Biocon Ltd logo

Biocon Ltd

BIOCON NSE

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

AI Verdict: HOLD Confidence: 4%

Biocon trades at an extremely elevated PE of 181.4x with declining profitability (TTM profit growth of -61%), making it expensive on earnings. However, strong sales CAGR of 15-19% over 3-5 years and 50% analyst buy ratings suggest the biosimilars pipeline holds long-term promise, warranting a hold for existing investors.

Key Fundamentals

MidcapPharmaceuticalsHealthcare
Market Cap
₹68,370 Cr
Volatility
Moderate
P/E Ratio
153
EBITDA
₹2,905 Cr
Return on Equity
5.13%
Debt to Equity
0.84
Book Value
₹209.95
EPS
₹13
52W High
₹440.4
52W Low
₹331

Technical Indicators

Key Insights

Weaknesses

5
  • Company has low interest coverage ratio.
  • Promoter holding has decreased over last quarter: -9.54%
  • Company has a low return on equity of 3.51% 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

Growth Rate

Revenue Growth
1.88% ↘
Net Income Growth
-99.70% ↘
Cash Flow Change
37.49% ↗
ROE
1.00% ↗
ROCE
-
EBITDA Margin (Avg.)
-36.11% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
HOLD
Risk high

Biocon trades at an extremely elevated PE of 181.4x with declining profitability (TTM profit growth of -61%), making it expensive on earnings. However, strong sales CAGR of 15-19% over 3-5 years and 50% analyst buy ratings suggest the biosimilars pipeline holds long-term promise, warranting a hold for existing investors.

Bull Case 7
  • Revenue growth remains robust with 5-year compounded sales CAGR of 19% and 10-year CAGR of 18%, indicating strong commercial traction in biosimilars
  • TTM sales growth of 11% shows continued top-line momentum despite profit headwinds
  • 50% of analysts (8 out of 16) rate the stock a Buy, reflecting confidence in long-term pipeline value
  • Stock CAGR of 18% over 1 year and 20% over 3 years shows strong recent price momentum
  • Market cap of Rs 66,943 Cr provides scale and liquidity for institutional investors in the biosimilar space
  • Price-to-book ratio of 1.97x is relatively reasonable for a high-growth healthcare company, suggesting asset base is not excessively overvalued
  • 10-year compounded profit CAGR of 1% indicates the company has historically managed to stay profitable through multiple investment cycles
Bear Case 8
  • PE ratio of 181.4x is extremely elevated, offering minimal margin of safety even if earnings recover
  • TTM compounded profit growth of -61% signals severe earnings deterioration in the most recent period
  • 3-year ROE of just 3.51% and last year ROE of only 1% indicate very poor capital efficiency for shareholders
  • Promoter holding decreased by 9.54% in the last quarter, a significant red flag on insider confidence
  • Low interest coverage ratio suggests debt servicing burden is straining cash flows
  • Dividend payout of only 10.9% of profits over 3 years with a yield of just 0.12% offers negligible income return
  • 5-year stock CAGR of only 1% shows the stock has delivered almost zero returns over a meaningful medium-term horizon
  • Company may be capitalizing interest costs, which flatters reported profits and understates 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 14h ago
Headwinds 1
  • GLP-1 market crowded, limited upside Jun 16

    Biocon acknowledges generic GLP-1s are a 'crowded market' and is avoiding India where prices are hitting 'rock bottom', limiting near-term revenue opportunity from the obesity drug wave.

Positives 6
  • Malaysia insulin contracts MYR 225m+ Jun 24

    Partner Duopharma secured insulin contracts exceeding MYR 225 million from Malaysia's Ministry of Health, covering three insulin types supplied from Biocon's USD 600 million Johor facility.

  • Targets world's top insulin supplier Jun 16

    Biocon aims to become the world's largest insulin supplier within five years, currently ranked third by volume globally in a $30 billion market as Novo Nordisk and Eli Lilly shift focus away from insulin.

  • Net debt/EBITDA cut by 1.6x Jun 1

    Biocon reduced net debt/EBITDA by 1.6x through refinancing and EBITDA growth, now holding 99.2% stake in Biocon Biologics with net debt down from $1.5B to ~$1.1B.

  • Revenue 17% CAGR, EBITDA 23% May 27

    Nuvama projects revenue growing at 17% CAGR and EBITDA at 23% CAGR over FY26-FY28, with biosimilars at 21% CAGR and Aflibercept US launch in H2FY27.

  • Succession plan with proven leaders May 27

    Claire Mazumdar (₹675 crore funding, Nasdaq IPO for Bicara Therapeutics) leads succession supported by AI expert Eric Mazumdar and oncologist Thomas Roberts, with transition planned over five years.

