Motilal Oswal's research report on Eris Lifesciences
Eris Lifesciences (ERIS) delivered in-line revenue for 1QFY26. However, its EBITDA and PAT were lower than our expectations (3%/7% miss). Higher operating costs and the reduced international business led to lower profitability for the quarter. ERIS is transitioning its domestic branded formulation (DBF) business by increasing its focus on the anti-diabetes portfolio and minimizing its efforts in the trade generics business. It is enhancing its business prospects in Insulin and GLP-1 products by solving shortage issues (Insulin) and adding capacities at the Bhopal plant.
Outlook
We broadly maintain our earnings estimate for FY26/FY27. We value ERIS at 30x 12M forward earnings to arrive at our TP of INR1,700.
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