1QFY27F preview: Integration quarter begins Quick Note

研报英文原文证据摘录

1QFY27F preview: Integration quarter begins Quick Note

Global Markets Research

Torrent Pharmaceuticals TORP.NS TRP IN 28 July 2026

EQUITY: HEALTH CARE & PHARMACEUTICALS

Rating1QFY27F preview: Integration quarter begins Remains Neutral

Target price INR 4,670 RemainsQuick Note

Closing priceTorrent Pharma will report 1QFY27 results on 30 July 2026. This will be the first full 28 July 2026 INR 4,898

quarter with the consolidation of JB Chemicals' financials. TRP acquired a 46.39% stake

in JBCP on 21 January 2026. The merger process was completed effective 8 July 2026.

Key estimates for 1QFY27F Research Analysts

India Pharmaceuticals • We assume JBCP revenue at INR11.6bn, up 6% y-y. This includes India formulation

Saion Mukherjee - NFASL sales at INR 7.1bn, up 5% y-y, and ex-India formulation revenue growth at 7.5%. We saion.mukherjee@nomura.com

assume slow growth to factor in the impact of business integration. We assume the +91 22 403 74184

impact to be less severe vs the 5% y-y revenue decline that JBCP reported in

Kushal Chovatia - NFASL 4QFY26. kushal.chovatia@nomura.com

• We expect domestic formulation growth ex-JBCP at 15% y-y, supported by new +91 22 403 74013

product launches and price increases. Semaglutide is the most significant launch by

TRP, where it has a leadership position. In injectables, TRP has ~20–25% market

share within generic companies. In orals, TRP was the first generic to enter the India

market and has ~94% market share within generics as of June 2026 data from

Pharmarack. However, TRP's injectable sales are likely to be impacted as Dr Reddy's

(DRRD IN, Buy) recently announced (report here) a suspension of production

because of impurities generated during scale-up. TRP's injectable supplies were