Torrent's Q2 FY27 sales rose 51%, per-share profit fell 19%

Companies No. 97 27 October 2026 · 2 min read · By Pranami Hayaran

Torrent Pharma's sales for July to September 2026 (Q2 FY27) rose 51% from a year earlier, to ₹4,979 crore. Its net profit fell 10% to ₹534 crore, and profit per share fell 19%, to ₹14.05 from ₹17.45.

Most of the growth was bought. Torrent took control of J.B. Chemicals and Pharmaceuticals in January 2026 and merged it in July. J.B. brought ₹1,086 crore of the quarter's sales. Torrent's own business grew 18% to ₹3,893 crore, while J.B.'s sales abroad fell 7% during the merger, Torrent says.

The bills come from how Torrent paid. In cash: ₹11,917 crore on 21 January for 46.39% of J.B., from its main owner, Tau Investment Holdings. It had sold ₹10,990 crore of bonds, paying 7.45% to 7.80% a year, 2 days earlier, and its borrowings went from ₹2,590 crore to ₹13,874 crore in a year. In shares: 4.19 crore new Torrent shares for J.B.'s other shareholders, 12% more than Torrent had.

The deal also took intangible assets, rights such as brands, to ₹23,352 crore from ₹3,911 crore. They are written down each year (amortisation), like plants and machines (depreciation): charges against profit that use no cash.

So operating profit before those charges and interest rose ₹583 crore. But interest rose to ₹300 crore from ₹48 crore, and depreciation and amortisation to ₹609 crore from ₹204 crore: ₹657 crore more, the whole gain and then some. A smaller profit, split over more shares, is how a 51% rise in sales became a 19% fall in profit per share.