Hold Torrent Pharma: target of Rs 4150: ICICI Securities

ICICI Securities recommended hold rating on Torrent Pharma with a target price of Rs 4150 in its research report dated February 16, 2026.

Broker Research

February 20, 2026 / 13:15 IST

Hold

ICICI Securities's research report on Torrent Pharma

Torrent Pharma (Torrent) posted a strong show in Q3FY26, driven by its businesses in India (+13.7% YoY) and Brazil (27.5%). INR depreciation too played its part in boosting performance of exports. Steady launches in India, MR addition (1,200 MRs added in two years), price hikes and better traction in the Curatio portfolio are likely to help Torrent grow ahead of the market. In US, the company is eyeing sales of USD 200mn in FY27 and traction in Brazil is expected to be maintained in quarters ahead. Torrent has acquired ~48.8% stake in JB Chemicals (JB) and merger of both the entities is likely to happen in the next 6–8 months.

Outlook

We cut FY27/28E EPS by ~7–10% to factor in higher amortisation cost from the JB acquisition. Maintain HOLD with a higher TP of INR 4,150 (vs. INR 3.530), based on 22x FY28E EV/EBITDA.

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