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Torrent Pharmaceuticals Q2 FY27 results: net profit down 9.6% to ₹534 crore, revenue up 50.8%
Torrent Pharmaceuticals Limited reported consolidated revenue of ₹4,979 crore in Q2 FY27, up 50.8% from ₹3,302 crore a year earlier, while net profit fell 9.6% to ₹534 crore from ₹591 crore. EBITDA rose 53.8% to ₹1,666 crore and the margin edged up to 33.5% from 32.8%, though higher depreciation, finance costs and other expenses limited the profit increase. Basic EPS was ₹14.05 against ₹17.45 in Q2 FY26.
Key points
- Consolidated revenue rose 50.8% to ₹4,979 crore in Q2 FY27 from ₹3,302 crore in Q2 FY26.
- EBITDA rose 53.8% to ₹1,666 crore, with the margin at 33.5% against 32.8% a year earlier.
- Net profit fell 9.6% to ₹534 crore and basic EPS declined to ₹14.05 from ₹17.45.
- Against Q1 FY27, revenue rose 1.2% to ₹4,979 crore while net profit fell 5.7% to ₹534 crore.
- For H1 FY27, revenue rose 52.8% to ₹9,900 crore while net profit fell 3.4% to ₹1,100 crore.
How did Torrent Pharmaceuticals perform in Q2 FY27?
Torrent Pharmaceuticals reported consolidated revenue of ₹4,979 crore for Q2 FY27, up 50.8% from ₹3,302 crore in Q2 FY26. Total income rose 51.7% to ₹4,969 crore from ₹3,275 crore, while EBITDA increased 53.8% to ₹1,666 crore from ₹1,083 crore. The EBITDA margin was 33.5% against 32.8% in the year-ago quarter, a rise of 0.7 percentage points.
Profit for the quarter was lower despite the higher revenue and EBITDA. Profit before tax fell 6.8% to ₹737 crore from ₹791 crore, and net profit declined 9.6% to ₹534 crore from ₹591 crore. Basic EPS was ₹14.05 against ₹17.45. The net profit margin was 10.7% against 17.9% a year earlier, down 7.2 percentage points.
Sequentially, revenue rose 1.2% from ₹4,921 crore in Q1 FY27 and EBITDA was nearly unchanged at ₹1,666 crore against ₹1,664 crore, with the margin at 33.5% against 33.8%. Net profit fell 5.7% to ₹534 crore from ₹566 crore, and basic EPS fell to ₹14.05 from ₹14.87. On the standalone basis, revenue was ₹4,145 crore and net profit was ₹498 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 4,979 | 4,921 | 3,302 | +50.8% | +1.2% |
| Other income | −10 | −12 | −27 | ||
| Total expenses | 4,222 | 4,155 | 2,471 | +70.9% | +1.6% |
| EBITDA | 1,666 | 1,664 | 1,083 | +53.8% | +0.1% |
| EBITDA margin | 33.5% | 33.8% | 32.8% | +0.7 pp | −0.3 pp |
| Profit before tax | 737 | 733 | 791 | −6.8% | +0.5% |
| Tax | 203 | 167 | 200 | +1.5% | +21.6% |
| Net profit | 534 | 566 | 591 | −9.6% | −5.7% |
| EPS (₹) | 14.05 | 14.87 | 17.45 | −19.5% | −5.5% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Torrent Pharmaceuticals' costs and profit?
Total expenses rose 70.9% to ₹4,222 crore in Q2 FY27 from ₹2,471 crore in Q2 FY26, outpacing the revenue increase. Cost of materials was higher by ₹206 crore at ₹588 crore against ₹382 crore, and employee cost rose by ₹268 crore to ₹895 crore from ₹627 crore. Other expenses increased by ₹402 crore to ₹1,194 crore from ₹792 crore.
The largest increases were in depreciation, up ₹405 crore to ₹609 crore from ₹204 crore, and finance costs, up ₹252 crore to ₹300 crore from ₹48 crore. Other income was higher by ₹17 crore, and tax was higher by ₹3 crore at ₹203 crore against ₹200 crore. An exceptional item of ₹10 crore was recorded as a charge, against ₹13 crore in the year-ago quarter. The filing does not state the reasons behind these movements.
