External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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

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

Thematic (Sector/Industry)

<ul><li>Overall chronic growth accelerated for Oct-25 to ~16% YoY, and the acute segment saw 9% growth.</li><li>In chronic space, cardiac continues to drive IPM growth in Oct-25 at 17% YoY (+11% in Q2FY26), anti-diabetic at 15% (+9% in Q2FY26), led by continued traction from GLP-1 molecules (ex-Mounjaro growth was at 8% YoY), and CNS at +13% (+7% in Q2FY26). </li><li>In acute, anti-infectives saw 5% YoY growth (+4% in Q2FY26), gastro 9% YoY (+2% in Q2FY26), and VMN 11% YoY (+6% in Q2FY26).</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.

Overall chronic growth accelerated for Oct-25 to ~16% YoY, and the acute segment saw 9% growth.In chronic space, cardiac continues to drive IPM growth in Oct-25 at 17% YoY (+11% in Q2FY26), anti-diabetic at 15% (+9% in Q2FY26), led by continued traction from GLP-1 molecules (ex-Mounjaro growth was at 8% YoY), and CNS at +13% (+7% in Q2FY26). In acute, anti-infectives saw 5% YoY growth (+4% in Q2FY26), gastro 9% YoY (+2% in Q2FY26), and VMN 11% YoY (+6% in Q2FY26).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.

Pharmaceuticals: IPM: growth recovers to 11.7% in Oct-25

<ul><li>As per IQVIA, IPM saw moderate growth for Sep’25 at 6.1% YoY (vs 8.1% in Aug’25), with 2.4% YoY decline in units</li><li>The strong growth in cardiac, respiratory, and oncology was offset by muted growth in anti-infective, gastro, VMN, and pain</li><li>For Q2FY26, IPM grew 7.2% YoY, with 1.7% decline in units.</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.

As per IQVIA, IPM saw moderate growth for Sep’25 at 6.1% YoY (vs 8.1% in Aug’25), with 2.4% YoY decline in unitsThe strong growth in cardiac, respiratory, and oncology was offset by muted growth in anti-infective, gastro, VMN, and painFor Q2FY26, IPM grew 7.2% YoY, with 1.7% decline in units.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.

Pharmaceuticals: IPM: grows 6.1% in Sep’25 and 7.2% in Q2FY26

<ul><li>The India Pharma and Healthcare sector is expected to see steady revenue growth but EBITDA margins to remain flat</li><li>We project sales/EBITDA growth of 11%/12% YoY for our coverage universe</li><li>Our assumptions are: (1) pharma coverage will see 11% YoY sales growth, as moderate 10% YoY increase in the India business due to new GST related disruption in Sep-25 month</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.

The India Pharma and Healthcare sector is expected to see steady revenue growth but EBITDA margins to remain flatWe project sales/EBITDA growth of 11%/12% YoY for our coverage universeOur assumptions are: (1) pharma coverage will see 11% YoY sales growth, as moderate 10% YoY increase in the India business due to new GST related disruption in Sep-25 monthContent 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.

Pharma and Healthcare (Q2FY26E Results Preview): Q2FY26: Steady sales growth, margin to remain flat

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)

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

Torrent Pharma - DF, Lower Interest/Tax Drive Earnings

TRP continues to strengthen its presence in DF market through the addition of MRs and enhancing its reach in the consumer health segment.

Motilal Oswal

Pharmaceuticals: IPM: growth recovers to 11.7% in Oct-25

In chronic space, cardiac continues to drive IPM growth in Oct-25 at 17% YoY (+11% in Q2FY26), anti-diabetic at 15% (+9% in Q2FY26), led by...

HDFC Securities

Pharmaceuticals: IPM: grows 6.1% in Sep’25 and 7.2% in Q2FY26

The strong growth in cardiac, respiratory, and oncology was offset by muted growth in anti-infective, gastro, VMN, and pain. For Q2FY26, IPM grew...

HDFC Securities

Pharma and Healthcare (Q2FY26E Results Preview): Q2FY26: Steady sales growth, margin to remain flat

The India Pharma and Healthcare sector is expected to see steady revenue growth but EBITDA margins to remain flatWe project sales/EBITDA growth of...

HDFC Securities

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