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Granules India Q2 Review: Dolat Capital Maintains 'Add', Hikes Target Price — Check Details
Any escalation of the warning letter on the Gagillapur facility to an import alert will lead to a downgrade in its earnings and rating, adds Dolat Capital.
14 Nov 2025, 02:44 PM IST 
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Granules India's management believes the PFI, API segment sales will see recovery from FY26 onwards, but the share contribution to sales will decline.
(photo source: Company)
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.
