Eris Lifesciences Limited (ERIS)
Large CapPharma stocks · Large cap · NSE
Eris Lifesciences is a top-20 Indian pharma company, youngest on the list, with 80% revenue from super-specialty segments. It holds a top-5 position in Anti-Diabetes (6% market share) and leads in Insulins (16% share). International business contributed 11% to FY26 consolidated revenue. It has a ~65-member R&D team and 6 globally accredited manufacturing facilities.
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 30 Jun 2026
Average · 42/100margin compression · Rev +13% YoY · PAT +14% YoY · +15% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹873 Cr | +12.9% | +15.3% |
| EBITDA | ₹296 Cr | +6.9% | +8.8% |
| Operating margin | 34.0% | -200 bps | -200 bps |
| PAT | ₹143 Cr | +14.4% | -48.8% |
| PAT margin | 16.4% | +21 bps | -2048 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Eris Lifesciences reported robust FY26 financials with revenue up 8.1% YoY to INR 3,129 Cr and EBITDA up 10.1% YoY to INR 1,120 Cr, expanding EBITDA margin to 35.8%. PAT surged 72.8% YoY to INR 648 Cr, aided by a one-off deferred tax adjustment.
The company demonstrates strong execution in domestic branded formulations, particularly with successful new product launches like Gx Semaglutide. Margin expansion and strategic acquisitions have bolstered its therapeutic footprint. While EU-GMP observations pose a near-term delay for CDMO, the core business remains robust with clear growth drivers and capacity expansion plans.
Revenue by Therapy (MAT Mar'26)
Latest issuer-disclosed distribution across 12 reported categories.
Gx Semaglutide Launch
Strong start with Sundae ranked #1 by sale volume (22%) and #2 by sale value (13%) in Apr'26.
Insulin Analogues & GLP-1 Pipeline
Pipeline includes Degludec, Aspart, and Semaglutide (recombinant) with Phase-I/III trials.
Small Molecule Pipeline
Pipeline of 30+ active candidates, including innovative FDCs and first-to-market products.
International Business Expansion
Presence in 70+ countries, ANVISA approval for Brazil market launch, and foray into EU via Specialty CDMO.
Sundae Pens Manufacturing
Phase-I capacity of ~5 mn units p.a. for in-sourcing, expected Q2 FY27.
Biologics Liquid Cartridges
For Insulins/GLP-1, to be commissioned from July-26.
MABs Fill-Finish
Under installation (Liquid/Lyo Vials and Prefilled Syringes), to be commissioned by Dec '26.
General Injectables (Unit-3)
Under construction, planned commissioning in Q1 FY28.
Gx Semaglutide Market Evolution
Market size and structure for Semaglutide evolving in line with company guidance.
In-sourcing of Sundae Pens
Expected to start in Q2 FY27, leading to significant margin improvement.
EU-GMP Inspection Observations
Procedural non-compliance observations received in April '26.
Delayed EU-CDMO Commercialization
EU-GMP observations will delay commercialization of EU-CDMO product pipeline.
Regulatory Compliance
Non-compliance observations from EU regulatory agency for injectable facilities.
Competition in Key Therapies
Increasing competition in the pharmaceutical industry, especially in new launches like Gx Semaglutide.
Acquisition Integration
Total investment of INR 4,300+ Cr in acquisitions over FY23-FY26, requiring successful integration.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
Annual financial results (FY26 vs FY25) provide a comprehensive view of overall performance and margin trends. Monthly data for new product launches (Gx Semaglutide) is crucial for assessing sequential momentum and market penetration in a rapidly evolving segment.
Domestic Formulations Growth
FY27 growth guidance is 1.3x of Covered Market (CVM) growth.
International Business Revenue Contribution
Comprised 11% of consolidated revenue in FY26.
International Business Growth
FY27 revenue growth guidance for existing business is 18-20%.
R&D Team Size
State-of-the-art R&D Center with a ~65-member team.
Insulin Market Share Target
Objective to achieve 25% market share in Insulin+Glargine.
Domestic Formulations Growth Outlook
FY27 revenue growth guidance of 1.3x of CVM growth.
Domestic Formulations Margin Outlook
FY27 EBITDA margin expected to be 37%, similar to FY26, with H2 margin higher than H1.
International Business Growth Outlook
FY27 revenue growth guidance for existing business is 18-20%, with EBITDA margin similar to FY26.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| DBF Revenue Growth | FY27 guidance 1.3x CVM growth. | Actual growth relative to CVM and management's target. |
| DBF EBITDA Margin | FY26 35.8%, FY27 guidance 37%. | Sustained margin expansion, especially in H2 FY27. |
| Insulin+Glargine Market Share | 16% in Apr'26. | Progress towards the 25% market share objective. |
| EU-CDMO Commercialization | Delayed due to EU-GMP observations. | Resolution of observations and timeline for product commercialization. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
39Bearishfull bear SMA stack · SMA20 -5.9% / mo · MACD + · near 52W low · sector +2.2pp vs Nifty (3M)
Technical chart
ERISdaily · 1Y · AUTO-3.5%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 44. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~6.2% over last month) — short-term momentum negative.
- RSI(14) at 44 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 24% off 52W high · 10% 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.
Relative Strength & Trend Stage
- Price is within 3.8% of the 30-week proxy.
- The 30-week proxy changed -0.8% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 51 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 51 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
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 37.2%.
- Growth contributes 15/25 to the score.
Main drags
- Valuation is weaker at 9/30; 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
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
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: 83rd pctile, median 73
93 documents have extracted text, 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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 27.90
- P/B
- 4.69
- EV/EBITDA
- 14.57
- Market Cap
- 18317.00Cr
Profitability
- ROE
- 18.70%
- ROCE
- 14.10%
- ROA
- 9.35%
- Dividend Y
- 0.55%
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
- 5.96×
- Altman Z
- 5.36
- Book Value
- 282.00
Cash Flow
- FCF Yield
- 0.92%
- FCF Positive Y
- 8/5
- OCF
- 538.00 Cr
- EPS TTM
- 46.75
Shareholding
- Promoter Hold
- 54.14%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 22%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
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