Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/torrent-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:15762:1" rel="noopener">Torrent Pharmaceuticals (TRP IN)</a> is acquiring a controlling stake in <a href="https://www.smartkarma.com/entities/j-b-chemicals-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:7360:1" rel="noopener">J.B. Chemicals &amp; Pharmaceuticals (JBCP IN)</a> for INR 25,689 crore, marking the second-largest pharma deal in India’s history.</li>
<li>The acquisition strengthens Torrent’s market share in India, expands its therapeutic presence, and opens entry into the growing CDMO sector, diversifying its business model.</li>
<li>The merger is expected to drive revenue growth, improve margins, and provide operational synergies, with long-term gains in both domestic and international markets.</li>
</ul>



Torrent Pharmaceuticals (TRP IN) is acquiring a controlling stake in J.B. Chemicals &amp; Pharmaceuticals (JBCP IN) for INR 25,689 crore, marking the second-largest pharma deal in India’s history.
The acquisition strengthens Torrent’s market share in India, expands its therapeutic presence, and opens entry into the growing CDMO sector, diversifying its business model.
The merger is expected to drive revenue growth, improve margins, and provide operational synergies, with long-term gains in both domestic and international markets.


Event Driven: Torrent Acquires JB Chemicals ~ The Second-Largest Pharma Deal in Indian History

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Torrent Pharmaceuticals / Equity Bottom-Up

<ul><li>Torrent Pharma has entered into definitive agreements to acquire a controlling stake in JB</li><li>Chemicals and Pharma (JB Pharma) from KKR at an equity valuation of INR 256.89 bn, followed by a merger of the two entities</li><li>The acquisition will be executed in two phases: (1) acquisition of ~46.39% equity stake through an SPA^ at a consideration of INR 119.17 bn (INR 1,600 per share, ~11% discount) and 2.8% from certain employees of JB Pharma, followed by an open offer to acquire up to 26% of JB Pharma shares from public shareholders at a price of INR 1,639/share, and (2) merger between Torrent and JB Pharma through a scheme of arrangement, whereby every shareholder holding 100 shares in JB Pharma shall receive 51 shares of Torrent</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Torrent Pharma has entered into definitive agreements to acquire a controlling stake in JBChemicals and Pharma (JB Pharma) from KKR at an equity valuation of INR 256.89 bn, followed by a merger of the two entitiesThe acquisition will be executed in two phases: (1) acquisition of ~46.39% equity stake through an SPA^ at a consideration of INR 119.17 bn (INR 1,600 per share, ~11% discount) and 2.8% from certain employees of JB Pharma, followed by an open offer to acquire up to 26% of JB Pharma shares from public shareholders at a price of INR 1,639/share, and (2) merger between Torrent and JB Pharma through a scheme of arrangement, whereby every shareholder holding 100 shares in JB Pharma shall receive 51 shares of TorrentContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Torrent Pharma: J.B. Chemicals Acquisition a Strategic Fit. Maintain ADD

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/torrent-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:15762:1" rel="noopener">Torrent Pharmaceuticals (TRP IN)</a> reported a 11% YoY increase in net profit to INR5B on an 8% YoY growth in revenue to INR28B in Q4FY25. Domestic business drove overall performance.</li>
<li>Revenue from domestic market increased 12% YoY to INR15.5B, led by outperformance in focus therapies, aided by strong new launch performance. Torrent continued to outperform IPM.</li>
<li>The company is expanding margins by 75–100bps historically. With improving traction in U.S., double-digit growth in Brazil, and continued strong performance in India, the trend is expected to continue.</li>
</ul>



Torrent Pharmaceuticals (TRP IN) reported a 11% YoY increase in net profit to INR5B on an 8% YoY growth in revenue to INR28B in Q4FY25. Domestic business drove overall performance.
Revenue from domestic market increased 12% YoY to INR15.5B, led by outperformance in focus therapies, aided by strong new launch performance. Torrent continued to outperform IPM.
The company is expanding margins by 75–100bps historically. With improving traction in U.S., double-digit growth in Brazil, and continued strong performance in India, the trend is expected to continue.


Torrent Pharmaceuticals (TRP IN): India Business Drives 11% PAT Growth in Q4; Margin Levers at Work

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Torrent Pharma (TRP) delivered largely in line earnings in 3QFY25. The superior performance in domestic formulation (DF) was offset by currency headwinds in Brazil and zero insulin CMO sales.</li><li>TRP continues to strengthen its presence in DF market through the addition of MRs and enhancing its reach in the consumer health segment.</li><li>The US business is yet to witness interesting approvals despite having regulatory compliance in place.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Torrent Pharma (TRP) delivered largely in line earnings in 3QFY25. The superior performance in domestic formulation (DF) was offset by currency headwinds in Brazil and zero insulin CMO sales.TRP continues to strengthen its presence in DF market through the addition of MRs and enhancing its reach in the consumer health segment.The US business is yet to witness interesting approvals despite having regulatory compliance in place.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Torrent Pharma - DF, Lower Interest/Tax Drive Earnings

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>A group of shareholders raised around US$530m in <a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a>(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>In this note, we will talk about the lock-up dynamics and recent updates.</li>
</ul>


A group of shareholders raised around US$530m in Mankind Pharma(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
In this note, we will talk about the lock-up dynamics and recent updates.


Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

India

Torrent Pharmaceuticals Ltd. manufactures bulk drugs and pharmaceutical formulations. The Company's formulations include cardio-vascular, psychotropic and anti-biotic drugs while its bulk drugs include atenolol, ciprofloxacin and norfloxacin. Torrent Pharmaceuticals has wholly owned subsidiaries in several regulated and less regulated international markets.

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Torrent Pharmaceuticals (TRP IN)

Event Driven: Torrent Acquires JB Chemicals ~ The Second-Largest Pharma Deal in Indian History

Torrent Pharmaceuticals acquires JB Chemicals in ₹25,689 crore deal, boosting market share, expanding presence in CDMO sector, and driving revenue...

Nimish Maheshwari

Torrent Pharma: J.B. Chemicals Acquisition a Strategic Fit. Maintain ADD

Chemicals and Pharma (JB Pharma) from KKR at an equity valuation of INR 256.89 bn, followed by a merger of the two entities

HDFC Securities