Slides
Page 1
Eris ERIS LIFESCIENCES LIMITED Q2 FY 26 INVESTOR PRESENTATION 12th Nov 2025 Erfs 1 Q2 FY 26 INVESTOR PRESENTATION 12th Nov 2025
Page 2
• Domestic Branded Formulations • International Business • Consolidated Erfs 2 • Domestic Branded Formulations • International Business • Consolidated
Page 3
DBF Revenue - Q2 and H1 --• • DBF Revenue performance • Q2 growth of 10% yoy - 30% over IPM growth of 7.7% • H1 growth of 11% yoy - 42% over IPM growth of 7.4% • Key misses in delivering "50% revenue growth over market" as guided • Delay in gSaxenda approval, resulting in our decision to cancel the launch • Delay in taking price increases in H1 • Tailwinds for H2 - RHI cartridge opportunity (starting Dec-25) and full impact of price increases i DBF EBIDTA - Q2 and H1 • DBF EBIDTA performance • Growth of yoy in Q2 and yoy in H1 • Margin expansion by 32 bps yoy to 37.6% in Q2 and by 93 bps yoy to 373% in H1 • EBIDTA hit of Rs. 5+ cr. in Q2 on account of Trade-Gx ramp-down • Biocon business turnaround • Q2 margin 32% - up from 19% at acquisition and 30% in Q1-FY26 • In-house manufacturing will lead to further margin expansion - full year impact to accrue in FY27 %._ J DOMESTIC BRANDED FORMULATIONS BUSINESS HIGHLIGHTS - Q2 AND H1 FY264 • Source - Unaudited Financial Statements Eris LilescienCes 3 DOMESTIC BRANDED FORMULATIONS BUSINESS HIGHLIGHTS – Q2 AND H1 FY26 Source – Unaudited Financial Statements • DBF Revenue performance • Q2 growth of 10% yoy – 30% over IPM growth of 7.7% • H1 growth of 11% yoy – 42% over IPM growth of 7.4% • Key misses in delivering “50% revenue growth over market” as guided • Delay in gSaxenda approval, resulting in our decision to cancel the launch • Delay in taking price increases in H1 • Tailwinds for H2 – RHI cartridge opportunity (starting Dec-25) and full impact of price increases DBF Revenue – Q2 and H1 • DBF EBIDTA performance • Growth of 11% yoy in Q2 and 13% yoy in H1 • Margin expansion by 32 bps yoy to 37.6% in Q2 and by 93 bps yoy to 37.3% in H1 • EBIDTA hit of Rs. 5+ cr. in Q2 on account of Trade-Gx ramp-down • Biocon business turnaround • Q2 margin 32% - up from 19% at acquisition and 30% in Q1-FY26 • In-house manufacturing will lead to further margin expansion – full year impact to accrue in FY27 DBF EBIDTA – Q2 and H1
Page 4
DBF EBIDTA (Rs. Cr.) 644 708 37.3% 36.4% 37.2% 37.6% 1 4 Erfs Lilesciences Source - Unaudited Financial Statements DBF Revenue (Rs. Cr.) Q2 FY25 Q2 FY26 1,410 p- H1 FY25 H1 FY26 240 266 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 • DBF FY26 Outlook • Basis H1 run-rate, we have a visibility of 12% yoy revenue growth for FY26 - which is 50% above the expected market growth for FY26 • EBIDTA growth expected to be ~ 15% yoy with a margin of 37% plus • Upside from RHI Cartridges opportunity in H2 will augment the above numbers DBF FINANCIAL HIGHLIGHTS - Q2 AND H1 FY26 465 527 1,276 DBF EBIDTA Margin Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 4 11% 644 708 1,276 1,410 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 37.2% 37.6% 36.4% 37.3% Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 11% 10% 93 bps 32 bps DBF Revenue (Rs. Cr.) DBF EBIDTA Margin DBF FINANCIAL HIGHLIGHTS – Q2 AND H1 FY26 Source – Unaudited Financial Statements 11% 240 266 465 527 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 13% 11% DBF EBIDTA (Rs. Cr.) DBF FY26 Outlook • Basis H1 run-rate, we have a visibility of 12% yoy revenue growth for FY26 – which is 50% above the expected market growth for FY26 • EBIDTA growth expected to be ~ 15% yoy with a margin of 37% plus • Upside from RHI Cartridges opportunity in H2 will augment the above numbers
Page 5
Human Insulin (RHI) Carts Rs. 750+ cr. p.a. 60% Innovator; has announced withdrawal Glargine (Vials & Carts) Rs. 800+ cr. p.a. 70% Innovator; 30% Gx and fast-growing Aspart & Aspart Mix Rs. 700 cr. p.a. Innovator dominated Public Market Rs. 500 cr. p.a. Demand dominated by RHI Vials; poorly served Size of the market opportunity Product/ Market Market Size Competitive situation INDIA RHI, GLARGINE AND ASPART - WE ARE WELL POSITIONED FOR SUCCESS Rs. 3,700+ cr. market, traditionally dominated by MNCs and now opening for Indian cos. Human Insulin (RHI) Vials Rs. 1,000 cr. p.a. 65% Innovator; 35% Gx Capability to leverage the market opportunity • Our insulin vial production at Bhopal is fully operational and stable; we have produced - 2 million vials since going live in Aug-2025 • Post commissioning of cart manufacturing, Eris would rank among the very few Insulin players having (i) fully interchangeable* products and 00 domestic backward integration • The RHI vial business offers the potential for quick scalability due to significant inpatient usage for shorter durations in institutional setups - implying better ability to switch from competition • Given Basalog's interchangeability credentials and present growth momentum, we believe that we can double our market share over the next few years I We are adding Aspart to the Biocon-Eris Insulin partnership * An interchangeable product is a biological product that is approved based on data demonstrating that it is highly similar to an FDA-approved reference product (RP) and that there are no clinically meaningful differences between the products; it can be expected to produce the same clinical result as the RP in any given patient 5 Erfs Lilesciences 5 INDIA RHI, GLARGINE AND ASPART – WE ARE WELL POSITIONED FOR SUCCESS Size of the market opportunity Rs. 3,700+ cr. market, traditionally dominated by MNCs and now opening for Indian cos. Capability to leverage the market opportunity • Our insulin vial production at Bhopal is fully operational and stable; we have produced ~ 2 million vials since going live in Aug-2025 • Post commissioning of cart manufacturing, Eris would rank among the very few Insulin players having (i) fully interchangeable* products and (ii) domestic backward integration • The RHI vial business offers the potential for quick scalability due to significant inpatient usage for shorter durations in institutional setups - implying better ability to switch from competition • Given Basalog’s interchangeability credentials and present growth momentum, we believe that we can double our market share over the next few years Product/ Market Market Size Competitive situation Human Insulin (RHI) Vials Rs. 1,000 cr. p.a. 65% Innovator; 35% Gx Human Insulin (RHI) Carts Rs. 750+ cr. p.a. 60% Innovator; has announced withdrawal Glargine (Vials & Carts) Rs. 800+ cr. p.a. 70% Innovator; 30% Gx and fast-growing Aspart & Aspart Mix Rs. 700 cr. p.a. Innovator dominated Public Market Rs. 500 cr. p.a. Demand dominated by RHI Vials; poorly served We are adding Aspart to the Biocon-Eris Insulin partnership * An interchangeable product is a biological product that is approved based on data demonstrating that it is highly similar to an FDA-approved reference product (RP) and that there are no clinically meaningful differences between the products; it can be expected to produce the same clinical result as the RP in any given patient
Page 6
Threefold expansion in Insulin partnership 1. We are adding aspart to the scope of the strategic collaboration between Eris and Biocon; this product was recently approved by the USFDA as the first and only interchangeable* biosimilar to the RLD 2. Biocon to assign select RoW markets to Eris for direct marketing of RHI, Glargine and Aspart by leveraging the global distribution of Swiss Parenterals 3. Biocon to expand its own RoW footprint in select markets by leveraging the Insulin capacity at Eris Bionxt, which is the Biologics facility we had acquired in Nov-24 and upgraded at a Capex of Rs. 80+ cr. ris to manufacture and supply the finished dosage for RHI, Glargine and Aspart for India and RoW market supplies J Biocon to manufacture and supply the Drug III Substance for RHI, Glargine and Aspart g -- THE ERIS-BIOCON PARTNERSHIP IN INSULINS IS BEING SIGNIFICANTLY EXPANDED Insulin Supply Chain post deal With these developments, the installed Insulin capacity at Bionxt will be fully utilized Hence, we've initiated an expansion to double our insulin capacity; Capex - Rs. 150 cr. We see an EBIDTA potential of at least Rs. 50 cr. p.a. from the additional market opportunity * An interchangeable product is a biological product that is approved based on data demonstrating that it is highly similar to an FDA-approved reference product (RP) and that there are no clinically meaningful differences between the products; it can be expected to produce the same clinical result as the RP in any given patient 6 Eris LilescienCes 6 THE ERIS-BIOCON PARTNERSHIP IN INSULINS IS BEING SIGNIFICANTLY EXPANDED * An interchangeable product is a biological product that is approved based on data demonstrating that it is highly similar to an FDA-approved reference product (RP) and that there are no clinically meaningful differences between the products; it can be expected to produce the same clinical result as the RP in any given patient 1. We are adding Aspart to the scope of the strategic collaboration between Eris and Biocon; this product was recently approved by the USFDA as the first and only interchangeable* biosimilar to the RLD 2. Biocon