FY26 revenue of INR53,656 million, up 20% year-on-year, with EBITDA growing 25% to INR11,851 million and margins expanding to 22.1%. Q4 FY26 saw the peptide CDMO business, Ascelis/Senn Chemicals, turn EBITDA positive for the first time, while net debt reduced to INR4,021 million from INR7,061 million. Management described progress on U.S. FDA remediation at Gagillapur, regulatory inspections at other sites, and continued expansion of the finished dosage and complex generics portfolio.