Torrent Pharma’s (Torrent) Q2FY26 result was in line with our expectations. While Torrent continues to grow at a faster pace in India (+11.5%), its growth in the US (+15.9%) was driven by new launches like gEntresto; stability in currency has sustained its growth in Brazil (+20.9%). Management is gearing up for launch of generic semaglutide in India and Brazil; it is targeting ~15% market share (USD 1bn market size) in this product in Brazil. Torrent has received CCI approval for JB Pharma acquisition and could purchase stake from KKR by Jan’26. New launches, productivity improvement and price hikes are few triggers to drive revenue growth across all segments.
OutlookWe cut FY26E EPS by ~3% to factor in lower other income. Maintain HOLD with an unchanged TP of INR 3,530, based on 23x FY27E EV/EBITDA.
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