Torrent Pharmaceuticals Limited (TORNTPHARM) share price
₹4617.10 on NSE as of 2026-10-08. -2.10% on the day. market cap ₹156,038 Cr. P/E 73.8. 52-week range ₹3514.70 to ₹5122.80. Healthcare.
What the company does
Incorporated in 1959, Torrent manufactures branded and generic formulations. Dosage forms include tablets, capsule and extended release formulations. Its major markets include India, the US, Germany and Brazil.
Filed by India Ratings, page 4.
Torrent Pharmaceuticals Q1 FY27: Revenue Up 55%, PAT Up 3%, and a ₹15,026 Cr Borrowing Line That Wasn't There Last Year
At a glance
Torrent Pharmaceuticals makes and sells generic medicines, most of them carrying its own brand names.
Revenue for the three months to June 2026 was ₹4,921 crore, up 55% on the year before. Net profit was ₹566 crore, up 3%.
The gap sits on the face of the results. Finance costs rose from ₹56 crore a year earlier to ₹305 crore. Depreciation and amortisation rose from ₹201 crore to ₹593 crore. Operating profit grew 61%, to ₹1,664 crore. The extra ₹632 crore of operating profit had a great deal of new company to carry below the line.
The new company is J.B. Chemicals & Pharmaceuticals. It was amalgamated into Torrent with an appointed date of 21 January 2026. The NCLT, the tribunal that sanctions company mergers, sanctioned the scheme on 6 July 2026. It took effect two days later. On 20 July the company allotted 4,19,22,416 fresh equity shares to JB's shareholders.
On the balance sheet dated March 2026, borrowings stand at ₹15,026 crore against ₹3,202 crore a year earlier. Total assets stand at ₹43,614 crore against ₹14,396 crore.
Management reports base business revenue of ₹3,720 crore, up 17%. The JB business contributed ₹1,201 crore, up 10%. India revenue for the base business was ₹2,157 crore, up 19%. Indian market growth over the same period was 12%, per the AIOCD PharmaTrac dataset.
Introduction
Torrent Pharmaceuticals researches, develops, makes and markets generic pharmaceutical formulations. It is the flagship company of the Torrent Group, which also runs power and city gas distribution. It was incorporated in 1972 and ranks 5th in the Indian Pharmaceutical Market. Roughly 75% of Indian revenues come from chronic and sub-chronic therapies, meaning conditions a patient is medicated for over years. In those combined areas the company ranks 4th.
One transaction has dominated the last eighteen months. Torrent acquired a controlling 48.80% stake in JB Pharma on 21 January 2026, consolidating it from that date. Shareholders approved the amalgamation scheme on 28 April 2026. The NCLT, the tribunal that sanctions company mergers, pronounced its final order on 6 July 2026. The certified copy was filed with the Registrar of Companies, Ahmedabad, on 8 July 2026. JB Pharma was dissolved at that point without being wound up.
The exchange ratio was 51 Torrent shares of ₹5 face value for every 100 JB shares of ₹1. Paid-up capital rose to ₹1,90,18,39,280. The new shares received listing and trading approval from both exchanges with effect from 28 July 2026.
Alongside the merger, the board in May 2026 recommended a final dividend of ₹9 per share. It also sought approval for a Qualified Institutional Placement of up to ₹5,000 crore, which is a share sale to large institutions.
Elsewhere, a USFDA inspection of the Bileshwarpura oncology facility concluded on 10 April 2026 with zero observations. On 9 July 2026 the company announced a recall of select batches of Semalix injection disposable pens. It stated that other Semaglutide products were unaffected.
ICRA, a credit-rating agency, reaffirmed its AA+ rating with a stable outlook on 21 July 2026. That covered ₹12,500 crore of non-convertible debentures and ₹2,745 crore of cash credit. ICRA also reaffirmed A1+ on ₹2,200 crore of commercial paper, which is short-term borrowing.
Business model
Torrent sells medicine under two roofs. Branded generics were 74% of FY26 revenue. That means putting the company's own name on off-patent molecules, then hiring an army to explain that name to doctors. The therapy list reads like a tour of modern middle age. It covers cardiovascular, central nervous system, gastrointestinal and dermatology. It also covers vitamins and minerals, diabetes, pain management and gynaecology. These go to India and Brazil.
Generics, the remaining 26%, is the unbranded version sold into the US, Europe and other regulated markets. There nobody cares about the brand and everybody cares about the tender price.
India was 54% of FY26 revenue and the USA 10%. Brazil was 10% and Germany 9%. Other markets made up 17%. In FY22 India was 50% and the USA 13%. Germany was 11% and Brazil 9%. India's share of the mix has risen across those four years.
The distribution machinery is the actual asset. Management reports a field force of 7,100 medical representatives at the end of FY26, excluding JB. Management plans to reach 7,500 in FY27, after which the JB representatives fold in and expansion stops. Brazil runs on 320 representatives. In Germany, per management, generics are sold through tenders. Management says biosimilars there became substitutable and tender-procured in April 2026. Torrent launched its first biosimilar in Germany and, as of the May call, had not yet quoted in a tender.
Manufacturing runs across 8 facilities in India, per the FY26 disclosure. Output is over 2,500 crore unit-dose formulations a year and 85 tonnes of active ingredient. Research employs more than 900 scientists and cost ₹650 crore in FY26, across 103 filings and 115 projects under development. This quarter's research spend was ₹172 crore, or 4% of revenue, against ₹157 crore and 5% a year ago.
Then there is the consumer health corner, entered in FY23 with Shelcal-500. It expanded in FY24 with Ahaglow face wash, Unienzyme digestive enzyme and Tedibar baby bathing bar, reaching 72,000 retail outlets. A company ranked 5th in the Indian Pharmaceutical Market also sells a baby bathing bar.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Torrent Pharmaceuticals Limited.
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