to assign select RoW markets to Eris for direct marketing of RHI, Glargine and Aspart by leveraging the global distribution of Swiss Parenterals 3. Biocon to expand its own RoW footprint in select markets by leveraging the Insulin capacity at Eris Bionxt, which is the Biologics facility we had acquired in Nov-24 and upgraded at a Capex of Rs. 80+ cr. Threefold expansion in Insulin partnership Biocon to manufacture and supply the Drug Substance for RHI, Glargine and Aspart Eris to manufacture and supply the finished dosage for RHI, Glargine and Aspart for India and RoW market supplies Insulin Supply Chain post deal • With these developments, the installed Insulin capacity at Bionxt will be fully utilized • Hence, we’ve initiated an expansion to double our insulin capacity; Capex ~ Rs. 150 cr. • We see an EBIDTA potential of at least Rs. 50 cr. p.a. from the additional market opportunity
Page 7
GLP-1 CONTINUES TO BE AN EXCITING MARKET OPPORTUNITY FOR US Our "Right to Win" We will leverage Eris' leading market position in Insulins/ Diabetes for success in the GAP-1 market • Eris is a leading player in Insulins with a -15% market share • Eris ranks among the Top-3 cos in Rx among Diabetologists/ Endocrinologists • An Insulin company has a logical "right- to-win" in the GAP segment - evidenced by notable global examples Eli Lilly and Novo Nordisk • Our early hypothesis of a large and fast-emerging GAP-1 market in India stands validated by the latest AWACS data • As expected, Endocrinologists/ Diabetologists are leading the prescriptions with a 66% share • With - 100,000 active users of Tirzepatide and Semaglutide today, the segment is poised for exponential growth as affordable generic alternatives become available post LoE • We remain highly optimistic about the GLP-1 commercial opportunity and are well-positioned to be among the first to market post LoE. We are on track across all key workstreams for first-wave launch readiness and cost-effective scale-up thereafter • Strategic partnership for launch of synthetic Sema • Validation of form-fill-finish of synthetic Semaglutide at our AMD injectable site • Eris LilescienCes 7 GLP-1 CONTINUES TO BE AN EXCITING MARKET OPPORTUNITY FOR US ▪ Our early hypothesis of a large and fast-emerging GLP-1 market in India stands validated by the latest AWACS data ▪ As expected, Endocrinologists/ Diabetologists are leading the prescriptions with a 66% share ▪ With ~ 100,000 active users of Tirzepatide and Semaglutide today, the segment is poised for exponential growth as affordable generic alternatives become available post LoE ▪ We remain highly optimistic about the GLP-1 commercial opportunity and are well-positioned to be among the first to market post LoE. ▪ We are on track across all key workstreams for first-wave launch readiness and cost-effective scale-up thereafter ▪ Strategic partnership for launch of synthetic Sema ▪ Validation of form-fill-finish of synthetic Semaglutide at our AMD injectable site We will leverage Eris’ leading market position in Insulins/ Diabetes for success in the GLP-1 market • Eris is a leading player in Insulins with a ~15% market share • Eris ranks among the Top-3 cos in Rx among Diabetologists/ Endocrinologists • An Insulin company has a logical “right- to-win” in the GLP segment – evidenced by notable global examples Eli Lilly and Novo Nordisk Our “Right to Win”
Page 8
r GLP 1- LoE in Mar '26, expected TAM of - Rs. 3,000-4,000 cr. in Yr 1 OUR DIABESITY PRODUCT PIPELINE REMAINS ON TRACK H1-F27 H2-F28 H1-F28 H1-F26 H2-F26 H2-F27 Candidate Ph-I trial Form. Dev. Insulin Analogues Rs. 1,700+ cr. p.a. market with 3-year CAGR of 11% - presently dominated by Innovator Aspart Aspart Mix Phase-Ill trial Degludec Degludec + Liraglutide Comb. Aspart + Degludec Comb. Preclinical studies Preclinical studies Preclinical studies Phase-III trial Phase-III trial Phase-III trial Ph-I trial Ph-I trial Ph-I trial Semaglutide (Synthetic) Phase - III trial Semaglutide (Recombinant) Preclinical studies Ph-I trial Phase-III trial EnPc 's 8 OUR DIABESITY PRODUCT PIPELINE REMAINS ON TRACK Insulin Analogues ~ Rs. 1,700+ cr. p.a. market with 3-year CAGR of 11% - presently dominated by Innovator Semaglutide (Synthetic) Candidate H1-F26 H2-F26 H1-F27 H2-F27 H1-F28 H2-F28 Phase – III trial Degludec Ph-I trialPreclinical studies Phase-III trial Degludec + Liraglutide Comb. Ph-I trialPreclinical studies Phase-III trial Aspart Mix Ph-I trialForm. Dev. Aspart Aspart + Degludec Comb. Ph-I trialPreclinical studies Phase-III trial Semaglutide (Recombinant) Ph-I trialPreclinical studies Phase-III trial Phase-III trial GLP 1 – LoE in Mar ‘26, expected TAM of ~ Rs. 3,000-4,000 cr. in Yr 1
