Granules India Ltd. — Earnings Release 2026

Jan 23, 2026

CHAITANYA

TUMMALA

Digitally signed by CHAITANYA TUMMALA Date: 2026.01.23 17:10:11 +05'30'

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Embracing Change.
Shaping Tomorrow.
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Granules India Limited Earnings Presentation Q3FY26

23[rd] January 2026

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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.

Earnings Presentation – Q3FY26

Q3FY26: Table of Contents

1 5 Q3 Quarterly Performance Portfolio Expansion 2 Historical Performance 6 Business Strategy 3 R&D Capability 7 Granules sustainability 4 Granules at Glance 8 CSR Initiatives

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1
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Earnings Presentation – Q3FY26

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Quarterly Performance Q3 FY 26

Earnings Presentation – Q3FY26

Q3FY26: Executive Summar y

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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

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R&D
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• 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

• Market Share % Rank #1 in 9/35 (25%) of US portfolio; Top-3 in 18/35 (50%) of US portfolio^

Key Updates

• 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

Earnings Presentation – Q3FY26

(In ₹ Mn)

Q3FY26: Financial Overview

Particular Q3 FY26 Q2 FY26 Q-o-Q Q3 FY25 Y-o-Y	Particular Q3 FY26 Q2 FY26 Q-o-Q Q3 FY25 Y-o-Y	Particular Q3 FY26 Q2 FY26 Q-o-Q Q3 FY25 Y-o-Y	Particular Q3 FY26 Q2 FY26 Q-o-Q Q3 FY25 Y-o-Y	Particular Q3 FY26 Q2 FY26 Q-o-Q Q3 FY25 Y-o-Y	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

Earnings Presentation – Q3FY26

Q3FY26: Ke Financials y

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Revenue
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13,879
12,970
11,377
Q3 FY25 Q2 FY26 Q3 FY26
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EBITDA
3,081
2,782
2,303
Q3 FY25 Q2 FY26 Q3 FY26
20.2% 21.5% 22.2%
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Gross Margin
8,864
8,520
7,020
Q3 FY25 Q2 FY26 Q3 FY26
65.7%
63.9%
61.7%
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PAT
1,502
1,306
1,176
Q3 FY25 Q2 FY26 Q3 FY26
10.3% 10.1% 10.8%
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(In ₹ Mn)

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.

Earnings Presentation – Q3FY26

(In ₹ Mn)

Q3FY26 : Revenue spilt by Segments and Market

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Division wise share Region wise share
Q3FY26
Q2FY26 Q3FY25
2% 2% 11% 12% 14%
17% 12% 9%
11% 13% 12%
ROW
11% 10% 12%
Europe
North America
72% 76% 77%
74% 76%
76%
API PFI FD Peptide/CDMO API PFI FD Peptide/CDMO API PFI FD Q3FY26 Q2FY26 Q3FY25
Q3 FY26 Q2 FY26 Q-o-Q Gr% Q3 FY25
Q3 FY26 Q2 FY26 Q-o-Q Gr% Q3 FY25 Y-o-Y Gr%
North America 10,026 9,882 1% 8,808 14%
FD 10,557 9,657 9% 8,674 22%
Europe 2,344 1,528 53% 1,016 131%
API 1,515 1,705 (11%) 1,393 9%
PFI 1,481 1,331 11% 1,309 13% ROW 1,509 1,559 (3%) 1,552 (3%)
Peptides 327 276 19% • The share of Finished dosages continues to grow across the quarters.
/ CDMO
•
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.
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Q3 FY26 Q2 FY26 Q-o-Q Gr% Q3 FY25 Y-o-Y Gr%
North America 10,026 9,882 1% 8,808 14%
Europe 2,344 1,528 53% 1,016 131%
ROW 1,509 1,559 (3%) 1,552 (3%)
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Earnings Presentation – Q3FY26

Granules’ Finished Dosage Portfolio Segmentation: Definitions

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Segment Definition	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.

Earnings Presentation – Q3FY26

Q3FY26 : FD Revenue Spilt by Portfolio Segments

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Q3FY26 Q2FY26 Q3FY25
2%
2%
10% 12%
11%
FD
FD FD
13% API 12%
11% API API
PFI
PFI PFI
Peptide/CDMO
Peptide/CDMO
74%
76%
76%
3% 3% 5%
27%
FD Revenue 49% Others 40% Others Others
Split
Complex Complex Complex
Generics Generics Generics
YoY expansion in
complex portfolio Integrated Integrated Integrated
contribution, driven by Generics 56% Generics 68% Generics
scale-up of ADHD 47%
portfolio in US
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Earnings Presentation – Q3FY26

Q3FY26: Cashflow and Ratios

(In ₹ Mn)

