TORNTPHARM Q2 FY26 earnings call.
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Revenue
₹3,302 Cr
verified against source
Revenue YoY
14%
reported change
EBITDA
₹1,083 Cr
latest reported figure
Source
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Where this quarter sits.
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What the record says.
Torrent Pharma delivered a 14% revenue growth to INR 3,302 crore in Q2 FY26, driven by robust branded market performance (73% of revenue). India grew 12% to INR 1,820 crore, outpacing IPM growth of 8%, with volume growth of 3.7% vs market flatness, supported by field force expansion to 6,800 reps. Brazil delivered 21% growth (13% constant currency) with Torrent outpacing market's 7% growth. U.S. grew 26% to $39 million, while Germany declined 5% due to third-party supplier disruption. EBITDA margin expanded to 32.8% with operating EBITDA at INR 1,083 crore. The JB Pharma acquisition received CCI approval with MTO expected to complete by December 15th. Management targets 7,000 MRs by year-end and plans a new therapeutic division entry. Key risks include Brazil ANVISA approval uncertainty for semaglutide, ongoing patent litigation for India's GLP-1 market formation, and Germany's supply normalization timeline extending into Q3.
Colored figures show movement against the previous available record.
Guidance to track
- Currently at 6,800 MRs with continued expansion planned; approximately half for existing chronic/sub-chronic division expansion and half for new therapy area entry.
- Third-party supplier disruption expected to continue through Q3 but should normalize from Q4 onwards if supplier resolution progresses as anticipated.
- H1 CapEx was ~INR 200 crore with full-year FY26 guidance of ~INR 300 crore; maintain run-rate of INR 250-300 crore annually for the next three years.
- Planning to enter one new therapeutic area this quarter with announcement expected by Q4; field force allocation for this division being built into the 7,000 rep target.
Risks flagged
- Application is filed with ANVISA but timing remains unclear due to uncertainty whether approvals will be processed in batches or in filing order. ANVISA's typical 24-36 month timeline may compress for this priority drug but remains uncertain.
- Patent for semaglutide expires in March but ongoing litigation creates uncertainty on market formation timing. Management declined to provide specific timeline for domestic market launch.
- Constant currency revenue declined 5% due to third-party supplier disruption. Management expects improvement in Q4 but acknowledged possibility of continued impact if supplier issues persist beyond Q3.
- Management acknowledged U.S. filing ramp-up is taking longer than previously communicated. ANDA filings will only reach 10 in FY27 and 15 in subsequent year, with profitability recovery lagging behind.
Key quotes
- We think the current infrastructure that we have would allow us reasonable opportunities to launch a few good products in the next, say, three-year period, five-year period. We are also looking at partnering for certain products in which capabilities we do not have today.
- We think that because of this slightly prolonged period of no launches, we're in this position right now. Given the nature of the business in the U.S. and filing duration and approval uncertainty, your investment generally would take minimum three years, five years to show reasonable kind of movement in profitability.
- Pricing growth has to be in line with the market growth. Some years it may be higher. Some years it may be lower. This year we felt this was the appropriate kind of price growth that maybe the market may allow. I think within this range, plus minus 1% or 2% should continue for the next couple of years.
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