Granules India Limited — Investor Meet, 28-01-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Granules reported a strong Q3 FY26: Revenue grew 22% YoY to ₹1,388 Cr, and EBITDA rose 34% YoY to ₹308 Cr, pushing margins higher. Gross margin hit 63.9%. Net debt reduced slightly to ₹1,015.1 Cr, and ROCE improved to 16.8%.

Regulatory updates were positive: Gagillapur remediation is on track, with FDA expressing no concerns post-meeting. The GLS facility saw an unannounced inspection with 5 observations (none data integrity related) and received prior approvals. R&D filings are diversifying into Rest of World markets.

The Peptide CDMO (Ascelis) business recorded a ₹24.8 Cr EBITDA loss on ₹33 Cr revenue this quarter due to planned maintenance and execution activities, but management expects a meaningful improvement and Q4 to be EBITDA positive, aiming for neutrality/profitability in FY27. Strategic focus remains on higher complexity generics, scaling GLS operations, and strengthening quality systems. Management is confident about sustained growth from operational efficiencies and new product launches, especially in complex generics like controlled substances. The sentiment is generally positive.