Eris Lifesciences is an Ahmedabad-based branded generics pharma company focused on diabetes, cardiovascular and neurology therapies, with growing biologics, insulin and sterile-injectables businesses. This quarter's print will speak to whether gross margins hold in the guided 76%-77% band amid rising input costs, and whether management delivers the definitive full-year international outlook it promised by end of Q2 FY27.
| Results date | October 26, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 873.25 Cr |
| Previous quarter PAT | Rs. 143.32 Cr |
| Previous quarter EBITDA margin | 34% |
| Market cap | Rs. 15,488.07 Cr |
| CMP | Rs. 1,116.35 |
The Board is scheduled to meet on Monday, October 26, 2026, to approve standalone and consolidated unaudited results for Q2 & H1 FY27 (period ended September 30, 2026). The trading window has been closed since October 1, 2026 until 48 hours after results declaration, per SEBI (PIT) Regulations.
The earnings call is scheduled the same day, October 26, 2026, at 4:30 PM IST via Zoom, with pre-registration required.
The quarter's central test is margin: Q1 FY27 DBF EBITDA margin compressed from 37% to 35% on a ~300 bps gross-margin contraction from biologics/insulin mix, and management has guided gross margins to stay in the 76%-77% band for at least one more quarter before a Q3 improvement and Q4 restoration. The demand backdrop strengthened through the quarter — Q2 FY27 IPM sales grew 14.7% YoY per IQVIA-based reporting, with cardiac up 17.7% and anti-diabetics up 16.1% in September — raising the bar for Eris's guided DBF growth of 1.3x covered market (~14% on an 11% market). Idiosyncratic drags persist: OAD grew just 1.9% vs the market's 11.5% in Q1 on FDC bans, and generic semaglutide nationally flattened at ~₹40 Cr/month by May-June, consistent with management's 'slower than anticipated' framing of its ~₹4 Cr/month franchise. International remains the swing factor — EU GMP remediation at Swiss Parenterals is still unresolved as of the note date, with management flagging a potential 'couple of 100 basis points' EBITDA impact, and a definitive full-year international outlook promised by end of Q2, i.e., on this call. The Bhopal biologics facility, commercialization-guided for August 2026 with ramp-up 'largely complete by Q3', is the designated fix for both gross margins and supply control.
Guidance scorecard to interrogate: Key FY27 commitments management must update on this call:
Other watch items
Operating metric trajectory: Therapy-level growth vs IPM in Q1 FY27 sets the baseline for Q2:
Semaglutide ('Sunday') posted ~₹4 crore in monthly sales with 20% market share by volume and 14% by value in its first quarter after launch, and 70% of prescriptions come from endocrinologists/diabetologists. Management has called uptake slower than anticipated as the prescriber base has not expanded as expected.
Three engineering batches (recombinant glargine, degludec and degludec-combination) are complete at Bhopal, with the next-phase filing anticipated in Q2 FY26-27 and Aspart expected this calendar year. Management is targeting a Q3 commercial launch but has expressed skepticism on specific dates due to past 'hits and misses'.
Management stated, 'I am not counting any revenue from CDMO in FY27, which is why we've given a guidance of 18-20% growth. So, anything that comes from the EU CDMO in FY27, let's take it as an upside.' Commercialization remains delayed pending remediation of EU observations at the two Swiss injectable facilities.
Management attributed the OCF/EBITDA drop (48% in FY26 vs 105% in FY25) to intercompany transactions from a distribution-structure shift, a GST receivables build-up, and a statutory liability component. OCF/EBITDA is guided at 77% for FY27.