Biocon Ltd.

•

biocon.comBSE: 532523NSE: BIOCON

Market Cap₹ 63,713 Cr.

Current Price

High / Low₹ 447 / 337

Stock P/E128.6

Book Value₹ 209

Price to Book1.75

Dividend Yield0.13 %

ROCE3.3 %

ROE1.3 %

Face Value₹ 5

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Biosimilars: 61.3% • Contract Research: 21.8% • Generics: 16.9%

AI Sector View

AI GENERATED

Healthcare

Buy

This stance relies on proxies and positioning because no direct pharma-export or healthcare operating series exists in the dataset. The depreciated currency at 95.23 (Sep/26) can support export earnings, inflation at 4.45% (Jul/26) is manageable for a defensive sector, and consumer spending remains large at INR 44743 billion (Jun/26). Strong FPI inflow of INR 10620 crore over 3 months to 2026-08-31 from INR -11381 crore in the prior 3 months adds a real sector-specific tailwind, but confidence stays capped because the fundamental drivers are indirect proxies.

Confidence

50%

View full sector analysis →

PROS

Company has consistently been profitable over the last 5 years
Latest quarter profit grew 53.4% YoY, showing strong momentum
Company has delivered good sales growth of 18.8% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.91x)
Company generates healthy free cash flow
Institutional investors have been accumulating - FII+DII up 2.6pp

CONS

A large part of profit comes from other income (101.9% of PBT)
Recent results are weak - TTM profit is down 62.0% versus prior year
Promoter holding has decreased over last 2 years: -16.0pp
Company has a low return on capital employed of 5.9%
Company has a low return on equity of 5.1% over last 3 years
Interest coverage is weak at 1.5x - earnings barely cover interest

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

HealthcareHealthcarePharmaceuticals & Drugs

Part ofNIFTYM150MOMNTM50 NIFTY PHARMA NIFTYLARGEMIDCAP250 NIFTYMIDCAP150 NIFTY MIDCAP 100

S.No.	Name
1.	SUNPHARMA	1842.00	36.54	441957.50	0.87	2901.23	26.53	15299.88	10.98	19.11	28.81
2.	DIVISLAB	9326.00	84.64	247576.00	0.32	902.00	65.50	3080.00	27.80	21.51	40.75
3.	TORNTPHARM	4975.00	86.76	189233.01	0.76	566.00	3.28	4921.00	57.32	19.27	33.81
4.	ZYDUSLIFE	1119.50	24.74	111670.55	0.09	990.20	-34.90	8017.00	23.97	21.39	24.54
5.	CIPLA	1365.00	32.72	110272.68	0.95	785.55	-39.18	7119.28	4.13	16.00	16.73
6.	LAURUSLABS	1970.35	97.37	106460.42	0.10	362.07	123.94	2026.31	29.10	18.20	31.50
7.	DRREDDY	1161.00	30.07	96906.38	0.69	435.60	-69.10	8099.80	-5.21	13.75	10.63
8.	AUROPHARMA	1675.45	25.97	96401.69	0.24	1032.03	25.22	9150.35	17.44	12.76	20.54
9.	LUPIN	2096.00	17.34	95842.92	0.86	1416.98	16.01	8276.89	34.28	28.86	29.59
10.	MANKIND	2277.00	46.04	94050.37	0.04	574.09	29.12	4030.59	12.89	13.24	26.30
11.	GLENMARK	2416.90	37.94	68210.88	0.10	482.83	927.88	4018.48	31.35	20.35	20.03
12.	BIOCON	390.95	128.63	63712.89	0.13	136.80	53.36	4336.00	10.89	3.26	19.54

