Torrent Pharma's Q2 Results In Line: ICICI Securities Maintains HOLD with INR 3,530 Target Amid Key Growth Drivers

ICICI Securities has analyzed Torrent Pharmaceuticals' Q2FY26 financial performance, finding it consistent with their predictions. The report highlights robust growth across key markets: India saw an 11.5% increase, the United States experienced 15.9% growth fueled by new product introductions such as gEntresto, and Brazil posted a 20.9% rise, partly due to stable currency exchange rates.

A significant future prospect is Torrent Pharma's plan to launch generic semaglutide in both India and Brazil. In Brazil alone, the company aims to capture approximately 15% of the USD 1 billion market for this product. Furthermore, Torrent Pharma has secured approval from the Competition Commission of India (CCI) for its acquisition of JB Pharma and is expected to finalize a stake purchase from KKR by January 2026.

The brokerage firm identifies new product launches, enhanced productivity, and strategic price increases as key catalysts poised to drive revenue growth across all business segments.

**Impact** This news could positively influence Torrent Pharmaceuticals' stock performance as it highlights consistent operational growth, strategic product development (especially in the high-potential semaglutide market), and progress on acquisitions that could expand its market reach and portfolio. The HOLD rating suggests analysts see limited upside but acknowledge the company's solid fundamentals and future potential, providing a stable outlook for investors. The price target of INR 3,530 indicates potential for modest gains from the current trading levels. Rating: 6/10

**Difficult Terms** * **gEntresto**: Likely refers to a generic version of the drug Entresto, used for treating heart failure. * **generic semaglutide**: A lower-cost copy of the brand-name drug semaglutide, commonly used for treating type 2 diabetes and for weight management. * **CCI approval**: Approval from the Competition Commission of India, a regulatory body that ensures competition in the market and scrutinizes mergers and acquisitions. * **EV/EBITDA**: Enterprise Value to Earnings Before Interest, Taxes, Depreciation, and Amortization. This is a valuation multiple used to compare companies within the same sector, indicating how much a company is worth relative to its operational earnings.