Torrent Pharmaceuticals Ltd.Strong Growth with JB Acquisition

Torrent Pharmaceuticals delivered robust Q3 FY26 performance with total revenue rising 18% year-on-year to ₹3,303 crores and operating EBITDA growing 19% to ₹1,088 crores at a 32.9% margin.

India business remained the star performer with 14% growth to ₹1,798 crores, driven by exceptional volume growth of 5.5% versus market growth of just 1.2%, demonstrating significant market share gains in chronic therapies including Cardiac, Gastro, and Diabetes segments. The landmark acquisition of 48.8% controlling stake in JB Pharma marks the company's largest-ever deal, with management targeting ₹400-450 crores in cost synergies over the next two to three years.

Brazil business posted strong 10% constant currency growth while the US business grew 12% to $36 million, with management optimistically targeting $200 million annual run-rate by FY27. Management transparently flagged Q4 FY26 as potentially muted due to JB integration activities including distributor destocking and process harmonization, with normal trajectory resuming from Q1 FY27. Net debt stood at ₹880 crores with debt-to-EBITDA targeted at 1.0-1.1x by FY28.