Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 9 Oct - Post Quarterly Financial Result Conference call with investors / analyst
Source: Bse
Torrent Pharmaceuticals Limited (TORNTPHARM)
Large CapPharma stocks · Large cap · NSE
Torrent Pharmaceuticals Limited is an Indian pharma company with a significant presence in branded markets like India and Brazil, accounting for ~75% of revenues. It also operates in generic markets including the US and Germany. The company recently acquired a controlling stake in JB Pharma, aiming for integration and synergy realization.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals16 Oct 2026 · screener
Latest result30 Jul, 10:21 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
66BullishSMA20 -3.3% / mo · MACD − · sector +3.8pp vs Nifty 500 (3M)
Stock trend: 44
Sector RS: 98
Sector 3M: -1.8% vs Nifty 500 -5.6%
Pharma FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
TORNTPHARMD candles · FIT view+10.7%Latest close ₹4558.70 on 2026-10-19
Bar
+0.2%
RSI
33
MACD hist
-20.50
52W pos
60%
2026-10-19O ₹4551.20H ₹4618.70L ₹4532.40C ₹4558.70Vol 2.5L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
TORNTPHARMNifty PharmaNifty 500
- TORNTPHARM
- -8.9%
- Nifty 500
- -5.6%
- Nifty Pharma
- -1.5%
- Vs Nifty 500
- -3.3 pp
Chart stats
19 Oct 2026- From 52W high
- -13.2%
- 52W range position
- 61%
- ATR (14)
- 2.2%
- Volume vs 20D
- 0.75x
- Avg traded value
- ₹154 Cr
- 20D price channel
- ₹4,532.4 - ₹5,010
₹5,250
₹3,480.6 - ₹5,250
₹99.3
Latest completed session
20-session average
19.8% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · WATCHLIST42
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good65
Revenue +54.9% · PAT +3.3% YoY
Technical
Bullish66
Price trend and sector-relative-strength timing.
Valuation
Legacy model-59.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence72
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 65/100Rev +55% YoY · PAT +3% YoY · margin expansion · +17% QoQ
Filed 30 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,921 Cr | +54.9% | +17.3% |
| EBITDA | ₹1,664 Cr | +61.2% | +22.7% |
| Operating margin | 34.0% | +200 bps | +200 bps |
| PAT | ₹566 Cr | +3.3% | +55.5% |
| PAT margin | 11.5% | -574 bps | +283 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 78.20
- P/B
- 18.48
- EV/EBITDA
- 28.26
- Market Cap
- 174364.00Cr
Profitability
- ROE
- 27.40%
- ROCE
- 15.20%
- ROA
- 4.94%
- Dividend Y
- 0.83%
Growth (CAGR)
- Revenue 5Y
- 12.00%
- EPS 5Y
- 12.00%
- Revenue 3Y
- 13.00%
- EPS 3Y
- 22.00%
Balance Sheet
- Debt/Equity
- 1.79
- Interest Coverage
- 8.19×
- Altman Z
- 4.06
- Book Value
- 248.00
Cash Flow
- FCF Yield
- 1.42%
- FCF Positive Y
- 9/5
- OCF
- 3023.00 Cr
- EPS TTM
- 63.70
Shareholding
- Promoter Hold
- 60.78%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 62%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 14.0k+21.4% vs prev
Net Profit
₹ CrLatest: 2,156+0.8% vs prev
Return on Equity
%Latest: 25.7-8.8% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 33.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~3.4% over last month) — short-term momentum negative.
- RSI(14) at 33 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 13% off 52W high · 29% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
84
RS percentile
Stage 1 Base / Transition
1M return
-5.8%
3M return
-8.9%
6M return
+11.6%
1Y return
+27.5%
RS 1D
+1
RS 20D
+7
Sector rank
#1
Industry rank
#12
Stage evidence
- Price is within 1.2% of the 30-week proxy.
- The 30-week proxy changed +1.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price above
Sector
leading
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 131.92+1.03%
RS vs Nifty 500132
Valuation & peers
U-Score 42 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 42 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth13/25
Quality14/20
Balance Sheet4/15
Cash Flow6/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
42
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
42/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 7/9.
- Quality contributes 14/20 to the score.
- Cash flow contributes 6/10 to the score.
