1. Opening Hook
Just when markets were busy debating whether US generics are “dead money,” Granules decided to casually drop a 22% YoY growth print. The stock didn’t throw a party, but the P&L surely did. Management walked in confident, slides polished, margins flexed—and then quietly admitted a ₹248 Mn EBITDA loss from Ascelis Peptides. Oops.
Finished Dosages are clearly carrying the group on their shoulders, Europe suddenly woke up, and ROCE is inching forward like a disciplined gym bro. But beneath the optimism, there’s a subtle transition underway—from safe integrated generics to riskier complex bets.
Read on, because the real story isn’t revenue growth—it’s where Granules is choosing to place its future chips. Things get spicy later.
2. At a Glance
- Revenue up 22% YoY – FD segment said “API who?” and took over the show.
- EBITDA margin at 22.2% – Expansion despite a ₹248 Mn peptide hangover.
- PAT up 28% YoY – Profits showed up, even if peptides didn’t.
- Europe revenue up 131% – Turns out Europe still buys pills. A lot.
- ROCE at 16.8% – Not heroic, but directionally obedient.
- Net debt/EBITDA at 0.91x – Balance sheet behaving like a grown-up.
3. Management’s Key Commentary
“Revenue growth was driven by Finished Dosage growth in North America and Europe.”
(Translation: APIs are now the side hustle, FD pays the rent 😏)
“EBITDA expanded despite losses from Ascelis Peptides.”
(Translation: Core business saved the day; peptides are still learning to walk)
“R&D spend remains aligned with long-term strategy.”
(Translation: 5% of sales burned today so FY29 can look intelligent)