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	3,391	3,393	3,549	3,864	3,376	3,545	3,773	4,358	3,910	4,262	4,123	4,484	4,336
	2,708	2,721	3,027	3,001	2,812	2,905	3,070	3,339	3,193	3,460	3,340	3,496	4,249
Operating Profit	682	672	522	863	564	640	703	1,019	717	802	784	988	87
OPM %	20.13%	19.80%	14.70%	22.33%	16.69%	18.05%	18.64%	23.39%	18.34%	18.82%	19.00%	22.03%	2.00%
	94	134	587	40	1,166	58	53	57	80	81	-176	-28	68
Interest	233	248	267	227	236	226	223	212	277	272	210	232	213
Depreciation	358	389	414	407	405	420	425	436	455	473	515	513	547
Profit before Tax	217	238	832	322	1,146	98	156	487	97	171	-68	248	128
Tax %	16.04%	17.44%	6.60%	29.87%	24.77%	72.46%	47.98%	5.63%	7.95%	22.48%	23.60%	19.76%	-7.21%
Net Profit	0	0	0	0	862	27	81	459	89	133	-52	199	137
	0.85	1.05	5.52	1.13	5.51	-0.13	0.21	2.88	0.26	0.66	1.08	0.79	0.87

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	3,891	4,123	5,514	6,300	7,143	8,184	11,174	14,756	15,262	16,927	17,206
	3,040	3,469	4,391	5,044	5,841	6,691	9,055	11,559	12,243	13,585	14,545
Operating Profit	851	654	1,124	1,257	1,302	1,493	2,120	3,197	3,019	3,342	2,660
OPM %	21.88%	15.87%	20.38%	19.95%	18.23%	18.24%	18.97%	21.66%	19.78%	19.74%	15.46%
	285	381	609	575	618	579	477	956	1,452	53	-55
Interest	26	62	71	65	58	68	419	974	897	990	927
Depreciation	277	385	448	552	715	814	1,113	1,569	1,687	1,957	2,049
Profit before Tax	850	610	1,215	1,215	1,068	983	897	1,525	1,887	448	479
Tax %	19.02%	25.72%	17.47%	25.94%	20.75%	21.51%	28.32%	14.91%	24.23%	17.66%	13.00%
Net Profit	688	453	1,003	900	846	772	643	1,298	1,429	369	416
EPS	10.32	6.27	7.60	6.30	6.19	5.42	3.87	8.52	8.44	2.38	—
Dividend Payout %	9.80%	16.11%	6.63%	0.00%	0.00%	9.26%	38.92%	5.87%	5.92%	21.02%	—

COMPOUNDED SALES GROWTH

10 Years:: 18%
5 Years:: 19%
3 Years:: 15%

COMPOUNDED PROFIT GROWTH

10 Years:: -3%
5 Years:: -12%
3 Years:: -6%

STOCK PRICE CAGR

10 Years:: 10%
5 Years:: 2%
3 Years:: 13%
1 Year:: 7%

RETURN ON EQUITY

10 Years:: 10%
5 Years:: 6%
3 Years:: 5%
Last Year:: 1%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	100	300	300	600	600	600	600	600	600	810
Minority Interest	376	468	609	677	881	1,038	4,622	5,491	6,068	2,590
	4,670	4,812	5,721	5,997	6,873	7,628	16,993	18,863	20,619	32,707
	2,743	2,644	3,308	4,358	7,073	7,858	22,915	16,957	19,587	15,954
Trade Payables	740	1,005	1,198	1,325	1,514	1,608	3,842	6,272	6,549	6,772
	568	567	732	1,118	1,275	1,369	2,770	7,570	5,116	4,262
Total Liabilities	9,197	9,796	11,868	14,076	18,215	20,101	51,742	55,753	58,540	63,095
	3,625	3,700	4,471	5,971	6,364	6,569	29,468	30,644	31,963	36,486
Capital Work in Progress	533	779	1,287	1,576	2,254	3,420	2,588	3,985	4,102	4,613
	1,253	675	1,012	966	1,956	1,588	2,069	1,000	1,127	1,779
	635	722	1,032	1,436	1,867	2,298	4,244	4,944	4,931	6,086
	0	0	0	0	0	0	0	6,231	5,488	5,987
Cash & Bank	1,044	1,323	1,057	999	2,049	1,748	2,400	2,259	4,120	3,194
	2,106	2,597	3,009	3,128	3,725	4,478	10,974	6,692	6,808	4,951
Total Assets	9,197	9,796	11,868	14,076	18,215	20,101	51,742	55,753	58,540	63,095

