ERIS
Large CapEris Lifesciences Limited
Pharma
Eris Lifesciences is an Indian pharma company focused on domestic formulations and international business. Key segments include Insulins, Diabetes (OADs, Semaglutide), Cardiology, and Dermatology. The company is expanding into complex manufacturing like biologics and sterile injectables, leveraging its own DS and DP capabilities.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 57/100Rev +7% YoY · PAT +174% YoY · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹757 Cr | +7.4% | -6.2% |
| EBITDA | ₹272 Cr | +7.9% | -3.5% |
| Operating margin | 36.0% | +0 bps | +100 bps |
| PAT | ₹279 Cr | +173.5% | +156.0% |
| PAT margin | 36.9% | +2239 bps | +2335 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4FY26 consolidated revenue grew 7% and EBITDA 8%. Full-year FY26 consolidated revenue grew 8% and EBITDA 10%. Domestic formulations grew 12% in Q4 and 11% for FY26, with EBITDA margin at 37%. PAT from continuing operations grew 34% YoY for FY26.
Domestic business shows resilience, especially in Insulins and Derma, and the Semaglutide launch is robust. However, international business faced supply chain and regulatory delays, impacting Q4 and FY27 guidance. Capital efficiency remains a concern despite management's long-term ROCE targets. Regulatory delays for planned launches and EU GMP observations are key watchpoints.
International Revenue by Geography (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Semaglutide Launch (Sundae)
Our Semaglutide brand, Sundae, has taken off to a robust start. Eris is ranked number one in Injectable Semaglutide by sale volume, number two by sale value.
Insulin Segment Performance
Our market share in RHI cartridges increased from 13% to 24% during the year... growth in Insulins for us outpaced the covered market growth by nearly five-fold.
Derma Segment Outperformance
The Derma segment consistently outperformed its covered market in all four quarters. Eris’ growth was 14.2% versus the covered market growth of 8.6%.
Biotech Pipeline Development
Romiplostim is in phase 3 already... Teriparatide is going into phase 3... Degludec family and Recombinant SEMA are coming from our own DS.
Semaglutide Pens Manufacturing
We would have insourced the manufacturing of Sundae Pens with a phase 1 installed capacity of 5 million units per annum.
Bhopal Plant (Biologics & Sterile Injectables)
Vial SKUs are already started. The Pen fill should start sooner... took the first engineering batch of Bio SEMA... Degludec Plain, and Degludec Lira.
Swiss Parenterals Plant Expansion
Another plant for Swiss Parenterals, which should be completed by this -- Commissioning in April, which will be 2x of what current capacities are.
Semaglutide Pen Insourcing
This will ease out any beating supply issues alongside considerable margin improvement.
Bhopal Plant Commissioning
Once our Bhopal is ready, it will be one of its kind from a scale perspective. And that will give us a very good pickup in margins.
Insulin and GLP Platform Strength
Strategically, our insulins and analogs and GLP piece is quite well set, both from how they are today and what kind of addition will happen to that basket.
Regulatory Delays for New Launches
Revenue loss of INR 55-60 crores because of significant new launches that were planned, but then they had to be abandoned or delayed.
Insulin In-sourcing Delays
Incurred a sale loss of around INR 50 crores in FY26... in-sourcing of the products and the commercial manufacturing from Bhopal was delayed by nearly a year.
Critical Care Business Underperformance
Our critical care business did not take off as expected.
International Supply Chain Disruptions
We could not ship out almost INR 30 crores of finished goods due to supply chain disruptions, which resulted from a situation that we are all aware of.
Receivables and Inventory Buildup
Receivables and inventory have gone up substantially, especially receivables, from INR 450 crores to somewhere around INR 680 crores.
OAD Segment Growth Slowdown
The OAD growth has been a minimal, I think, 2%, 3%, 4%.
Semaglutide Pricing Pressure
Instead of price rise, I will see some price correction happening over the next year. And then it gets stable.
EU GMP Re-inspection Timeline Uncertainty
We are unable to tell you when we can expect the agency to come back again for inspection because that is a subject matter of their calendaring and scheduling.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Overall financial results (revenue, EBITDA, PAT) are presented YoY for Q4 and FY26. Semaglutide launch performance and market share are discussed QoQ (March to April to May) to show sequential momentum and early uptake.
Domestic Formulations Revenue Growth (Q4FY26)
In Q4, our domestic business grew by 12%.
Domestic Formulations Revenue Growth (FY26)
For the full year, our DBF revenue growth was 11%.
Domestic Formulations EBITDA Margin (FY26)
EBITDA margin expanded from 36.5% in FY25 to 37% in FY26.
International Business Revenue Growth (FY26)
Versus the INR 375 crores revenue targeted revenue for the year, we closed the year at INR 348 crores revenue with a growth of 7%.
DBF Growth Guidance (FY27)
We guide to a growth of 1.3x of covered market growth for the current financial year.
DBF EBITDA Margin Guidance (FY27)
We expect DBF EBITDA for the current year to come in at 37%, which is a similar level as FY26.
International Business Growth Guidance (FY27)
On the existing business, we are guiding a revenue growth of 18-20% this year with EBITDA margin at similar levels as FY26.
ROCE Improvement Target
Over the FY26 to FY28 period, we expect the return on capital employed to go from 15% to somewhere in the 23-25% range.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EU CDMO Revenue Commercialization | INR 120-140 crores of FY27 revenue postponed due to EU GMP re-approval. | Timely re-inspection and re-approval of facilities to commercialize EU CDMO products. |
| Debtor Days | Receivables increased from INR 450 crores to INR 680 crores in FY26. | Reduction of debtor days to the target of ~60 days within two quarters. |
| Semaglutide Sales Momentum | April sales reflected INR 4 crores; expected ~20% movement between April and May. | Continued month-on-month buildup of sales and market share for Sundae (Semaglutide). |
| Bhopal Plant Commissioning | Vial SKUs started, Pen fill expected sooner. First engineering batch of Bio SEMA taken. | Full commissioning and ramp-up of Pen fill manufacturing and other biologics from the Bhopal plant. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
44NeutralSMA20 -4.9% / mo
Technical chart
ERISdaily · 6M-14.6%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 51.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 51 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 19% off 52W high · 14% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 31.9%.
- Growth contributes 14/25 to the score.
Main drags
- Valuation is weaker at 8/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Balance sheet is weaker at 7/15; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 93rd percentile of the scored universe and 90th percentile within Pharma. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 90th pctile, median 70 · Large: 81st pctile, median 74
113 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.9%.
- ▸8 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 30.00
- P/B
- 4.84
- EV/EBITDA
- 15.24
- Market Cap
- 18974.00Cr
Profitability
- ROE
- 18.70%
- ROCE
- 14.10%
- ROA
- 8.80%
- Dividend Y
- 0.54%
Growth (CAGR)
- Revenue 5Y
- 21.00%
- EPS 5Y
- 12.00%
- Revenue 3Y
- 23.00%
- EPS 3Y
- 19.00%
Balance Sheet
- Debt/Equity
- 0.60
- Interest Coverage
- 5.80×
- Altman Z
- 5.14
- Book Value
- 282.00
Cash Flow
- FCF Yield
- 0.89%
- FCF Positive Y
- 8/5
- OCF
- 538.00 Cr
- EPS TTM
- 44.72
Shareholding
- Promoter Hold
- 53.92%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 23%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.