Torrent Pharmaceuticals Ltd.Revenue +55%, EBITDA Margin 33.8%

Torrent Pharma reported Q1 FY27 consolidated revenue of ₹4,921 Cr, up 55%, and operating EBITDA of ₹1,664 Cr, up 61%, at a 33.8% margin, with the JB Pharma merger effective 8 July.

The underlying JB business earned revenue of ₹1,201 Cr and an EBITDA margin of 35.3%, helped by cost synergies running ahead of plan and above the ₹90 Cr first-year target. The base business grew 17%, with India up 19% against IPM growth of 12% on 5.1% volume, 7.7% price and about 6% new products, Brazil up 27%, US up 36% including one-time items, and Germany up 3%. Semaglutide held a 36% share with ₹50 Cr of sales, but an injectable supply issue will cost July and most of August sales and the ₹250 Cr target is no longer possible.

Net debt to EBITDA is 2.07x. Management expects double-digit growth for JB's India prescription business, will give full-year margin guidance next quarter, and expects minor transient revenue impact as brands are merged over the next two to three quarters.