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	843	859	1,446	1,627	1,354	1,439	2,081	2,954	4,061	1,994
Cash from Investing	-498	-684	-714	-1,559	-3,625	-1,699	-14,282	-1,004	-234	-2,082
Cash from Financing	-178	-240	-242	388	2,564	242	13,049	-2,333	-1,854	-924
	-36	-262	199	112	99	-280	619	-383	1,973	-1,012

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	60.64	60.64	60.64	60.64	54.45	54.45	54.45	44.91	44.68
	5.90	5.93	5.66	5.67	6.04	6.61	7.39	7.52	8.14
	14.29	14.44	15.36	15.73	22.83	22.06	21.67	24.01	23.33
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	19.17	18.99	18.34	17.97	16.68	16.83	16.45	23.49	23.80

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-09

General Updates

2026-09-09 - Biocon Limited has informed the Exchange about Communication regarding remittance of final dividend for the FY 2025-26

2026-09-08

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-08 - Biocon Limited has informed the Exchange about Schedule of meet

2026-09-08

Press Release

2026-09-08 - Biocon Limited has informed the Exchange regarding a press release dated September 08, 2026, titled "Biocon Secures 10-Year Supply Contract for Pertuzumab in Brazil".

2026-08-31

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-31 - Biocon Limited has informed the Exchange about Schedule of meet

2026-08-28

General Updates

2026-08-28 - Biocon Limited has informed the Exchange about "Communication regarding remittance of final dividend for the FY 2025-26"

2026-08-25

Updates

2026-08-25 - Biocon Limited has informed the Exchange regarding 'Company Statement'.

2026-08-18

Updates

2026-08-18 - Biocon Limited has informed the Exchange regarding 'Company Statement'.

2026-08-11

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-11 - Biocon Limited has informed the Exchange about Schedule of meet

2026-08-11

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-11 - Biocon Limited has informed the Exchange about Transcript

News

Recent coverage and analyst commentary for BIOCON

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Biocon Ltd.

