Torrent Pharmaceuticals Ltd(TORNTPHARM)

NSE: TORNTPHARMBSE: 500420

₹ 4,482-2.78%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1.70 L crWebsite: www.torrentpharma.comUpdated: 24 Oct 2026

About

Torrent Pharmaceuticals is an Indian branded-generic pharmaceutical company focused on chronic therapies such as cardiac, gastro and diabetes. It operates in India, the US, Germany, Brazil and other emerging markets. Its merger with JB Pharma was completed effective July 8, 2026, and consolidated FY26 revenue was ₹13,980 crores. As of Q1 FY27 its combined India field force was 9,400 MRs, and India Ratings and Research rates it IND AA+/Positive.^[1]

Revenue by geography

India: ₹7,645 cr in FY26 (+20% YoY), the largest segment; ₹2,215 cr in Q4 FY26 (+43% YoY).^[2]
US: ₹1,363 cr in FY26 (+24% YoY); ₹396 cr in Q4 FY26 (+31% YoY).^[2]
Brazil: ₹1,362 cr in FY26 (+24% YoY); ₹455 cr in Q4 FY26 (+30% YoY).^[2]
Germany: ₹1,249 cr in FY26 (+10% YoY); ₹333 cr in Q4 FY26 (+16% YoY).^[2]
Others (remaining markets): ₹2,361 cr in FY26 (+32% YoY); ₹798 cr in Q4 FY26 (+68% YoY).^[2]

Products and therapy areas

Main therapy areas as of FY25: cardiovascular, CNS, gastro-intestinal, diabetology, VMN, anti-infective and pain management.^[3]
More than 2,000 products were registered as of FY25.^[3]
As of Q1 FY27, 28 India brands were above INR 100 crores, and the top-10 brands grew 20%+.^[4]
Torrent in-licensed Vonoprazan from Takeda and Empagliflozin from Boehringer Ingelheim. In March 2025 it acquired Boehringer Ingelheim's Empagliflozin brands and their combinations.^[3]
After the patents expired, Torrent launched Sitagliptin and Linagliptin in India and reached No. 1 rank among generic players (FY25).^[3]
Curatio, the consumer health business, grew 34% in Q1 FY27 after 27% growth in Q3 FY26.^[4]

Manufacturing and regulatory status

As of FY25, Torrent had 8 manufacturing sites and a research centre, and capacity utilisation was 60%.^[3]
In FY25 the USFDA cleared the Indrad and Pithampur facilities, so all four plants that make products for the US market were FDA-cleared.^[3]
In FY25, EU authorities approved the Indrad, Dahej and Baddi plants for the next 3 years.^[3]
In FY25 the dedicated oncology facility in Gujarat received FDA approval, and Torrent launched its first oncology drug in the US.^[3]
As of FY25, Torrent had filed 1,279 patent applications in total and had been granted 689 patents.^[3]

Key operating numbers

In Q1 FY27 the India base business grew 19%, against IPM growth of 12%. Volume added 5.1%, price 7.7% and new products about 6%.^[4]
US constant currency revenue was $44 million in Q1 FY27, up 23% YoY. The 17 products launched over the last 30 months contribute about $20-25 million.^[4]
Germany constant currency revenue was EUR 29 million in Q1 FY27, down 9% YoY, after a key third-party supplier (10-15% of Germany revenues) went out of business.^[4]
Brazil constant currency revenue was BRL 147 million in Q1 FY27, up 3% YoY. Underlying secondary demand grew 19% per IQVIA, but one-time channel destocking held reported sales down.^[4]
JB Pharma's India Rx business grew 13% YoY in Q1 FY27, and its EBITDA margin reached 35.3%, an improvement of more than 6 percentage points.^[4]

Customers and distribution

The combined India field force was 9,400 MRs at the end of Q1 FY27 (Torrent 7,200 + JB 2,200), and combined PCPM was just over INR 10 lakhs.^[4]
JB field-force attrition fell to 16% in June 2026, from nearly 30% before the acquisition. The MR count is expected to fall to about 9,000 by Q2 FY27.^[4]
As of FY25, products were available in 72,000 outlets and more than 3,500 pharmacy chains.^[3]
As of FY25, Torrent sold in more than 50 countries, with a substantial presence in Brazil, Germany and the US. Exports were 41% of consolidated turnover and 30% of standalone turnover.^[3]
As of FY25, Torrent ranked No. 11 among Indian generic companies in the US.^[3]

Semaglutide franchise

Semaglutide (oral + injectable) held a 36% combined India market share in Q1 FY27 and a 94% oral market share in June 2026.^[4]
A supply issue at the injectable's manufacturing partner disrupted Q1 FY27 sales, which came to INR 50 crores against the INR 250 crore full-year target. All affected SKUs are expected back by end of August 2026 through an alternate source.^[4]
A generic Semaglutide (Ozempic equivalent) has been filed with ANVISA in Brazil. Brazil's ANVISA pipeline had 60 molecules as of Q3 FY26.^[4]

JB Pharma merger

Torrent bought a 46.39% controlling stake in JB Pharma on 21 January 2026, plus 2.41% from employees. The merger was legally completed effective 8 July 2026.^[4]
Year-1 cost synergies were already above INR 100 crores, against guidance of INR 90 crores. The total cost synergy target is INR 400-450 crores over 2-3 years.^[4]
Net debt/EBITDA was 2.07x in Q1 FY27. Management has said there will be no new large acquisitions for at least 12-18 months.^[4]

US pipeline and expansion

As of FY25, the US pipeline had 19 pending ANDA approvals and 17 products under development.^[3]
US ANDA filings were targeted at 4-5 in FY26, about 10 in FY27 and about 15 in FY28. The company is targeting $200 million of annual US revenue in FY27.^[5]
The US business is expected to be profitable in FY27, which the company describes as a first in the last five years.^[4]
Russia, Mexico and the Philippines are targeted as the next large markets, each to reach about $50 million over 3-4 years.^[6]
Torrent incorporated a subsidiary in Chile in FY25.^[3]

Recent developments

On 7 October 2026, India Ratings and Research affirmed Torrent at IND AA+, revised the outlook from Stable to Positive, and assigned IND A1+ to its commercial paper.^[7]
Aman Mehta became Managing Director from 1 August 2025.^[3]

Market Cap

₹1,70,481 Cr

High / Low

₹5,250 / 3,533

Stock P/E

69.5

Price / Book

18.1

Book Value

₹248

EPS

₹63.9

No. of Shares

33.84 Cr

ROCE

15.4%

ROE

27.1%

OPM

24.1%

Debt / Equity

1.76

Sales

₹13,980 Cr

Net Profit

₹2,138 Cr

Promoter holding

60.8%

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