Hyderabad-based Granules India Limited reported a 39% year-on-year rise in consolidated net profit to ₹182 crore for the quarter ended 30 September 2026 (Q2 FY27), on revenue from operations of ₹1,560 crore, up 20%. The company announced the results on 2 November 2026 and said five US product launches are lined up over the next two quarters.
Granules India Q2 FY27 results at a glance
According to the company’s press release filed with the stock exchanges, the vertically integrated drugmaker kept growth broad-based despite higher input and logistics costs linked to tensions in West Asia.
- Revenue from operations: ₹1,560 crore, up 20% from ₹1,297 crore a year earlier and 6% higher than Q1 FY27
- EBITDA: ₹338 crore, up 21%, with a margin of about 22%
- Profit before tax: ₹243 crore, up 38%
- Net profit: ₹182 crore, up 39% from ₹131 crore
- Net cash: ₹828 crore at quarter-end, against net debt of ₹101 crore in Q1 FY27, helped by the balance of warrant proceeds
North America contributed 72% of revenue, down from 76% a year ago, while Europe’s share rose to 16% from 12%. Finished dosages made up 73% of revenue, active pharmaceutical ingredients (APIs) 13%, pharmaceutical formulation intermediates 10% and the peptide CDMO business 3%.
What is driving growth: complex generics and peptides
“Our quarterly revenue has crossed ₹1,500 crore in Q2 FY27 with EBITDA of ₹338 crore, despite higher input and logistics costs from tensions in West Asia,” said Dr Krishna Prasad Chigurupati, Chairman and Managing Director, Granules India. He added that the company filed two potential first-to-file ANDAs in the first half, taking its total to three, and continues to shift towards complex generics and peptide contract development and manufacturing.
The results follow a recent USFDA inspection of the company’s Gagillapur finished dosage site, where the regulator issued a Form 483 with 11 observations. Granules said the observations can be fully addressed through its responses and corrective and preventive actions. In a media interview after the results, Dr Chigurupati said none of the observations relate to data integrity or cross-contamination, and that the worst case would be the current Warning Letter status continuing.
He also said controlled substances, complex generics and first-to-file products would drive the US business, that Granules is exploring Brazil and Mexico for existing products, and that the peptide CDMO unit, which serves innovator companies rather than the GLP-1 market, could cross 100 million Swiss francs in revenue over the next three to four years.
Why it matters for Indian pharma manufacturing
The quarter fits a wider pattern in Q2 FY27 earnings, where CDMO and specialty capabilities are lifting margins. Laurus Labs reported a 126% profit jump on CDMO growth, and Akums’ Q2 FY27 profit rose 168% with contract manufacturing driving revenue. Granules’ rising Europe share also mirrors how India’s pharma exports grew in H1 FY27 as Europe offset softer US shipments.
For quality and manufacturing leaders, the Gagillapur outcome remains the swing factor, as pending applications from the site could be delayed if the Warning Letter stays in place.
Key takeaways
- Granules India’s Q2 FY27 net profit rose 39% to ₹182 crore on 20% revenue growth to ₹1,560 crore.
- The company now holds three potential first-to-file ANDAs and plans five US launches over the next two quarters.
- Net cash of ₹828 crore gives room to invest in R&D, manufacturing and quality as the Gagillapur USFDA response proceeds.
FAQ
What were Granules India’s Q2 FY27 results?
Granules India reported consolidated revenue of ₹1,560 crore, EBITDA of ₹338 crore and net profit of ₹182 crore for the quarter ended 30 September 2026, up 20%, 21% and 39% respectively.
What is the status of Granules’ Gagillapur plant?
The USFDA recently issued a Form 483 with 11 observations after inspecting the site, which has been under a Warning Letter since February 2025. Granules says it can address the observations through corrective actions.
Source: Granules India Q2 FY27 press release (BSE filing, 2 November 2026). Also read: Emcure Q2 FY27 Profit Rises 29% as Overseas Sales Jump 35%
Featured image: Granules India’s Gagillapur facility, Hyderabad. Photo: Granules India / Wikimedia Commons (CC BY-SA 4.0)
Like
Dislike
Be a part of Elets Collaborative Initiatives. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook , connect with us on LinkedIn and follow us on Twitter , Instagram.
"Exciting news! Elets technomedia is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!
