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Germany supply disruption unresolved
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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).
bullish
high
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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.
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India Revenue Growth
14%
+4pp vs IPM
India business grew 14% YoY, outperforming IPM growth of 10%.
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.
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Guidance and risk preview
Management expects India revenue growth to remain above the IPM growth rate, driven by volume outperformance in chronic therapies.
Third-party supplier disruption continues with no clear timeline for resolution; alternative supplier may take 3-4 quarters.
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