Eris Lifesciences FY26: steady margins, a strong semaglutide start, and clearer priorities

Consolidated revenue from operations was INR 3,129 crore in FY26 (up 8% YoY) and consolidated EBITDA was INR 1,120 crore (up 10% YoY), with an EBITDA margin of about 36%.

DBF revenue was INR 2,778 crore in FY26 (up 11% YoY) and DBF EBITDA was INR 1,026 crore (up 12% YoY), with EBITDA margin expanding to 37% from 36.5% in FY25.

Management guided DBF revenue growth at 1.3 times covered market (CVM) growth, DBF EBITDA margin around 37% (similar to FY26), and indicated H2 margins are expected to be higher than H1.

Management guided FY27 revenue growth of 18-20% for the existing international business with EBITDA margin similar to FY26. EU CDMO commercialization is expected only after re-inspection and re-approval following EU-GMP observations.

Management cited INR 55-60 crore revenue loss from abandoned or delayed launches (including gSaxenda abandoned; Aspart and esaxerenone deferred), about INR 50 crore revenue loss in insulins due to supply constraints and Bhopal commissioning delays, and critical care not scaling as expected.

For April 2026 (IQVIA reflection), Eris ranked number 1 in injectables by sale volume and number 2 by sale value. Market share by sale units rose from 13% in Mar-26 to 22% in Apr-26, and Rx share reached 22% by May-26 (HealthPlix).

Closing net debt was stated at INR 2,255 crore (about 2x EBITDA), down from 4x in FY24. OCF-to-EBITDA was 48% in FY26 versus 105% in FY25; management attributed higher inventory and receivables partly to international supply disruptions and strategic stocking.