Granules India Limited · NSE:GRANULES
Granules India — FY2026 Earnings Presentation
31 slides from Granules India's earnings presentation, Apr 29, 2026
Slide 1: Presentation to Analysts/Investors cover letter
GRANULES Date: April 29, 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 audited financial results for the fourth quarter and financial year ended on March 31, 2026, submitted to yo
Slide 2: Granules India Limited Earnings Presentation FY26
Granules India Limited Earnings Presentation FY26 29th April 2026 Embracing Change. Shaping Tomorrow. 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: Yearly Performance FY26
Yearly Performance FY26 Earnings Presentation – Q4FY26 and FY26
Slide 5: FY26 Performance
FY26 Performance ₹53,656 Mn 65.0% ₹11,851 Mn ₹5,950 Mn EBITDA 22.1% PAT 11.1% Revenue ₹44,816 Mn (+100 bps YoY) (Growth of 19% YoY) Gross Margin (+355 bps YoY) (Growth of 20% YoY) (Growth of 25% YoY) (PBT before exceptional items Includes EBITDA loss of ₹445Mn Growth of 26% YoY) in Ascelis 17.6% 0.3
Slide 6: FY26 Performance
FY26 Performance ₹ Mn Particular FY26 FY25 Y-o-Y Revenue 53,656 44,816 20% Gross Margin 34,899 27,559 27% % of Gross Margin 65.0% 61.5% 355 bps Manpower Cost 8,884 6,598 35% R&D 2,853 2,377 20% Other Expenses 11,312 9,132 24% EBITDA 11,851 9,452 25% % of EBITDA 22.1% 21.1% 100 bps PBT (Before Except
Slide 7: Revenue Diversification: Segments and Regions
Revenue Diversification: Segments and Regions ₹ Mn 39,893 Segments Regions 34,336 11% 13% 5,796 5,842 15% 8,022 10% 8,022 4,438 77% 74% 74% 77% 6,822 6,185 5,348 39,826 39,839 34,535 4,294 14% 13% 1,593 10% 10% 3% FD API PFI CDMO FY26 FY25 FY25 FY26 North America Europe ROW FD +16% API +10% PFI +25%
Slide 8: 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 9: Portfolio Architecture and Evolution
Portfolio Architecture and Evolution FY26 FY25 3% 10% 10% 14% 13% FD API FD PFI API 74% PFI CDMO 77% 52% Integrated Gx Integrated Gx 63% Complex Gx Complex Gx Others Others 43% 31% 5% 6% ❖ Complex Gx share in FD moved to 43% from 31% ❖ CDMO business emerged as 4th revenue engine contributing ₹1,593
Slide 10: Margin Expansion Drivers
Margin Expansion Drivers ₹ Mn Gross Margin 34,899 Product Mix Upgrade to Complex Gx Accelerating shift to Complex Gx with structurally higher margins and a clear 27,559 path towards 50%+ of FD. ADHD, controlled substances and high barrier Gx 24,851 22,046 65.0% with limited generic competition, crea
Slide 11: Capital Efficiency and Allocation Discipline
Capital Efficiency and Allocation Discipline ₹ Mn Net Debt Net Debt/EBITDA Cash to Cash Cycle Balance Sheet Strengthened 8,421 NWC % to Sales 7,671 ▪ Additional equity infusion of ₹6,656Mn in FY26 bringing down 6,966 7,061 Net Debt to EBITDA at 0.34x. 220 ▪ NWC-to-sales improved to 33% from 35% in F
Slide 12: Quarterly Performance Q4 FY26
Quarterly Performance Q4 FY26 Earnings Presentation – Q4FY26 and FY26
Slide 13: Q4FY26 Performance
Q4FY26 Performance ₹14,706 Mn 65.7% ₹3,521 Mn ₹2,016 Mn PAT 13.7%(+33% YoY) EBITDA 23.9%(+287 bps YoY) (PBT before exceptional items Growth Revenue ₹11,974(+23% YoY) Gross Margin (+233 bps YoY) (Growth of 40% YoY) of 48% YoY) EBITDA 22.2%(+174 bps QoQ) PAT 10.8%(+34% QoQ) Revenue ₹13,879(+6% QoQ) Gr
Slide 14: Q4FY26 Performance
Q4FY26 Performance ₹ Mn Particular Q4 FY26 Q3 FY26 Q-o-Q Q4 FY25 Y-o-Y Revenue 14,706 13,879 6% 11,974 23% Gross Margin 9,665 8,864 9% 7,591 27% % of Gross Margin 65.7% 63.9% 186 bps 63.4% 233 bps Manpower Cost 2,404 2,260 6% 1,691 42% R&D 781 689 13% 665 18% Other Expenses 2,958 2,834 4% 2,711 9% E
Slide 15: Revenue Diversification: Segments and Regions
Revenue Diversification: Segments and Regions ₹ Mn Segments Regions 10,691 10,557 9,259 11% 11% 13% 1,597 1,509 1,543 17% 17% 8% 2,539 1,011 2,344 73% 76% 77% 72% 79% 72% 1,975 10,571 10,026 9,421 1,515 1,483 1,341 1,481 1,232 699 327 13% 11% 12% 9% 11% 10% 5% 2% FD API PFI CDMO Q4FY26 Q3FY26 Q4FY25
Slide 16: Portfolio Architecture and Evolution
Portfolio Architecture and Evolution Q4FY26 Q3FY26 Q4FY25 5% 2% 9% 10% 11% 12% 13% FD 11% FD FD API API API PFI PFI PFI 73% Peptide/CDMO Peptide/CDMO 76% 77% 50% Integrated Gx 47% Integrated Gx Integrated Gx 57% Complex Gx Complex Gx Complex Gx Others Others Others 46% 48% 39% 4% 5% 4% Granules is s
Slide 17: Quarterly P&L Performance Trend (Last 6 Quarters)
