Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,777.70 last close on 30 Oct 2026 +0.95%
Research updated
Torrent Pharmaceuticals Ltd.
NSE: TORNTPHARMHealthcareDrug Manufacturers - Specialty & Generic
- Last close
- ₹4,613.40
- Day change
- +₹33.40 (+0.73%)vs
- Market cap
- ₹1.72 lakh crIndian rupees
- Research updated
- 2 reports
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About Torrent Pharmaceuticals
Torrent Pharmaceuticals Ltd. is a leading pharmaceutical company that manufactures, markets, and distributes a diversified range of generic and branded pharmaceutical products. The company's primary function is to develop and supply medicines that cater to various therapeutic segments, including cardiovascular, central nervous system, gastrointestinal, and anti-infective therapeutics. Torrent Pharmaceuticals has established a strong presence in both domestic markets in India and international territories, with significant operations in regulated markets such as the United States and Europe. As part of its business model, Torrent focuses on research and development to drive innovation and ensure a pipeline of new products, while maintaining high standards of quality and compliance. In the global pharmaceutical industry, it plays a critical role in enhancing access to affordable medication, thereby impacting health care systems and patient outcomes worldwide.
- Sector
- Healthcare
- Industry
- Drug Manufacturers - Specialty & Generic
- Listing
- NSE: TORNTPHARM
- Chief executive
- Mr. Sanjay Gupta
- Employees
- 17,059
- Headquarters
- Ahmedabad, India
- ISIN
- INE685A01028
- Website
- torrentpharma.com
Public research · Report of
Business model & financial foundation
Torrent Pharma (NSE: TORNTPHARM), Pharmaceuticals - branded generics (India, Brazil), US and German generics: revenue of ₹13,980 crore in FY26 (+21.4% on FY25), an EBITDA margin of 32.6% and net profit of ₹2,163 crore.
- Revenue, FY26 (₹ crore)
- 13,980
- consolidated
- Revenue growth, FY26
- +21.4%
- on FY25
- EBITDA margin, FY26
- 32.6%
- EBITDA (revenue less operating expenses) / revenue
- Net profit, FY26 (₹ crore)
- 2,163
- to owners
- Return on equity, FY26
- 27.1%
- on average equity
- Market capitalisation (₹ crore)
- 1,81,333
- at the close of 23 Oct 2026
Company profile
Torrent Pharmaceuticals is a specialty-focused branded generics company, the flagship of the Torrent Group. About 57% of revenue is India, where it is the fifth-largest company after acquiring JB Chemicals (No. 1 in cardiac; ~75% of India sales chronic and sub-chronic). The rest is Brazil branded generics, US generics, German tender generics and JB's international and CDMO business. The JB deal (about Rs 12,500 crore for 48.8%, then a share swap) was funded with NCDs, lifting net debt to about Rs 13,000 crore.
| Item | Value |
|---|---|
| Legal name | Torrent Pharmaceuticals Limited |
| Exchange and ticker | NSE: TORNTPHARM; BSE: 500420 |
| ISIN | INE685A01028 |
| Sector | Healthcare |
| Industry | Pharmaceuticals - branded generics (India, Brazil), US and German generics |
| Headquarters | Ahmedabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP |
| Market capitalisation | ₹1,81,333 crore (23 Oct 2026) |
| Shares outstanding | 33.85 crore shares (FY26) |
| Price | ₹4,524 (close, 23 Oct 2026) |
| 52-week range | ₹3,533 - ₹5,250 (to 23 Oct 2026) |
| Website | https://www.torrentpharma.com |
Corporate structure and shareholding
Parent: Torrent Group (promoter: Mehta family through Torrent Investments).
| Entity | Holding | Business |
|---|---|---|
| J.B. Chemicals & Pharmaceuticals Ltd (merged into parent w.e.f. 8 Jul 2026) | 48.8% | India branded Rx (cardiac, GI), international generics and CDMO; consolidated from 21 Jan 2026, amalgamated by pooling (appointed date 21 Jan 2026) |
| Torrent do Brasil Ltda | 100% | Branded generics in Brazil |
| Heumann Pharma GmbH / Torrent Pharma GmbH | 100% | Generics in Germany (tender/rebate contracts) |
| Torrent Pharma Inc | 100% | US generics distribution |
| Curatio Healthcare (I) Pvt Ltd | 100% | India dermatology/cosmetology brands |
| Torrent Pharma Philippines Inc | 100% | Branded generics, Philippines |
All subsidiaries other than JB were 100% owned at FY26 per the annual report; JB's own subsidiaries not listed in the pages read. Associate: Torrent Urja 27 (26%).
