Torrent Pharma's sales rose 51% with JB added, while net profit fell nearly 10%

Torrent Pharmaceuticals sells branded medicines in India and Brazil and generic drugs in the US and Germany, and since January it has also owned JB Chemicals & Pharmaceuticals. In the September 2026 quarter both sides of that purchase were visible. Sales rose 50.8% from a year earlier, mostly because JB's sales were not in last year's figures. Net profit fell 9.6%.

Management's news on its results call was about timing. The cost savings from combining the two companies, held at ₹450 crore, should now take about two years to arrive rather than three, and the chief financial officer agreed that roughly half could come through this year. That matters because the savings are one of the main ways the purchase pays for itself. Whether they can lift profit soon depends on what the deal has already added to costs.

Those costs sit below the EBITDA line the company reports first. Operating EBITDA, profit before depreciation, amortisation, interest and tax, rose by ₹583 crore on the year. Depreciation and amortisation, the charge that spreads the cost of plants, equipment and intangible assets such as brands over their useful lives, took ₹405 crore of that back. Interest took another ₹252 crore, which follows from the borrowing that paid for JB: Torrent's debt rose more than fivefold between the September 2025 and March 2026 balance sheets. Profit before tax ended lower than a year earlier.

The schedule has been brought forward in steps. In February management guided to savings over two to three years, with perhaps a fifth in the first year. In July it said the first year would bring more than ₹100 crore. Some of those savings are already inside that rise in operating EBITDA. The rest would add, at most, about ₹112 crore a quarter if the full ₹450 crore is an annual figure, calculated by dividing by four. Depreciation and interest together were ₹657 crore a quarter higher than a year earlier, which left profit before tax ₹54 crore lower.

Some savings already show. JB's margin improved on the quarter before, and the managing director said the largest part came from merging the two companies' sales forces in India. The consolidated EBITDA margin was 33.5%, held back by higher research spending as a share of revenue. The chief financial officer expects the margin to rise gradually above that level, while saying the company is not guiding to a figure.

The other half of the profit question is JB's own sales, and they stalled. JB's revenue was roughly flat on a year earlier and 9.6% below the quarter before. Management blamed the integration itself: aligning plants and quality systems postponed deliveries in some international markets, and recovery there will be gradual. It still expects JB as a whole to grow by double digits in the second half of the year.

That leaves debt. Net debt was 1.8x EBITDA, the chief financial officer said, against February guidance of a ratio around 1-1.1x in the year to March 2028. A further payment JB owes on an ophthalmology deal falls due in December, the managing director confirmed. The quicker savings help, and how fast JB returns to growth will decide when profit catches up with the bigger company's costs.