Torrent Pharma Q4 FY26: Base Growth Holds, JB Integration Begins

Consolidated revenue was INR 4,197 crore in Q4 FY26 and INR 13,980 crore in FY26, as per the revenue summary and consolidated financial results.

Q4 FY26 revenues were India INR 2,215 crore, United States INR 396 crore, Germany INR 333 crore, Brazil INR 455 crore, and Others INR 798 crore.

Management stated shareholder approval for the merger has been received and the company is in the last stage of the process, with a final NCLT hearing expected in the next month from the May 22, 2026 call.

Management reiterated guidance of up to INR 450 crore cost synergies by year 3, with about 20% expected in year 1; phasing is not provided quarter-by-quarter.

Management said the launch is off to a strong start with two brands (Semalix and Sembolic). PharmaTrac April data cited 38% share among generic players, with 28% in injectable and 100% in oral at that time, noting oral share may reduce as competitors enter.

Management indicated Germany growth remains impacted by third-party supply disruption and guided for low single-digit constant currency growth (below 5%) for next year.

Management stated R&D was about 5% of sales in FY26 and an incremental 0.5% could be expected in the upcoming year, largely directed toward India and the US.