* Granules India held its Q2 FY'26 earnings conference call on November 13, 2025. * The company is in the final stages of remediation at its Gagillapur facility following the U.S. FDA inspection and warning letter and has been granted a meeting with the FDA in January 2026. * The Gagillapur site received a GMP certificate from German authorities and has been cleared by German and Danish authorities. * The U.S. FDA issued an Establishment Inspection Report for the GPI site in Chantilly, Virginia, and the API Unit 1 facility at Bonthapally received an EIR and was classified as VAI by the FDA. * The Greenfield GL S facility at Genome Valley, Hyderabad, received U.S. FDA approval for a product. * Q2 revenues were ₹12,970 million compared to ₹9,666 million in Q2 FY'25, a growth of 34%. * EBITDA for the quarter was ₹2,782 million, 21.5% of sales, compared to ₹2,033 million, 21% of sales in Q1 FY'25. * R&D expenses for the quarter were ₹705 million, 5.4% of sales. * Net debt stood at ₹10,241 million. * Ascelis Peptides is expected to turn profitable in Q4 FY'26. * Management expects a breakout and return to the growth track, driven by prescription supplies from the Genome Valley facility, growth from U.S. manufacturing, moving up the value chain in Europe, and normalization of operations at Gagillapur post-remediation.
