Biocon Ltd.
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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 GENERATEDHealthcare
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.
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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SUNPHARMA | 1868.50 | 37.06 | 448315.74 | 0.86 | 2901.23 | 26.53 | 15299.88 | 10.98 | 19.11 | 28.81 |
| DIVISLAB | 9482.75 | 86.06 | 251737.22 | 0.32 | 902.00 | 65.50 | 3080.00 | 27.80 | 21.51 | 40.75 |
| TORNTPHARM | 4931.90 | 86.01 | 187593.62 | 0.77 | 566.00 | 3.28 | 4921.00 | 57.32 | 19.27 | 33.81 |
| ZYDUSLIFE | 1129.00 | 24.95 | 112618.18 | 0.09 | 990.20 | -34.90 | 8017.00 | 23.97 | 21.39 | 24.54 |
| CIPLA | 1368.00 | 32.79 | 110515.04 | 0.95 | 785.55 | -39.18 | 7119.28 | 4.13 | 16.00 | 16.73 |
| LAURUSLABS | 1933.25 | 95.54 | 104455.86 | 0.10 | 362.07 | 123.94 | 2026.31 | 29.10 | 18.20 | 31.50 |
| AUROPHARMA | 1690.00 | 26.19 | 97238.86 | 0.24 | 1032.03 | 25.22 | 9150.35 | 17.44 | 12.76 | 20.54 |
| LUPIN | 2092.00 | 17.30 | 95660.02 | 0.86 | 1416.98 | 16.01 | 8276.89 | 34.28 | 28.86 | 29.59 |
| DRREDDY | 1143.20 | 29.61 | 95420.61 | 0.70 | 435.60 | -69.10 | 8099.80 | -5.21 | 13.75 | 10.63 |
| MANKIND | 2266.00 | 45.82 | 93596.02 | 0.04 | 574.09 | 29.12 | 4030.59 | 12.89 | 13.24 | 26.30 |
| GLENMARK | 2439.55 | 38.29 | 68850.12 | 0.10 | 482.83 | 927.88 | 4018.48 | 31.35 | 20.35 | 20.03 |
| BIOCON | 395.00 | 129.97 | 64372.92 | 0.13 | 136.80 | 53.36 | 4336.00 | 10.89 | 3.26 | 19.54 |
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:
- 12%
- 1 Year:
- 8%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Biocon Limited has informed the Exchange about Communication regarding remittance of final dividend for the FY 2025-26
2026-09-08 - Biocon Limited has informed the Exchange about Schedule of meet
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 - Biocon Limited has informed the Exchange about Schedule of meet
2026-08-28 - Biocon Limited has informed the Exchange about "Communication regarding remittance of final dividend for the FY 2025-26"
2026-08-25 - Biocon Limited has informed the Exchange regarding 'Company Statement'.
2026-08-18 - Biocon Limited has informed the Exchange regarding 'Company Statement'.
2026-08-11 - Biocon Limited has informed the Exchange about Schedule of meet
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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