Granules India Q2 results: net profit jumps 39% as revenue grows 20% year on year

Granules India Q2 results for the quarter ended 30 September 2026 show a sharp rise in profit. The pharmaceutical maker reported consolidated profit after tax (PAT) of Rs 181.8 crore, up 39% from Rs 130.6 crore a year earlier. Revenue from operations rose 20% to Rs 1,560 crore, according to its press release of 2 November 2026.

Granules India Q2 results: key numbers

The company reports in INR million. We have converted the figures to crore (1 crore = 10 million).

Measure (consolidated, Rs crore)	Q2 FY27	Q2 FY26	Change
Revenue from operations	1,560.0	1,297.0	+20%
EBITDA	337.6	278.2	+21%
Profit before tax	243.4	175.9	+38%
Profit after tax	181.8	130.6	+39%

EBITDA is earnings before interest, tax, depreciation and amortisation. The EBITDA margin was 22%, against 21% a year earlier and 23% in Q1 FY27. Compared with the previous quarter, revenue rose 6% from Rs 1,476.8 crore, while profit after tax rose 1% from Rs 180.0 crore.

Where Granules India’s growth came from

North America contributed 72% of revenue, against 76% a year ago, and Europe contributed 16%, against 12%. By product, finished dosages made up 73% of revenue, active ingredients (API) 13%, pharmaceutical formulation intermediates 10% and peptides contract development and manufacturing 3%. Return on capital employed was 17.6%.

The company closed the quarter with net cash of Rs 828 crore, against net debt of Rs 101.2 crore at the end of Q1 FY27. It says this followed receipt of the balance warrant proceeds.

Costs and the US FDA audit

Chairman and Managing Director Dr Krishna Prasad Chigurupati said higher input and logistics costs from tensions in West Asia will persist and the company is working with customers to manage them with a lag. He said the company has filed two potential first-to-file ANDAs in the first half, taking the total to three.

Management also said a recent US FDA audit at its Gagillapur site progressed constructively. It said it believes the observations can be addressed through its responses and corrective actions.

What to watch next

In our view, the key signals are how cost pressures affect the 22% margin and how the FDA observations are resolved. See more in our results coverage.