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Informist, Tuesday, Feb 10, 2026

 

By Narayana Krishna

 

HYDERABAD - Torrent Pharmaceuticals Ltd. is expected to report a healthy year-on-year performance in the December quarter, led by growth in India and Brazil, along with improved traction in the US business, according to analysts.

 

Torrent Pharma is expected to report over a 19% on-year rise in its consolidated net profit for the December quarter to nearly INR 6 billion, according to the average of estimates from 10 brokerages.

 

The company's revenue is projected to see a nearly 16% on-year growth to INR 32.4 billion, the estimates show. From the trailing quarter, Torrent Pharma's net profit is seen falling 1% and net sales are seen declining 2%, according to the estimates. The marginal sequential decline is mainly on account of relative weakness in the domestic business, flat US performance, and supply disruption issues with a third-party supplier in Germany.

 

The highest estimate for the December quarter net profit is nearly INR 6.4 billion from Nuvama Wealth Management Ltd., while the lowest estimate is INR 5.7 billion from ICICI Securities Ltd. The revenue estimates range from a high of nearly INR 33.8 billion from Mirae Asset Sharekhan Ltd. to a low of INR 31.9 billion from JM Financial Institutional Securities Ltd. Torrent Pharma will announce its December quarter earnings Friday.

 

Brokerages at the higher end, led by Mirae Asset, expect strong year-on-year growth across core markets, with Indian sales seen rising 12% on sustained traction in chronic therapies. Brazil is projected to deliver mid- to high-teens growth, aided by a strong branded portfolio and currency tailwinds, according to analysts.

 

The US business is expected to grow over 20% on year, supported by better off-take under existing contracts and new launches, including contributions from the generic cardiovascular drug generic Entresto, according to Motilal Oswal. Mirae Asset expects limited disruption in Europe, supporting higher growth of consolidated revenue.

 

JM Financial and ICICI Securities factor in sequential softness, with India revenue seen declining 2-3% on quarter, though year-on-year growth is estimated at 12%.

 

HDFC Securities expects Torrent Pharmaceuticals' Brazil formulation business to grow 12% year-on-year in the December quarter, while the US business is expected to remain flat sequentially. Revenue from Germany is likely to decline during the quarter due to supply-chain disruptions.

 

Torrent Pharma's earnings before interest, tax, depreciation, and amortisation for the December quarter are seen growing around 16% year-on-year, according to Nuvama Wealth. The EBITDA growth is aided by operating leverage and lower interest costs. The company's EBITDA margin for the quarter is seen improving about 40 basis points on year to 32.9%, according to Nuvama Wealth.

 

HDFC Securities also pegs the margin at 32.6%, broadly flat on year, reflecting stable operating performance despite mixed regional trends. Brokerages JM Financial, Motilal Oswal, Nirmal Bang, and ICICI Securities project the company's EBITDA margin in the 32.0-32.5% range. Torrent Pharma's EBITDA for the December quarter is expected at INR 10.5 billion, according to the average of estimates from 10 brokerages.

 

Analysts are looking forward to management commentary on the progress of the acquisition of JB Chemicals & Pharmaceuticals Ltd. Market participants are also looking forward to updates on preparation for the potential launch of weight-loss drug semaglutide, which could offer clarity on Torrent Pharmaceuticals' medium-term growth opportunities.

 

On Monday, shares of Torrent Pharma closed at INR 3,997.20 on the National Stock Exchange, up 1.5%. The stock is up nearly 12% since the company announced its September-quarter earnings.

 

Of the nine research reports on the company available with Informist, six have a 'buy' or equivalent recommendation on the stock with an average target price of INR 4,198, indicating a 17% upside over the closing price of Monday. The remaining three have a 'hold' or equivalent call on the stock with an average price target of INR 3,729 per share. 

 

At 0938 IST, shares of Torrent Pharma traded nearly 1% higher at INR 4,040.50 on the National Stock Exchange.

 

Following are the Oct-Dec earnings estimates for Torrent Pharmaceuticals Ltd. from 10 brokerage firms in the descending order by the estimate of net profit in INR billion:

 

Brokerage name	Net Sales	Net Profit	EBITDA
Nuvama Wealth Management Ltd	32.21	6.35	10.60
Elara Securities (India) Pvt Ltd	32.31	6.27	10.71
Prabhudas Lilladher Pvt Ltd	32.44	6.10	10.58
Nirmal Bang Equities Pvt Ltd	32.53	5.95	10.52
JM Financial Institutional Securities Pvt Ltd	31.91	5.94	10.21
Mirae Asset Sharekhan Ltd	33.81	5.94	11.49
HDFC Securities Ltd	32.31	5.93	10.53
YES Securities (India) Ltd	32.72	5.90	10.82
Motilal Oswal Financial Services Ltd	31.94	5.87	10.32
ICICI Securities Ltd	32.27	5.65	9.75
Average	32.44	5.99	10.55

End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Tanima Banerjee

 

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