CITI On Torrent Pharma ; Buy, TP Rs 5860

2Q in-line. Base business continued to deliver robust growth, led by strong India and Brazil performance, while the JB Pharma business saw a transient impact from post-merger integration and postponement of deliveries in certain international markets. Management expects JB’s recovery to be gradual, with 2H India growth better than the c.10% delivered in 1H and margins improving sequentially. Importantly, synergy realization is tracking ahead of earlier guidance, with c.50% of the Rs4.5bn synergies expected in FY27E and the balance in FY28E. Consolidated margins are expected to improve from the 2QFY27 level of 33.5%.

Citichem India Limited

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