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Nirmal Bang Report
Domestic brokerage firm Nirmal Bang has maintained Hold rating on Torrent Pharmaceuticals Ltd. with a target price of Rs 4,898, valuing the company at 24x FY28E EV/Ebitda, implying ~10% premium to its five-year average multiple.
While the JB Pharma acquisition strengthens Torrent's India franchise and medium-term growth visibility, current valuations largely factor in the near-term earnings and synergy benefits
Torrent Pharma's Q4 FY26 consolidated results came in ahead of the brokerage's estimates, largely aided by consolidation of JB Pharma from 21-Jan-26; however, the standalone/base business performance remained broadly in line with estimates.
Excluding JB Pharma, Torrent delivered 16% YoY revenue growth with Ebitda margin sustained at 32.7%, supported by continued strong traction across key branded markets.
India business outperformed the IPM led by chronic therapies, Curatio scale-up and early success in semaglutide launches, while Brazil maintained healthy momentum driven by new launches and pricing actions.
The US business continued to recover aided by recent launches and improved offtake from existing products.
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