Guidance ledger · Q3 FY26

Torrent Pharmaceuticals Ltd TORNTPHARM

3 revisions on record · 2 lowered · 1 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

↑ raised JB cost synergy quantification Q2 FY26 → Q3 FY26

~~deferred until KKR buyout closes (Q2FY26)~~ → INR 400-450 crores over 2-3 years, cost-only

“our synergy number is looking like INR 400 crores to INR 450 crores over the next 2 to 3 years”

↓ lowered Germany supplier disruption resolution Q2 FY26 → Q3 FY26

~~would expect this to be over by Q3 (Q2FY26)~~ → cannot give a timeline; alt-supplier 3-4 quarters away

“it will take at least 3 to 4 quarters to get an alternate supplier on board”

↓ lowered Brazil Sema launch wave position Q2 FY26 → Q3 FY26

~~expecting approval in wave-1 (Q2FY26)~~ → 3rd to 5th launch position; 45-50% price erosion expected

“It will be somewhere in the range of between 3rd to 5th launch”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.