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Granules India Limited Earnings Presentation Q3FY26 23rd January 2026 Embracing Change. Shaping Tomorrow.
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Earnings Presentation – Q3FY26 Safe Harbour Statement The Presentation is to provide the general background information about the Company’s activities as at the date of the Presentation. The information contained herein is for general information purposes only and based on estimates and should not be considered as a recommendation that any investor should subscribe / purchase the company shares. The Company makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information contained herein. This presentation may include certain “forward looking statements”. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties which could cause actual outcomes and results to differ materially from these statements. Important factors that could cause actual results to differ materially from our expectations include, amongst others general economic and business conditions in India, ability to successfully implement our strategy, our research and development efforts, our growth and expansion plans and technological changes, changes in the value of the Rupee and other currencies, changes in the Indian and international interest rates, change in laws and regulations that apply to the Indian and global pharmaceuticals industries, increasing competition, changes in political conditions in India or any other country and changes in the foreign exchange control regulations in India. Neither the company, nor its directors and any of the affiliates or employee have any obligation to update or otherwise revise any forward-looking statements. The readers may use their own judgment and are advised to make their own calculations before deciding on any matter based on the information given herein. No part of this presentation may be reproduced, quoted or circulated without prior written approval from Granules India Limited.
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Earnings Presentation – Q3FY26 Q3FY26: Table of Contents 4 Granules at Glance 1 Q3 Quarterly Performance 2 Historical Performance 3 R&D Capability 5 Portfolio Expansion 6 Business Strategy 7 Granules sustainability CSR Initiatives8
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Earnings Presentation – Q3FY26 Quarterly Performance Q3 FY 26
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Earnings Presentation – Q3FY26 Q3FY26: Executive Summary Financial Overview ▪ Sales: YoY revenue growth of 22% and QoQ growth of 7% ▪ EBITDA: YoY EBITDA increase by 196 bps (22.2% from 20.2%) and QoQ by 75 bps (22.2% from 21.5%) despite EBITDA loss of ₹248 Mn from Ascelis Peptides in Q3FY26 Ratio’s, Cashflow And CAPEX ▪ ROCE: 16.8% increased from 16.2% in Q2FY26 with the improvement of EBIT ▪ Cash from operations : Cash flow from operations of ₹2,187 Mn as compared to ₹1,937 Mn in Q2FY26 ▪ CAPEX: ₹1,298 Mn as compared to ₹2,112 Mn in Q2FY26 R&D ▪ R&D expenses stood at ₹689 Mn (5.0% of sales) in Q3 FY26 as compared to ₹705 Mn (5.4% of sales) in Q2 FY26. Inline with our long-term strategic growth. ▪ Regulatory milestones: 94* approvals till date across the regions. Tentative approval received for Amphetamine ER (Adzenys) ANDA in Q3FY26 Key Updates ▪ Market Share % Rank #1 in 9/35 (25%) of US portfolio; Top-3 in 18/35 (50%) of US portfolio^ ▪ ANVISA Brazil GMP certificate received for Gagillapur site ▪ Granules has achieved highest “A” rating in climate change from “B” in 2024 from CDP ▪ ICRA upgraded credit rating from AA- to AA. Ind rating reaffirmed AA- positive outlook ▪ Granules India’s Packaging Facility in US Completes FDA inspection with Zero Observations *including 2 tentative approval ^Basis IQVIA MAT Nov’25
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Earnings Presentation – Q3FY26 Q3FY26: Financial Overview (In ₹ Mn) Particular Q3 FY26 Q2 FY26 Q-o-Q Q3 FY25 Y-o-Y Revenue 13,879 12,970 7% 11,377 22% Gross Margin 8,864 8,520 4% 7,020 26% % of Gross Margin 63.9% 65.7% 183 bps 61.7% 216 bps Manpower Cost 2,260 2,192 3% 1,676 35% R&D 689 705 -2% 568 21% Other Expenses 2,834 2,841 0% 2,472 15% EBITDA 3,081 2,782 11% 2,303 34% % of EBITDA 22.2% 21.5% 75 bps 20.2% 196 bps PBT 2,022 1,759 15% 1,528 32% PAT 1,502 1,306 15% 1,176 28% % of PAT 10.8% 10.1% 75 bps 10.3% 49 bps
