Torrent did not chase the commodity pricing of US generics. It chased Indian and emerging-market brand value through a long series of bolt-on acquisitions, each one adding a category, the whole portfolio compounding. The result is one of the strongest branded-generics franchises in India. Here is the journey, year by year.
- Founded in 1972 in Ahmedabad, focused on cardiac and CNS branded generics for India.
- It built anchor strength in cardiology, gastrology and neurology and expanded into Brazil, Germany and the Philippines.
- Serial acquisitions, Elder, Unichem, Curatio, each added a therapy category.
- By FY25 revenue topped ₹11,000 crore with profit above ₹1,800 crore and margins above 30%.
- FY25 Revenue tops ₹11,000 crore with profit above ₹1,800 crore and an operating margin above 30%.
1972 U. N. Mehta founds Torrent Pharma in Ahmedabad, focused on cardiac and CNS branded generics for the Indian market.
1990 It builds one of India’s strongest domestic branded-generic portfolios, with cardiology, gastrology and neurology as anchors.
2005 It expands internationally, making Brazil, Germany and the Philippines significant geographies.
2014 It acquires Elder Pharmaceuticals’ women’s-healthcare portfolio.
2017 It acquires Unichem’s branded business in India.
2022 It acquires Curatio Healthcare for ₹2,000 crore, adding paediatric dermatology.
2024 Domestic-formulations momentum stays strong, with Brazil and Germany contributing.
2025 Capex on new Dahej and Indrad facilities supports international markets, with domestic branded growth flagged as the structural compounder.
2026 Torrent stands as one of the strongest branded-generics franchises in India.
The pattern is the point
Torrent did not chase US generics commodity pricing; it chased Indian and emerging-market brand value through serial bolt-on acquisitions, each adding a category while the whole portfolio compounds. The strongest branded-generics franchise in India is also one of the strongest defensives in a rate cycle, with margins to match.
