Webinar transcript: four growth engines, two sole first-to-file ANDAs, complex generics at 33% of FY26 revenue

Webinar transcript released.

Tue 6 Oct 2026

Complex Generics Revenue Share

Complex generics rose from 1% of FY20 revenue to 33% in FY26

First-to-File ANDAs Shared

Two sole first-to-file ANDAs shared

Combined US Market Size

combined US market size north of USD 350 million

Granules India has put on record the transcript of its webinar held on September 29, 2026, titled "Granules India 2.0 – Comprehensive Transformation Underway", where the Chairman and Managing Director and senior management spoke about the company's growth engines.

Four growth engines

• Controlled substances
• Complex generics and early market opportunities
• Oncology
• Peptide CDMO

Management said these are not four independent bets but are built on capabilities the company already possesses, giving it multiple avenues for growth across products, markets and timelines.

Where the business stands

• After nearly three years of relatively flat performance, the company returned to growth in FY26, which the CMD described as the beginning of a new growth cycle rather than a destination.
• The objective over the next three to four years is to translate past investments into a substantially larger business, with earnings growing faster as the portfolio becomes more differentiated and operating leverage develops, while maintaining financial discipline.

Portfolio and R&D shift

• Complex generics contribution rose from 1% of overall revenue in fiscal 20 to 33% of overall revenue in fiscal 26.
• As a percentage of overall finished dosages, complex generics were roughly 45 to 50% in fiscal 26.
• The company has already shared two sole first-to-file ANDAs.
• Generic Lumryz and Generic Dyanavel have a combined market size north of 350 million US dollars, just in the US, where the company would potentially have 180-day exclusivity.
• Another product has been shared which the company believes would be a sole FDF in the oncology category.
• A pipeline of four to five other first-to-files is expected to commercialise between fiscal 30 and 34.
• Management noted that timing and realisation depend on regulatory approvals, intellectual property outcomes and market conditions, and that individual successful launches hold potential to generate lumpy upsides.

Markets

• The US, currently about 75 percent of overall revenue, remains the anchor market.
• Going forward, the company aims to file between 10 and 15 products per year in the US.
• Its expanding portfolio is expected to take it into the specialty and institutional segments, with the first product expected to launch in Fiscal 29.
• A B2C division in Canada is to be launched next year.
• Europe and rest of world is primarily API and PFI-led; in Fiscal 30 the company intends to establish a meaningful presence across Latin America and other strategic international markets using a combination of B2B and B2C channels.

Pipeline timelines

• The controlled products pipeline extends through Fiscal 35.
• The oncology portfolio begins commercialisation in Fiscal 29 and extends through Fiscal 35.
• Oncology manufacturing infrastructure is in Vizag, with additional investments planned against development programs, regulatory milestones and commercial opportunities.

This is a management commentary transcript, so the growth engines, timelines and targets described are plans and expectations rather than reported results; the figures above are those management shared on the call.

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