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Earnings Presentation – Q3FY26 Q3FY26: Key Financials Revenue YoY revenue growth was driven by the Finished Dosage (FD) segment in North America and Europe. QoQ revenue growth was led by higher sales in Europe. Gross Margin YoY Gross Margin expansion of 216 bps was due to a better product mix within the Finished Dosage segment EBITDA EBITDA growth was supported by improved sales and margins, partially offset by an EBITDA loss of ₹248 Mn from Ascelis Peptides. Revenue Gross Margin EBITDA PAT (In ₹ Mn) 11,377 12,970 13,879 Q3 FY25 Q2 FY26 Q3 FY26 7,020 8,520 8,864 61.7% 65.7% 63.9% Q3 FY25 Q2 FY26 Q3 FY26 2,303 2,782 3,081 20.2% 21.5% 22.2% Q3 FY25 Q2 FY26 Q3 FY26 1,176 1,306 1,502 10.3% 10.1% 10.8% Q3 FY25 Q2 FY26 Q3 FY26
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Earnings Presentation – Q3FY26 Q3FY26 : Revenue spilt by Segments and Market Q3 FY26 Q3 FY25 10,557 8,674FD Y-o-Y Gr% 22% Q3 FY26 Q3 FY25 10,026 8,808North America 2,344 1,016Europe 1,509 1,552ROW Y-o-Y Gr% 14% 131% (3%) Division wise share (In ₹ Mn) 1,515 1,393API 1,481 1,309PFI 9% 13% Q2 FY26 Q-o-Q Gr% 9% 1,705 1,331 (11%) 11% Q2 FY26 Q-o-Q Gr% 1% 53% 9,657 327Peptides / CDMO 9,882 1,528 1,559 (3%) 276 19% Region wise share 11% 11% 76% 2% Q3FY26 API PFI FD Peptide/CDMO 12% 12% 76% Q3FY25 API PFI FD 13% 10% 74% 2% Q2FY26 API PFI FD Peptide/CDMO • The share of Finished dosages continues to grow across the quarters. • The increase in contribution of sales from Europe was due to increased sales from existing customers and launch of new products. Sales from Ascelis also contributed to the increased numbers. 72% 76% 77% 17% 12% 9% 11% 12% 14% Q3FY26 Q2FY26 Q3FY25 ROW Europe North America
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Earnings Presentation – Q3FY26 Granules’ Finished Dosage Portfolio Segmentation: Definitions Segment Definition Integrated Gx Products where API is key; API forward integrated to value added PFIs and FDs (mid to high volume) Value proposition: Backward integration/ Strategic tie ups Supply chain security and cost competitiveness Complex Gx Products with high entry barriers due to various reasons; • Complexity in formulation development and manufacturing • Complexity in API development • Complexity in IP/ BE strategy • Complexity in Compliance • Complexity in route of administration or drug-device combination Others Products that are time based/ opportunity products with an inherent capability of falling into the integrated basket.
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Earnings Presentation – Q3FY26 Q3FY26 : FD Revenue Spilt by Portfolio Segments 76% 11% 11% 2% Q3FY26 FD API PFI Peptide/CDMO 76% 12% 12% Q3FY25 FD API PFI 74% 13% 10% 2% Q2FY26 FD API PFI Peptide/CDMO 47% 49% 3% Others Complex Generics Integrated Generics 68% 27% 5% Others Complex Generics Integrated Generics56% 40% 3% Others Complex Generics Integrated Generics FD Revenue Split YoY expansion in complex portfolio contribution, driven by scale-up of ADHD portfolio in US
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Earnings Presentation – Q3FY26 Q3FY26: Cashflow and Ratios ROCE % Fixed Asset Turn Net Debt and Net Debt/ EBITDA CCC days and NWC% to sales Cash Flow from Operations CAPEX (In ₹ Mn) 16.4% 16.2% 16.8% Q3 FY25 Q2 FY26 Q3 FY26 1.56 1.46 1.44 Q3 FY25 Q2 FY26 Q3 FY26 8,289 10,241 10,151 0.90 0.98 0.91 Q3 FY25 Q2 FY26 Q3 FY26 1,315 1,937 2,187 Q3 FY25 Q2 FY26 Q3 FY26 1,335 2,112 1,298 Q3 FY25 Q2 FY26 Q3 FY26 213 204 202 36% 27% 27% 10% 20% 30% 40% 50% 100 120 140 160 180 200 220 Q3FY25 Q2FY26 Q3FY26 CCC Days NWC% to Sales
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Earnings Presentation – Q3FY26 Quarterly Historical Performance
