Biocon
Biocon
Healthcare F&OKey Fundamentals
MidcapPharmaceuticalsHealthcareTapetide Score
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Key Insights
Weaknesses
5- Company has low interest coverage ratio.
- Company has a low return on equity of 3.49% over last 3 years.
- Company might be capitalizing the interest cost
- Dividend payout has been low at 10.9% of profits over last 3 years
- Promoter holding has decreased over last 3 years: -16.0%
Growth Rate
AI Analysis — Bull vs Bear
Biocon Ltd has a market capitalisation of about ₹62,316 crore and has grown sales at 18% compounded over 10 years and 19% over 5 years. Profits have not kept pace: profit fell at a compounded 15% a year over 3 years and 12% a year over 5 years, and ROE was 1% last year and 3.49% averaged over 3 years. The stock trades at a P/E of 151.2 and a P/B of 1.83, and it offers a dividend yield of 0.13%.
- Sales growth has lasted a long time. Revenue compounded at 18% over 10 years and 19% over 5 years, which points to steady scaling of the biosimilars, generics and research services businesses.
- Sales growth is still solid in the recent period. Revenue compounded at 15% over 3 years and 10% on a TTM basis, which suggests the larger revenue base is holding up.
- Profits are recovering from a low base. TTM profit growth of 100% could mean earnings are starting to catch up with sales after several weak years.
- The P/B of 1.83 is modest compared with the P/E of 151.2. If ROE improves from its current depressed levels, the gap between the two could narrow.
- The 10-year average ROE of 6% is well above last year's 1%. This shows the business has earned higher returns before, which leaves room for returns to improve.
- The stock has gained momentum recently. It compounded at 13% over both 1 year and 3 years, compared with 1% over 5 years.
- With a market cap of about ₹62,316 crore, Biocon is one of the larger Indian healthcare companies. That scale supports capital-intensive biologics manufacturing and global regulatory filings.
- The valuation is very high. A P/E of 151.2 prices in a large earnings recovery, so the stock has little margin for error if profit growth falls short.
- Returns on equity are poor. ROE was 1% last year, 3.49% over 3 years and 4% over 5 years, which is well below a typical cost of equity.
- Sales growth has not turned into profits. Revenue compounded at 19% over 5 years, but profit fell at a compounded 12% a year over the same period and 15% a year over 3 years. Over 10 years profit grew only 1% a year, against 18% sales growth.
- Interest coverage is low, which points to meaningful financial leverage and pressure on earnings from interest costs.
- The company may be capitalising interest costs. If so, reported profits could be flattered, and the ROE of 1% last year may overstate the underlying earnings quality.
- Promoter holding fell 16.0% over the last 3 years, which reduces promoter ownership in the company.
- Long-term shareholder returns have been weak. The stock compounded at just 1% over 5 years, against 19% compounded sales growth over the same period.
- Shareholder payouts are small. The dividend yield is 0.13% and the payout ratio averaged 10.9% of profits over 3 years.
- The 100% TTM profit growth comes off a deeply depressed base, since 3-year profit CAGR is -15%. It may reflect normalisation rather than a lasting change.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Slipping below key 200-DMA support Sep 21
The stock traded at ₹384.55 on Sep 25, down 0.6% on the day and about 3.66% over the past month. That puts it below the ₹390 200-day moving average, the level where analyst Rajesh Bhosale had placed his stop loss on Sep 2. Volume of 22.73 lakh shares was also below the 32.57 lakh one-month daily average.
- True North affiliate exits stake Sep 8
Activ Pine LLP, a True North affiliate, sold 1.65 crore shares (a 1.02% stake) worth more than ₹638 crore at ₹385 per share, about a 1.9% discount to the previous close. It now holds only a small residual stake from its earlier 1.08%.
- Margins well below mid-20% target Sep 21
Q1 EBITDA margin was 19.54%, up only slightly from 19.43% a year earlier. The company is targeting margins in the mid-20% range, so a significant gap remains to close.
- Pebrilzo gets first-of-kind CHMP nod Sep 21
The EMA's CHMP issued a positive opinion for Biocon Biologics' Pertuzumab biosimilar Pebrilzo (420 mg) for HER2-positive breast cancer. It is the first monoclonal antibody biosimilar to receive one under EMA's tailored clinical development approach. The European Commission's final decision is still pending.
- 100% Brazil PDP allocation for Pertuzumab Sep 8
Biocon, Bahiafarma and Bionovis received 100% allocation under Brazil's 10-year PDP programme for Pertuzumab. That gives the consortium access to the public healthcare market, which accounts for about 70% of Brazil's demand. Biocon will get milestone payments and a share of revenue over the 10 years.
- Strong Q1 profit and revenue growth Sep 21
Q1 net profit rose to ₹141 crore from ₹31.4 crore a year earlier, and revenue grew 16% to ₹4,336 crore. EBITDA increased 10.6% to ₹847.2 crore.
