Torrent Pharmaceuticals Board Approves ₹12,500 Crore Fundraise Via NCDs

Torrent Pharmaceuticals has announced that its board has approved raising up to ₹12,500 crore through secured non-convertible debentures (NCDs). The issuance will be executed on a private placement basis in one or more tranches and listed on the NSE Wholesale Debt Market segment.

The company disclosed the development in its regulatory filing on January 5, 2026. The move aims to strengthen liquidity and support expansion plans amid robust operating performance and acquisition commitments.

Structure And Security of The NCDs

The proposed NCDs will carry a first-ranking exclusive charge over designated accounts and specified trademarks, ensuring a minimum security cover of 1.1x. Coupon rates, tenure, and maturity dates will be finalised at the time of allotment.

The issuance will be structured to provide long-term funding flexibility for the company’s strategic objectives. Torrent Pharma stated that the NCDs will be listed on the NSE Wholesale Debt Market segment, offering transparency and compliance with regulatory norms.

Strategic Rationale Behind the Fundraise

Torrent Pharmaceuticals is raising funds to support liquidity and finance expansion initiatives, including acquisitions and research investments. The company is in the final stages of completing the acquisition of JB Chemicals after securing SEBI approval for the minimum tender offer.

Management has stated that the funds will also be used to meet annual capital expenditure requirements. In addition, the capital will support pipeline development, especially in high-growth therapeutic segments.

Financial Performance and Leverage Position

In the second quarter, Torrent Pharma reported revenue of ₹3,302 crore, marking a 14% year-on-year increase. Operating EBITDA stood at ₹1,083 crore, with margins at 32.8%.

The company’s net debt-to-EBITDA ratio was at a conservative 0.45x, providing significant headroom for additional leverage. Management has guided for annual capex of ₹250–₹300 crore over the next three years, alongside increased R&D filings for the US market and new product launches in India and Brazil, including GLP-1 analogues.

Torrent Pharmaceuticals Share Price Performance

On January 05, 2026, Torrent Pharmaceuticals share price opened at ₹3,885.30, compared to the previous close of ₹3,885.30. During the session, as of 2:17 PM IST, the stock had touched a high of ₹3,900.10 and a low of ₹3,856.40, and was trading at ₹3,859.40, down by 0.67%.

The stock recorded a traded volume of 0.62 lakh shares and a traded value of ₹24.06 crore on the NSE. The market capitalisation stood at ₹1,30,619.63 crore.

Read More: Mutual Funds Net Equity Investments Touches Record ₹4.9 Trillion.

Conclusion

Torrent Pharmaceuticals’ move to raise ₹12,500 crore through secured NCDs highlights a proactive strategy to fund expansion and strategic acquisitions. The plan is supported by the company’s strong financial performance and conservative leverage profile.

The issuance is expected to help maintain liquidity while enabling growth in domestic and international markets. It will also provide flexibility to support capex, R&D and pipeline development, strengthening Torrent’s position in the pharmaceutical sector.

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