Biocon Ltd logo

Biocon Ltd

BIOCON NSE

Key Fundamentals

MidcapPharmaceuticalsHealthcare
Market Cap
₹67,965 Cr
Volatility
Moderate
P/E Ratio
124.88
EBITDA
₹3,798 Cr
Return on Equity
1.01%
Debt to Equity
0.45
Book Value
₹211.51
EPS
₹13
52W High
₹447.15
52W Low
₹337.05

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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49 extracted metrics + investor summaries across FY04–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

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

Revenue Growth
4.85% ↗
Net Income Growth
-74.20% ↘
Cash Flow Change
-50.90% ↘
ROE
-80.43% ↘
ROCE
-53.67% ↘
EBITDA Margin (Avg.)
-17.21% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk high

Biocon Ltd trades at a market cap of ₹68,451 Cr with a PE of 167.5x, reflecting high valuation relative to its current earnings. The company has delivered strong 10-year sales CAGR of 18% but compounded profit growth over the same period is just 1%, indicating persistent margin and profitability challenges despite revenue scale-up.

Bull Case 7
  • Strong long-term revenue growth with 10-year compounded sales CAGR of 18%, demonstrating consistent top-line scaling in the biosimilars and biologics space
  • TTM sales growth of 10% indicates continued revenue momentum even on a larger base
  • TTM compounded profit growth of 100% suggests a sharp earnings recovery in the most recent period after years of decline
  • 3-year compounded sales CAGR of 15% shows sustained double-digit revenue expansion in the medium term
  • 5-year compounded sales CAGR of 19% outpaces many pharma peers, reflecting successful commercialization of biosimilar portfolio globally
  • Stock has delivered 19% CAGR over the past 1 year and 3 years, indicating improving market sentiment and re-rating
  • Price-to-book ratio of 2.03x is relatively moderate for a large-cap healthcare company, suggesting the balance sheet is not excessively stretched on a book value basis
Bear Case 8
  • PE ratio of 167.5x is extremely elevated, implying the stock prices in significant future earnings growth that may not materialize
  • 3-year ROE of just 3% and last year ROE of only 1% indicate very poor capital efficiency and weak shareholder returns
  • Compounded profit CAGR is negative at -15% over 3 years and -12% over 5 years, showing prolonged earnings deterioration
  • Low interest coverage ratio signals that debt servicing consumes a significant portion of operating profits, elevating financial risk
  • Promoter holding has decreased by 16 percentage points over the last 3 years, raising concerns about promoter confidence or dilution
  • Dividend payout of only 10.9% of profits over 3 years with a yield of 0.12% offers negligible income to shareholders
  • 10-year compounded profit CAGR of just 1% versus 18% sales CAGR indicates structural margin compression and an inability to convert revenue into bottom-line growth
  • Potential capitalization of interest costs may be flattering reported profits and understating true operating expenses

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 17h ago
Headwinds 2
  • Q1 misses estimates, margin pressure Aug 7

    Q1FY27 EBITDA margin fell to 25.5% amid pricing pressure and competition, with sales ~5% below estimates and constant-currency biosimilar growth of just 5%. Citi (Sell, ₹360) and Bernstein (Underperform, ₹326) remain cautious.

  • Auditor resignation at Biologics Aug 6

    B S R & Co. LLP resigned as statutory auditor of Biocon Biologics effective August 6, 2026, citing mandatory rotation at parent Biocon Limited.

Positives 6
  • Yesafili launched in US market Aug 3

    Biocon commercially launched Yesafili, an FDA-approved interchangeable biosimilar to Regeneron's Eylea 2 mg, targeting a $5.89 billion US market for age-related macular degeneration.

  • Q1 profit surges 734% YoY Aug 5

    Consolidated net profit rose to ₹1,368 million in Q1FY27 from ₹892 million in Q1FY26, with revenue up 10% YoY to ₹43,360 million. Biocon also became a wholly owned entity after acquiring remaining BBL shares.

  • AGM approves dividend and $1B QIP Aug 6

    Shareholders approved ₹0.50 dividend and new equity plans at the 48th AGM. Chairperson highlighted 13% revenue growth and a $1 billion QIP raised in FY26.

  • GLP-1 pipeline as growth driver Aug 6

    Management highlighted GLP-1 product line as a major growth factor and key strategic focus area in the Q1FY27 conference call.

  • European manufacturing expansion Aug 6

    Biocon expanded its global manufacturing network across France, Portugal, Slovenia, and Spain to strengthen regional supply chain resilience and product accessibility.

  • Yesintek autoinjector approved in Canada Jul 29

    Health Canada approved Yesintek ustekinumab autoinjector pen (45 mg and 90 mg dosages) on July 29, 2026, adding a self-administration option for psoriasis and Crohn's disease patients.

