ERIS Lifesciences Ltd(ERIS)

NSE: ERISBSE: 540596

₹ 1,108+0.94%refreshed 26 Oct, 01:59 pm ISTMarket cap: ₹ 15,372 crNext results: 26 Oct 2026Website: www.eris.co.inUpdated: 24 Oct 2026

About

Eris Lifesciences is an Indian pharmaceutical company focused on chronic and sub-chronic therapies, operating through Domestic Branded Formulations (DBF) and an International business that includes Swiss Parenterals' injectable CDMO operations. It reported revenue of Rs 3,129.42 cr in FY26. Eris holds a 16% share of India's RHI+Glargine insulin market as of MAT Jun-26, and its Sundae (Semaglutide) brand ranked #1 by Rx share in injectable Semaglutide in its first full quarter.^[1]

Business segments

Domestic Branded Formulations (DBF): Rs. 2,778 cr revenue in FY26 (+11% YoY), the dominant share of consolidated revenue; chronic/sub-chronic mix at 85% in Q1 FY27.^[2]
DBF revenue was INR 2,513 crore in FY25 and Swiss Parenterals contributed INR 326 crore.^[3]
International business (Swiss Parenterals): Rs. 348 cr revenue in FY26 (+7% YoY), covering injectable CDMO, regulated-market generics and RoW branded supply.^[2]
DBF EBITDA margin was 37% in FY26 vs 36.5% in FY25; International EBITDA margin was 32% in FY26 vs ~33.4% in FY25, reflecting pre-revenue EU CDMO investment.^[2]

Products and therapy portfolio

DBF spans 10 therapy areas; 7 of 10 grew in double digits in Q1 FY27. Chronic therapies led by Anti-Diabetes, Cardiac and Derma make up 85% of the DBF mix.^[4]
Insulin portfolio (RHI + Glargine) acquired from Biocon in April 2024; sales grew 26.4% YoY on MAT Jun-26, lifting market share from 9% at acquisition to 16%.^[4]
Sundae (Semaglutide) launched March 2026; in Q1 FY27 it generated Rs. 12 cr revenue with ~21% Rx share, ~20% unit share and ~14% value share in injectable Semaglutide.^[4]
Derma grew 14.2% in FY26 vs covered market growth of 8.6%, outperforming in all four quarters.^[2]
Esaxerenone, India's first non-steroidal MRA, was developed in-house and approved by DCGI for resistant hypertension and early CKD/proteinuria.^[5]
OAD (20% of DBF) grew 1.9% in Q1 FY27 vs IPM growth of 11.5%; Cardiac (15.3%) grew 11.1% vs market 16.9%.^[4]
FY25 annual report cited an active pipeline of 25+ candidates and 10+ planned launches in FY26, plus 6 biologics candidates.^[3]

Manufacturing operations

Eris Bionxt (Bhopal) makes insulin and GLP-1 biologics; RHI vials in-house since Aug-25 with 5+ million vials produced; Glargine vial commercial manufacturing began Feb-26.^[5]
Bhopal Phase-1 Semaglutide Pen capacity of ~5 mn units p.a. was targeted to start in Q2 FY27.^[2]
Both Swiss Parenterals injectable units received EU GMP non-compliance observations after March 2026 inspections; CAPA is underway with sites targeted audit-ready by Dec-26.^[2]
Nearly Rs. 200 cr was invested to set up the biologics footprint (Bhopal, Levim Chennai, 30% stake), per the FY25 annual report.^[3]
Subsidiaries include Eris M.J. Biopharm, Eris Therapeutics, Eris Healthcare, Eris Pharmaceuticals, Swiss Parenterals and Eris Bionxt.^[6]

Key operating numbers

RHI cartridge market share rose from 13% in Apr-25 to 24% in Mar-26, having reached 25% in Dec-25.^[2]
DBF gross margin was 74% in Q1 FY27 vs 77% a year earlier, driven by a rising biologics contribution including insulins and GLP-1.^[4]
Anti-Diabetes revenue market share was 6.1% on MAT Oct-25 vs 4.9% in Mar-23.^[7]
Q1 FY27 capex was Rs. 88 cr; OCF-to-EBITDA conversion was 77% in Q1 FY27.^[4]

Distribution and partnerships

Swiss Parenterals held an annualised EU-CDMO order book of Rs. 1,000+ cr at Q3 FY26-end, including an exclusive manufacturing contract covering 6 EU countries.^[5]
Biocon partnership expanded to add Aspart and select RoW markets assigned to Eris via Swiss Parenterals for direct marketing of RHI, Glargine and Aspart.^[7]

Expansion and capex

FY26-FY28 capex envelope is Rs. 750-800 cr covering Insulin, GLP-1 and injectables; annual run-rate guided at Rs. 200-250 cr.^[5]
Bhopal insulin capacity doubling (vials + cartridges) at ~Rs. 150 cr capex.^[7]
Swiss Parenterals Unit-3 (EU+PIC/s approvable injectables), capex Rs. 130 cr, now targeted for FY28, deferred from April 2026.^[4][2]
Second-round investment of Rs. 100 cr in Levim Lifetech for Diabesity pipeline and drug substance manufacturing.^[7]
Nearly Rs. 4,000 crore was invested in diversification over FY23-FY25.^[3]
International revenue aspiration is Rs. 1,000 cr by FY30.^[5]

Recent developments

Partner Natco received CDSCO approval for generic Semaglutide in February 2026; Sundae Vial launched March 2026, Pen 2mg mid-April and Pen 4mg early May 2026.^[5]
Following the EU GMP observations in April 2026, Rs. 120-140 cr of FY27 EU-CDMO revenue was removed from base-case guidance.^[2]
Swiss Parenterals Q1 FY27 EBITDA fell 19% YoY to Rs. 18 cr on 5% revenue growth to Rs. 72 cr.^[4]
Eris has 5 insulin analog products in pipeline for a ₹2,309 cr market (as of Q1 FY27), with launches targeted from FY28.^[4]
A ~Rs. 60-70 cr basket of non-core DBF tail-end brands, mainly general injectables, was discontinued effective FY27.^[5]

Market Cap

₹15,372 Cr

High / Low

₹1,737 / 1,089

Stock P/E

23.5

Price / Book

3.9

Book Value

₹282

EPS

₹44.7

No. of Shares

13.85 Cr

ROCE

14.1%

ROE

18.3%

OPM

27.0%

Debt / Equity

0.59

Sales

₹3,129 Cr

Net Profit

₹648 Cr

Promoter holding

54.7%

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