Torrent Pharmaceuticals Posts Strong Revenue Growth; Sets the Stage for Accelerated Global Expansion and Margin Upside
July 16, 2025: Torrent Pharmaceuticals Ltd. (TRP) has reported a robust 7.3% year-on-year (YoY) revenue growth, propelled by a 12.5% surge in its branded business, with sustained momentum in the domestic market continuing to serve as the cornerstone of its performance. The company remains confident in delivering a 12% revenue CAGR over FY25–28, supported by ongoing field force expansion, new product launches, and the growing contribution from Curatio.
Domestic Business: Driving Double-Digit Growth Leadership
TRP’s domestic franchise continues to outperform the Indian Pharmaceutical Market (IPM) in both volume and value growth. The company recently expanded its medical representative (MR) strength to 6,400, with plans to scale this further to 6,800–6,900 by FY26-end. Growth remains broad-based across key chronic therapies—Cardiac, Anti-Diabetic, GI, CNS, and Dermatology—complemented by the momentum of Curatio, which delivered 19% YoY growth in FY25.
With an aggressive focus on clinically differentiated launches, increased productivity, and in-licensing deals, Torrent expects to maintain 12% domestic CAGR over FY25–28, reinforcing its leadership in high-value therapy areas and its rising footprint in consumer health.
US Business: Poised for Strategic Inflection
Following a subdued FY25, Torrent’s US operations are set for a meaningful recovery from FY26 onwards. The company now has USFDA-cleared manufacturing facilities at Indrad and Pithampur, enabling 7–8 new launches annually. The dedicated oncology facility and a deepening pipeline in complex generics and high-value, hard-to-make products position the company well for long-term growth. Torrent targets breakeven in the US business by FY26, laying the foundation for top-line acceleration and improved profitability.
Brazil: Growth Recovery on Track
Despite temporary headwinds in FY25 due to BRL depreciation and channel destocking, Torrent remains the No. 1 Indian pharma company in Brazil. With the easing of pricing pressures and stabilization of the BRL, growth is expected to resume from FY26. A robust product portfolio in CNS, Cardio, and Diabetes, investments in local manufacturing, and enhanced digital engagement tools will support the return to double-digit growth in the region.
Margin Outlook: Positioned for Expansion
Torrent sustained EBITDA margins of 33% in FY25, despite currency and regional challenges. Looking ahead, margins are projected to improve by 300 bps to 35–36% over FY26–28E, driven by:
- Improved PCPM (Per Capita Productivity per MR) in India
- Currency normalization and inventory stabilization in Brazil
- Product mix shift towards complex generics and differentiated launches
- Operating leverage from US business breakeven
Torrent continues to invest in technology-led efficiencies, cost optimization, and scalable growth platforms, reinforcing its position as a high-margin, innovation-driven pharmaceutical leader.