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Revenue
₹807 Cr
verified against source
Revenue YoY
7.4%
reported change
EBITDA
₹277 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Eris Lifesciences reported Q1 FY26 consolidated revenue of ₹773 crore (+7.4% YoY) and PAT of ₹125 crore (+41% YoY), driven by strong domestic branded business (DBS) growth of 11% and margin expansion. DBS EBITDA margin improved to 37.2% (+155 bps YoY), while the BioOn segment reached 30% EBITDA margin (vs 19% at acquisition). The company reaffirmed consolidated guidance despite a planned ramp-down of trade generics (₹3 crore revenue vs ₹13 crore last year). Key growth drivers include insulin cartridge manufacturing commencement at Bopal (Q4), GLP-1 pipeline progress (synthetic semaglutide validation, recombinant candidate entering Phase 1 in Q4), and a confirmed CDMO pipeline of ₹100 crore+ for international business. Risks include persistent insulin drug product shortages (20% gap) and capacity constraints in injectables for 1.5-2 years.
Colored figures show movement against the previous available record.
Guidance to track
- Management reaffirmed the earlier guidance despite Q1 growth of 7.4%, citing ramp-down of trade generics as a temporary drag.
- Net debt stood at ₹2,300 crore in Q1; management reaffirmed reduction to ₹1,800 crore by year-end, implying net debt/EBITDA of ~1.5x.
- Manufacturing of insulin cartridges at Bopal expected to start in Q4, with market opportunity from Novo Nordisk's exit accruing from Nov-Dec 2025.
- Includes CDMO, RO business, OSD exports, and B2C; CDMO commercialization expected from FY27 with ₹100 crore+ confirmed contracts.
Risks flagged
- DP shortages continue, causing a 20% gap in supply; management noted a ₹10 crore revenue hit in Q1 and a strategic stockpile increased working capital by ₹73 crore.
- Management acknowledged capacity constraints in a couple of lines, limiting volume growth until new unit is commissioned, which may take 1.5-2 years.
- Liraglutide (LRA) ramp-up slower than expected due to stiff competition and delayed obesity approval for generic exenatide; management lowered near-term expectations.
- Trade generics revenue fell from ₹13 crore to ₹3 crore YoY; full-year impact could be ~₹40 crore revenue loss, though it was never profitable.
Key quotes
- We retain our position that we expect to be among the first launches in India post LOE.
- The only problem which we see in the export business injectable is a little bit of a capacity problem and this would remain for at least one and a half years.
- Our DBF aggregate margins are at 37%. So I would say that is the kind of aspiration we would have at the very least.
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