  • Renewable energy investment Jun 10

    Biocon invested ₹5.48 crore for a 37.77% stake in Ampin C&I Power Twelve to support renewable energy goals and reduce operating costs.

Neutral 6
  • FY26 dividend TDS details Jun 22

    Biocon outlined TDS rates for ₹0.50 final dividend for FY26 with record date of July 3, 2026.

  • Preferential issue price revised May 30

    Floor price revised to ₹373.08 and issue price to ₹376.41 for preferential issue with swap ratio at 0.76159.

  • ₹17.37 crore block trade on NSE May 27

    Approximately 402,121 shares traded at ₹431.95 per share in a single block trade, indicating institutional-level participation.

  • No promoter share encumbrance Jun 15

    Promoter group confirmed zero shares encumbered in FY26 under SEBI SAST Regulations.

  • Macquarie plant visit hosted Jun 8

    Biocon hosted Macquarie's Healthcare Tour at its Bangalore facility on June 11, 2026 with no UPSI disclosed.

  • Shareholder resolutions approved Jun 8

    Shareholders approved director appointments and remuneration revisions via postal ballot concluded June 7, 2026.

TL;DR: Biocon is executing well on its insulin leadership strategy, securing large contracts in Malaysia while positioning to fill the gap left by Big Pharma's shift to GLP-1s. Financial deleveraging is progressing (net debt down to ~$1.1B) and growth projections are strong at 17-23% CAGR through FY28. The main risk is limited participation in the high-growth GLP-1/obesity market due to intense competition. The trend is improving as the company approaches an inflection point with biosimilar launches (Aflibercept H2FY27) and a credible succession plan in place.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
3,774
3,423
3,462
3,954
3,917
3,433
3,590
3,821
4,417
3,942
4,296
4,173
4,517
Expenses
2,817
2,741
2,745
3,051
3,004
2,812
2,905
3,070
3,339
3,193
3,460
3,340
3,496
Operating Profit
957
681
717
903
913
620
685
752
1,078
749
835
834
1,020
OPM %
25%
20%
21%
23%
23%
18%
19%
20%
24%
19%
19%
20%
23%
Other Income
152
94
134
587
40
1,166
58
53
57
80
81
-176
-28
Interest
249
233
248
267
227
236
226
223
212
277
272
210
232
Depreciation
364
358
389
414
407
405
420
425
436
455
473
515
513
PBT
497
184
214
808
319
1,146
98
156
487
97
171
-68
248
Tax %
17%
19%
19%
7%
30%
25%
72%
48%
6%
8%
22%
-24%
20%
Net Profit
414
149
173
753
223
862
27
81
459
89
133
-52
199
EPS in Rs
2.61
0.84
1.05
5.5
1.13
5.49
-0.13
0.21
2.87
0.23
0.63
1.08
0.78
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
Expenses
2,394
2,957
2,912
3,294
4,121
4,696
5,562
6,391
8,762
11,540
12,008
13,472
Operating Profit
696
390
980
829
1,394
1,604
1,581
1,793
2,412
3,216
3,254
3,455
OPM %
23%
12%
25%
20%
25%
25%
22%
22%
22%
22%
21%
20%
Other Income
158
639
173
228
340
199
260
72
18
853
1,217
-60
Interest
9
29
26
62
71
65
58
68
419
974
897
990
Depreciation
221
249
277
385
448
552
715
814
1,113
1,569
1,687
1,957
PBT
624
751
850
610
1,215
1,186
1,068
983
897
1,525
1,887
448
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
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
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
14,185
Total Liabilities
6,375
8,458
9,394
9,990
12,192
14,414
18,490
20,342
51,742
55,753
58,540
63,651
Fixed Assets
1,630
1,748
3,626
3,700
4,471
5,971
6,364
6,569
29,468
30,644
31,963
38,860
CWIP
1,677
2,240
839
1,303
1,899
2,196
2,800
4,110
7,317
7,993
8,508
4,613
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
18,399
Total Assets
6,375
8,458
9,394
9,990
12,192
14,414
18,490
20,342
51,742
55,753
58,540
63,651
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
-2,082
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
-1,012
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
65
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
-2
ROCE %
12%
9%
12%
8%
13%
13%
10%
9%
6%
6%
6%
4%

Shareholding Pattern

As of Mar 2026
Promoters 44.91%
DIIs 24.07%
Others 13.49%
Public 10.01%
FIIs 7.52%
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 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%
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%
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%
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%
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%
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%
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

Documents

1
Concall - Apr 2017 Apr 2017
2
Concall - Sep 2018 Sep 2018
3
Concall - Jun 2019 Jun 2019
4
Concall - Sep 2019 Sep 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 & Biotechnology 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 ₹68369.89 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 153.00. 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 ₹331 and a high of ₹440.4. 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 5.13%. 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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