Slides
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1 Q2 & H1 FY27 26th October 2026
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Domestic Branded Formulations - DBF International Business Financials
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3 ₹ Cr unless specified Therapy Mix (% of revenue) Brands by Annual Revenue (₹ Cr) Revenue Mix by Brand Rank (%) Chronic 73% Sub-chronic 13% Acute 15% 44% 18% 38% Top 10 brands 11-20 brands Other Mother Brand Size No. of brands 200+ 3 100-200 3 50-100 11 20-50 25 86% portfolio is Chronic and Sub-chronic with Top 10 brands contributing to 44% of Sales Domestic Branded Formulations (DBF) Chronic therapy focused franchise with strong brand building focus
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4 DBF Revenue (₹ Cr) – Q2 DBF Revenue (₹ Cr) – H1 DBF EBITDA (₹ Cr) and Margin (%) – Q2 EBITDA margin: 37.6% → 35.7% -191 bps DBF EBITDA (₹ Cr) and Margin (%) – H1 EBITDA margin: 37.4% → 35.2% -217 bps 708 809 Q2 FY26 Q2 FY27 +14.1% 1,410 1,610 H1 FY26 H1 FY27 +14.2% 266 288 Q2 FY26 Q2 FY27 +8.3% 527 567 H1 FY26 H1 FY27 +7.5% DBF: Q2 & H1 FY27 Financial Highlights Revenue grew 14.1% YoY in Q2 FY27 with EBITDA margin of 35.7% Source – Unaudited Financial Results Pharmarack JAS’26 Data Zorvia Deal • Licensed injectables and part of the Acute portfolio to Zorvia Healthcare; Eris retains brand ownership and earns a 7% royalty • These brands contribute ~₹100 cr of sales • Ex-Zorvia, Q2 DBF growth is 16.5% • Ex Zorvia, going forward, we expect ~100 bps Gross Margin improvement DBF EBIDTA slightly ahead of guidance in Q2
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5 Sequential Improvement in Gross Margin DBF Gross Margin (%) – Q1 vs Q2 FY27 +100 bps Gain expected Brands out-licensed to Zorvia Further gross margin gain expected from the out-licensed portfolio +100 bps Gain expected Bhopal facility commercialized Vials and Cartridges now in production Next year Full manufacturing shift to Bhopal Complete shift expected in the second half of next year 74.3% 75.7% Q1 FY27 Q2 FY27 +134 bps Gross Margin Levers Ahead Insulin Pack Shots from Eris Bionxt’s Bhopal Facility Gross Margin ahead of guidance in Q2 Source – Unaudited Financial Results
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6 Eris vs IPM Growth Q2 FY27 Eris Consol OAD Cardiac VMN Source – Pharmarack JAS’26 Data 12% 15% IPM Eris +3 % 11% 12% IPM Eris +1 % 16% 16% IPM Eris +0 % 17% 27% IPM Eris +10 % All major therapies in Q2 have outgrown the market Ex-Zorvia Eris growth is 17%.
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7 Diabetes as a Therapy Q2 FY27 Source – Pharmarack JAS’26 Data Diabetes has emerged stronger after Insulins and Semaglutide launches We also have the strongest pipeline of products going ahead in diabetes Diabetes Contribution to Portfolio Q2 Growth of Diabetes Diabetes Pipeline • Received the nod to conduct Phase 1 and Phase 3 trials for India’s first Recombinant Semaglutide • Both Drug substance and Drug product for Recombinant Semaglutide from inhouse R&D and manufacturing • Three more analogs going in the regulatory pathway from Dec-Mar this financial year 9.5% 37.3% IPM Eris ~4x 16.1% 18.5% IPM Eris +2.4 %
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8 DBF P&L Statement Q2 & H1 FY27 Highlights – H1 FY27 ₹ Cr unless specified ▪ DBF Debtor days at 61 in Sep’ FY27 against 74 days in Mar’ FY26, a reduction of 13 days ▪ Exceptional Items ▪ *Receivables write-off of Rs. ~36 cr of at-risk products only ▪ **Company has received NCLT order for merger between its subsidiaries Aprica, Eris Oaknet and ETL. Group has a positive tax impact of Rs. 65 cr due to the NCLT order DBF (Rs. Cr) Q2 FY27 Q2 FY26 YoY (%) H1 FY27 H1 FY26 YoY (%) Revenue from Operations 809 708 14.1% 1,610 1,410 14.2% Gross Profit 612 539 13.5% 1,207 1,078 12.0% Gross Margin 75.7% 76.1% 75.0% 76.4% Employee Cost 137 129 6.1% 284 264 7.3% as % of Revenue 16.9% 18.2% 17.6% 18.7% Other Expenses 187 144 29.8% 357 287 24.6% as % of Revenue 23.1% 20.3% 22.2% 20.3% EBITDA 288 266 8.3% 567 527 7.5% EBITDA Margin 35.7% 37.6% 35.2% 37.4% Depreciation 14 10 37.9% 28 20 37.6% Amortisation 57 57 - 113 113 - Finance Cost 46 50 -8.0% 91 98 -6.8% Other Income 2 1 - 5 2 - Profit Before Tax after JV 173 151 15.1% 338 298 13.2% Exceptional Items* 36 - - 36 - - Taxes** -33 31 - -1 63 - Profit After Tax (PAT) 170 119 42.7% 303 235 28.9% PAT Margin 21.1% 16.9% 18.8% 16.7% Source – Unaudited Financial Statement
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Domestic Branded Formulations - DBF International Business Financials
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10 Source – Unaudited Financial Statements * After adjusting for intra-group transactions Key business updates for Q2 83 83 152 155 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 33.0% 25.0% 32.8% 24.9% Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 Revenue (₹ cr)* EBITDA Margin (%) Flat 2.3% EU CAPA Execution on track; shutdown planned in Q3 CDMO pipeline Current opportunities intact; no cancellations Base Business Business intact, steady and protected Top 10 countries Contribute 50% + of export revenues New Unit III block at Swiss • Construction on track; PV batches by Apr 27 • Lines planned: PFS, Vials, Lyophilized and Cartridges (incl. Dual Chamber) Swiss Parenterals – Q2 & H1 FY27 Base business largely uninterrupted; EU CAPA actions underway
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Domestic Branded Formulations - DBF International Business Financials
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12 Summary of Consolidated Financials – Q2 and H1 FY27 Q2 revenue growth of 12.6% with a PAT growth of 39.2% Revenue (Rs. Cr.) ₹ Cr unless specified 792 892 1,565 1,766 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 134 187 260 330 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 288 309 565 606 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 7.3% 7.2% 39.2% 27.3% 12.6% 12.8% EBITDA (Rs. Cr.) PAT (Rs. Cr.) • Q2 Revenue = Rs. 892 cr. – growth of 12.6% yoy • Q2 EBIDTA = Rs. 309 cr. – 34.7% EBIDTA margin and 7.3% growth yoy • Q2 PAT = Rs. 187 cr. – up 39.2% yoy; Adjusted PAT of Rs. 158 cr. – up 17.5% yoy • H1 OCF = 105% of EBIDTA • H1 Capex = Rs. 220 cr. • H1 Effective Tax Rate = 20.4% Source – Unaudited Financial Statement
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13 Consolidated (Rs. Cr) Q2 FY27 Q2 FY26 YoY (%) H1 FY27 H1 FY26 YoY (%) Revenue from Operations 892 792 12.6% 1,766 1,565 12.8% Gross Profit 667 590 13.0% 1,301 1,178 10.4% Gross Margin 74.7% 74.5% 73.7% 75.3% Employee Cost 149 137 8.5% 303 282 7.4% as % of Revenue 16.7% 17.3% 17.1% 18.0% Other Expenses 208 164 26.6% 392 332 18.4% as % of Revenue 23.3% 20.7% 22.2% 21.2% EBITDA 309 288 7.3% 606 565 7.2% EBITDA Margin 34.7% 36.4% 34.3% 36.1% Depreciation 17 12 36.8% 32 26 21.2% Amortisation 57 57 - 113 113 - Finance Cost 46 50 -6.3% 93 98 -5.3% Other Income 3 3 13.9% 6 6 1.6% Profit Before Tax after JV 192 173 11.1% 371 334 11.2% Exceptional Items 36 - - 36 - - Taxes -31 38 - 5 74 - Effective Tax Rate^ 20.4% 22.1% 20.4% 22.2% Profit After Tax (PAT) 187 134 39.2% 330 260 27.3% PAT Margin 21.0% 17.0% 18.7% 16.6% Adjusted PAT 158 134 17.5% 301 260 16.1% Adjusted PAT Margin 17.7% 17.0% 17.1% 16.6% Consolidated P&L Statement Q2 & H1 FY27 Highlights – H1 FY27 ₹ Cr unless specified ▪ ROCE for FY27 YTD at 19% against 16% in FY26 Levers for further ROCE Improvement ▪ Capex cycle is winding down by end of FY27 ▪ Three major capital investments - Eris Bionxt, Swiss and Levim - are yet to contribute; returns expected from next year ▪ Net Debt reduction of ~111 cr in H1 ▪ Consol Debtor days at 70 in Sep’ FY27 against 80 days in Mar’ FY26, a reduction of 10 days ▪ EPS of Rs. 13.26 in Q2 and Rs. 23.54 in H1 ▪ Adj EPS of Rs. 11.16 in Q2 and Rs. 21.44 in H1 Source – Unaudited Financial Statements ^Tax rate is calculated excluding the impact of merger; ROCE = EBIT/ Capital Employed (Total Assets - Current Liabilities)
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14 Promoters, 54.74% DIIs, 20.20% FPIs, 14.37% Public, 10.05% Others, 0.65% LILAC INVESTMENTS LIMITED 8.62% 8.63% 8.64% HDFC MUTUAL FUND 8.19% 8.33% 8.46% FRANKLIN TEMPLETON MUTUAL FUND 3.76% 4.29% 4.06% VANGUARD FUND 1.36% 1.32% 1.26% UTI MUTUAL FUND 1.06% 1.58% 1.92% DSP MUTUAL FUND 1.05% 0.89% 0.89% HSBC MUTUAL FUND 1.03% 1.03% 0.71% FRANKLIN TEMPLETON INVESTMENT FUNDS 0.94% 0.94% 1.00% MIRAE ASSET MUTUAL FUND 0.88% 0.90% 0.44% BOI AXA MUTUAL FUND 0.84% 0.78% 0.76% BLACKROCK FUNDS 0.81% 0.80% 0.81% ADITYA BIRLA SUN LIFE INSURANCE CO. 0.79% 0.00% 0.00% TATA AIA LIFE INSURANCE 0.59% 0.64% 0.63% STEINBERG INDIA FUND 0.50% 0.51% 0.51% BANDHAN MUTUAL FUND 0.46% 0.45% 0.32% Shareholding of Promoters and Top 15 Institutional Investors Promoters 54.74% 54.14% 53.92% Name of Shareholder 30-Sept-26 1,192* 30-June-26 1,434* 31-Mar-26 1,297* Shareholding Pattern as of Sept 30, 2026 *Closing share price as of Sept 30, 2026, as per NSE BSE Ticker 540596 NSE Ticker ERIS # of Shares outstanding 13,87,38,569 Market Cap. (INR Cr)* 16,536 Shareholder Profile As of Sept 2026
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15 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 materialise, 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. Safe Harbor Statement
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For Further Information, Please Contact: Registered Office Shivarth Ambit, Plot No 142/2, Ramdas Road Off SBR, Near Swati Bungalows, Bodakdev, Ahmedabad, Gujarat - 380054 investor.relations@eris.co.in Thank You! https://eris.co.in/ 16 Atul Modi Investor Relations atul.modi@eristherapeutics.com