Main drags
- Fair-value margin of safety is negative at -59.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 4/15; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
78.2
PB
18.5
EV/EBITDA
28.3
ROE
27.4%
ROCE
15.2%
FCF Yield
1.4%
Debt/Equity
1.8
MoS
-59.0%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
42
Previous: 42
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-59.0%
Previous: -59.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
42
42
42
42
42
42
42
42
42
42
42
42
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹596.19
-664.6% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹2,866.5
-59.0% MoS
PEG
4.89
Comparable companies
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ONESOURCE
Large
Onesource Specialty Pharma Limited
Healthcare Services
match 162
27
310.0
0.5%
-632%
OVERVALUED
JUBLPHARMA
Large
Jubilant Pharmova Limited
Healthcare Services
match 161
24
38.5
6.5%
-1190%
OVERVALUED
MANKIND
Mid
Mankind Pharma Limited
Healthcare Services
match 161
34
45.5
13.1%
-4%
WATCHLIST
MAXHEALTH
Large
Max Healthcare Institute Limited
Healthcare Services
match 159
35
67.5
12.7%
-497%
WATCHLIST
VIJAYA
Large
Vijaya Diagnostic Centre Limited
Healthcare Services
match 159
43
76.2
18.3%
-67%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T18:48:05.638Z
Management commentary snapshot
Q3 FY26 revenues grew 18% YoY to INR 3,303 crores, with operating EBITDA up 19% YoY to INR 1,088 crores, achieving a 32.9% margin. India and Brazil branded businesses delivered strong double-digit growth, while US generics also saw robust expansion.
Torrent Pharma's core branded markets continue to deliver strong growth, outperforming market trends in India and Brazil. The JB Pharma acquisition offers significant synergy potential, though initial integration challenges are expected. Persistent supply issues in Germany and delayed GLP-1 launches in Brazil remain key concerns, requiring close monitoring.
Current business mix
Revenue by Market Type
Latest issuer-disclosed distribution across 2 reported categories.
Branded Markets75.0%
Generics Markets25.0%
Growth engines
India Branded Business
India revenue grew 14%, outperforming the IPM, with continued volume outperformance in chronic and sub-chronic therapies like Cardiac, Gastro, and Diabetes.
Brazil Branded Business
Brazil constant currency revenue grew 10%, outperforming the market. The company has a rich pipeline of 60 molecules awaiting ANVISA approval.
Curatio Business
Curatio business grew 27% in Q3 and YTD, driven by strong demand generation from OTC ad spends and field force expansion.
JB Pharma Acquisition Synergies
Expected INR 400-450 crores in cost synergies over the next 2-3 years from the JB Pharma acquisition, with 20% in the first year.
Capacity and execution
India Field Force Expansion
Field force strength increased to 6,900 from 6,800 last quarter, on track to close FY26 with over 7,000 and targeting 7,500 by end of FY27.
Tailwinds
Robust Branded Market Demand
Healthy double-digit growth in India and Brazil, the two largest branded markets, indicates strong underlying demand.
Curatio Business Momentum
Strong demand generation from OTC ad spends and field force expansion is driving high growth in the Curatio business.
JB Pharma Cost Synergies
Management expects INR 400-450 crores in cost synergies from JB Pharma over 2-3 years, with initial benefits starting now.
Headwinds
Germany Supply Disruption
Germany business growth continues to be impacted by unresolved disruption at a third-party supplier, with no clear timeline for resolution.
Brazil GLP-1 Launch Delays
Semaglutide (Ozempic) launch in Brazil is behind schedule and now expected sometime in the next financial year due to regulatory timelines.
JB Pharma Integration Muted Q4
Q4 is expected to be 'a little bit muted' for JB Pharma's India and international businesses due to changes in business practices and process integration.
Risk radar
Regulatory Delays for New Launches
Brazil's ANVISA approval timelines for 60 molecules, especially Semaglutide, are uncertain, impacting launch schedules and revenue realization.
Third-Party Supplier Dependency
Germany's business is significantly affected by a third-party supplier's regulatory issues, and finding alternative suppliers is time-consuming (3-4 quarters).
Competitive Pricing in New Markets
Brazil's GLP-1 market could see 45-50% price erosion depending on the number and nature of competitors, impacting profitability.