Page 9
• Domestic Branded Formulations • International Business • Consolidated Eris 9 • Domestic Branded Formulations • International Business • Consolidated
Page 10
R CHOW. ING OURSELVES - WHY DID WE FIND SWISS PARENTERALS ATTRACTIVE? Four Key Value Drivers from our perspective Value Driver Pure-play injectables business Marquee regulatory accreditations Widest range of dosage forms in steriles Large Dossier Bank Key attributes 60% General and 40% Betalactams EU-GMP and PIC/s The largest range among Indian Peers* 1,000+ approved and 1,000+ in pipeline Our thesis in Exports • We found Swiss to be the only RoW focused Indian pharmaco with 60%+ ROCE with a strong reputation for quality • The business, though tender- driven, was well diversified across 80+ markets • We recognised this as a viable platform for "moving up the pyramid" in the international markets * Among the set of EU-GMP approved injectable manufacturers in India 10 Erfs Lilesciences 10 REMINDING OURSELVES – WHY DID WE FIND SWISS PARENTERALS ATTRACTIVE? Pure-play injectables business Widest range of dosage forms in steriles Large Dossier Bank Marquee regulatory accreditations 60% General and 40% Betalactams The largest range among Indian Peers* 1,000+ approved and 1,000+ in pipeline EU-GMP and PIC/s * Among the set of EU-GMP approved injectable manufacturers in India Value Driver Key attributes Our thesis in Exports • We found Swiss to be the only RoW focused Indian pharmaco with 60%+ ROCE with a strong reputation for quality • The business, though tender- driven, was well diversified across 80+ markets • We recognised this as a viable platform for “moving up the pyramid” in the international markets Four Key Value Drivers from our perspective
Page 11
R&D/ Tech. Transfer Capability • Onboarded a new Head-R&D from a Top-10 Indian Pharmaco • Expanded R&D team by 60% (50 to 80 FTEs) with a significant expansion in Technology Transfer capability • Developed COEs (Centers of Excellence) in key segments • Corticosteroids • Monobactams • Complex Carbohydrates • Controlled substances • Anaesthetics • WE UNDERTOOK FOCUSED ACTION TO EXPAND OUR CAPABILITIES Manufacturing & Quality • Secured our first Brazilian ANVISA PIC/s approval for both injectable sites in Aug • Secured EU-GMP approval for both sites for the second time in mid-2025 • Swiss Parenterals now ranks among a select few Indian injectable cos to have received both EU and ANVISA regulatory approvals • Onboarded Head-Quality Assurance from a Top-10 Indian pharmaco Go-to-Market Capability • Strengthened our customer- facing teams with several senior lateral hires in Business Development and Regulatory • Thereby expanding momentum on customer outreach and business building in "higher entry barrier" markets • Europe • Canada • Australia/ New Zealand • Latin America • South Africa Erfs 11 • Onboarded a new Head-R&D from a Top-10 Indian Pharmaco • Expanded R&D team by 60% (50 to 80 FTEs) with a significant expansion in Technology Transfer capability • Developed COEs (Centers of Excellence) in key segments • Corticosteroids • Monobactams • Complex Carbohydrates • Controlled substances • Anaesthetics WE UNDERTOOK FOCUSED ACTION TO EXPAND OUR CAPABILITIES R&D/ Tech. Transfer Capability Manufacturing & Quality • Secured our first Brazilian ANVISA PIC/s approval for both injectable sites in Aug • Secured EU-GMP approval for both sites for the second time in mid-2025 • Swiss Parenterals now ranks among a select few Indian injectable cos to have received both EU and ANVISA regulatory approvals • Onboarded Head-Quality Assurance from a Top-10 Indian pharmaco Go-to-Market Capability • Strengthened our customer- facing teams with several senior lateral hires in Business Development and Regulatory • Thereby expanding momentum on customer outreach and business building in “higher entry barrier” markets • Europe • Canada • Australia/ New Zealand • Latin America • South Africa 1 2 3
Page 12
