Slide 1: Cover letter to stock exchanges
G GRANULES Date: January 23, 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 third quarter and nine months ended on December 31, 2025, submitted
Slide 2: Granules India Limited Earnings Presentation Q3FY26
Granules India Limited Earnings Presentation Q3FY26 23rd January 2026 Embracing Change. Shaping Tomorrow.
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: Q3FY26: Table of Contents
Q3FY26: Table of Contents 1 Q3 Quarterly Performance 5 Portfolio Expansion 2 Historical Performance 6 Business Strategy 3 R&D Capability 7 Granules sustainability 4 Granules at Glance 8 CSR Initiatives Earnings Presentation – Q3FY26
Slide 5: Quarterly Performance
Quarterly Performance Q3 FY 26 Earnings Presentation – Q3FY26
Slide 6: Q3FY26: Executive Summary
Q3FY26: Executive Summary ▪ Sales: YoY revenue growth of 22% and QoQ growth of 7% Financial ▪ EBITDA: YoY EBITDA increase by 196 bps (22.2% from 20.2%) and QoQ by 75 bps (22.2% from Overview 21.5%) despite EBITDA loss of ₹248 Mn from Ascelis Peptides in Q3FY26 ▪ ROCE: 16.8% increased from 16.2% in Q
Slide 7: Q3FY26: Financial Overview
Q3FY26: Financial Overview (In ₹ Mn) Particular Q3 FY26 Q2 FY26 Q-o-Q Q3 FY25 Y-o-Y Revenue 13,879 12,970 7% 11,377 22% Gross Margin 8,864 8,520 4% 7,020 26% % of Gross Margin 63.9% 65.7% 183 bps 61.7% 216 bps Manpower Cost 2,260 2,192 3% 1,676 35% R&D 689 705 -2% 568 21% Other Expenses 2,834 2,841
Slide 8: Q3FY26: Key Financials
Q3FY26: Key Financials (In ₹ Mn) Revenue Gross Margin Revenue 13,879 8,864 YoY revenue growth was driven by the Finished 12,970 8,520 11,377 Dosage (FD) segment in North America and 7,020 Europe. 65.7% 63.9% QoQ revenue growth was led by higher sales in 61.7% Europe. Q3 FY25 Q2 FY26 Q3 FY26 Q3 FY25
Slide 9: Q3FY26: Revenue split by Segments and Market
Q3FY26 : Revenue spilt by Segments and Market (In ₹ Mn) Division wise share Region wise share Q3FY26 Q2FY26 Q3FY25 2% 2% 11% 12% 14% 17% 12% 9% 11% 13% 12% ROW 11% 10% 12% Europe North America 72% 76% 77% 74% 76% 76% API PFI FD Peptide/CDMO API PFI FD Peptide/CDMO API PFI FD Q3FY26 Q2FY26 Q3FY25 Q3
Slide 10: Granules' Finished Dosage Portfolio Segmentation: Definitions
Granules’ Finished Dosage Portfolio Segmentation: Definitions Segment Definition Products where API is key; API forward integrated to value added PFIs and FDs (mid to high volume) Integrated Gx Value proposition: Backward integration/ Strategic tie ups Supply chain security and cost competitiveness
Slide 11: Q3FY26: FD Revenue Split by Portfolio Segments
Q3FY26 : FD Revenue Spilt by Portfolio Segments Q3FY26 2% Q2FY26 Q3FY25 2% 10% 12% 11% FD FD FD 13% API 12% 11% API API PFI PFI PFI Peptide/CDMO Peptide/CDMO 74% 76% 76% 3% 3% 5% 27% FD Revenue 49% Others 40% Others Others Split Complex Complex Complex Generics Generics Generics YoY expansion in com
Slide 12: Q3FY26: Cashflow and Ratios
Q3FY26: Cashflow and Ratios (In ₹ Mn) ROCE % Fixed Asset Turn Net Debt and Net Debt/ EBITDA 16.4% 16.2% 16.8% 10,241 10,151 1.56 8,289 1.46 1.44 0.90 0.98 0.91 Q3 FY25 Q2 FY26 Q3 FY26 Q3 FY25 Q2 FY26 Q3 FY26 Q3 FY25 Q2 FY26 Q3 FY26 CCC days and NWC% to Cash Flow from CAPEX sales Operations 220 213 5
Slide 13: Quarterly Historical Performance
Quarterly Historical Performance Earnings Presentation – Q3FY26
Slide 14: Sales and Profitability: Last 6 quarters historical performance