Against Q1 FY27, total expenses were higher by ₹67 crore at ₹4,222 crore. Cost of materials fell ₹21 crore to ₹588 crore, other expenses fell ₹7 crore to ₹1,194 crore and finance costs fell ₹5 crore to ₹300 crore, while depreciation rose ₹16 crore to ₹609 crore and employee cost rose ₹2 crore to ₹895 crore. Tax was higher by ₹36 crore at ₹203 crore against ₹167 crore, and other income was higher by ₹2 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 588 | 382 | +206 | +53.9% |
| Employee cost | 895 | 627 | +268 | +42.7% |
| Finance costs | 300 | 48 | +252 | +525.0% |
| Depreciation | 609 | 204 | +405 | +198.5% |
| Other expenses | 1,194 | 792 | +402 | +50.8% |
| Total expenses | 4,222 | 2,471 | +1,751 | +70.9% |
| Other income | −10 | −27 | +17 | |
| Tax | 203 | 200 | +3 | +1.5% |
| Exceptional items | −10 (charge) | −13 (charge) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, consolidated revenue was ₹9,900 crore, up 52.8% from ₹6,480 crore in H1 FY26. Total income rose 54.0% to ₹9,878 crore from ₹6,416 crore. Profit before tax was ₹1,470 crore against ₹1,529 crore, down 3.9%, and net profit was ₹1,100 crore against ₹1,139 crore, down 3.4%.
Basic EPS for the first half was ₹28.92 against ₹33.64 in H1 FY26, down 14.0%. The standfirst figures above reflect the consolidated results, while the board also approved audited standalone results for the same quarter and half year, as stated in the filing dated 23 October 2026.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 9,900 | 6,480 | +52.8% |
| Profit before tax | 1,470 | 1,529 | −3.9% |
| Net profit | 1,100 | 1,139 | −3.4% |
| EPS (₹) | 28.92 | 33.64 | −14.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹44,615 crore against ₹44,312 crore at 31 March 2026. Total equity rose to ₹18,373 crore from ₹17,585 crore, while borrowings fell to ₹13,874 crore from ₹14,798 crore. Cash and cash equivalents were ₹891 crore against ₹1,117 crore. Inventories were ₹3,182 crore against ₹3,138 crore, trade receivables ₹3,398 crore against ₹3,031 crore, and trade payables ₹2,223 crore against ₹2,358 crore.
Cash flow from operations in H1 FY27 was ₹2,452 crore, compared with ₹1,038 crore in H1 FY26. The investing outflow widened to ₹1,183 crore from ₹214 crore, and the financing outflow to ₹1,505 crore from ₹826 crore. Capital expenditure was ₹389 crore against ₹196 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 44,615 | 44,312 |
| Total equity | 18,373 | 17,585 |
| Borrowings | 13,874 | 14,798 |
| Cash and equivalents | 891 | 1,117 |
| Inventories | 3,182 | 3,138 |
| Trade receivables | 3,398 | 3,031 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 2,452 | 1,038 |
| Cash from investing | −1,183 | −214 |
| Cash from financing | −1,505 | −826 |
| Capital expenditure | 389 | 196 |
Source: Company's results filing (XBRL).
How has Torrent Pharmaceuticals done over the last 8 quarters?
Revenue rose year on year in each of the last eight quarters, rising from ₹2,809 crore in Q3 FY25 to ₹4,979 crore in Q2 FY27. Revenue reached its highest point of the period in Q2 FY27, and the sequential rise was slower than in the earlier quarters. The EBITDA margin peaked at 33.8% in Q1 FY27 and eased to 33.5% in Q2 FY27.
Net profit over the period was lowest in Q4 FY26 at ₹364 crore, when revenue was ₹4,197 crore, and has since recovered to ₹566 crore in Q1 FY27 and ₹534 crore in Q2 FY27. The latest quarter therefore showed a lower net profit than the preceding quarter even as revenue edged higher.
What did Torrent Pharmaceuticals' management say?
The company filed the transcript of the conference call with analysts and investors on the Q2 and half-year results on 29 October 2026, and said it had placed the transcript on its website. No guidance, management quotes, priorities, risks or analyst concerns were included in the available filing excerpts, so there is nothing further to attribute from the call itself.
