Granules' Q4FY24 performance fell short of our expectations by 15.2%/10.6%/23.0%/36.2% on Revenue, Gross Profits, EBITDA and Net Income fronts, majorly due to far higher fall in APIs and PFI sales and stronger performance in FDFs than anticipated.Hence, we cut down our EPS estimates by 16.0% and 8.0%, for FY25E/FY26E, respectively