It looks like there's a 9.00 bus that gets to Granada at 1.30, or one at 8.00 arriving at 1.00. (I looked at weekdays in early June). The train from Toledo takes about 1/2 hour. On weekdays the first ones to arrive in Madrid get in at 6.58, then 7.23, which leaves you time to get to the 8.00 bus. The next train arrives at 7.58 - good for the 9.00 bus. There's no later train that would work.
Note that this is NOT possible on weekends, since the first train doesn't leave Toledo until 9.25. The early trains are mostly for commuters.
If you are only spending one day in Toledo, it will be simpler to make it a day trip rather than schlepping your luggage plus the packing/unpacking, checking in/out hassle of changing hotels. And you aren't rushing in the morning. BTW if you are taking a morning train from Toledo, best to book in advance (they sell out) and be at the train station about 15 minutes beforehand to go through security.