Granules is a bulk drug and formulation company with strength in economically sized bulk drug manufacturing units which provide a cost advantage to its finished dosage offerings. The focus is on molecules of mass consumption viz. Paracetamol, Ibuprofen, Guaifenesin and Metformin; in which it has decent global market share. Over the next 2 years, the company will benefit from commissioning of expanded capacities particularly for oncology products. Steep fall in end product prices, US FDA inspection and high debt are key risks. Despite strong near term performance and good long term prospects, we have a neutral weight rating due to shortage and spike in key inputs which will impact FY22 financials – 12-05-2021 Price: 33770 Rating: Neutral Weight Recommendation: Hold
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