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 68.31% | 68.31% | 68.31% | 60.78% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 16.13% | 16.18% | 15.44% | 17.22% |
| Domestic institutions | 9.14% | 9.06% | 9.83% | 13.46% |
| of which mutual funds | 4.83% | 4.45% | 4.94% | 8.82% |
| Retail | 2.78% | 2.75% | 2.75% | 4.55% |
| Other | 3.64% | 3.70% | 3.68% | 3.99% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Torrent Pharmaceuticals (NSE: TORNTPHARM) sells branded generics. India is ~57% of revenue: in Q2 FY27, India was 2,861 cr of 4,979 cr consolidated revenue. About 75% of India sales are chronic and sub-chronic therapies (cardiac, anti-diabetic, CNS, GI), and Torrent is No. 1 in cardiac and No. 5 in the IPM after the JB deal. The rest of the business is branded generics in Brazil, US generics, German tender generics, and JB's international and CDMO business. JB Chemicals came in two steps. Torrent bought 46.39% from KKR at Rs 1,600 a share (11,917 cr) plus 2.41% from employees (620 cr), and consolidated JB from 21 Jan 2026. The two companies then merged by pooling of interests, effective 8 Jul 2026, with 4.19 crore new shares issued. The deal was funded with 10,990 cr of NCDs plus CP. Torrent controls brands, field force and plants. It does not control Indian price controls (NLEM ceiling-price revisions are set by WPI, +0.65% in Apr-26), US generic price erosion or German tender outcomes.
| Peer | Why the dossier compares them |
|---|---|
| Sun Pharmaceutical Industries (SUNPHARMA) | Largest IPM player, chronic-heavy India franchise plus US |
| Mankind Pharma (MANKIND) | |
| Cipla (CIPLA) | Large India branded plus US generics |
| Dr Reddy's Laboratories (DRREDDY) | India branded plus US generics, semaglutide generic launches |
| Zydus Lifesciences (ZYDUSLIFE) | Gujarat-based India branded plus US; Torrent's closest geographic peer |
| Alkem Laboratories (ALKEM) | India branded generics, top-10 IPM |
| Abbott India (ABBOTINDIA) | |
| Lupin (LUPIN) | India chronic plus US generics |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 8,419 | 9,464 | 10,728 | 11,516 | 13,980 |
| Cost of revenue (vendor classification) * | 2,537 | 2,828 | 2,788 | 2,884 | 3,525 |
| Other operating costs (vendor classification) * | 1,923 | 2,185 | 2,490 | 2,598 | 3,087 |
| EBITDA (vendor classification) * | 2,616 | 2,845 | 3,407 | 3,725 | 4,416 |
| EBIT * | 1,479 | 2,179 | 2,705 | 2,924 | 3,257 |
| Finance cost | 252.9 | 332.2 | 354.0 | 252.0 | 385.0 |
| Profit before tax | 1,226 | 1,847 | 2,352 | 2,673 | 2,872 |
| Tax expense | 448.7 | 601.9 | 696.0 | 762.0 | 734.0 |
| Profit after tax | 777.2 | 1,245 | 1,656 | 1,911 | 2,138 |
| Diluted EPS (₹) | 22.96 | 36.79 | 48.94 | 56.47 | 63.92 |
| Other income | 58.0 | 23.0 | -94.0 | ||
| Cost of materials (consumed, traded goods bought, inventory change) | 2,686 | 2,776 | 3,388 | ||
| Employee benefit expense | 1,984 | 2,203 | 2,671 | ||
| Other expenses | 2,690 | 2,816 | 3,362 | ||
| EBITDA (revenue less operating expenses) | 3,368 | 3,721 | 4,559 | ||
| Depreciation and amortisation | 808.0 | 795.0 | 1,119 | ||
| Exceptional items (a charge is negative) | 88.0 | -24.0 | -89.0 | ||
| Non-controlling interests' share of profit | 0.00 | 0.00 | -25.0 | ||
| Profit attributable to owners | 1,656 | 1,911 | 2,163 | ||
| Basic EPS (₹) | 48.94 | 56.47 | 63.92 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 6,856 | 7,591 | 8,389 | ||
| Borrowings (non-current and current) | 3,938 | 3,026 | 14,798 | ||
| Cash and cash equivalents | 398.4 | 508.5 | 835.0 | 573.0 | 1,117 |
| Trade receivables (current) | 1,632 | 1,944 | 1,844 | 1,867 | 3,031 |
| Inventories | 2,462 | 2,230 | 2,279 | 2,541 | 3,138 |
| Trade payables (current) | 1,674 | 1,679 | 2,089 | 1,820 | 2,358 |