Sales and Profitability: Last 6 quarters historical performance (In ₹ Mn) Revenue Gross Margin and % 8,864 12,970 13,880 8,520 9,666 11,377 11,974 12,101 7,591 7,850 2% 2% 2% 7,020 5,994 65% 66% 77% 76% 77% 74% 74% 76% 63% 64% 62% 62% 8% 12% 10% 10% 10% 11% 15% 12% 12% 13% 13% 11% Q2FY25 Q3FY25 Q4FY
Slide 15: Cashflow and Ratios: Last 6 quarters historical performance
Cashflow and Ratios: Last 6 quarters historical performance (In ₹ Mn) ROCE% Asset turns Net debt and Net debt/EBITDA 16.9% 16.4% 16.6% 16.8% 10,241 16.0% 16.2% 1.56 1.56 10,151 1.54 9,480 1.46 7,973 8,289 1.43 1.44 0.96 0.98 7,061 0.90 0.91 0.86 0.75 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q2FY25
Slide 16: R&D Capability
R&D Capability Earnings Presentation – Q3FY26
Slide 17: R&D: Product pipeline and capability building
R&D: Product pipeline and capability building Integrated Product ✓ Total of ~427 scientist across API, FD R&D and Peptides CDMO Development Peptides Genome Valley – MN Park Senn Chemical AG, ✓ Received 94 dossier approvals till Q3FY26 R&D facility for Integrated Product Switzerland Development ✓ Fil
Slide 18: Portfolio Expansion: On Strength Of Focused R&D Investments
Portfolio Expansion: On Strength Of Focused R&D Investments & Leveraging Our Core Capabilities Future Portfolio Current Portfolio Innovation/ Tech based products (Enzyme/ Cont. Peptides/ manufacturing) CDMO Our Legacy was our core portfolio Legacy Complex Legacy Core ProductsIntegrated Molecules Gx
Slide 19: Portfolio Transformation: Scaling from Integrated to Complex Gx
Portfolio Transformation: Scaling from Integrated to Complex Gx Filed Dossiers Segmentation Dossier Filing Trend Integrated Gx Complex Gx Others Integrated Gx Complex Gx Others 19 130 22 13 1 12 12 10 2 10 53 2 8 4 3 36 5 10 3 55 6 7 3 20 5 4 13 2 Filed Dossiers Awaiting Approval FY21 FY22 FY23 FY24
Slide 20: Granules at a glance
Granules at a glance Earnings Presentation – Q3FY26
Slide 21: Granules Purpose, Vision & Values
Granules Purpose, Vision & Values Earnings Presentation – Q3FY26
Slide 22: An Illustrious Journey Spanning Four Decades
An Illustrious Journey Spanning Four Decades Building A World Class, Vertically Integrated Pharmaceutical Manufacturing Platform From being a paracetamol API manufacturing facility to a multi-faceted global pharmaceutical company, we have consistently achieved manufacturing success, set new standard
Slide 23: Manufacturing Network & Capacity
Manufacturing Network & Capacity Bonthapally Jeedimetla Bonthapally II Vizag (Unit 4) Vizag (Unit 5) API: 4,800 TPA API (Intermediate): API: 15 KL PA API: 34,560 TPA API: 380 KL PA PFI: 1,440 TPA 61.5 KL PA FD: 1.1 Bn Gagillapur Virginia, USA GPAK, USA Genome Valley Senn Chemicals AG, Switzerland FD
Slide 24: 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 25: 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 1600 + trained through Pharma Pathashala since inception in 2017 with 250+ in current year Health 15000 + Benefitted throug
Slide 26: Corporate address and investor relations contacts
For investor relation – Granules IR desk Email: investorrelations@granulesindia.com www.granulesindia.com Ms. Payal Dave payal.dave@linkintime.co.in Mr. Irfan Raeen +91 97737 78669 532482 Irfan.raeen@linkintime.co.in GRANULES www.orientcap.com GRAN:IN GRAN:NS Corporate address: 15th Floor, Granules