Kotak Inst Eqt on Torrent Pharma ; Upgrade to Buy TP Rs 5665

TRP delivered an in-line 2QFY27. Strong double-digit base business growth across India, US and branded markets was offset by a slower offtake in JB, Germany and higher R&D spends Estimate TRP delivered Rs1.2 bn in cost synergies in JB in 1HFY27, leading to robust ~36% EBITDA margins for JB. TRP is clearly tracking well ahead of its prior guidance on cost synergies, with revenue synergies to commence from 1QFY28 Expect the merged entity to deliver a robust 19% EBITDA CAGR over FY2026-29E, led by healthy topline growth, further aided by synergies.

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