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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