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Net Debt and Net Debt/
ROCE % Fixed Asset Turn
EBITDA
16.4% 16.2% 16.8%
10,241 10,151
1.56
8,289
1.46 1.44
0.90 0.98 0.91
Q3 FY25 Q2 FY26 Q3 FY26
Q3 FY25 Q2 FY26 Q3 FY26
Q3 FY25 Q2 FY26 Q3 FY26
CCC days and NWC% to Cash Flow from CAPEX
sales Operations
220 213 50%
204 202 2,187 2,112
200 1,937
36% 40%
180
1,335 1,298
1,315
160 27% 27% 30%
140
20%
120
100 10%
Q3FY25 Q2FY26 Q3FY26 Q3 FY25 Q2 FY26 Q3 FY26
Q3 FY25 Q2 FY26 Q3 FY26
CCC Days NWC% to Sales
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Earnings Presentation – Q3FY26

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Quarterly Historical Performance

Earnings Presentation – Q3FY26

(In ₹ Mn)

Sales and Profitabilit : Last 6 uarters historical erformance y q p

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Revenue
Gross Margin and %
8,864
9,666 11,377 11,974 12,101 12,970 13,880 8,520
7,850
7,591
2% 2% 2% 7,020
5,994
66%
65%
77% 76% 77% 74% 74% 76% 63% 64%
62% 62%
8% 12% 10% 10% 10% 11%
15% 12% 12% 13% 13% 11%
Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26
Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26
API PFI FD CDMO
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R&D and % to sales
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EBITDA and EBITDA %

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R&D and % to sales
678 705 689 3,081
665
2,782
568 2,524
2,467
524 2,303
22.2%
21.0%2,033 20.2% 21.1% 20.4% 21.5%
5.4% 5.5% 5.6% 5.4%
5.0% 5.0%
Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26
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PAT and PAT %

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1,520 1,502
1,306
1,176
1,126
972
12.7%
10.8%
10.1% 10.3% 10.1%
9.3%
Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26
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Earnings Presentation – Q3FY26

(In ₹ Mn)

Cashflow and Ratios: Last 6 quarters historical performance

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ROCE% Asset turns Net debt and Net debt/EBITDA
16.9% 16.4% 16.6% 16.0% 16.2% 16.8% 1.56 1.56 10,241 10,151
1.54 9,480
1.43 1.46 1.44 7,973 8,289 0.96 0.98
7,061
0.91
0.90
0.86
0.75
Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26
Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26
Net Debt Net Debt/EBITDA
CCC days and NWC% to sales Operating Cashflow Capex
220 213 213 50%
202 205 204 202 3,183 2,112
200 2,806
36% 36% 40% 1,598
180 33% 2,187
28% 2,007 1,937 1,324 1,335 1,298
1,137
160 27% 27% 30%
1,315
140
20%
120
100 10%
Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26
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CCC Days

NWC% to Sales

Earnings Presentation – Q3FY26

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R&D Capability

Earnings Presentation – Q3FY26

R&D: Product i eline and ca abilit buildin p p p y g

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Integrated Product Development

Peptides CDMO

• ✓ Total of ~427 scientist across API, FD R&D and Peptides

Genome Valley – MN Park

Senn Chemical AG, Switzerland

• R&D facility for Integrated Product Development

• ✓ Received 94 dossier approvals till Q3FY26 ✓ Filed 100+ DMF globally

• Fast tracking product development through seamless coordination & shared analytical resource

• Ascelis Peptides Lab in IIT Hyderabad

• ✓ Robust integrated pipeline in the areas of focus

New Technologies

Controlled Substances

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Pragathi Nagar R&D

• Bio Lab at Pragathi Nagar

• ▪ Enzyme & Fermentation

✓ R&D expenses for Q3FY26 Rs.689 Mn ( 5.0% of Sales ) to support long term strategic growth

• CoE for CII API Development

• ▪ Select KSMs

• GPI R&D

• ▪ CII Finished Dosage ▪ Complex technologies FD

• Pune R&D

• ▪ New technologies ▪ KSM & Backward Integration

Dossier Filing Status	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

Market	Filed DMFs
US DMF	43
EU CEP	21
EU ASMF	9
Canada	5
Brazil	5
Korea	12
Japan	2
China	7
Total	104

Earnings Presentation – Q3FY26

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Portfolio Expansion: On Strength Of Focused R&D Investments & Leveraging Our Core Capabilities

