Granules India Q2 FY27 Results: Consolidated Net Profit ₹182 Crore on Total Income of ₹1,571 Crore
- Earnings
- Pharmaceuticals
Reviewed byRachit TripathiBlacklitt Research
Granules India (NSE: GRANULES) reported consolidated total income of ₹1,570.66 crore and net profit of ₹181.84 crore for the quarter ended 30 Sep 2026, it said in a filing on 02 Nov 2026. Standalone total income for the quarter was ₹968.73 crore and standalone net profit was ₹108.52 crore.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹1,570.66 crore, up 21.2% YoY and 6.2% QoQ
- Net profit and EPS: ₹181.84 crore, up 39.2% YoY; basic EPS ₹7.22
- Finance costs: ₹20.97 crore, down 28.2% YoY from ₹29.19 crore
Standalone
The company on its own, without its subsidiaries
- Total income: ₹968.73 crore, up 7.7% YoY and 18.8% QoQ
- Net profit and EPS: ₹108.52 crore, down 10.0% YoY; basic EPS ₹4.31
- Other income: ₹20.91 crore, up 165.2% YoY from ₹7.88 crore
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 1,570.66 | 1,295.84 | +21.2% | 1,479.04 | +6.2% | |
| Revenue from operations | 1,559.97 | 1,296.99 | +20.3% | 1,476.77 | +5.6% |
| Other income | 10.69 | -1.15 | n/a | 2.27 | +371.3% |
| 181.84 | 130.61 | +39.2% | 179.96 | +1.0% | |
| Profit before tax | 243.42 | 175.87 | +38.4% | 240.40 | +1.3% |
| Finance costs | 20.97 | 29.19 | -28.2% | 21.12 | -0.7% |
| Depreciation | 83.87 | 72.02 | +16.4% | 79.65 | +5.3% |
| Tax expense | 61.59 | 45.26 | +36.1% | 60.44 | +1.9% |
| Net profit margin | 11.58% | 10.08% | +1.50 pp | 12.17% | -0.59 pp |
| EPS, basic (₹) | 7.22 | 5.38 | +34.2% | 7.26 | -0.6% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Net profit grew faster than income this quarter. Consolidated net profit rose 39.2% YoY against a 21.2% rise in total income, and profit before tax rose 38.4%. Finance costs fell to ₹20.97 crore from ₹29.19 crore a year earlier, which is 1.3% of total income.
Other income was ₹10.69 crore against a loss of ₹1.15 crore in the year-ago quarter, and is 4.4% of profit before tax of ₹243.42 crore. Tax of ₹61.59 crore is 25.3% of profit before tax. Against the previous quarter, net profit rose only 1.0% while total income rose 6.2%.
The notes also record a gain on disposal of US Pharma Ltd, which was recognised across the half year ended 30 Sep 2025 and the quarter ended 31 Mar 2026.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 968.73 | 899.50 | +7.7% | 815.66 | +18.8% | |
| Revenue from operations | 947.82 | 891.61 | +6.3% | 801.88 | +18.2% |
| Other income | 20.91 | 7.88 | +165.2% | 13.78 | +51.7% |
| 108.52 | 120.61 | -10.0% | 71.75 | +51.3% | |
| Profit before tax | 146.05 | 161.91 | -9.8% | 96.56 | +51.2% |
| Finance costs | 7.80 | 16.65 | -53.2% | 9.61 | -18.9% |
| Depreciation | 41.37 | 40.74 | +1.5% | 39.06 | +5.9% |
| Tax expense | 37.54 | 41.29 | -9.1% | 24.82 | +51.2% |
| Net profit margin | 11.20% | 13.41% | -2.21 pp | 8.80% | +2.41 pp |
| EPS, basic (₹) | 4.31 | 4.97 | -13.3% | 2.90 | +48.6% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit fell 10.0% YoY while total income rose 7.7%, so the two moved in different directions. Profit before tax fell 9.8% and tax fell 9.1% to ₹37.54 crore. Finance costs dropped 53.2% to ₹7.80 crore.
Other income of ₹20.91 crore is 14.3% of profit before tax of ₹146.05 crore and rose 165.2% from a year earlier. Against the previous quarter, standalone net profit rose 51.3% and total income rose 18.8%. Standalone profit is ₹73.32 crore lower than consolidated profit of ₹181.84 crore, a gap that the filing does not break down further.
USFDA inspected in October 2026 and issued a Form FDA 483, and none of its observations relate to data integrity or cross-contamination. The company says it is responding within the stipulated timelines and believes there is no impact on manufacturing or distribution from the facility.
Inference
The filing says the company incorporated two wholly owned subsidiaries, Triton Farmaceutica do Brasil Ltda on 30 Sep 2026 and Triton Farmaceutica S.A. de C.V. on 22 Oct 2026. The filing does not state the capital or the business of either subsidiary.
The filing does not give a reason for the rise in consolidated total income or the rise in standalone other income, nor the effect of the Form FDA 483 on future results.
Filed with BSE on . Reference: Original filing (PDF)
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