Torrent Pharma Q2 Results, October 23, 2026: Revenue Up 51% on JB Merger, Profit Dips 9.6%

Torrent Pharma Q2 results landed on October 23, 2026, and the headline numbers pull in two directions. Revenue for the September quarter jumped 51% year-on-year to ₹4,979 crore, but consolidated net profit fell to ₹534 crore from ₹591 crore a year ago, a drop of 9.6%. The gap between the two is mostly the JB Pharma merger.

Torrent Pharma Q2 results: the key numbers

All figures below are consolidated and come from the company’s results filing and press release on NSE.

• Revenue from operations: ₹4,979 crore, up 50.8% from ₹3,302 crore in Q2 FY26.
• Operating EBITDA (before exceptional items): ₹1,666 crore, up 53.8% from ₹1,083 crore.
• Operating EBITDA margin: 33.5%, against 32.8% a year ago.
• Gross margin: 75.4%, slightly below 75.8% in Q2 FY26.
• Net profit after tax: ₹534 crore, down 9.6% from ₹591 crore. Sequentially, it was also lower than the ₹566 crore reported in Q1 FY27.
• R&D spend: ₹211 crore, or 4.2% of revenue, up 35% year-on-year.

Operations got bigger and a touch more profitable at EBITDA, yet the bottom line shrank. Net profit margin, as the company defines it, came in at 10.7% versus 17.9% a year earlier. The filing shows the drop; we’d wait for management commentary before pinning it on any single cost line.

Base business vs JB business

Torrent took a 48.80% controlling stake in J.B. Chemicals & Pharmaceuticals on January 21, 2026, and the merger became effective on July 8, 2026, according to the filing. That’s why the company now splits its numbers into a “base” business and a “JB” business.

The base business, meaning Torrent without JB, brought in ₹3,893 crore, up 18%. JB added ₹1,086 crore. Here’s how the base business did by geography:

• India: ₹2,181 crore, up 20%, against Indian pharma market growth of 12% as per the PharmaTrac dataset cited by the company. Torrent says its generic semaglutide held a 32% market share in the quarter, combining oral and injectable forms.
• Brazil: ₹440 crore, up 38% in rupee terms and 20% in constant currency (R$ 236 million).
• United States: ₹417 crore, up 24% in rupees and 13% in constant currency (US$ 44 million), helped by new launches.
• Germany: ₹283 crore, down 7% in rupees and 13% in constant currency (EUR 26 million). The company again blamed supply disruption at a third-party supplier and the loss of some high-volume tenders.

If you’re wondering why rupee and local-currency growth differ so much, our explainer on constant currency growth walks through it.

The JB side had a rough integration quarter

JB’s India prescription business (excluding trade generics and contrast media) grew 7% to ₹597 crore. Its international business, covering the US, emerging markets and contract manufacturing, fell 7% to ₹406 crore. Torrent put this down to a “transient” impact from integrating the India business, optimising the global network and aligning manufacturing and quality systems after the merger.

Integration hiccups are normal. Repeated ones are not, so “transient” is the word to test next quarter.

First half of FY27

For April to September 2026, revenue was ₹9,900 crore, up 52.8%, and operating EBITDA was ₹3,330 crore, up 57.4%, with a margin of 33.6%. Net profit for the half came in at ₹1,100 crore, 3.4% lower than ₹1,139 crore in H1 FY26.

What it means for investors

We’d read this as a solid quarter for the core Torrent franchise. India growing well ahead of the market and steady gains in Brazil and the US are exactly what the business is built on. Germany remains the sore spot, and it’s been one for a while now.

The JB numbers are the swing factor. The merger is doing what it was meant to do on scale, but the profit line hasn’t caught up yet. Our guide on how to analyse quarterly results explains how to separate reported growth from organic growth. Also see our report on Zydus’s USFDA approval.

Source: Torrent Pharmaceuticals’ Q2 FY27 financial results and press release filed with NSE on October 23, 2026.

Disclaimer: This article is for information and education only and is not investment advice. Please do your own research or consult a SEBI-registered adviser before making any investment decision.