ICICI Direct has given Buy recommendation for Granules India with a target price of Rs. 430 in its research report issued on Jul 29, 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. Revenues: Formulations – 52%, API (API+PFI) – 48% Top five products (Paracetamol, Ibuprofen, Metformin, Methocarbamol, Guaifenesin) contributed 84% to FY21 revenues

Outlook

We change our rating from HOLD to BUY due to better clarity and visibility We value Granules at Rs 430 i.e. 15x P/E on FY23E EPS

 

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