Revenue and Profitability Trends
Granules India's net sales have shown a robust upward trend over the past six years, rising from ₹2,279.20 crores in March 2019 to ₹4,481.61 crores in March 2025. The company experienced significant growth between 2019 and 2021, with sales increasing by over 40% in two years, reflecting strong market demand and operational expansion. However, sales plateaued around ₹4,500 crores in the subsequent years, indicating a stabilisation phase.
Operating profit margins, excluding other income, have fluctuated notably. The margin peaked at 26.42% in March 2021 but moderated to 21.21% by March 2025. This variation suggests periods of cost pressure or strategic investments impacting profitability. Despite this, the operating profit (PBDIT) rose from ₹384.04 crores in 2019 to ₹945.24 crores in 2025, underscoring improved operational efficiency.
Profit after tax (PAT) followed a similar pattern, increasing from ₹187.67 crores in 2019 to ₹501.52 crores in 2025. The PAT margin, however, declined from a high of 16.97% in 2021 to 11.26% in 2025, reflecting increased expenses or tax impacts. Earnings per share (EPS) mirrored this trend, rising from ₹9.30 in 2019 to ₹20.68 in 2025, indicating enhanced shareholder value over time.
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Balance Sheet and Financial Position
The company's total assets have expanded significantly, from ₹3,223.11 crores in 2020 to ₹6,184.73 crores in 2025, reflecting ongoing capital investments and growth initiatives. Net block, representing fixed assets after depreciation, increased from ₹1,203.97 crores in 2020 to ₹2,231.10 crores in 2025, signalling substantial asset base enhancement.
Shareholders' funds have also grown steadily, reaching ₹3,715.58 crores in 2025 from ₹1,843.72 crores in 2020, supported by rising reserves and retained earnings. The book value per share improved from ₹72.52 in 2020 to ₹153.19 in 2025, indicating strengthened net worth per share.
On the liabilities side, total debt rose from ₹794.96 crores in 2020 to ₹1,285.79 crores in 2025, with a notable increase in short-term borrowings. Long-term borrowings, however, decreased from ₹421.52 crores in 2020 to ₹311.51 crores in 2025, suggesting a shift in debt structure. The company maintained manageable contingent liabilities, remaining low at around ₹3 crores in recent years.
Cash flow from operating activities showed marked improvement, nearly doubling from ₹439 crores in 2024 to ₹866 crores in 2025, highlighting enhanced cash generation capabilities. Investing activities consistently reflected capital expenditure, with outflows increasing to ₹689 crores in 2025. Financing activities varied, with a net outflow of ₹92 crores in 2025, indicating repayments or dividend distributions.
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Summary of Historical Performance
Over the analysed period, Granules India has demonstrated consistent revenue growth, nearly doubling its sales in six years. Profitability has seen fluctuations, with margins impacted by cost dynamics and investment phases, yet absolute profits have increased substantially. The company’s balance sheet reflects a solid foundation, with rising net worth and asset base, balanced by prudent debt management.
Cash flow trends indicate improving operational efficiency and capacity to fund growth through internal accruals, despite ongoing capital expenditure. Earnings per share growth and book value appreciation further underscore the company’s value creation for shareholders. While margins have moderated from peak levels, the overall financial health remains robust, positioning Granules India well for future expansion.
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