Neutral 3
  • Emkay Confluence analyst meeting Aug 7

    Biocon will participate in a virtual group meeting with analysts and institutional investors on August 12, 2026, as part of Emkay Confluence 2026.

  • Q1FY27 earnings call published Aug 6

    Biocon published audio and video recordings of its Q1FY27 earnings call held on August 6, 2026, in compliance with SEBI regulations.

  • Independent Director term ends Jul 22

    Bobby Kanubhai Parikh ceased to be Independent Director on July 22, 2026, after completing his second term. The Board acknowledged his contributions.

TL;DR: Biocon is executing well on its global biosimilar expansion with the US Yesafili launch targeting a $5.89B market and new European manufacturing capacity, while the GLP-1 pipeline offers a credible long-term growth narrative. However, Q1FY27 results disappointed with margin compression to 25.5% and below-estimate sales, reflecting pricing pressure in the biosimilars space. The $1B QIP and 734% profit growth show improving financial heft, but brokerages remain divided on near-term outlook. The trend is cautiously positive if second-half margin recovery materializes as guided by management.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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%

Shareholding Pattern

As of Jun 2026
Promoters 44.68%
DIIs 23.38%
Others 13.54%
Public 10.26%
FIIs 8.14%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Jan 2026Mar 2026Jun 2026
Promoters
60.67%
60.64%
60.64%
60.64%
60.64%
60.64%
60.64%
60.64%
60.64%
60.64%
60.64%
60.64%
60.64%
60.64%
60.64%
60.64%
60.64%
54.45%
54.45%
54.45%
44.91%
44.91%
44.68%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
7.96%
6.55%
5.63%
5.90%
5.93%
5.66%
5.66%
6.04%
6.61%
7.39%
7.14%
7.52%
8.14%
DIIs
6.65%
6.89%
6.87%
6.83%
7.79%
7.30%
7.76%
8.63%
11.90%
12.56%
14.08%
14.51%
13.68%
14.30%
14.44%
15.37%
15.72%
22.82%
22.10%
21.71%
24.16%
24.07%
23.38%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
10.89%
11.03%
11.49%
11.37%
10.87%
10.72%
12.07%
12.46%
13.21%
13.34%
13.61%
14.47%
15.53%
14.63%
14.57%
14.07%
13.63%
12.58%
12.71%
12.38%
10.23%
10.01%
10.26%
Others
21.79%
21.44%
21.00%
21.16%
20.70%
21.35%
19.54%
18.27%
14.26%
13.46%
3.70%
3.83%
4.52%
4.53%
4.42%
4.27%
4.34%
4.10%
4.12%
4.06%
13.55%
13.49%
13.54%
No. of Shareholders
0
3,11,349
3,38,815
3,63,447
3,64,502
3,47,911
3,41,016
3,69,816
4,11,086
4,12,441
4,15,046
4,34,339
4,70,261
4,43,513
4,39,503
4,27,705
4,24,297
4,30,217
4,13,191
3,94,279
3,94,215
3,86,593
3,92,509

Documents

1
Concall - Aug 2026 Aug 2026
2
Concall - Apr 2017 Apr 2017
3
Concall - Sep 2018 Sep 2018
4
Concall - Jun 2019 Jun 2019
5
Concall - Sep 2019 Sep 2019

Frequently Asked Questions about Biocon Ltd

What does Biocon Ltd do?
Biocon is engaged in the business of manufacture of biotechnology products and research services.(Source : 202003-01 Annual Report Page No:195)
Where is Biocon Ltd (BIOCON) listed?
Biocon Ltd is listed on the Indian stock exchanges. It is listed on NSE: BIOCON and BSE: 532523. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Biocon Ltd belong to?
Biocon Ltd operates in the Healthcare sector within the Pharmaceuticals industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Biocon Ltd?
Biocon Ltd has a market capitalisation of approximately ₹67964.66 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Biocon Ltd?
The Price-to-Earnings (PE) ratio of Biocon Ltd is 124.88. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Biocon Ltd?
Over the past 52 weeks, Biocon Ltd has traded between a low of ₹337.05 and a high of ₹447.15. This range helps investors understand the stock's price volatility and recent trading levels.
Does Biocon Ltd pay dividends?
Yes, Biocon Ltd has a dividend yield of 0.12%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Biocon Ltd?
Biocon Ltd has a Return on Equity (ROE) of 1.01%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Biocon Ltd on Tapetide?
On Tapetide, you can view Biocon Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Biocon is engaged in the business of manufacture of biotechnology products and research services.(Source : 202003-01 Annual Report Page No:195)

Website biocon.com
CEO Dr. Kiran Mazumdar-Shaw B.Sc (Hons), B.Sc.
Employees 16,420
Listed 2004-04-07
Face Value ₹ 5
Issued Size 1,33,69,63,635

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