WE SEE SIGNIFICANT MOMENTUM AND REVENUE VISIBILITY FROM THESE ACTIONS4 We are happy to share that we received our first Purchase Order from a European client on an Injectable CDMO project • Swiss to exclusively manufacture for the Reference Listed Drug (RID) - i.e., the innovator brand of the product • First leg of the project to cover 6 countries in Europe, with a revenue visibility* of Rs. 125-150 cr. in FY27 and similar EBIDTA margin as the business average • Discussion underway to expand the contract to cover 17 countries The business is on the threshold of an inflection starting FY27 as guided We have discussions underway with a handful of marquee Gx companies in some of our COEs like Corticosteroids and Complex Carbohydrates - both for RLDs and LOE (Loss of Exclusivity) opportunities Total book of business in EU-CDMO has expanded manifold over the last 3 months - both in Injectables and Oral Solid Dose * Subject to approval of dossiers as per plan Erfs 12 WE SEE SIGNIFICANT MOMENTUM AND REVENUE VISIBILITY FROM THESE ACTIONS We are happy to share that we received our first Purchase Order from a European client on an Injectable CDMO project • Swiss to exclusively manufacture for the Reference Listed Drug (RLD) – i.e., the innovator brand of the product • First leg of the project to cover 6 countries in Europe, with a revenue visibility* of Rs. 125-150 cr. in FY27 and similar EBIDTA margin as the business average • Discussion underway to expand the contract to cover 17 countries We have discussions underway with a handful of marquee Gx companies in some of our COEs like Corticosteroids and Complex Carbohydrates – both for RLDs and LOE (Loss of Exclusivity) opportunities Total book of business in EU-CDMO has expanded manifold over the last 3 months – both in Injectables and Oral Solid Dose * Subject to approval of dossiers as per plan The business is on the threshold of an inflection starting FY27 as guided
Page 13
FY24 FY27P Percentage o revenue from Regulated Markets Revenue breakup between "Tender" and "Private Markets" Revenue breakup between Generic products and RLDs Sub 2% -• 30% 70 - 30 50 - 50 100 - 0 80 - 20 • SWISS PARENTERALS - SUMMARY OF BUSINESS TRANSFORMATION IDriving significant improvement in Stickiness of Business' Expansion in EU-CDMO book of business* from • Rs. 100 cr. at the end of Q1 • To Rs. 700- 800 cr. at the end of Q2 J • Initiated Unit-3 expansion at a Capex of Rs. 130 cr. • Will be an EU and PIC/s approvable general injectables facility • With Liquid Vials, Liquid Ampoules, Lyo Vials, Dry Powder Injections and PFS • Targeting commercial production from FY28 * Combination of confirmed contracts and advanced discussions Eris LilescienCes 13 SWISS PARENTERALS – SUMMARY OF BUSINESS TRANSFORMATION Percentage of revenue from Regulated Markets FY27PFY24 ~ 30%Sub 2% • Initiated Unit-3 expansion at a Capex of Rs. 130 cr. • Will be an EU and PIC/s approvable general injectables facility • With Liquid Vials, Liquid Ampoules, Lyo Vials, Dry Powder Injections and PFS • Targeting commercial production from FY28 Revenue breakup between “Tender” and “Private Markets” 50 - 5070 - 30 Revenue breakup between Generic products and RLDs 80 - 20100 - 0 Expansion in EU-CDMO book of business* from • Rs. 100 cr. at the end of Q1 • To Rs. 700- 800 cr. at the end of Q2 * Combination of confirmed contracts and advanced discussions Driving significant improvement in Stickiness of Business
Page 14
-4 Revenue* - Rs. Cr. 158 152 84 83 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 50 50 25 "I= 27 32% Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 • INTERNATIONAL BUSINESS - Q2 AND H1 FY26 HIGHLIGHTS Key business updates - Q2 and H1 • Q2-26 revenue Rs. 83 cr. vs. Rs. 84 cr. in Q2-FY25 • H1 revenue Rs. 152 cr. vs. Rs. 158 cr. in H1-FY25 • Shortfall in Q1 and Q2 revenue accrual (relative to FY25) due to dry-powder capacity being occupied for validation batches of EU-CDMO projects • Good visibility to deliver on revenue guidance for FY26 of Rs. 375-390 cr. • Brazil ANVISA (first) and EU-GMP (renewal) approvals received for both injectable units • Eris AMD unit - ANVISA approval received for oral liquids line; targeting ANVISA inspection of oral solids and injectables line in Jan-26 Source — Unaudited Financial Statements * After adjusting for intra-group transactions. 4 Eris LilescienCes 14 INTERNATIONAL BUSINESS – Q2 AND H1 FY26 HIGHLIGHTS Source – Unaudited Financial Statements * After adjusting for intra-group transactions. Revenue* - Rs. Cr. EBITDA* - Rs. Cr. Key business updates – Q2 and H1 25 27 50 50 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 84 83 158 152 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 -4% -1% 30% 33% 32% 33% • Q2-26 revenue Rs. 83 cr. vs. Rs. 84 cr. in Q2-FY25 • H1 revenue Rs. 152 cr. vs. Rs. 158 cr. in H1-FY25 • Shortfall in Q1 and Q2 revenue accrual (relative to FY25) due to dry-powder capacity being occupied for validation batches of EU-CDMO projects • Good visibility to deliver on revenue guidance for FY26 of Rs. 375-390 cr. • Brazil ANVISA (first) and EU-GMP (renewal) approvals received for both injectable units • Eris AMD unit – ANVISA approval received for oral liquids line; targeting ANVISA inspection of oral solids and injectables line in Jan-26
Page 15
• Domestic Branded Formulations • International Business • Consolidated Eris 15 • Domestic Branded Formulations • International Business • Consolidated
Page 16
16 Erfs Lilesciences Source - Unaudited Financial Statements 134 97 r -- 9% Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 • Interest expense down 17% yoy - from Rs. 59 cr. in Q2-FY25 to Rs. in Q2-FY26 • Net Debt Rs. 2,278 cr. at the end of Q2-FY26 1,461 1,565 35.2% 36.1% p 35.7% 36.4% • Q2 Revenue = Rs. 792 cr. - up 7% yoy (9% ex. Trade Gx) • Q2 EBIDTA = Rs. 288 cr. - up 9% yoy (11% ex. Trade Gx) • Q2 PAT = Rs. 134 cr. - up 39% yoy • H1 Revenue = Rs.11565 cr. - up 7% yoy (9% ex. Trade Gx) • H1 EBIDTA = Rs. 565 cr. - up 10% yoy (12% ex. Trade Gx) • H1 PAT INR 260 cr. - up 40% yoy 7% 741 792 Revenue (Rs. Cr.) Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 • SUMMARY OF CONSOLIDATED FINANCIALS - Q2 AND H1 FY26 16 SUMMARY OF CONSOLIDATED FINANCIALS – Q2 AND H1 FY26 Revenue (Rs. Cr.) EBIDTA (Rs. Cr.) PAT (Rs. Cr.) Source – Unaudited Financial Statements 741 792 1,461 1,565 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 35.7% 36.4% 35.2% 36.1% Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 97 134 186 260 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 7% 7% 72 bps 40% 39% 92 bps • Q2 Revenue = Rs. 792 cr. – up 7% yoy (9% ex. Trade Gx) • Q2 EBIDTA = Rs. 288 cr. – up 9% yoy (11% ex. Trade Gx) • Q2 PAT = Rs. 134 cr. – up 39% yoy • H1 Revenue = Rs. 1,565 cr. – up 7% yoy (9% ex. Trade Gx) • H1 EBIDTA = Rs. 565 cr. – up 10% yoy (12% ex. Trade Gx) • H1 PAT ~ INR 260 cr. – up 40% yoy • Interest expense down 17% yoy - from Rs. 59 cr. in Q2-FY25 to Rs. 50 cr. in Q2-FY26 • Net Debt Rs. 2,278 cr. at the end of Q2-FY26
Page 17
. LUCRATIVE MARKET OPPORTUNITIES DRIVING FRONT-LOADING OF CAPEX PLANS1 0 c 0 Market Ossortunity RoW market opportunity in Insulins/ GLP-1 Ramp-up in EU-CDMO book/ revenue visibility Levim - Diabesity pipeline + DS manufacturing Strategic investment Insulin capacity doubling at Bhopal - Rs. 150 cr. Unit-3 for general sterile injectables - Rs. 130 cr. Second round investment of Rs. 100 cr. • Capex outlay of Rs. 380-400 cr. over the next 3 quarters • Will be funded through internal accruals • Forms part of total capex guidance of Rs. 750-800 cr. provided for FY26 to FY28 Erfs 17 LUCRATIVE MARKET OPPORTUNITIES DRIVING FRONT-LOADING OF CAPEX PLANS RoW market opportunity in Insulins/ GLP-1 Ramp-up in EU-CDMO book/ revenue visibility Levim - Diabesity pipeline + DS manufacturing Insulin capacity doubling at Bhopal – Rs. 150 cr. Unit-3 for general sterile injectables - Rs. 130 cr. Second round investment of Rs. 100 cr. • Capex outlay of Rs. 380-400 cr. over the next 3 quarters • Will be funded through internal accruals • Forms part of total capex guidance of Rs. 750-800 cr. provided for FY26 to FY28 Market Opportunity Strategic investment 1 2 3
Page 18
Outlook at the end of Q2-FY26 Debt to TTM-EBIDTA As On Date Outstanding Debt (Rs. Cr) 3,000 31st Mar 2024 (FY 24)* 3.9x 3,000 2.5x 2,222 .............. .............. ................................................... 31st Mar 2025 (FY 25) 30th Sep 2025 (H1 FY26) 31st Mar 2026 (FY 26) 31st Dec 2026 (Q3 FY27) Outstanding Debt (Rs. Cr) 2,222 2,278 L I I 1,800 \„„/'' 1.6x 2,000 1,800 Debt to TTM EBIDTA 3.9x 2.2x 2.1x Qv L 1.3x 1.8x 2,278 Plan shared at the start of FY26 • HENCE, WE EXPECT TO ACHIEVE A NET-DEBT-T I -EBIDTA OF < 1.5x BY DEC-26 Debt Reduction guidance • Net Debt to TTM EBIDTA ratio has significantly reduced from 4x to .-2x in the last 18 months • Net Debt as on 30th Sep 2025 Rs. 2,278 cr. • While retaining our total capex guidance over FY26- FY28 at Rs. 750-800 cr. , we have expedited a few strategic investments • Accordingly, we expect to get to a Net Debt to TTM EBIDTA ratio of less than 1.5x by Dec 2026 * Outstanding debt includes full debt for acquisitions announced in Mar 2024 (19% stake in Swiss and Biocon's India Formulations Business). Erfs 18 Lilesciences 18 • Net Debt to TTM EBIDTA ratio has significantly reduced from ~ 4x to ~2x in the last 18 months • Net Debt as on 30th Sep 2025 Rs. 2,278 cr. • While retaining our total capex guidance over FY26- FY28 at ~ Rs. 750-800 cr. , we have expedited a few strategic investments • Accordingly, we expect to get to a Net Debt to TTM EBIDTA ratio of less than 1.5x by Dec 2026 HENCE, WE EXPECT TO ACHIEVE A NET-DEBT-TO-EBIDTA OF < 1.5x BY DEC-26 As On Date Outstanding Debt (Rs. Cr) Debt to TTM-EBIDTA 31st Mar 2024 (FY 24) * 3,000 3.9x 31st Mar 2025 (FY 25) 2,222 2.5x 30th Sep 2025 (H1 FY26) 2,000 1.8x 31st Mar 2026 (FY 26) 1,800 1.6x 31st Dec 2026 (Q3 FY27) Debt-to-EBIDTA Ratio * Outstanding debt includes full debt for acquisitions announced in Mar 2024 (19% stake in Swiss and Biocon’s India Formulati ons Business). Outstanding Debt (Rs. Cr) Debt to TTM EBIDTA 3,000 3.9x 2,222 2.2x 2,278 2.1x 2,278 1.9x 1,800 1.3x Plan shared at the start of FY26 Debt Reduction guidanceDebt-to-EBIDTA Ratio Outlook at the end of Q2-FY26
