TORNTPHARM
Large CapTorrent Pharmaceuticals Limited
Pharma
Torrent Pharmaceuticals Limited is an Indian pharma company with a significant presence in branded markets like India and Brazil, accounting for ~75% of revenues. It also operates in generic markets including the US and Germany. The company recently acquired a controlling stake in JB Pharma, aiming for integration and synergy realization.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 2/100PAT -27% YoY · margin compression · Rev +42% YoY · +27% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,197 Cr | +41.8% | +27.1% |
| EBITDA | ₹1,356 Cr | +40.7% | +24.6% |
| Operating margin | 32.0% | -100 bps | -100 bps |
| PAT | ₹364 Cr | -26.9% | -42.7% |
| PAT margin | 8.7% | -816 bps | -1055 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q3 FY26 revenues grew 18% YoY to INR 3,303 crores, with operating EBITDA up 19% YoY to INR 1,088 crores, achieving a 32.9% margin. India and Brazil branded businesses delivered strong double-digit growth, while US generics also saw robust expansion.
Torrent Pharma's core branded markets continue to deliver strong growth, outperforming market trends in India and Brazil. The JB Pharma acquisition offers significant synergy potential, though initial integration challenges are expected. Persistent supply issues in Germany and delayed GLP-1 launches in Brazil remain key concerns, requiring close monitoring.
Revenue by Market Type
Latest issuer-disclosed distribution across 2 reported categories.
India Branded Business
India revenue grew 14%, outperforming the IPM, with continued volume outperformance in chronic and sub-chronic therapies like Cardiac, Gastro, and Diabetes.
Brazil Branded Business
Brazil constant currency revenue grew 10%, outperforming the market. The company has a rich pipeline of 60 molecules awaiting ANVISA approval.
Curatio Business
Curatio business grew 27% in Q3 and YTD, driven by strong demand generation from OTC ad spends and field force expansion.
JB Pharma Acquisition Synergies
Expected INR 400-450 crores in cost synergies over the next 2-3 years from the JB Pharma acquisition, with 20% in the first year.
India Field Force Expansion
Field force strength increased to 6,900 from 6,800 last quarter, on track to close FY26 with over 7,000 and targeting 7,500 by end of FY27.
Robust Branded Market Demand
Healthy double-digit growth in India and Brazil, the two largest branded markets, indicates strong underlying demand.
Curatio Business Momentum
Strong demand generation from OTC ad spends and field force expansion is driving high growth in the Curatio business.
JB Pharma Cost Synergies
Management expects INR 400-450 crores in cost synergies from JB Pharma over 2-3 years, with initial benefits starting now.
Germany Supply Disruption
Germany business growth continues to be impacted by unresolved disruption at a third-party supplier, with no clear timeline for resolution.
Brazil GLP-1 Launch Delays
Semaglutide (Ozempic) launch in Brazil is behind schedule and now expected sometime in the next financial year due to regulatory timelines.
JB Pharma Integration Muted Q4
Q4 is expected to be 'a little bit muted' for JB Pharma's India and international businesses due to changes in business practices and process integration.
Regulatory Delays for New Launches
Brazil's ANVISA approval timelines for 60 molecules, especially Semaglutide, are uncertain, impacting launch schedules and revenue realization.
Third-Party Supplier Dependency
Germany's business is significantly affected by a third-party supplier's regulatory issues, and finding alternative suppliers is time-consuming (3-4 quarters).
Competitive Pricing in New Markets
Brazil's GLP-1 market could see 45-50% price erosion depending on the number and nature of competitors, impacting profitability.
JB Pharma Integration & Attrition
While attrition has been stable, the integration of JB Pharma involves changes in leadership and business practices, posing risks of disruption.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is primary for overall financial performance and segment growth, reflecting annual trends. QoQ is relevant for tracking sequential momentum in field force expansion and the immediate impact of the JB Pharma acquisition.