In the filing dated 23 October 2026, the company said the board had approved the audited standalone financial results along with the audit report, and the unaudited consolidated financial results along with the limited review report, for the quarter and half year ended 30 September 2026. The board meeting ran from 02:00 pm to 04:00 pm.
How did Torrent Pharmaceuticals shares react?
The results were announced after market hours on 23 October 2026. From the previous close of ₹4,524.4, the stock was up 1.2% within five minutes of the filing appearing, then down 0.3% after 15 minutes and down 1.6% after 30 minutes. On the reaction day, the close was 0.6% above the previous close.
By the next day's close, the stock was up 2.2% from its pre-results close, and by the fifth session it was up 1.6%. The Pharmaceuticals industry median over the same period was up 1.2% on the reaction day, 3.1% by the next day's close and 3.3% by the fifth session, so the stock's move was below the industry median by 0.6 percentage points, 0.9 percentage points and 1.7 percentage points respectively.
Earlier results-day moves were positive in seven of the last eight instances. The stock rose 5.1% on 30 July 2026, 1.4% on 22 May 2026, 4.6% on 13 February 2026, 6.6% on 7 November 2025, 4.1% on 28 July 2025, 1.8% on 20 May 2025 and 2.6% on 24 January 2025, and fell 3.5% on 25 October 2024.
| After the filing | Stock | Pharmaceuticals median |
|---|---|---|
| 5 minutes | +1.2% | |
| 15 minutes | −0.3% | |
| 30 minutes | −1.6% | |
| Reaction day | +0.6% | +1.2% |
| Next day | +2.2% | +3.1% |
| 5 days | +1.6% | +3.3% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 30 July 2026 | +5.1% |
| 22 May 2026 | +1.4% |
| 13 February 2026 | +4.6% |
| 7 November 2025 | +6.6% |
| 28 July 2025 | +4.1% |
| 20 May 2025 | +1.8% |
| 24 January 2025 | +2.6% |
| 25 October 2024 | −3.5% |
Source: MarketPing price-reaction measurement.
How did other Pharmaceuticals companies do?
Sixty other Pharmaceuticals companies that have filed this quarter were compared. Their median revenue growth was 18.9%, against Torrent Pharmaceuticals' 50.8% growth in Q2 FY27. Of the peers compared, 52 grew more slowly than Torrent Pharmaceuticals and eight grew faster than Torrent Pharmaceuticals.
Out of the 54 peers for which profit was compared, 39 reported higher profit. Torrent Pharmaceuticals reported a net profit of ₹534 crore for Q2 FY27, down 9.6% from the year-ago quarter.
| Torrent Pharmaceuticals revenue growth (YoY) | +50.8% |
|---|---|
| Median of 60 other Pharmaceuticals companies | +18.9% |
| Companies with slower revenue growth than Torrent Pharmaceuticals | 52 of 60 |
| Companies with faster revenue growth than Torrent Pharmaceuticals | 8 of 60 |
| Companies whose net profit rose | 39 of 54 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Torrent Pharmaceuticals' revenue in Q2 FY27?
Revenue from operations was ₹4,979 crore, up 50.8% from ₹3,302 crore in Q2 FY26 (consolidated).
Did Torrent Pharmaceuticals make a profit in Q2 FY27?
Yes. Net profit was ₹534 crore, against a net profit of ₹591 crore in Q2 FY26.
What was Torrent Pharmaceuticals' EPS in Q2 FY27?
Basic earnings per share were ₹14.05, against ₹17.45 in Q2 FY26.
How did Torrent Pharmaceuticals shares react to the Q2 FY27 results?
On the reaction day the stock moved +0.6% from the previous close; the median Pharmaceuticals stock moved +1.2%.
When did Torrent Pharmaceuticals announce its Q2 FY27 results?
On 23 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for To Consider And Approve The Audited Financial Results On Standalone Basis And Unaudited Financial Results (With Limited Review) On Consolidated Basis Of The Company For The Quarter And Half Year Ended On 30-Sep-26. (BSE, 6 October 2026) · PDF
- Results For Quarter And Half Year Ended 30-Sep-26 (BSE, 23 October 2026) · PDF
- The earnings call (29 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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