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Earnings Presentation – Q3FY26 15% 12% 12% 13% 13% 11% 8% 12% 10% 10% 10% 11% 77% 76% 77% 74% 74% 76% 2% 2% 2% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 API PFI FD CDMO Sales and Profitability: Last 6 quarters historical performance Revenue Gross Margin and % R&D and % to sales EBITDA and EBITDA % PAT and PAT % (In ₹ Mn) 9,666 11,377 11,974 12,101 12,970 13,880 5,994 7,020 7,591 7,850 8,520 8,864 62% 62% 63% 65% 66% 64% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 972 1,176 1,520 1,126 1,306 1,502 10.1% 10.3% 12.7% 9.3% 10.1% 10.8% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 524 568 665 678 705 689 5.4% 5.0% 5.5% 5.6% 5.4% 5.0% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 2,033 2,303 2,524 2,467 2,782 3,081 21.0% 20.2% 21.1% 20.4% 21.5% 22.2% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26
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Earnings Presentation – Q3FY26 Cashflow and Ratios: Last 6 quarters historical performance 14 ROCE% Asset turns CCC days and NWC% to sales Operating Cashflow Net debt and Net debt/EBITDA Capex (In ₹ Mn) 16.9% 16.4% 16.6% 16.0% 16.2% 16.8% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 1.56 1.56 1.54 1.43 1.46 1.44 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 7,973 8,289 7,061 9,480 10,241 10,151 0.86 0.90 0.75 0.96 0.98 0.91 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Net Debt Net Debt/EBITDA 2,007 1,315 3,183 2,806 1,937 2,187 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 1,324 1,335 1,598 1,137 2,112 1,298 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 213 213 202 205 204 202 36% 36% 33% 28% 27% 27% 10% 20% 30% 40% 50% 100 120 140 160 180 200 220 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 CCC Days NWC% to Sales
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Earnings Presentation – Q3FY26 R&D Capability
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Earnings Presentation – Q3FY26 R&D: Product pipeline and capability building Dossier Filing Status Approved Tentatively Approved Filed Total Products GPI IP USA 31 1 4 36 GIL IP USA 36 1 15 52 Europe 8 0 10 18 Canada 7 0 0 7 ROW 8 0 7 15 UK 2 0 0 2 Total 92 2 36 130 Genome Valley – MN Park R&D facility for Integrated Product Development ▪ Fast tracking product development through seamless coordination & shared analytical resource Integrated Product Development Pragathi Nagar R&D ▪ CoE for CII API Development ▪ Select KSMs GPI R&D ▪ CII Finished Dosage ▪ Complex technologies FD Controlled Substances Bio Lab at Pragathi Nagar ▪ Enzyme & Fermentation Pune R&D ▪ New technologies ▪ KSM & Backward Integration New Technologies Senn Chemical AG, Switzerland Ascelis Peptides Lab in IIT Hyderabad Peptides CDMO ✓ R&D expenses for Q3FY26 Rs.689 Mn (5.0% of Sales) to support long term strategic growth ✓ Total of ~427 scientist across API, FD R&D and Peptides ✓ Received 94 dossier approvals till Q3FY26 ✓ Filed 100+ DMF globally ✓ Robust integrated pipeline in the areas of focus Market Filed DMFs US DMF 43 EU CEP 21 EU ASMF 9 Canada 5 Brazil 5 Korea 12 Japan 2 China 7 Total 104
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Earnings Presentation – Q3FY26 Portfolio Expansion: On Strength Of Focused R&D Investments & Leveraging Our Core Capabilities Core Products Complex Gx Integrated Gx • Controlled substances • Complex Formulation (MUPS) • Complex API development • Complex BE / IP strategy Complex Genercis Backward integrated products for supply security and cost competitiveness Integrated Generics Integrated Generics – Legacy Molecules Legacy Molecules Legacy Molecules New Dosage Forms Oncology Products Innovation/ Tech based products (Enzyme/ Cont. manufacturing) Peptides/ CDMO Legacy Molecules Complex Gx Small molecule Onco Product pipeline including Day 1/ Day 181 opportunities, such as JAK inhibitor Onco Products Non-Oral Solids products such as Liquids and Nasal Sprays New Dosage Forms Leveraging Enzyme and Cont. manufacturing platforms for Diabetes (gliptins/ gliflozins etc) and other categories Innovation based products Our Legacy was our core portfolio Current Portfolio Future Portfolio Legacy Molecules Peptides/ CDMO
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Earnings Presentation – Q3FY26 Portfolio Transformation: Scaling from Integrated to Complex Gx 55 13 53 20 22 3 130 36 Filed Dossiers Awaiting Approval Filed Dossiers Segmentation Integrated Gx Complex Gx Others 5 10 4 6 7 2 3 2 8 4 12 3 2 1 10 13 12 10 19 5 FY21 FY22 FY23 FY24 FY25 9MFY26 Dossier Filing Trend Integrated Gx Complex Gx Others
