Granules India Limited · NSE:GRANULES
Granules India — Q2 FY27 Earnings Presentation
24 slides from Granules India's earnings presentation, Nov 2, 2026
Slide 1: Stock exchange filing cover letter
'I GRANLILES I Date: November 02, 2026 To, National Stock Exchange of India Limited BSE Limited Symbol: NSE: GRANULES: BSE: 532482 Dear Sir, Sub: Presentation to the Analysts/Investors We refer to the unaudited financial results for the second quarter and half year ended on September 30, 2026, submi
Slide 2: Granules India Limited Earnings Presentation Q2 FY27
1 Granules India Limited Earnings Presentation Q2 FY27 2nd November 2026 1
Slide 3: Safe Harbour Statement
Safe Harbour Statement The Presentation is to provide the general background information about the Company’s activities as at the date of the Presentation. The information contained herein is for general information purposes only and based on estimates and should not be considered as a recommendatio
Slide 4: Management Commentary
Management Commentary Dr. Krishna Prasad Chigurupati “Our Quarterly revenue has crossed ₹1500 Cr in Q2 FY27 with EBITDA of ₹338 Cr, Chairman & Managing Director despite higher input and logistics costs from tensions in West Asia. Cost pressures will persist and we are working with customers to manag
Slide 5: Growth Momentum: Granules Is Scaling Strongly
Growth Momentum: Granules Is Scaling Strongly Five reasons Granules offers durable, de-risked and sustainable growth 01 US LEADERSHIP #1 in 11 Entrenched leadership in the world’s largest generics market Top-3 in 19 of 38 US products (IQVIA MAT Aug’26), up from 18. North America is 72% with a US pro
Slide 6: Quarterly Performance Q2 FY27
Quarterly Performance Q2 FY27
Slide 7: Q2FY27 Financial Performance
Q2FY27 Financial Performance ▪ Growth and Profitability: Revenue growth was supported across all segments and gross margin slightly impacted due to elevated input costs. ▪ Balance sheet and Cash: Receipt of the balance warrant proceeds moved the Company to a net cash position, while cash flow from o
Slide 8: Q2FY27 Financial Performance
Q2FY27 Financial Performance ₹ Mn Complex Gx YoY growth strengthened the product portfolio and supported profitability Continued investment in talent and R&D; Higher input and logistics costs due to ongoing West Asia conflict Particular Q2 FY27 Q2 FY26 Y-o-Y Q1 FY27 Q-o-Q Revenue 15,600 12,970 20% 1
Slide 9: Revenue Diversification: Segments and Regions
Revenue Diversification: Segments and Regions ₹ Mn ▪ Segments: Revenue growth was supported across all segments ▪ Regions: Europe was the key growth market, supported by increased CDMO revenue YoY and stronger performance across the broader portfolio Segments Regions 11,417 10,927 9,657 12% 12% 12%
Slide 10: Portfolio Architecture and Evolution
Portfolio Architecture and Evolution The FD portfolio is architected for resilience: Integrated products deliver scale and cost leadership; complex products provide differentiation and opportunity-led products add agility to respond to market dynamics . Complex Gx Q2FY27 revenue grew by 38% YOY. Q2F
Slide 11: Capital Efficiency and Allocation Discipline
Capital Efficiency and Allocation Discipline ₹ Mn Net Debt Net Debt/EBITDA Stable within 29-30% range Balance Sheet Strength continues NWC% to Sales 9,480 10,241 10,151 30% 30% 30% 29% 29% ▪ Receipt of balance warrant proceeds during the quarter 0.91 28% 0.98 moved the company to a net cash position
Slide 12: Capital Allocation in Growth Projects
Capital Allocation in Growth Projects ₹ Mn ₹27,607 Mn ₹2,194 Mn ~10% 17.6% Cumulative capex and inorganic Average capex as % of revenue, ROCE at Q2 FY27, up from 16.5% in acquisition, FY22–FY26 H1 FY27 capex (7% of revenue) FY22–FY26 FY24 FY22 FY23 FY24 – FY26 FY26 Acquisition MUPS Facility G-Pak Fa
