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India's Torrent Pharma Q2 earnings to get an acquisition lift, Nomura says

By Reuters News08:30 (UTC), 22 October 2026 Updated

** Shares of India's Torrent Pharmaceuticals TORP.NS rise as much as 2.1% to 4,649.60 rupees

** Nomura ("neutral", TP:4,670 rupees) expects co to report strong Q2 results on Friday, helped by above-market growth in India, rupee depreciation and early cost savings from its JB Pharma acquisition

** Expects co's India business, excluding JB Pharma, to grow 17% y/y, compared with 12% growth in the broader pharmaceutical market, according to Pharmarack data

** Says cost savings from JB Pharma acquisition are materialising ahead of schedule

** Forecasts EBITDA margin of 34.4% in Q2, an expansion of 158 basis points y/y

** Says Q2 sales, EBITDA and profit to exceed consensus estimates by 2%, 5% and 5%, respectively

** TORP rated "buy" on average by 29 analysts, median PT at 5,457.50 rupees--LSEG compiled data

** YTD stock up 19.2%

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