Q3 2026 Torrent Pharmaceuticals Ltd Earnings Call Transcript
Key Points
- Torrent Pharmaceuticals Ltd (BOM:500420) reported an 18% increase in revenues for Q3 FY26, reaching INR3,303 crore.
- The company's operating EBITDA grew by 19% to INR1,088 crore, with an operating EBITDA margin of 32.9%.
- India and Brazil, the largest branded markets, showed strong performance with 14% and 27% growth, respectively.
- The US generics business grew by 19%, and new product launches contributed to achieving target market shares.
- The acquisition of a controlling stake in JB Pharma is expected to bring significant cost synergies, estimated at INR400-450 crore over the next two to three years.
- Germany's revenues declined by 6% in constant currency terms due to ongoing disruptions with a third-party supplier.
- The integration of JB Pharma may cause a muted Q4 performance due to changes in business practices and control.
- The US business, while growing, remains small and heavily dependent on the timing and competition of new launches.
- There is uncertainty regarding the resolution timeline for the supply disruption in Germany, impacting growth.
- The trade generics business of JB Pharma is running at zero margin and may require restructuring or discontinuation.
Ladies and gentlemen, good day, and welcome to the Q3 FY26 earnings conference call of Torrent Pharma (Operator Instructions). Please note that this conference is being recorded.
I now hand the conference over to Mr. Sudhir Menon, Executive Director of Finance and CFO. Thank you, and over to you, sir.
Thank you. Good evening, everyone, and welcome to the third quarter earnings call for quarter three FY26. This quarter, we continue to see healthy performance in our branded markets, which accounted for roughly 75% of the overall revenues this quarter. Our two largest branded markets, India and Brazil each continued to deliver healthy double-digit growth. India business grew at 14% and Brazil grew at 27%.
Constant currency growth in Brazil for the quarter was 10% while the secondary sales grew at 13%. On the generics side, US business grew at 19% and Germany grew at 8%. In constant currency terms, Germany revenues have declined by 6%, mainly due to
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