ICICI Direct has given Buy recommendation for Granules India with a target price of Rs. 360 in its research report issued on Feb 10, 2021

ICICI Direct’s research report on Granules India

Granules is a large-scale vertically integrated company that manufactures API, intermediates and finished dosages and has seven manufacturing facilities along with B2B & B2C marketing & distribution. Revenue mix FY21: Formulations – 52%, API (API+PFI) – 48% Top five products (Paracetamol, Ibuprofen, Metformin, Methocarbamol, Guaifenesin) contributed 84% to FY21 revenues


Upgrade from HOLD to BUY on 1) focus on backward integration, expected normalisation in RM/freight inflation, 2) initiatives like passing on price hike to customers, 3) compelling risk-reward matrix based on FY24E earnings Valued at Rs 360 i.e. 14x P/E on FY24E EPS of Rs 25.8

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At 15:23 hrs Granules India was quoting at Rs 306.40, down Rs 7.15, or 2.28 percent.

It has touched an intraday high of Rs 311.70 and an intraday low of Rs 305.65.

It was trading with volumes of 59,265 shares, compared to its thirty day average of 120,829 shares, a decrease of -50.95 percent.

In the previous trading session, the share closed up 0.67 percent or Rs 2.10 at Rs 313.55.

The share touched its 52-week high Rs 404.50 and 52-week low Rs 285.80 on 04 August, 2021 and 15 November, 2021, respectively.

Currently, it is trading 24.25 percent below its 52-week high and 7.21 percent above its 52-week low.

Market capitalisation stands at Rs 7,598.90 crore.


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