Granules India Limited (GRANULES.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-42.2%

₹462.73

vs ₹800.05 price

Levered DCF

₹350.22

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	25.35×	23.34×	26.19×	13.84×	18.46×	13.82×	10.89×	12.24×
P/B	2.97×	3.15×	3.29×	2.52×	2.95×	3.49×	1.99×	1.9×
P/S	2.81×	2.61×	2.36×	1.58×	2.02×	2.35×	1.41×	1.27×
EV / EBITDA	13.13×	13.26×	13.43×	8.66×	11.64×	9.67×	7.84×	9.9×
Gross margin	43.0%	58.6%	52.7%	47.0%	47.7%	54.9%	48.1%	42.4%
Operating margin	16.6%	38.1%	34.3%	33.6%	33.0%	38.7%	32.7%	29.3%
Net margin	11.1%	11.2%	9.0%	11.4%	11.0%	17.0%	12.9%	10.4%
Current ratio	1.8×	1.56×	1.4×	1.42×	1.53×	1.7×	1.76×	1.43×
Debt / equity	0.3×	0.39×	0.41×	0.4×	0.43×	0.39×	0.49×	0.65×
Interest coverage	7.77×	16.52×	14.6×	27.11×	53.51×	47.62×	31.42×	23.43×
Dividend yield	0.2%	0.3%	0.3%	0.3%	0.5%	0.3%	0.8%	1.1%
Payout ratio	6.1%	7.2%	9.0%	3.6%	9.0%	4.5%	9.1%	13.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.7%	13.5%	12.6%	18.2%	16.0%	25.3%	18.2%	15.5%
Return on invested capital	10.1%	24.8%	24.9%	28.4%	24.6%	32.0%	22.5%	18.6%
Return on assets	7.7%	8.0%	7.3%	10.5%	9.1%	14.8%	10.2%	7.9%
Free cash flow yield	0.8%	1.7%	0.6%	6.3%	-0.9%	2.1%	8.0%	-0.6%
Earnings yield	3.9%	4.3%	3.8%	7.2%	5.4%	7.2%	9.2%	8.2%
Enterprise value	₹157B	₹125.7B	₹115.5B	₹79.9B	₹85.4B	₹84B	₹43.8B	₹38.1B
Net debt / EBITDA	0.52×	0.91×	1.09×	0.92×	1.26×	0.93×	1.28×	2.36×
Cash conversion cycle (days)	182	199	175	134	156	152	121	129