NSE: TORNTPHARM · BSE: 500420
TORRENT PHARMACEUTICALS L
Manufactures and sells pharmaceutical formulations including Semaglutide products sold under the Semalix brand (injection pens in 2mg, 4mg, and 8mg doses, plus oral tablets), some of which are sourced from third-party manufacturers such as Dr. Reddy's Laboratories and MSN Labs. The business operates across India, the US, and Brazil, and the merger of J.B. Chemicals & Pharmaceuticals into the company became effective on 8 July 2026 with an appointed date of 21 January 2026. In Q1 FY27, the India business grew 19% year-on-year, the US business 36%, and Brazil 27%. For FY26, employee expenses were 19.1% of revenue, other operating expenses 24.0%, raw materials 12.6%, and depreciation 8.0%. Capital expenditure ran at 4.8% of FY26 revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. India business, US business, Brazil business. Multi-geography pharmaceutical formulations business with recent inorganic expansion via JB Chemicals merger
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 8,508 | 9,620 | 10,728 | 11,516 | 13,980 |
| EBITDA (ex other income) | 1,946 | 2,842 | 3,456 | 3,697 | 4,470 |
| margin % | 22.9 | 29.5 | 32.2 | 32.1 | 32.0 |
| Owners' profit | 777 | 1,245 | 1,656 | 1,911 | 2,163 |
| EPS, as reported (₹) | 45.93 | 36.79 | 48.94 | 56.47 | 63.92 |
| ROE % · ROCE % | 13.1 · 17.1 | 20.1 · 22.8 | 24.2 · 28.1 | 25.2 · 28.5 | 12.2 · 9.1 |
| Debt / equity (x) | 0.68 | 0.85 | 0.57 | 0.40 | 0.84 |
| Cash from operations | 1,803 | 2,368 | 3,266 | 2,585 | 3,023 |
| Capex | (203) | (574) | (433) | (611) | (677) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,889 | 2,809 | 2,959 | 3,178 | 3,302 | 3,303 | 4,197 | 4,921 |
| Profit before tax | 661 | 691 | 665 | 738 | 791 | 814 | 529 | 733 |
| Net profit | 453 | 503 | 498 | 548 | 591 | 635 | 364 | 566 |
| EPS (₹) | 13.37 | 14.88 | 14.71 | 16.19 | 17.45 | 18.77 | 11.51 | 14.87 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,21,677 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,53,976 | 87.0 | 15.15 | 65.5 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L ◆ | 1,54,957 | 73.1 | 8.81 | 38.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| LAURUS LABS LIMITED | 1,17,877 | 107.7 | 21.70 | 65.6 | 16.4 | 17.2 | 7.2 | 32.0 |
| ZYDUS LIFESCIENCES LTD | 1,17,315 | 26.2 | 3.97 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| DR. REDDY S LABORATORIES | 1,11,506 | 34.5 | 2.92 | 14.9 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,10,320 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,02,829 | 50.3 | 6.21 | 28.3 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 73.1 | 30.8 | 132 of 158 | 17% |
| P/B | 8.8 | 3.1 | 143 of 163 | 12% |
| ROCE | 8.0 | 10.8 | 114 of 183 | 38% |
| ROE | 12.2 | 9.8 | 64 of 166 | 62% |
| Debt / Equity | 0.8 | 0.2 | 152 of 166 | 9% |
| EBITDA margin | 33.1 | 17.5 | 24 of 165 | 86% |
| Revenue growth | 54.9 | 16.3 | 18 of 161 | 89% |
| Profit growth | 3.3 | 30.9 | 105 of 158 | 34% |
| Market cap | 154957 | 806 | 3 of 181 | 99% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Analyst call audio link posted for September 2026 results | investor communications | low | — | — |
| 23 Oct 2026 · Torrent Pharma approves September quarter and half-year results | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Q2 FY27 revenue rises 51%, but consolidated net profit falls 10% | results | high | — | — |
| 16 Oct 2026 · Torrent Pharma: Executive Director Amal Kelshikar resigns | management changes | medium | — | — |
| 9 Oct 2026 · Post Q2 FY26 results call with analysts on 23 October | board shareholder meetings | low | — | — |
| 7 Oct 2026 · Credit rating outlook revised from stable to positive at IND AA+ | credit debt | medium | — | — |
| 6 Oct 2026 · Board Meeting on Oct 23 to consider Q2 and H1 FY26 results | results | low | — | — |
| 28 Sept 2026 · Torrent Pharma hikes funding in captive solar-wind arm to INR 11.87 cr | strategic transactions | high | — | — |
| 28 Sept 2026 · Torrent Pharma trading window closes from Oct 1 for Q2 results | compliance | minimal | — | — |
| 10 Sept 2026 · Torrent Pharma to attend three investor forums in September 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.