Torrent Pharmaceuticals (500420) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 revenue reached INR 3,303 crore (₹3,303 crores), up 18% year-over-year; net profit after tax was ₹635 crores, up 26% year-over-year.

• Branded markets contributed 75% of revenues, with India up 14% and Brazil up 27% (10% in constant currency).

• US business grew 19%, Germany up 8% in reported terms but down 6% in constant currency due to supplier disruption.

• Acquisition of a 48.8% stake in JB Pharma completed, with control effective January 21, 2026; merger process and regulatory filings underway.

• Interim dividend of ₹29 per equity share declared.

Financial highlights

• Q3 FY26 revenues reached INR 3,303 crore, up 18% year-over-year; 9M FY26 revenue was INR 9,783 crore, up 14% year-over-year.

• Operating EBITDA was INR 1,088 crore, up 19% year-over-year; EBITDA margin at 32.9%.

• Net profit for Q3 FY26 was ₹635 crores, up 26% year-over-year.

• India revenue at INR 1,798 crore, up 14% year-over-year, outperforming IPM growth of 10%.

• Brazil revenue was ₹371 crores, up 27% year-over-year; constant currency growth was 10%.

Outlook and guidance

• India business expected to continue outperforming market growth, focusing on key therapies and scaling Curatio.

• US sales expected to grow with 5-7 launches per year; targeting $200 million annual sales by FY27, contingent on timely launches.

• Brazil growth guidance at 10-15% CAGR, driven by new launches and moderate price increases.

• JB integration expected to deliver INR 400-450 crore in cost synergies over 2-3 years, with 20% in year one.

• Regulatory approvals for the JB Pharma merger are in process, with NCLT filing to follow.