With current production coming back on stream from Q4 FY26, ramp-up in new launches in the US and other geographies, coupled with improved volumes, the brokerage expects Granules India's revenue CAGR of 15% for the finished dosages over FY25-28E.
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Dolat Capital Report
Granules India Ltd.’s Q2 FY26 sales were in line with estimates. Ebitda was above estimates, due to better-than-expected gross margin.
Management believes FY27 will be a growth year for the company post-remediation and new approvals from the Gagillapur facility.
We revise our FY26E/FY27E EPS estimates by 0.3%/0.2%.
We roll over to FY28E and maintain ‘Accumulate’ rating with target price of Rs 617 at 18x FY28E P/E.
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