- MHRA approves Malaysia insulin unit Sep 25
The UK's MHRA approved Biocon's new fill-finish unit for Semglee insulins in Malaysia. This follows EMA clearance in July 2026 and adds capacity for regulated markets.
- Marquee investors absorb block deal Sep 8
Twelve investors bought the True North block, led by ICICI Prudential MF (74.03 lakh shares for ₹285.02 crore) and SBI MF (14.23 lakh shares for ₹54.82 crore). The stock still closed up 0.62% at ₹395.
- $1B revenue goal, double-digit biosimilar growth Sep 21
CEO Shreehas Tambe said the business can soon reach $1 billion in revenue, helped by insulin demand and Aflibercept, though he gave no timeline. The company expects double-digit growth across its portfolio of more than 30 biosimilars.
- Outperforming Nifty and pharma index Sep 21
The stock is up 8.91% over one year. Over the same period the NIFTY fell 7.1% and the Nifty Pharma index fell 20.91%.
- Analyst says hold near support Sep 2
Rajesh Bhosale of My Advisor Alpha recommended holding Biocon at ₹399.90, with a stop loss below the ₹390 200-day moving average.
- Mumbai investor roadshow on Sep 11 Sep 8
Management met analysts and institutional investors in Mumbai on Sep 11, 2026, in one-on-one and group meetings. The company said no unpublished price-sensitive information would be disclosed.
- ₹0.50 final FY26 dividend paid Sep 9
Biocon started paying its ₹0.50 per share final FY26 dividend to shareholders on record as of July 3, 2026. The payout is too small to matter much for valuation.
TL;DR: Biocon's regulatory and commercial pipeline is getting stronger. Key wins include a first-of-its-kind EMA CHMP opinion for Pebrilzo, an exclusive 10-year Brazil PDP deal for Pertuzumab, MHRA approval for its Malaysia insulin unit, and a sharp jump in Q1 profit to ₹141 crore. The risks are mainly price-related: the stock has fallen about 3.66% in a month to ₹384.55, below its ₹390 200-day moving average, after a PE exit, and margins of around 19.5% are still well short of the mid-20% target. Fundamentals look like they're improving while price momentum has softened, so watch whether the stock gets back above ₹390 and whether the European Commission approves Pebrilzo.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,423 | 3,462 | 3,954 | 3,917 | 3,433 | 3,590 | 3,821 | 4,417 | 3,942 | 4,296 | 4,173 | 4,517 | 4,336 |
| Expenses | 2,741 | 2,745 | 3,051 | 3,004 | 2,812 | 2,905 | 3,070 | 3,339 | 3,176 | 3,460 | 3,340 | 3,496 | 3,489 |
| Operating Profit | 681 | 717 | 903 | 913 | 620 | 685 | 752 | 1,078 | 766 | 835 | 834 | 1,020 | 847 |
| OPM % | 20% | 21% | 23% | 23% | 18% | 19% | 20% | 24% | 19% | 19% | 20% | 23% | 20% |
| Other Income | 94 | 134 | 587 | 40 | 1,166 | 58 | 53 | 57 | 62 | 81 | -176 | -28 | 41 |
| 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 |
| PBT | 184 | 214 | 808 | 319 | 1,146 | 98 | 156 | 487 | 97 | 171 | -68 | 248 | 128 |
| Tax % | 19% | 19% | 7% | 30% | 25% | 72% | 48% | 6% | 8% | 22% | -24% | 20% | -7% |
| Net Profit | 149 | 173 | 753 | 223 | 862 | 27 | 81 | 459 | 89 | 133 | -52 | 199 | 137 |
| EPS in Rs | 0.84 | 1.05 | 5.5 | 1.13 | 5.49 | -0.13 | 0.21 | 2.87 | 0.23 | 0.63 | 1.08 | 0.78 | 0.87 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,090 | 3,347 | 3,891 | 4,123 | 5,514 | 6,300 | 7,143 | 8,184 | 11,174 | 14,756 | 15,262 | 16,927 | 17,321 |
| Expenses | 2,394 | 2,957 | 2,912 | 3,294 | 4,121 | 4,696 | 5,562 | 6,391 | 8,762 | 11,540 | 12,008 | 13,456 | 13,785 |
| Operating Profit | 696 | 390 | 980 | 829 | 1,394 | 1,604 | 1,581 | 1,793 | 2,412 | 3,216 | 3,254 | 3,471 | 3,536 |
