Eris Lifesciences' (ERIS) Q1FY26 EBITDA was broadly in line with our estimate (Rs2.75bn; up 11% YoY). Though Q1FY26 revenue growth (up 7.4% YoY) was muted, we see pick up in coming quarters as insulin shortages stabilize, export pick up and likely additional market share gain from human insulin market. Eris has opted for inorganic route to diversify and scale up existing portfolio. This has been implemented without diluting margins. We expect margins to scale up from the current level of 35% in FY25 as revenue scales up from recent...