Slide 13: Quarterly P&L Performance Trend (Last 6 Quarters)
Quarterly P&L Performance Trend (Last 6 Quarters) ₹ Mn Portfolio and Geographic expansion supporting continuous high growth trajectory Revenue Gross Margins and % 15,600 10,039 14,706 14,768 3% 9,665 9,690 13,880 4% 5% 10% 8,864 12,970 2% 8,520 9% 9% 12,101 2% 11% 13% 7,850 2% 10% 13% 13% 10% 11% 13
Slide 14: Quarterly P&L Performance Trend (Last 6 Quarters)
Quarterly P&L Performance Trend (Last 6 Quarters) ₹ Mn R&D and % to sales EBITDA and EBITDA % PAT and PAT % 880 885 3,521 3,389 3,376 781 3,081 2,016 678 705 689 2,782 1,800 1,818 2,467 23.9% 22.9% 1,502 6.0% 21.5% 22.2% 1,306 13.7% 5.6% 5.4% 5.3% 5.7% 20.4% 1,126 12.2% 5.0% 21.6% 11.7% 10.8% 10.1%
Slide 15: R&D Capability
yy se pean == D ~ Cee “" re R&D Capability = | At
Slide 16: FD Portfolio Transformation: Scaling to Complex Gx
FD Portfolio Transformation: Scaling to Complex Gx R&D Pipeline Momentum FTF Amphetamine Extended-Release Tablet Sodium Oxybate Extended-Release Oral Suspension Ruxolitinib Extended- Release Tablet Potential Sole First-To-File Filed Dossiers Segmentation Dossier Filing Trend 159 Total Dossiers Filed
Slide 17: R&D Pipeline and Capability
R&D Pipeline and Capability Dossier Filing Status by Market R&D Centre Network UK 2 1 Genome Valley Integrated product development ROW 5 25 Pragathi Nagar Canada 8 1 CoE for CNS API; KSMs; Bio Lab (Enzyme) Europe 20 3 26 ANDA’s under approval with TAM of ~$35Bn* in US GPI R&D, USA CNS Finished Dosag
Slide 18: Quality Compliance and Audit Readiness
Quality Compliance and Audit Readiness Regulatory Audit Facility USFDA Inspection EIR Status 14 GPI (Virginia) Apr’2026 ✓ 13 Gagillapur Oct’2026 Awaited 10 GCH Packaging Dec’2025 ✓ 6 Genome Valley Dec’2025 ✓ Bonthapally Jun’2025 ✓ Jeedimetla Jun’2023 ✓ Unit IV Jun’2023 ✓ FY24 FY25 FY26 H1FY27 Unit V
Slide 19: Manufacturing & R&D Structural Advantage
Manufacturing & R&D Structural Advantage 10 39 Bn+ 39,360 437 6 Manufacturing Annual FD API Capacity R&D R&D Facilities Dosage Capacity (TPA) Scientists Centers Bonthapally API: 34,560 TPA Gagillapur FD: 26.8 Bn dosages | PFI: 23,200 TPA Jeedimetla API: 4,800 TPA | PFI: 1,440 TPA, Genome Valley FD:
Slide 20: Granules' Strategy and Execution
Granules’ Strategy and Execution
Slide 21: Granules Growth Architecture
Granules Growth Architecture A funding core, four growth engines, and the enabling layer that de-risks them Core: legacy at Scale and CII Funds the growth engines CII Scale up Oncology Reset Peptides & CDMO New growth scale up Vectors under Leadership position (Top 2/3) Restarts FY29 Considerations
Slide 22: Sustainability at Granules: Driving Sustainable Growth
Sustainability at Granules: Driving Sustainable Growth Through Responsible Business Practices Focus Area ESG Goal Status as of FY 26 COMMITMENTS Climate Change Achieve Net Zero by 2050. 45.7 % 42% of absolute Reduction Scope 1&2 Absolute Reduction in Scope 1,2 and 3 by 2030 from year FY 23 9% Member
Slide 23: Granules Formulations Portfolio Segmentation
Granules Formulations Portfolio Segmentation Segment Definition Products where API is key; API forward integrated to value added PFIs and FDs (mid to high volume) Value proposition: Integrated Gx Backward integration/ Strategic tie ups Supply chain security and cost competitiveness Products with hig
Slide 24: Investor Communication
Investor Communication For Investor Relations – Granules IR desk Email: investorrelations@granulesindia.com www.granulesindia.com 532482 GRANULES GRAN:IN GRAN:NS Corporate address: 15th Floor, Granules Tower, Botanical Garden Road, Kondapur, Hyderabad - 500084 CIN: L24110TG1991PLC012471 Voice: +91 4