Eris Lifesciences (ERIS IN) – Q2FY27 Result Update – Growth to improve; attractive valuations – BUY
Published on 27 Oct 2026
Eris Lifesciences (ERIS) Q2FY27 EBITDA growth was in line with our est at INR 3.1bn; up 7% YoY. We see improvement from H2FY27E/FY28E supported by the continued ramp-up of Semaglutide, Bhopal commercialization and growth in the insulin franchise. Swiss Parenterals remediation work is likely to keep growth subdued in the near term, with management guiding for neutral to low-single-digit growth and ~200bps margin pressure. We expect margins to recover in 2HFY27E as Bhopal ramps up, with gross margins likely to improve from Q3FY27. The company has multiple growth levers including insulin analogues, Semaglutide, new product launches and a structurally higher-growth biologics portfolio. Our FY28 and FY29E EPS broadly remain unchanged. We maintain ‘BUY’ rating with revised TP of INR 1,500 (valuing at 15x EV/EBITDA on FY28E).
