Torrent Pharmaceuticals Ltd. share price target

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Torrent Pharma’s (Torrent) Q2FY26 result was in line with our expectations. While Torrent continues to grow at a faster pace in India (+11.5%), its growth in the US (+15.9%) was driven by new launches like gEntresto; stability in currency has sustained its growth in Brazil (+20.9%).

Torrent Pharma (TRP) delivered in-line financial performance for the quarter. YoY growth improved in the US generics and LATAM markets, led by new product launches and steady market share gains in the base portfolio.

Revenue from the Indian market grew 10.8% YoY to Rs. 1,811cr, led by outperformance in focus therapies. The US market's revenue grew 18.9% YoY to Rs. 308cr, as recent launches achieved the targeted market shares. Market revenue from Brazil rose 11.2% YoY to Rs. 218cr, driven by top brands and the performance of...

Company’s India portfolio clocked a 13% CAGR in the past 5 years; its momentum is expected to continue led by the chronic portfolio and recent acquisition of JB Chemicals.

Torrent Pharma’s (Torrent) Q1FY26 results were slightly below our expectations. Addition of MRs and price hikes continue to fuel growth in India (+10.8% YoY).

Torrent Pharma's (TRP) Q1FY26 adjusted EBITDA was broadly in line with our estimates. Our FY26/ FY27E EBITDA broadly remain unchanged. TRP reported Rs 90bn (80% of total sales) worth of highly profitable branded formulation sales spread across India, Brazil and RoW markets. The acquisition of JB Chemicals & Pharma (JBCP) appears strategically compelling, making it the 5th largest player in the domestic pharma market. This will further be strengthening its position in high-margin chronic therapies and opens up many...

chronic therapies and opens up many newer therapeutic areas. The deal also adds JBCP's CDMO vertical, offering diversification and growth optionality. The acquisition is likely to be debt-funded requiring Rs 122bn to fund acquisition upfront. We see JBCP current OPM of 2728% to scale to 31-32% (similar to current TRP margins) via sourcing efficiencies, cost rationalization, and pricing actions on keys brands. Historically TRP have managed to integrate...

Torrent Pharma (Torrent) is acquiring 49.2% stake in JB Pharma from KKR (46.4%) and employees (2.8%) at INR 1,600/share (aggregate value of INR 119.2bn, to be funded through debt).

Torrent Pharma (TRP) is set to acquire a controlling stake in JB Chemicals and Pharmaceuticals (JBCP). The deal is at an equity valuation of INR256b (on a fully diluted basis).

Torrent Pharma's (TRP) Q4FY25 adjusted EBITDA was broadly in line with our estimates. Our FY26/ FY27E EBITDA stands reduced marginally by 1-3%. TRP reported Rs 80bn (75% of total sales) worth of highly profitable branded formulation sales spread across India, Brazil and RoW markets. Curatio acquisition has been scaling up well with sharp margin improvement since acquisition. We expect 15% EBITDA CAGR and 27% PAT CAGR over FY25-27E with healthy RoE of +30%. At CMP, stock is trading at 22x EV/EBITDA/35x P/E...

Torrent Pharma (TRP) delivered largely in line earnings in 3QFY25. The superior performance in domestic formulation (DF) was offset by currency headwinds in Brazil and zero insulin CMO sales.

Torrent’s revenue reached Rs. 2,889 crore, reflecting a 9% y-o-y increase and a 1% q-o-q rise, driven by growth in key geographies.

Torrent Pharma (TRP) delivered largely in-line 1QFY25. TRP posted robust 14.7% YoY growth in domestic formulation (DF) segment.