External broker reports(aggregated public sources), Sharekhan

Sharekhan

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Sharekhan's research report onGranules India Our interaction with the CFO showed that the company is focusing on value-added products to increase its EBITDA Margins to 22%.</li><li>Granules is shifting its focus from an API company to a formulations company and intends to increase its formulation contribution from 65% to 70% in the next two years.</li><li>Granules is also setting up a pilot project for DCDA, which is expected to be completed by 4QFY24E, and PAP at the Vizag plant, which will be completed by FY25E under the project CZERO.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Sharekhan's research report onGranules India Our interaction with the CFO showed that the company is focusing on value-added products to increase its EBITDA Margins to 22%.Granules is shifting its focus from an API company to a formulations company and intends to increase its formulation contribution from 65% to 70% in the next two years.Granules is also setting up a pilot project for DCDA, which is expected to be completed by 4QFY24E, and PAP at the Vizag plant, which will be completed by FY25E under the project CZERO.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Granules India Ltd- - Increased Focus on Value-Added Products to Drive Margins