| Property, plant and equipment | 3,297 | 3,455 | 4,909 | ||
| Capital work in progress | 281.0 | 367.0 | 457.0 | ||
| Total assets | 13,100 | 15,012 | 15,061 | 14,990 | 44,312 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 3,266 | 2,585 | 3,023 | ||
| Free cash flow (vendor definition) * | 1,600 | 1,794 | 2,833 | 1,973 | 2,345 |
| Dividends paid (an outflow is negative) | -676.9 | -863.0 | -1,015 | -1,083 | -1,289 |
| Capital expenditure (an outflow is negative) | -433.0 | -611.0 | -677.0 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding (paid-up capital over face value) | 33.84 | 33.84 | 33.85 | 33.85 | 33.85 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,809 | 2,959 | 3,178 | 3,302 | 3,303 | 4,197 | 4,921 | 4,979 |
| Other income | 33.0 | -18.0 | -37.0 | -27.0 | -13.0 | -17.0 | -12.0 | -10.0 |
| Cost of materials (consumed, traded goods bought, inventory change) | 673.0 | 731.0 | 774.0 | 800.0 | 799.0 | 1,015 | 1,163 | 1,224 |
| Employee benefit expense | 549.0 | 561.0 | 605.0 | 627.0 | 651.0 | 788.0 | 893.0 | 895.0 |
| Other expenses | 673.0 | 703.0 | 767.0 | 792.0 | 765.0 | 1,038 | 1,201 | 1,194 |
| EBITDA (revenue less operating expenses) | 914.0 | 964.0 | 1,032 | 1,083 | 1,088 | 1,356 | 1,664 | 1,666 |
| Depreciation and amortisation | 199.0 | 201.0 | 201.0 | 204.0 | 206.0 | 508.0 | 593.0 | 609.0 |
| Finance cost | 57.0 | 56.0 | 56.0 | 48.0 | 45.0 | 236.0 | 305.0 | 300.0 |
| Exceptional items (a charge is negative) | 0.00 | -24.0 | 0.00 | -13.0 | -10.0 | -66.0 | -21.0 | -10.0 |
| Profit before tax | 691.0 | 665.0 | 738.0 | 791.0 | 814.0 | 529.0 | 733.0 | 737.0 |
| Tax expense | 188.0 | 167.0 | 190.0 | 200.0 | 179.0 | 165.0 | 167.0 | 203.0 |
| Profit after tax | 503.0 | 498.0 | 548.0 | 591.0 | 635.0 | 364.0 | 566.0 | 534.0 |
| Non-controlling interests' share of profit | 0.00 | 0.00 | 0.00 | 0.00 | -25.0 | 0.00 | 0.00 | |
| Profit attributable to owners | 498.0 | 548.0 | 591.0 | 635.0 | 389.0 | 566.0 | 534.0 | |
| Basic EPS (₹) | 14.88 | 14.71 | 16.19 | 17.45 | 18.77 | 11.51 | 14.87 | 14.05 |
| Diluted EPS (₹) | 14.88 | 14.71 | 16.19 | 17.45 | 18.77 | 11.51 | 14.87 | 14.05 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 6.8% | 12.4% | 13.4% | 7.3% | 21.4% |
| EBITDA margin | 31.4% | 32.3% | 32.6% | ||
| Net margin | 15.4% | 16.6% | 15.5% | ||
| Return on equity | 24.2% | 26.5% | 27.1% | ||
| Return on capital employed | 25.1% | 27.3% | 19.3% | ||
| Return on assets | 11.0% | 12.7% | 7.3% | ||
| Borrowings less cash (₹ crore) | 3,103 | 2,453 | 13,681 | ||
| Borrowings less cash / EBITDA | 0.92x | 0.66x | 3.00x | ||
| Interest cover | 5.85x | 6.56x | 7.64x | 11.6x | 8.46x |
| Asset turnover | 0.62x | 0.67x | 0.71x | 0.77x | 0.47x |
| Receivable days | 71 | 75 | 63 | 59 | 79 |
| Inventory days (on revenue) | 107 | 86 | 78 | 81 | 82 |
| Payable days (on revenue) | 73 | 65 | 71 | 58 | 62 |
| Cash conversion | 1.97x | 1.35x | 1.40x | ||
| Capex intensity | 4.0% | 5.3% | 4.8% | ||
| Free cash flow (₹ crore) | 2,833 | 1,974 | 2,346 | ||
| Dividend payout | 61.3% | 56.7% | 59.6% | ||
| EPS, diluted (₹) | 22.96 | 36.79 | 48.94 | 56.47 | 63.92 |
| Book value per share (₹) | 202.6 | 224.3 | 247.9 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less operating expenses) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Borrowings less cash / EBITDA: borrowings less cash / EBITDA (revenue less operating expenses).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 23 Oct 2026); market data at the close of 23 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Torrent Pharmaceuticals includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Torrent Pharmaceuticals
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 23 Oct 2026; page updated 2 Nov 2026.
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