# Torrent Pharma 2026 財年第四季合併業績優於券商預期。

*business · news · 2026-05-25 · NDTV Profit*

## Key points

- Nirmal Bang 對 Torrent Pharmaceuticals 維持持有評級，目標價為 4,898 盧比。
- Torrent Pharma 2026 財年第四季合併業績超出預期，因自 2026 年 1 月起納入 JB Pharma 合併。
- 剔除 JB Pharma，Torrent 實現 16% 年增營收，EBITDA 利潤率維持在 32.7%。
- Semaglutide 產品早期成功上市，助力印度業務表現優於印度製藥市場。

NDTV Profit's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer NDTV Profit's subscribers an opportunity to expand their understanding of companies, sectors and the economy. 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. Click on the attachment to read the full report: Nirmal Bang Torrent Pharma Q4 Results Review.pdf VIEW DOCUMENT ALSO READ: Samvardhana Motherson Q4 Review: Motilal Oswal Ups Target Price On Long-Term Growth Outlook — Check Upside DISCLAIMER This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit. Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

**Companies:** Torrent Pharmaceuticals Ltd., JB Pharma
**Countries:** India

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