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Torrent's(Ex- JB Pharma) Q1FY27 revenues from operations grew ~17% YoY

ICICIdirect Research 31 Jul 2026 DISCLAIMER

News: Torrent's(Ex- JB Pharma) Q1FY27 revenues from operations grew ~17% YoY to ₹3,720 crore driven by growth across geographies(19%/27%/36%/3% growth in India/Brazil/US/Germany respectively). EBITDA margins for the base business grew 20% to ₹1240 crore. During the quarter consolidated JB Pharma financials and reported total revenue of ₹4835 crore with EBITDA ₹1664 crore implying 33.8% EBITDA margins. GPM for consolidated business stood at 76.4%.     

View: India base growth was driven by volume outperformance versus the IPM in chronic and sub-chronic therapies, along with strong traction in Generic Semaglutide with 36% market share (oral + injectable combined) and going forward management aspires for mid teen growth in base business for FY27. Brazil performance was supported by strong traction in key brands and new launches, significantly outpacing market growth (21% vs 5%, IQVIA). In Germany, revenues (in CC terms) declined 9% due to supply disruptions at a third-party supplier and lower tender off take, although currency movements provided support. US growth was driven by momentum in recent launches, resulting in market share gains and certain one-off opportunities. Going ahead, sustaining strong momentum in India and Brazil, maintaining margin trajectory, and the integration of JB Chemicals where management is targeting cost synergies of ~₹400 crore and revenue synergies from cross selling will remain key monitorable to watch for.

Impact: Positive

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