JB Pharma Integration & Attrition
While attrition has been stable, the integration of JB Pharma involves changes in leadership and business practices, posing risks of disruption.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is primary for overall financial performance and segment growth, reflecting annual trends. QoQ is relevant for tracking sequential momentum in field force expansion and the immediate impact of the JB Pharma acquisition.
Sector KPIs management disclosed
Domestic Formulations Growth (India)
India revenue grew 14%, outperforming the IPM growth of 10%. Volume growth was 5.5% vs. market's 1.2%, with price contributing 5.8% and new products 2.7%.
Brazil Branded Growth (Constant Currency)
Brazil constant currency revenue grew 10% YoY, with IQVIA data showing Torrent growing at 13% against a market growth of 7%.
US Generics Growth (Constant Currency)
US constant currency revenues grew 12% YoY to $36 million, driven by new launches and increased purchase volume on existing contracts.
Germany Generics Growth (Constant Currency)
Germany constant currency revenue declined 6% YoY, primarily due to continued disruption at a third-party supplier.
Management forward view
India Business Outperformance
Management expects India business to continue outperforming market growth, focusing on market share, field force productivity, and scaling Curatio.
JB Pharma Consolidation & Integration
JB Pharma will be consolidated line-by-line from January 21st. The merger application with NCLT will be filed soon, with integration expected in 6-9 months post-filing.
US Business Growth Target
Management is targeting to cross $200 million in annual US sales by FY27, based on launch plans, acknowledging it's not entirely in Torrent's hands.
Debt Repayment Post-Acquisition
Net debt to EBITDA is projected to be around 1-1.1x by FY28 and approximately 0.6x by FY29, with an average interest cost of 7.6%.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Germany Business Recovery | Constant currency revenue down 6% due to unresolved 3rd-party supplier issues. | Resolution of supplier's regulatory issues or successful transition of products to alternative suppliers/own facilities within the next 3-4 quarters. |
| Brazil GLP-1 Launch & Market Share | Ozempic generic launch delayed to next financial year; Wegovy generics further behind. | ANVISA approval and actual launch timing, competitive pricing environment, and initial market share capture in the GLP-1 segment. |
| JB Pharma Integration & Synergy Realization | 48.8% stake acquired, Q4 expected muted. INR 400-450 crores cost synergies targeted over 2-3 years. | Progress on NCLT merger, stabilization of JB's growth post-Q4, and clear evidence of cost synergy realization (20% in first year). |
| US Generics Annual Sales | Q3 constant currency sales at $36 million. Management targeting $200 million annually by FY27. | Consistent new product launches (5-7 per year) and sustained double-digit growth to achieve the $200 million annual sales target. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
72Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 69th percentile of the scored universe and 58th percentile within Pharma. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
57 docs text-extracted · 32 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
69th percentile
overall median 67 · Pharma: 58th pctile, median 70 · Large: 46th pctile, median 73
Evidence depth
Financial-only
57 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
68
acceptable · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
69
acceptable · leverage and solvency
Discipline
66
acceptable · capital discipline
Results
80
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 60.8%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.4%.
- ▸9 years of positive FCF.
Trust risks
- ▸Promoter holding fell 7.5%.
- ▸Debt/equity is 1.79.
- ▸ROCE trend is -6.5%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Torrent Pharmaceuticals Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 7 Oct - India Ratings affirmed Torrent Pharma ratings; outlook revised to Positive, with IND AA+/Positive and IND A1+.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Updates on Acquisition 28 Sep - Torrent Pharmaceutic als increases investment in Torrent Urja to Rs11.88 crore for 26% stake in Gujarat hybrid power project.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Sep - Newspaper advertisement in respect of special window for transfer and dematerialisation of physical shares
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 11 Aug - Intimation of Schedule of Investors Meet under Regulation 30 of SEBI (LODR) Regulations, 2015
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 6 Aug - Newspaper Advertisement for completion of dispatch of Postal Ballot Notice
Source: Bse
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Company Ir
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 9 Jul - Torrent recalls select Semalix injection disposable pen batches on 9 July 2026; other Semaglutide products unaffected.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of Association 8 Jul - JB Chemicals amalgamated into Torrent Pharma effective 8 July 2026; company capital clause amended.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Jul - Post Quarterly Financial Result Conference call with investors / analyst
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Jul - Newspaper advertisement in respect of special window for transfer and dematerialisation request of physical shares
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.