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Earnings Presentation – Q3FY26 Granules at a glance
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Earnings Presentation – Q3FY26 Granules Purpose, Vision & Values
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Earnings Presentation – Q3FY26 2025 An Illustrious Journey Spanning Four Decades Building A World Class, Vertically Integrated Pharmaceutical Manufacturing Platform From being a paracetamol API manufacturing facility to a multi-faceted global pharmaceutical company, we have consistently achieved manufacturing success, set new standards of quality and expanded our presence across the world. 2024 2023 2021 Largest single manufacturing site for Multi-Unit Pellet system facility 2016 2014 2013 2008 2003 1990 1984 Triton Laboratories was formed to produce Paracetamol API at our Bonthapally facility in Hyderabad Acquired Auctus Pharma - An API Manufacturing Facility with regulatory approvals Granules opened its second manufacturing facility at Jeedimetla to produce multiple APIs A new large volume PFI facility in Gagillapur and a wholly owned subsidiary - Granules USA for marketing in the US Entry into the Finished Dosage segment Sets up a wholly owned subsidiary in the US; Granules Pharmaceutical to focus on formulation R&D to forward integrate its APIs Laid foundation for Oncology OSD Plant in Visakhapatnam GPAK is a 79,000 sq. ft. packaging facility with 4 packaging suites & WH facility Granules Life sciences (GLS) a Formulation facility CDMO specializing in Peptide development and manufacturing
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Earnings Presentation – Q3FY26 Manufacturing Network & Capacity Bonthapally API: 34,560 TPA Jeedimetla API: 4,800 TPA PFI: 1,440 TPA Vizag (Unit 4) API: 380 KL PA Vizag (Unit 5) API: 15 KL PA FD: 1.1 Bn Gagillapur FD: 26.8 Bn PFI: 23,200 TPA Bonthapally II API (Intermediate): 61.5 KL PA GPAK, USA 2 OTC lines 1 Rx line Virginia, USA FD: 2 Bn Genome Valley FD: 10Bn dosages Senn Chemicals AG, Switzerland Peptides CDMO
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Earnings Presentation – Q3FY26 Sustainability at Granules : Pioneering Innovation for Complete Supply Chain Decarbonization of Pharmaceuticals Partner Collaboration Platforms 23 % Scope1 and Scope2 Intensity* *Over base year 80 % Haz. Waste generated sent for Co-processing 69 % Share of Renewable Energy of Electricity # Including PPA & I-RECS # 32 % Scope1 and Scope2 Absolute Reduction* *Over base year ESG RATINGS CCC BBB A AA AAAB BB MSCI BB Near-term, Long-term, and Net Zero targets (2050 or sooner), aligned to 1.5 °C pathway, have been validated and approved by SBTi A 44 % Of Wastewater generated is recycled Climate Change | A Water Security | B Forests | B- As of 9 January 2026 Member Q3 Updated
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Earnings Presentation – Q3FY26 Our CSR Journey : Empowering Communities, Enriching Lives OUR GOAL Touch 1 Million Lives by 2030 OUR PROGRESS 1,00,000 + Lives Positively Impacted FOCUS AREAS Education 1000+ Students are benefitting through Vidya Volunteers, Educational support through NGO partners Skill Development 1600 + trained through Pharma Pathashala since inception in 2017 with 250+ in current year Health 15000 + Benefitted through Breast Cancer Screening Camps, Eye Screenings to school children Environment & Biodiversity 18,000 + Native trees have been planted. 1,00,000 + Participants in Fourth Edition of Granules Green Heartfulness Run
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Corporate address: 15th Floor, Granules Tower, Botanical Garden road, Kondapur, Hyderabad - 500084 CIN: L24110TG1991PLC012471 Voice: +91 40 69043500 www.granulesindia.com 532482 GRANULES GRAN:IN GRAN:NS For investor relation – Granules IR desk Email: investorrelations@granulesindia.com www.granulesindia.com Ms. Payal Dave payal.dave@linkintime.co.in Mr. Irfan Raeen +91 97737 78669 Irfan.raeen@linkintime.co.in www.orientcap.com