India Ratings affirmed Eris Therapeutics Limited's bank loan facilities at IND AA/Stable/IND A1+ for INR 4,200 million and assigned the same rating to new INR 1,000 million facilities.
The rating reflects strong parent support from Eris Lifesciences and sustained healthy operating performance with 9MFY26 EBITDA of INR 8.5 billion.
Eris Lifesciences demonstrated improved credit metrics with net leverage reducing to 2.2x in FY25 from 3.9x in FY24, supported by acquisition integration benefits.
Key risks include regulatory price controls affecting 17% of domestic portfolio and integration challenges from multiple acquisitions totaling over INR 35 billion since FY21.