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Name

SUNPHARMA

1842.00

36.54

441957.50

0.87

2901.23

26.53

15299.88

10.98

19.11

28.81

DIVISLAB

9326.00

84.64

247576.00

0.32

902.00

65.50

3080.00

27.80

21.51

40.75

TORNTPHARM

4975.00

86.76

189233.01

0.76

566.00

3.28

4921.00

57.32

19.27

33.81

ZYDUSLIFE

1119.50

24.74

111670.55

0.09

990.20

-34.90

8017.00

23.97

21.39

24.54

CIPLA

1365.00

32.72

110272.68

0.95

785.55

-39.18

7119.28

4.13

16.00

16.73

LAURUSLABS

1970.35

97.37

106460.42

0.10

362.07

123.94

2026.31

29.10

18.20

31.50

DRREDDY

1161.00

30.07

96906.38

0.69

435.60

-69.10

8099.80

-5.21

13.75

10.63

AUROPHARMA

1675.45

25.97

96401.69

0.24

1032.03

25.22

9150.35

17.44

12.76

20.54

LUPIN

2096.00

17.34

95842.92

0.86

1416.98

16.01

8276.89

34.28

28.86

29.59

MANKIND

2277.00

46.04

94050.37

0.04

574.09

29.12

4030.59

12.89

13.24

26.30

GLENMARK

2416.90

37.94

68210.88

0.10

482.83

927.88

4018.48

31.35

20.35

20.03

BIOCON

390.95

128.63

63712.89

0.13

136.80

53.36

4336.00

10.89

3.26

19.54

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

3,391

3,393

3,549

3,864

3,376

3,545

3,773

4,358

3,910

4,262

4,123

4,484

4,336

2,708

2,721

3,027

3,001

2,812

2,905

3,070

3,339

3,193

3,460

3,340

3,496

4,249

Operating Profit

682

672

522

863

564

640

703

1,019

717

802

784

988

OPM %

20.13%

19.80%

14.70%

22.33%

16.69%

18.05%

18.64%

23.39%

18.34%

18.82%

19.00%

22.03%

2.00%

134

587

1,166

-176

-28

Interest

233

248

267

227

236

226

223

212

277

272

210

232

213

Depreciation

358

389

414

407

405

420

425

436

455

473

515

513

547

Profit before Tax

217

238

832

322

1,146

156

487

171

-68

248

128

Tax %

16.04%

17.44%

6.60%

29.87%

24.77%

72.46%

47.98%

5.63%

7.95%

22.48%

23.60%

19.76%

-7.21%

Net Profit

862

459

133

-52

199

137

0.85

1.05

5.52

1.13

5.51

-0.13

0.21

2.88

0.26

0.66

1.08

0.79

0.87

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

3,891

4,123

5,514

6,300

7,143

8,184

11,174

14,756

15,262

16,927

17,206

3,040

3,469

4,391

5,044

5,841

6,691

9,055

11,559

12,243

13,585

14,545

Operating Profit

851

654

1,124

1,257

1,302

1,493

2,120

3,197

3,019

3,342

2,660

OPM %

21.88%

15.87%

20.38%

19.95%

18.23%

18.24%

18.97%

21.66%

19.78%

19.74%

15.46%

285

381

609

575

618

579

477

956

1,452

-55

Interest

419

974

897

990

927

Depreciation

277

385

448

552

715

814

1,113

1,569

1,687

1,957

2,049

Profit before Tax

850

610

1,215

1,068

983

897

1,525

1,887

448

479

Tax %

19.02%

25.72%

17.47%

25.94%

20.75%

21.51%

28.32%

14.91%

24.23%

17.66%

13.00%

Net Profit

688

453

1,003

900

846

772

643

1,298

1,429

369

416

EPS

10.32

6.27

7.60

6.30

6.19

5.42

3.87

8.52

8.44

2.38

—

Dividend Payout %

9.80%

16.11%

6.63%

0.00%

9.26%

38.92%

5.87%

5.92%

21.02%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

100

300

600

810

Minority Interest

376

468

609

677

881

1,038

4,622

5,491

6,068

2,590

4,670

4,812

5,721

5,997

6,873

7,628

16,993

18,863

20,619

32,707

2,743

2,644

3,308

4,358

7,073

7,858

22,915

16,957

19,587

15,954

Trade Payables

740

1,005

1,198

1,325

1,514

1,608

3,842

6,272

6,549

6,772

568

567

732

1,118

1,275

1,369

2,770

7,570

5,116

4,262

Total Liabilities

9,197

9,796

11,868

14,076

18,215

20,101

51,742

55,753

58,540

63,095

3,625

3,700

4,471

5,971

6,364

6,569

29,468

30,644

31,963

36,486

Capital Work in Progress

533

779

1,287

1,576

2,254

3,420

2,588

3,985

4,102

4,613

1,253

675

1,012

966

1,956

1,588

2,069

1,000

1,127

1,779

635

722

1,032

1,436

1,867

2,298

4,244

4,944

4,931

6,086

6,231

5,488

5,987

Cash & Bank

1,044

1,323

1,057

999

2,049

1,748

2,400

2,259

4,120

3,194

2,106

2,597

3,009

3,128

3,725

4,478

10,974

6,692

6,808

4,951

Total Assets

9,197

9,796

11,868

14,076

18,215

20,101

51,742

55,753

58,540

63,095

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

843

859

1,446

1,627

1,354

1,439

2,081

2,954

4,061

1,994

Cash from Investing

-498

-684

-714

-1,559

-3,625

-1,699

-14,282

-1,004

-234

-2,082

Cash from Financing

-178

-240

-242

388

2,564

242

13,049

-2,333

-1,854

-924

-36

-262

199

112

-280

619

-383

1,973

-1,012

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

60.64

54.45

44.91

44.68

5.90

5.93

5.66

5.67

6.04

6.61

7.39

7.52

8.14

14.29

14.44

15.36

15.73

22.83

22.06

21.67

24.01

23.33

Government

0.00

19.17

18.99

18.34

17.97

16.68

16.83

16.45

23.49

23.80

Biocon Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Biocon Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI