1. Insulin & Biologics vertical - Bhopal facility production starts next month, with insulin cartridge commissioning targeted for Q3 FY26 and three engineering batches (RHI, degludec, degludec combo) already taken. Insulins currently run at 30-31% EBITDA, and in-sourcing replaces contract manufacturing - the Biocon business margin already scaled from 19% at acquisition to 24% by end-FY25.
2. Biocon insulin partnership expansion - Biocon will assign select RoW markets to Eris for direct marketing of RHI, Glargine and Aspart, with Eris manufacturing finished dosage for India and RoW; expansion to double insulin capacity is initiated at \~₹150 cr capex. This fully utilizes installed Bionxt capacity and carries at least ₹50 cr p.a. EBITDA potential from the additional market opportunity.
3. Semaglutide (Sundae) ramp - Sundae reached #1 in prescriptions (\~21% share) and units (\~20% share) by Jun-26, its first full quarter, with off-take at ₹4 crore per month run rate and an obesity SKU (Wegovy Gx) launching this month. Pen-device version launches in April with in-sourcing of manufacturing - Phase-I capacity \~0.5 crore units p.a. - bringing significant margin improvement from Q2 FY27.
4. EU-CDMO build-out - EU-CDMO book of business ramped from ₹100+ cr at end of Q1 to ₹700-800 cr at end of Q2, targeting ₹1,000+ cr by end of Q3, with strong visibility on FY27 revenue of ₹550-600 cr and EBITDA of ₹180-200 cr. Third injectable unit set to be commissioned in FY28, supporting the path to ₹1,000 cr international revenue by 2029/2030.
5. Swiss Parenterals full ownership - Acquisition of the remaining 30% stake completed 16 January 2026 via share swap, making Swiss a wholly owned subsidiary. Full ownership removes minority leakage on a business delivering ₹326 cr revenue and ₹109 cr consolidated EBITDA, with 46% ROCE and 38% ROE on a standalone basis.
6. Insulin Analogs market entry - Eris is not yet represented in the ₹2,309 cr p.a. Insulin Analogs pool (growing 9.4% YoY), with a pipeline of 5 products set to launch starting FY28. This is the largest unaddressed pool in the insulin market, dominated by the innovator, and a stated key priority for the next two quarters.
7. OAD segment recovery - OAD segment internally growing \~6% vs reported 2%, with the Glimisave MV ban anomaly expected to clear next month; targeting 5-6% growth and getting closer to market. OAD is the largest therapy at 20% of portfolio, and the stated priority is to reach 70% of market growth.
8. Esaxerenone launch - Esaxerenone (non-steroidal MRA) launch delayed due to approval delays, with visibility of launching in the first fortnight of August; management calls it "a very good opportunity". It is a novel antihypertensive cleared for BEs and CT, adding a differentiated molecule to the cardiac portfolio.
9. VMN & IVF expansion - Launched 2 new divisions in VMN therapy with \~260 MRs and Eris BioART division with 35-40 MRs across top 25-30 cities for the IVF market. This adds \~300 field-force reps across 3 new divisions, expanding reach into high-growth therapy areas.
10. Velbiom Probiotics acquisition - Acquisition of Velbiom Probiotics' branded probiotics business achieved closure in March 2026 for ₹50 crore. This adds a branded probiotics portfolio to the emerging therapies mix, complementing the VMN expansion.