Page 19
CONSOLIDATED P&L STATEMENT - Q2 AND H1 FY26 Consolidated (Rs. Cr) Q2 FY 26 Q2 FY 25 "If H1 FY 26 H1 FY 25 YoY Revenue from Operations 792 741 6.9% 1,565 1,461 7.2% Gross Profit 590 555 6.3% 1,178 1,094 7.7% Gross Margin 74.5% 74.9% 75.3% 74.9% Employee Cost 137 126 9.4% 282 258 9.2% as % of Revenue 17.3% 17.0% 18.0% 17.7% Other Expenses 164 165 -0.3% 332 321 3.2% as % of Revenue 20.7% 22.2% 21.2% 22.0% EBITDA 288 265 8.8% 565 515 9.8% EBITDA Margin 36.4% 35.7% 65 bps 36.1% 35.2% 87 bps Depreciation 12 24 -50.7% 26 44 -40.6% Amortisation 57 56 1.8% 113 112 1.1% Finance Cost 50 59 -16.7% 98 120 -18.0% Other Income 3 5 -38.2% 6 6 -11.1% PBT 172 129 33.2% 333 244 36.1% PBT Margin 21.8% 17.4% 21.2% 16.7% Taxes 38 32 17.7% 74 58 26.9% Effective Tax Rate 22.2% 25.1% 22.3% 23.8% Share of profit/ (loss) from investment in JV, net of tax 0.3 1.2 Net Profit 134 97 38.7% 260 186 39.6% Net Profit Margin 17.0% 13.1% 16.6% 12.7% • Consolidated Highlights - Q2 and H1 • YoY reduction in depreciation, finance cost and tax rate leads to 39% yoy growth in PAT in Q2 and 40% in H1 • Q2 Capex Rs. 50 cr - largely towards Insulin/ GLP-1 and General Injectables • Bringing H1 capex to Rs. 117 cr. • Book Tax Rate - 22.2% in Q2 • OCF-EBIDTA ratio ~47% in Q2 driven by an increase in GST receivables and statutory liabilities (amounting for 25% points in OCF-EBIDTA ratio) • EPS ~ Rs. 10 and Cash EPS Rs. 13 for Q2 Source - Unaudited Financial Statements 19 Erfs Lilesciences 19 CONSOLIDATED P&L STATEMENT – Q2 AND H1 FY26 Source – Unaudited Financial Statements Consolidated (Rs. Cr) Q2 FY 26 Q2 FY 25 YoY (%) H1 FY 26 H1 FY 25 YoY (%) Revenue from Operations 792 741 6.9% 1,565 1,461 7.2% Gross Profit 590 555 6.3% 1,178 1,094 7.7% Gross Margin 74.5% 74.9% 75.3% 74.9% Employee Cost 137 126 9.4% 282 258 9.2% as % of Revenue 17.3% 17.0% 18.0% 17.7% Other Expenses 164 165 -0.3% 332 321 3.2% as % of Revenue 20.7% 22.2% 21.2% 22.0% EBITDA 288 265 8.8% 565 515 9.8% EBITDA Margin 36.4% 35.7% 65 bps 36.1% 35.2% 87 bps Depreciation 12 24 -50.7% 26 44 -40.6% Amortisation 57 56 1.8% 113 112 1.1% Finance Cost 50 59 -16.7% 98 120 -18.0% Other Income 3 5 -38.2% 6 6 -11.1% PBT 172 129 33.2% 333 244 36.1% PBT Margin 21.8% 17.4% 21.2% 16.7% Taxes 38 32 17.7% 74 58 26.9% Effective Tax Rate 22.2% 25.1% 22.3% 23.8% Share of profit/ (loss) from investment in JV, net of tax 0.3 - 1.2 - Net Profit 134 97 38.7% 260 186 39.6% Net Profit Margin 17.0% 13.1% 16.6% 12.7% • YoY reduction in depreciation, finance cost and tax rate leads to 39% yoy growth in PAT in Q2 and 40% in H1 • Q2 Capex Rs. 50 cr – largely towards Insulin/ GLP-1 and General Injectables • Bringing H1 capex to Rs. 117 cr. • Book Tax Rate – 22.2% in Q2 • OCF-EBIDTA ratio ~47% in Q2 driven by an increase in GST receivables and statutory liabilities (amounting for ~ 25% points in OCF-EBIDTA ratio) • EPS ~ Rs. 10 and Cash EPS ~ Rs. 13 for Q2 Consolidated Highlights – Q2 and H1
Page 20
SHAREHOLDER PROFILE Shareholding of Promoters and Top 15 Institutional Investors Name of Shareholder 30-Sept-25 1,586* 30-Jun-25 1,684* 31-Mar-25 1,417* Promoters 54.87% 54.83% 54.85% i Lilac Investments Ltd. 8.78% 8.79% 8.79% HDFC Mutual Fund 8.19% 8.08% 7.82% Franklin Templeton Mutual Fund 3.63% 3.45% 3.37% UTI Mutual Fund 1.97% 2.27% 3.00% Vanguard Fund 1.27% 1.38% 1.74% Franklin Templeton Investment Fund 1.03% 1.19% 130% DSP Mutual Fund 0.90% 0.90% 0.66% Blackrock Funds 0.79% 0.78% 0.75% Bank of India Mutual Fund 0.71% 0.59% 0.58% TATA AIA Life Insurance 0.66% 0.58% 0.67% Aditya Birla Sun Life Mutual Fund 0.62% 0.58% 0.58% Steinberg India Fund 0.59% 0.59% 0.68% Axis Max Life Insurance Fund 0.45% 0.01% 0.00% UTI Fund - Fll 0.44% 0.50% 0.54% Government Pension Fund 0.44% 0.44% 0.44% Shareholding Pattern *Closing share price as per NSE Erfs 20 Lilesciences 20 Lilac Investments Ltd. 8.78% 8.79% 8.79% HDFC Mutual Fund 8.19% 8.08% 7.82% Franklin Templeton Mutual Fund 3.63% 3.45% 3.37% UTI Mutual Fund 1.97% 2.27% 3.00% Vanguard Fund 1.27% 1.38% 1.74% Franklin Templeton Investment Fund 1.03% 1.19% 1.30% DSP Mutual Fund 0.90% 0.90% 0.66% Blackrock Funds 0.79% 0.78% 0.75% Bank of India Mutual Fund 0.71% 0.59% 0.58% TATA AIA Life Insurance 0.66% 0.58% 0.67% Aditya Birla Sun Life Mutual Fund 0.62% 0.58% 0.58% Steinberg India Fund 0.59% 0.59% 0.68% Axis Max Life Insurance Fund 0.45% 0.01% 0.00% UTI Fund – FII 0.44% 0.50% 0.54% Government Pension Fund 0.44% 0.44% 0.44% Shareholding of Promoters and Top 15 Institutional Investors Promoters 54.87% 54.83% 54.85% Name of Shareholder 30-Sept-25 1,586* 30-Jun-25 1,684* 31-Mar-25 1,417* Shareholding Pattern SHAREHOLDER PROFILE *Closing share price as per NSE Promoters 54.87% DIIs 19.37% FPIs 16.01% Public 9.13% Others 0.63%
