India Revenue Growth
14%
+4pp vs IPM
India business grew 14% YoY, outperforming IPM growth of 10%.
TORRENTPHARMACEUTICALS
Healthcare
10 Feb 2026
Torrent Pharmaceuticals Ltd — Q3 FY26
Torrent Pharma delivered a strong Q3 FY26 with 18% revenue growth to ₹3,333 crore and 19% EBITDA growth to ₹1,088 crore, driven by double-digit expansion in India (+14%) and Brazil (+27% reported, +10% constant currency).
✓ Verified against BSE filing
2-Min Summary
Torrent Pharma delivered a strong Q3 FY26 with 18% revenue growth to ₹3,333 crore and 19% EBITDA growth to ₹1,088 crore, driven by double-digit expansion in India (+14%) and Brazil (+27% reported, +10% constant currency). The US business grew 19% (12% constant currency) to $36 million, while Germany declined 6% constant currency due to a third-party supplier disruption. The JB Pharma acquisition (48.8% stake) closed in January, with cost synergies of ₹400-450 crore targeted over 2-3 years, though Q4 may see a muted impact from integration. Management expects India to continue outperforming the IPM, and US sales to cross $200 million annually next year. Key risk: Germany supply disruption remains unresolved, with no clear timeline for resolution.
Key Numbers
Brazil Constant Currency Growth
10%
+3pp vs market
Brazil constant currency revenue grew 10% YoY, ahead of market growth of 7%.
US Revenue
$36M
+12% constant currency YoY
US revenue grew 12% constant currency, driven by new launches and higher purchase volumes.
India Field Force
6,900
+100 QoQ
Field force expanded to 6,900, targeting 7,100 by FY26 end and 7,500 by FY27.
Management Guidance
India business to continue outperforming IPM
Management expects India revenue growth to remain above the IPM growth rate, driven by volume outperformance in chronic therapies.
growthUS revenue to cross $200 million annually next year
Management targets US annual revenue exceeding $200 million in FY27, driven by 5-7 new launches per year.
revenueJB Pharma cost synergies of ₹400-450 crore over 2-3 years
Cost synergies from JB acquisition expected to be ₹400-450 crore, with ~20% in first year, up to 80% in second year, and rest in third.
marginsBrazil growth target of 10-15% over next 2-3 years
Brazil business expected to grow 10-15% driven by new product launches and moderate price increases.
growthKey Risks
Germany supply disruption unresolved
Third-party supplier disruption continues with no clear timeline for resolution; alternative supplier may take 3-4 quarters.
high · management_commentaryJB Pharma integration disruption in Q4
Management expects Q4 to be muted due to change of control and process integration, potentially impacting sales.
medium · management_commentaryGLP-1 launch delays in Brazil
Semaglutide launch delayed to next financial year; regulatory approval timeline uncertain despite prioritization.
medium · analyst_questionUS growth dependent on launch timing and competition
US revenue growth is contingent on timely new launches and competitive landscape, which are unpredictable.
medium · management_commentaryNotable Quotes
Our two largest branded markets, India and Brazil, each continue to deliver healthy double-digit growth. India business grew at 14% and Brazil grew at 27%.
Our synergy number is looking like 400 to 450 crores over the next 2 to 3 years. Maybe 20% of that could be in the first year, up to 80% of that could be in the second year and the rest in the third year.
I would guide towards a higher sales number from where we are and I would guide towards at least five to seven launches a year.