GRANULES is expected to continue to see strong growth in FDFs with growth in new products; partially offset by continued weakness in APIs with higher channel inventory for Paracetamol APIs in regulated markets.We expect the company to clock in 14.0% and 33.3% CAGR rise in revenue and net income, respectively, over FY24-FY26E (vs. 13.4% and 30.2% CAGR rise seen over FY24-FY26E earlier).