| OPM % | 23% | 12% | 25% | 20% | 25% | 25% | 22% | 22% | 22% | 22% | 21% | 21% | 20% |
| Other Income | 158 | 639 | 173 | 228 | 340 | 199 | 260 | 72 | 18 | 853 | 1,217 | -76 | -82 |
| Interest | 9 | 29 | 26 | 62 | 71 | 65 | 58 | 68 | 419 | 974 | 897 | 990 | 927 |
| Depreciation | 221 | 249 | 277 | 385 | 448 | 552 | 715 | 814 | 1,113 | 1,569 | 1,687 | 1,957 | 2,049 |
| PBT | 624 | 751 | 850 | 610 | 1,215 | 1,186 | 1,068 | 983 | 897 | 1,525 | 1,887 | 448 | 479 |
| Tax % | 15% | 19% | 19% | 26% | 17% | 27% | 21% | 22% | 28% | 15% | 24% | 18% | — |
| Net Profit | 528 | 609 | 688 | 453 | 1,003 | 871 | 846 | 772 | 643 | 1,298 | 1,429 | 369 | 416 |
| EPS in Rs | 4.14 | 4.59 | 5.1 | 3.1 | 7.54 | 6.24 | 6.17 | 5.4 | 3.85 | 8.52 | 8.44 | 2.38 | 3.36 |
| Div. Payout % | 20% | 18% | 10% | 16% | 7% | 0% | 0% | 9% | 39% | 6% | 6% | 21% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 100 | 100 | 100 | 300 | 300 | 600 | 600 | 600 | 600 | 600 | 600 | 810 |
| Reserves | 3,171 | 3,934 | 4,738 | 4,881 | 5,798 | 6,106 | 7,027 | 7,832 | 17,267 | 19,183 | 21,044 | 33,221 |
| Borrowings | 1,117 | 2,478 | 2,302 | 2,264 | 2,422 | 2,715 | 4,481 | 5,147 | 18,019 | 16,277 | 18,362 | 15,434 |
| Other Liabilities | 1,988 | 1,947 | 2,254 | 2,545 | 3,672 | 4,993 | 6,382 | 6,763 | 15,856 | 19,693 | 18,534 | 13,943 |
| Total Liabilities | 6,375 | 8,458 | 9,394 | 9,990 | 12,192 | 14,414 | 18,490 | 20,342 | 51,742 | 55,753 | 58,540 | 63,409 |
| Fixed Assets | 1,630 | 1,748 | 3,626 | 3,700 | 4,471 | 5,971 | 6,364 | 6,569 | 29,468 | 30,644 | 31,963 | 36,486 |
| CWIP | 1,677 | 2,240 | 839 | 1,303 | 1,899 | 2,196 | 2,800 | 4,110 | 7,317 | 7,993 | 8,508 | 6,987 |
| Investments | 230 | 902 | 1,253 | 675 | 1,012 | 966 | 1,952 | 1,588 | 2,069 | 1,000 | 1,127 | 1,779 |
| Other Assets | 2,839 | 3,569 | 3,676 | 4,312 | 4,811 | 5,281 | 7,374 | 8,074 | 12,888 | 16,117 | 16,941 | 18,157 |
| Total Assets | 6,375 | 8,458 | 9,394 | 9,990 | 12,192 | 14,414 | 18,490 | 20,342 | 51,742 | 55,753 | 58,540 | 63,409 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 211 | 371 | 640 | 662 | 1,155 | 1,283 | 1,160 | 1,177 | 1,852 | 2,954 | 4,061 | 1,994 |
| Investing | -491 | -1,138 | -510 | -684 | -703 | -1,505 | -3,651 | -1,662 | -14,260 | -1,002 | -203 | -1,883 |
| Financing | 186 | 1,068 | -178 | -240 | -242 | 388 | 2,564 | 242 | 13,049 | -2,333 | -1,854 | -924 |
| Net Cash Flow | -94 | 300 | -47 | -261 | 210 | 165 | 72 | -243 | 641 | -380 | 2,004 | -812 |
| Free Cash Flow | -627 | -246 | 32 | -251 | -337 | -546 | -577 | -746 | 129 | 1,046 | 1,718 | 82 |
| CFO/OP | 49 | 158 | 86 | 104 | 104 | 101 | 86 | 80 | 86 | 101 | 139 | 64 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 91 | 78 | 83 | 94 | 86 | 71 | 77 | 92 | 117 | 154 | 131 | 129 |
| Inventory Days | 132 | 153 | 160 | 161 | 199 | 263 | 304 | 309 | 423 | 368 | 346 | 390 |
| Days Payable | 125 | 172 | 187 | 224 | 231 | 243 | 246 | 216 | 383 | 467 | 460 | 434 |
| Cash Conversion Cycle | 98 | 59 | 57 | 31 | 53 | 91 | 134 | 184 | 157 | 55 | 18 | 85 |
| Working Capital Days | -19 | -12 | 24 | 6 | -2 | -31 | 8 | 71 | 3 | -68 | -63 | -17 |
| ROCE % | 12% | 9% | 12% | 8% | 13% | 13% | 10% | 9% | 6% | 6% | 6% | 4% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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70 extracted metrics + investor summaries across FY04–FY27.
Documents
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Company Information
Biocon is engaged in the business of manufacture of biotechnology products and research services.(Source : 202003-01 Annual Report Page No:195)
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