Quarterly P&L Performance Trend (Last 6 Quarters) ₹ Mn Revenue Gross Margin and % 9,665 11,377 11,974 12,101 12,970 13,880 14,706 8,864 2% 2% 5% 8,520 7,591 7,850 7,020 76% 76% 64.9% 65.7% 65.7% 77% 74% 76% 73% 63.4% 63.9% 61.7% 12% 10% 10% 10% 11% 9% 12% 12% 14% 13% 11% 13% Q3FY25 Q4FY25 Q1FY26 Q2F
Slide 18: Quarterly Capital Efficiency and Leverage Trend
Quarterly Capital Efficiency and Leverage trend(Last 6 Quarters) ₹ Mn ROCE% Gross Asset turns Net debt and Net debt/EBITDA 1.56 10,241 10,151 17.6% 1.54 9,480 1.43 1.46 1.44 1.45 8,289 0.96 0.98 0.90 7,061 0.91 16.8% 16.6% 16.4% 0.75 16.2% 4,021 16.0% 0.34 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q
Slide 19: Granules Strategy and Its Execution
Granules Strategy and Its Execution Earnings Presentation – Q4FY26 and FY26
Slide 20: Building Durable Earnings Through Strategic Execution
Building Durable Earnings Through Strategic Execution Consistent Growth Portfolio Upgrade Global Diversification Margin Expansion Capital Discipline • 6 consecutive quarters of sequential growth • CAPEX investment of • 20% YoY sales growth to • Shifted from volume ₹5,547 Mn was made in • Record Gros
Slide 21: Four Decades of Strategic Evolution
Four Decades of Strategic Evolution Foundation Forward Integration Scale & Diversify Transformation • Pioneered Paracetamol API in • Entered Finished Dosages – • Built world’s largest single-site • Pivoted into high-barrier India; cost leadership became a unlocking per-molecule margin MUPS facility
Slide 22: Multi-Engine Growth Drivers
Multi-Engine Growth Drivers Complex Generics Scale-up Peptide CDMO Ramp Geographic Diversification • ADHD portfolio driving US volume; • Senn Chemicals acquired Apr 2025. Swiss-based • Evolving from a North America-centric model to a Lisdexamfetamine & Amphetamine ER FDA CDMO with 60+ years in pepti
Slide 23: R&D Capability
R&D Capability Earnings Presentation – Q4FY26 and FY26
Slide 24: FD Portfolio Transformation: Scaling to Complex Gx
FD Portfolio Transformation: Scaling to Complex Gx Filed Dossiers Segmentation Dossier Filing Trend Integrated Gx Complex Gx Others R&D Pipeline Momentum Integrated Gx Complex Gx Others 25 148 19 148 Total dossier Filed 19 13 59 13 94 Approved 12 12 1 10 2 10 51 2 3 Tentatively Approved 8 4 1 3 12 7
Slide 25: R&D Pipeline and Capability
R&D Pipeline and Capability Dossier Filing Status by Market R&D Centre Network UK 2 Genome Valley Integrated product development ROW 5 19 Pragathi Nagar Canada 7 1 CoE for CII API; KSMs; Bio Lab (Enzyme) Europe 12 11 23 ANDA under approval with TAM of ~$41Bn* in US GPI R&D, USA CII Finished Dosage;
Slide 26: Quality Compliance and Audit Readiness
Quality Compliance and Audit Readiness Regulatory Audit Facility USFDA Inspection EIR Status 14 GPI Apr’2026 Awaited 13 Gagillapur Aug’2024 Reinspection 10 GCH Packaging Dec’2025 ✓ GLS Dec’2025 ✓ Bontapally Jun’2025 ✓ Jeedimetla Jun’2023 ✓ Unit IV Jun’2023 ✓ FY24 FY25 FY26 Unit V Apr’2024 ✓ Customer
Slide 27: Manufacturing & R&D Structural Advantage
Manufacturing & R&D Structural Advantage 10 39 Bn+ 39,360 441 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 28: Granules Purpose, Vision and Values
Granules Purpose, Vision and Values Granules India Limited | Earnings Presentation FY26 27
Slide 29: Sustainability at Granules
Sustainability at Granules : Pioneering Innovation for Complete Supply Chain Decarbonization of Pharmaceuticals 23 % Scope1 and Scope2 Near-term, Long-term, and Net Zero targets (2050 or sooner), aligned to 1.5°C pathway, have been validated and approved by SBTi Intensity* *Over base year 32 % A Cli
Slide 30: Our CSR Journey: Empowering Communities, Enriching Lives
Our CSR Journey : Empowering Communities, Enriching Lives OUR GOAL OUR PROGRESS Touch 1 Million 1,00,000 + Lives by 2030 Lives Positively Impacted FOCUS AREAS Skill Development 1,600 + trained through Pharma Pathashala since inception from 2017 Health 15,000 + Benefitted through Breast Cancer 70 Scr
Slide 31: Investor Communication
Investor Communication For investor relation – Granules IR desk Email: investorrelations@granulesindia.com www.granulesindia.com Ms. Payal Dave Payal.dave@in.mpms.mufg.com Mr. Irfan Raeen 532482 +91 97737 78669 Irfan.raeen@in.mpms.mufg.com GRANULES www.in.mpms.mufg.com GRAN:IN GRAN:NS Corporate addr