Torrent Pharmaceuticals (500420) Q4 25/26 earnings summary

Executive summary

• Q4 FY26 consolidated revenue reached INR 4,197 crore, up 42% year-over-year, with operating EBITDA at INR 1,356 crore, up 41%.

• FY26 revenue was INR 13,980 crore, up 21% year-over-year, and net profit for FY26 was INR 2,138 crore, up 12%.

• JB Pharma acquisition consolidated from Jan 21, 2026, driving significant revenue and EBITDA growth.

• Board recommended a final dividend of INR 9 per equity share, following an interim dividend of INR 29 per share paid earlier.

• India and Brazil branded markets delivered double-digit growth; India up 15%, Brazil up 30% in INR terms.

Financial highlights

• Q4 EBITDA margin stood at 32.3% consolidated; base business margin at 32.7%.

• Full-year revenue grew 15% with EBITDA margin maintained at 32.7%.

• Net debt to EBITDA ratio at 2.3x, including JB Pharma's full-year EBITDA.

• Gross margin for Q4 FY26 was 76%.

• Earnings per share for FY26 stood at INR 63.92 (consolidated), up from INR 56.47 in FY25.

Outlook and guidance

• India business expected to outperform market growth, driven by semaglutide launch, Curatio, and new first-to-market launches.

• Organic India growth for FY27 projected to be mid-teens, barring external demand shocks.

• U.S. business guided for single-digit growth with several early launches planned.

• Brazil expected to deliver 10%-15% top-line growth in FY27.

• Germany business outlook is low single-digit growth (<5%) in constant currency.