HSIE Results Daily 25/05/2026: Torrent Pharma

Authored By Prime Research | Last Modified: May 25, 2026 02:33 PM IST

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India, Brazil growth intact; JB integration to start

EBITDA grew 38% YoY, with 42% YoY sales growth, led by integration of JB Chemicals. Underlying growth remains steady with strong India and Brazil performance.

The company expects continued momentum from chronic therapies, Semaglutide launches, and Brazil business growth. Torrent Pharma also completed acquisition of controlling stake in JB Chemical.

Q4 highlights: Sales grew 42% YoY to INR 41.97bn, led by JB integration and India/Brazil growth.
Torrent organic performance: Sales grew 16% YoY to INR 34.24bn, driven by India and Brazil business.
EBITDA performance: EBITDA grew 38% YoY to INR 13.5bn with EBITDA margin at 32.7%.
Key callaways: The company expects gradual improvement in Semaglutide market share and continued traction from chronic therapies.
Future outlook: Torrent expects steady growth in India, Brazil, Germany, and US business over FY27.

Quarterly Financial Summary

(INR mn)	4QFY26	4QFY25	YoY (%)	3QFY26	QoQ (%)	FY26	FY27E	FY28E
Net Revenue	41,970	29,590	42	33,030	27	1,39,800	1,96,304	2,19,770
EBITDA	13,560	9,810	38	10,880	25	45,590	64,388	73,843
APAT	4,344	5,287	(18)	6,779	(36)	24,643	26,561	33,284
EPS (INR)	12.8	15.6	(18)	20.0	(36)	69.6	78.5	98.3
P/E (x)							57.1	45.6
EV/EBITDA (x)							26.7	22.9
RoCE (%)	14						12	14

ADD

CMP (as on 22 May 2026)	INR 4,484
Target Price	INR 4,720
NIFTY	23,719

Key Changes

	OLD	NEW
Rating	ADD	ADD
Price Target	INR 4300	INR 4720
EPS %	(13.6)	(9.2)

Key Stock Data

Bloomberg code	TRP IN
No. of Shares (mn)	338
MCap (INR bn)	1,518
6m avg traded value (INR mn)	1,334
52 Week high / low	INR 4,556 / 3,102

Stock Performance (%)

	3M	6M	12M
Absolute (%)	5.8	21.7	39.7
Relative (%)	14.7	33.2	46.5

Shareholding Pattern (%)

	Dec-25	Mar-26
Promoters	68.31	68.31
FIs & Local MFs	9.05	8.96
FPIs	16.13	16.18
Public & Others	6.51	6.55
Pledged Shares	–	–

Source:

BSE
Source: Company, HSIE Research

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