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Future Portfolio
Innovation/ Tech
based products
(Enzyme/ Cont. Peptides/
manufacturing) CDMO
Legacy
Molecules
Complex Gx
New
Dosage Forms
Oncology
Products
Innovation New Dosage
Onco Products
based products Forms
Small molecule Onco Leveraging Enzyme and Non-Oral Solids
Product pipeline Cont. manufacturing products such as
including Day 1/ Day platforms for Diabetes Liquids and Nasal
181 opportunities, (gliptins/ gliflozins etc) Sprays
such as JAK inhibitor and other categories
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Current Portfolio
Our Legacy was
our core portfolio
Complex Legacy Core Products Integrated
Gx Molecules Gx
Legacy
Molecules
Peptides/
CDMO
Legacy Complex Integrated
Molecules Genercis Generics
• Controlled substances
• Complex Formulation Backward integrated
Integrated Generics – (MUPS) products for supply
Legacy Molecules • Complex API security and cost
development competitiveness
• Complex BE / IP strategy
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Earnings Presentation – Q3FY26

Portfolio Transformation: Scaling from Integrated to Complex Gx

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Filed Dossiers Segmentation Dossier Filing Trend
Integrated Gx Complex Gx Others
Integrated Gx Complex Gx Others
19
130
22
13
12 12
1
10 2 10
53
2
8 4
3
5
36
10
3
55 7 3
20 6
5
4
13 2
Filed Dossiers Awaiting Approval FY21 FY22 FY23 FY24 FY25 9MFY26
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Earnings Presentation – Q3FY26

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Granules at a glance

Earnings Presentation – Q3FY26

Granules Purpose, Vision & Values

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Earnings Presentation – Q3FY26

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.

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Triton Laboratories was formed to produce Paracetamol API at our Bonthapally facility in Hyderabad

A new large volume PFI facility in Gagillapur and a wholly owned subsidiary - Granules USA for marketing in the US

Acquired Auctus Pharma - An API Manufacturing Facility with regulatory approvals

GPAK is a 79,000 sq. ft. packaging facility with 4 packaging suites & WH facility

Laid foundation for Oncology OSD Plant in Visakhapatnam

CDMO specializing in Peptide development and manufacturing

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Hyderabad marketing in the US
1984 1990 2003 2008 2013 2014 2016
Sets up a wholly owned subsidiary in the
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2021 2023 2024 2025
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Sets up a wholly owned subsidiary in the US; Granules Pharmaceutical to focus on formulation R&D to forward integrate its APIs

Granules opened its second manufacturing facility at Jeedimetla to produce multiple APIs

Largest single manufacturing site for Multi-Unit Pellet system facility

Entry into the Finished Dosage segment

Granules Life sciences (GLS) a Formulation facility

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Earnings Presentation – Q3FY26

Manufacturing Network & Capacity

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Bonthapally Jeedimetla Bonthapally II
API: 4,800 TPA API (Intermediate):
API: 34,560 TPA
PFI: 1,440 TPA 61.5 KL PA
Gagillapur Virginia, USA GPAK, USA
FD: 26.8 Bn 2 OTC lines
FD: 2 Bn
PFI: 23,200 TPA 1 Rx line
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Vizag (Unit 4)
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API: 380 KL PA
Genome Valley
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FD: 10Bn dosages
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Vizag (Unit 5)
API: 15 KL PA
FD: 1.1 Bn
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

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Near-term, Long-term, and Net Zero targets (2050 or sooner), aligned to 1.5°C pathway, have been validated and approved by SBTi

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BB
MSCI
ESG RATINGS
CCC B BB BBB A AA AAA
As of 9 January 2026
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Climate Change | A
Water Security | B
Forests | B-
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A
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Member
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Partner Collaboration Platforms

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23 %

Scope1 and Scope2 Intensity*

*Over base year

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32 %
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Scope1 and Scope2 Absolute Reduction*

*Over base year

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69 %
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Share of Renewable Energy of Electricity[#] Including PPA & I-RECS[#]

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80 %
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Haz. Waste generated sent for Co-processing

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44 %

Of Wastewater generated is recycled

Earnings Presentation – Q3FY26

Q3 Updated

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Our CSR Journey : Empowering Communities, Enriching Lives

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OUR PROGRESS 1,00,000 + Lives Positively Impacted

OUR GOAL Touch 1 Million Lives by 2030

FOCUS AREAS

Skill Development 1600 +

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trained through Pharma Pathashala since inception in 2017 with 250+ in current year

Health 15000 +

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Benefitted through Breast Cancer Screening Camps, Eye Screenings to school children

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Education 1000+

Students are benefitting through Vidya Volunteers, Educational support through NGO partners

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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Earnings Presentation – Q3FY26

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 532482 Irfan.raeen@linkintime.co.in GRANULES www.orientcap.com GRAN:IN GRAN:NS Corporate address: 15[th] Floor, Granules Tower, Botanical Garden road, Kondapur, Hyderabad - 500084 CIN: L24110TG1991PLC012471

Voice: +91 40 69043500 www.granulesindia.com