Domestic Formulations Growth (India)
India revenue grew 14%, outperforming the IPM growth of 10%. Volume growth was 5.5% vs. market's 1.2%, with price contributing 5.8% and new products 2.7%.
Brazil Branded Growth (Constant Currency)
Brazil constant currency revenue grew 10% YoY, with IQVIA data showing Torrent growing at 13% against a market growth of 7%.
US Generics Growth (Constant Currency)
US constant currency revenues grew 12% YoY to $36 million, driven by new launches and increased purchase volume on existing contracts.
Germany Generics Growth (Constant Currency)
Germany constant currency revenue declined 6% YoY, primarily due to continued disruption at a third-party supplier.
India Business Outperformance
Management expects India business to continue outperforming market growth, focusing on market share, field force productivity, and scaling Curatio.
JB Pharma Consolidation & Integration
JB Pharma will be consolidated line-by-line from January 21st. The merger application with NCLT will be filed soon, with integration expected in 6-9 months post-filing.
US Business Growth Target
Management is targeting to cross $200 million in annual US sales by FY27, based on launch plans, acknowledging it's not entirely in Torrent's hands.
Debt Repayment Post-Acquisition
Net debt to EBITDA is projected to be around 1-1.1x by FY28 and approximately 0.6x by FY29, with an average interest cost of 7.6%.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Germany Business Recovery | Constant currency revenue down 6% due to unresolved 3rd-party supplier issues. | Resolution of supplier's regulatory issues or successful transition of products to alternative suppliers/own facilities within the next 3-4 quarters. |
| Brazil GLP-1 Launch & Market Share | Ozempic generic launch delayed to next financial year; Wegovy generics further behind. | ANVISA approval and actual launch timing, competitive pricing environment, and initial market share capture in the GLP-1 segment. |
| JB Pharma Integration & Synergy Realization | 48.8% stake acquired, Q4 expected muted. INR 400-450 crores cost synergies targeted over 2-3 years. | Progress on NCLT merger, stabilization of JB's growth post-Q4, and clear evidence of cost synergy realization (20% in first year). |
| US Generics Annual Sales | Q3 constant currency sales at $36 million. Management targeting $200 million annually by FY27. | Consistent new product launches (5-7 per year) and sustained double-digit growth to achieve the $200 million annual sales target. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55NeutralSMA20 +8.9% / mo · near 52W high
Technical chart
TORNTPHARMdaily · 1Y+16.9%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 56.
- SMA20 rising (~4.3% over last month) — short-term momentum positive.
- RSI(14) at 56 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 5% off 52W high · 22% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Quality contributes 13/20 to the score.
- Cash flow contributes 6/10 to the score.
Main drags
- Fair-value margin of safety is negative at -55.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 5/15; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 79th percentile of the scored universe and 71st percentile within Pharma. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 68.3%. Key concern: Debt/equity is 1.79.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 71st pctile, median 70 · Large: 58th pctile, median 74
59 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 68.3%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.7%.
- ▸9 years of positive FCF.
Trust risks
- ▸Debt/equity is 1.79.
- ▸ROCE trend is -6.5%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 69.00
- P/B
- 18.04
- EV/EBITDA
- 29.30
- Market Cap
- 151328.00Cr
Profitability
- ROE
- 27.40%
- ROCE
- 15.20%
- ROA
- 4.90%
- Dividend Y
- 0.85%
Growth (CAGR)
- Revenue 5Y
- 12.00%
- EPS 5Y
- 12.00%
- Revenue 3Y
- 13.00%
- EPS 3Y
- 22.00%
Balance Sheet
- Debt/Equity
- 1.79
- Interest Coverage
- 11.84×
- Altman Z
- 3.58
- Book Value
- 248.00
Cash Flow
- FCF Yield
- 1.63%
- FCF Positive Y
- 9/5
- OCF
- 3023.00 Cr
- EPS TTM
- 63.92
Shareholding
- Promoter Hold
- 68.31%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 85%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.