**Business Performance:** Eris Lifesciences posted strong Q2 FY26 results: consolidated revenue up 7% to Rs. 792 Cr, EBIDTA up 9% to Rs. 288 Cr, and PAT soared 39% to Rs. 134 Cr.

Half-year figures also impressed, with PAT jumping 40% to Rs. 260 Cr.

Domestic Branded Formulations (DBF) saw robust 10-11% YoY revenue growth, significantly outpacing the market.

International business revenue was flat as capacity was redirected to new EU-CDMO projects. **Growth Drivers & Strategy:** Eris is supercharging its Biocon insulin partnership, adding Aspart and expanding into international markets.

This drives a Rs. 150 Cr capex to double insulin capacity, eyeing Rs. 50 Cr p.a. additional EBIDTA.

The company is bullish on the upcoming GLP-1 market (expected Rs. 3,000-4,000 Cr in Yr 1 post Loss of Exclusivity in Mar '26), positioning for an early launch.

International growth is fueled by the Swiss Parenterals acquisition, now boasting a Rs. 700-800 Cr EU-CDMO book and a fresh European client order worth Rs. 125-150 Cr revenue visibility for FY27. **Recent Developments:** Noteworthy updates include successful Brazilian ANVISA and renewed EU-GMP approvals for injectable sites, plus a Rs. 130 Cr Unit-3 expansion for sterile injectables. **Key Financial Metrics & Outlook:** Net Debt stands at Rs. 2,278 Cr, with a target to reduce Net Debt to TTM EBIDTA ratio below 1.5x by Dec 2026. Eris plans Rs. 380-400 Cr in strategic capex over the next three quarters for growth areas like insulin, GLP-1, and injectables, funded internally.