Page 21
SAFE HARBOR STATEMENT This presentation contains forward-looking statements and information that involve risks, uncertainties and assumptions. Forward-looking statements are all statements that concern plans, objectives, goals, strategies, future events or performance and the underlying assumptions and statements, other than those based on historical facts, including, but not limited to, those that are identified by the use of words such as "anticipates", "believes", "estimates", "expects", "intends", "plans", "predicts", "projects" and similar expressions. Risks and uncertainties that could affect us include, without limitation: • General economic and business conditions in the markets in which we operate; • The ability to successfully implement our strategy, our research and development efforts, growth & expansion plans and technological changes; • Changes in the value of the Rupee and other currency changes; • Changes in the Indian and international interest rates; • Allocations of funds by the Governments in the healthcare sector • Changes in the laws and regulations that apply to our customers, suppliers, and the pharmaceutical industry; • Increasing competition in and the conditions of our customers, suppliers and the pharmaceutical industry; and • Changes in the political conditions in India and in other global economies. Should one or more of such risks and uncertainties materialize, or should any underlying assumption prove incorrect, actual outcomes may vary materially from those indicated in the applicable forward-looking statements. Any forward-looking statement or information contained in this presentation speaks only as of the date of the statement. We are not required to update any such statement or information to either reflect events or circumstances that occur after the date the statement or information is made or to account for unanticipated events, unless it is required by Law. Erfs 21 Lilesciences 21 SAFE HARBOR STATEMENT This presentation contains forward-looking statements and information that involve risks, uncertainties and assumptions. Forward-looking statements are all statements that concern plans, objectives, goals, strategies, future events or performance and the underlying assumptions and statements, other than those based on historical facts, including, but not limited to, those that are identified by the use of words such as “anticipates”, “believes”, “estimates”, “expects”, “intends”, “plans”, “predicts”, “projects” and similar expressions. Risks and uncertainties that could affect us include, without limitation: • General economic and business conditions in the markets in which we operate; • The ability to successfully implement our strategy, our research and development efforts, growth & expansion plans and technological changes; • Changes in the value of the Rupee and other currency changes; • Changes in the Indian and international interest rates; • Allocations of funds by the Governments in the healthcare sector • Changes in the laws and regulations that apply to our customers, suppliers, and the pharmaceutical industry; • Increasing competition in and the conditions of our customers, suppliers and the pharmaceutical industry; and • Changes in the political conditions in India and in other global economies. Should one or more of such risks and uncertainties materialize, or should any underlying assumption prove incorrect, actual outcomes may vary materially from those indicated in the applicable forward-looking statements. Any forward-looking statement or information contained in this presentation speaks only as of the date of the statement. We are not required to update any such statement or information to either reflect events or circumstances that occur after the date the statement or information is made or to account for unanticipated events, unless it is required by Law.
Page 22
Eris ERIS LIFESCIENCES LIMITED THANK YOU KRUTI RAVAL INVESTOR RELATIONS kruti@erislifesciences.com Eris 22 22 KRUTI RAVAL INVESTOR RELATIONS kruti@erislifesciences.com THANK YOU