HSIE Results Daily 25/05/2026: Torrent Pharma
By Prime Research | Published at: May 25, 2026 12:56 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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