Granules India Ltd (GRANULES) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Granules India, a vertically integrated pharmaceutical company making APIs, pharmaceutical formulation intermediates and finished dosages with a growing complex generics and peptide CDMO push, heads into its September quarter with revenue growth running at 22% YoY. The print will speak to whether EBITDA margin holds in management's 22-23% FY27 band against raw material, packaging and freight inflation, and how the peptide CDMO business tracks toward its FY27 PAT-positive target after a Rs. 124 Mn EBITDA loss in Q1.

Granules India Ltd Q2 Results Date and Time

Granules India's board meeting is scheduled on Nov 2, 2026 to approve Q2/H1 FY27 results. The insider trading window remains shut till Nov 4, 2026.

The Q2/H1 FY27 earnings call is scheduled for Nov 2, 2026 at 6:00 PM IST. The CMD, ED and CFO Mukesh Surana are among the listed participants.

What to expect from Granules India Ltd's Q2 FY27 results

The central question for Q2 FY27 is whether EBITDA margin holds within management's guided 22-23% band as raw material, packaging and freight inflation flows into COGS while the company's stated 1-2 quarter inventory buffer runs off, with complex-Gx mix at 50% of FD revenue (vs 39% a year ago) cited as the offset mechanism. Revenue momentum enters the quarter at a 22% YoY trajectory against a comparatively easy Q2 FY26 base of Rs. 12,970 Mn, with North America at 72% of revenue and Europe (+51% YoY in Q1) and ROW (+56% YoY) diversifying the mix. The peptide CDMO line is the biggest swing factor: after swinging from a positive Rs. 15 Mn EBITDA in Q4FY26 to a Rs. 124 Mn loss in Q1FY27 on project milestone timing, management's standing commitment is PAT-positive peptides in FY27 with $50 Mn revenue at 30%+ EBITDA margin by year 3. A key post-quarter event is the US FDA inspection at Gagillapur that commenced Oct 19, 2026, with 9 applications awaiting site clearance and 18 approvals pending overall; management has said new product approvals should resume immediately after the FDA visit. The call will also be the first since the Sep 15, 2026 promoter warrant payment of the balance Rs. 1,093 Cr left the company net cash surplus on a consolidated basis, against the earlier 'net debt flattish in FY27' framing.

Key Things To Watch

EBITDA margin vs 22-23% FY27 guidance: Q1FY27 printed 22.9% EBITDA margin.

• Q1FY27 EBITDA margin was 22.9% (+256 bps YoY, -99 bps QoQ); watch the Q2 print and whether complex-Gx mix continues to offset raw material and freight inflation
• Management withdrew the earlier 24-25% EBITDA margin ambition at the Q4 FY26 call citing RM, packaging and freight inflation; watch whether the 22-23% band and peptide PAT-positive target are reaffirmed, qualified, or re-timed
• Whether price increases materialise against RM/packaging/freight inflation, with existing inventory providing a 1-2 quarter buffer

Peptide CDMO path to FY27 PAT-positive target

• Q1FY27 peptide EBITDA loss of Rs. 124 Mn vs positive Rs. 15 Mn in Q4FY26, attributed to project milestone/service timing
• Q1 CDMO revenue was Rs. 600 Mn (+106% YoY, -14% QoQ); watch the Q2 run-rate against the $50 Mn revenue at 30%+ EBITDA margin year-3 milestone and $100 Mn in 5 years
• Management has restricted numeric guidance to PAT-positive in FY27 with EBITDA remaining positive: 'Turning PAT positive is the biggest ambition that we have for the year'

Gagillapur USFDA re-inspection outcome: The FDA inspection at Gagillapur commenced Oct 19, 2026, after quarter-close and ahead of the call.

• Any EIR/clearance signal from the inspection that began Oct 19, 2026; outcome not disclosed as of that date
• 9 applications await Gagillapur site clearance and 18 approvals are pending overall; management says approvals should resume 'immediately after the FDA visits us'
• Remediation is complete with cumulative FY26 remediation expenses 'close to INR50-plus crores', expected substantially lower from FY27 onwards

Capex tracking and Genome Valley utilization

• FY27 capex guidance of Rs. 600 Cr with Rs. 89 Cr spent in Q1, primarily Genome Valley; ~Rs. 2,000 Cr organic capex planned over 3-4 years
• Genome Valley utilization targeted to exceed 50-60% by year-end FY27; the 10 Bn dosage GLS facility is USFDA-approved with Rx shipments started, adding 40% formulation capacity
• Peptide India backward-integration capex of ~Rs. 100 Cr intermediate plus Rs. 200 Cr API

Balance sheet deployment and US launch cadence

• Capital-allocation commentary after the Sep 15, 2026 balance Rs. 1,093 Cr promoter warrant payment left the company net cash surplus on a consolidated basis, superseding the earlier 'net debt flattish in FY27' framing
• ~9 US launches planned in FY27 pending FDA approval, with 25 ANDAs under approval and two sole FTF ANDAs (Generic Lumryz, Generic Dyanavel) with a combined US market 'north of $350 Mn'
• R&D intensity at 6.0% of sales in Q1FY27 vs 5.5-6% FY27 guidance; early commentary on the new Brazil and Mexico subsidiaries and the Ruxolitinib Paragraph IV first-to-file filing (Oct 7, 2026)