NSE: BIOCON · BSE: 532523
BIOCON LIMITED.
Operates as a biopharmaceutical company with three reporting segments. Biosimilars is the largest at 60.2% of segment revenue (₹10,431.2 crore in FY26) and makes biologic copies of approved drugs — insulins, ustekinumab (sold as Yesintek), adalimumab, aflibercept (Yesafili) and denosumab — selling to global markets, with 12 biosimilar products commercialized worldwide. The CRDMO segment (21.6%, ₹3,738.7 crore) is the Syngene contract research, development and manufacturing business that serves external pharma clients. Generics (18.3%, ₹3,168.1 crore) sells small-molecule generic finished dosages and APIs, including a legacy lenalidomide contribution. Cost structure is dominated by materials at 31.2% of revenue and employees at 20.7%, with depreciation at 11.6% and capex at 10.6% of revenue, reflecting the asset-heavy biologics manufacturing base. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Biosimilars (60%), CRDMO (22%), Generics (18%). Asset-heavy biopharmaceutical manufacturer spanning biologics, contract services and small-molecule generics, with high depreciation and ongoing capex
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 8,184 | 11,174 | 14,756 | 15,262 | 16,927 |
| EBITDA (ex other income) | 1,859 | 2,220 | 3,287 | 3,263 | 3,052 |
| margin % | 22.7 | 19.9 | 22.3 | 21.4 | 18.0 |
| Owners' profit | 648 | 463 | 1,023 | 1,013 | 386 |
| EPS, as reported (₹) | 5.44 | 3.88 | 8.55 | 8.46 | 2.82 |
| ROE % · ROCE % | 8.1 · 7.6 | 2.9 · 3.4 | 5.1 · 6.3 | 5.2 · 6.3 | 1.0 · 2.9 |
| Debt / equity (x) | 0.52 | 0.79 | 0.62 | 0.64 | 0.40 |
| Cash from operations | 1,177 | 1,853 | 2,954 | 4,061 | 1,994 |
| Capex | (1,698) | (1,596) | (1,681) | (2,137) | (1,798) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,590 | 3,821 | 4,417 | 3,942 | 4,296 | 4,173 | 4,517 | 4,336 |
| Profit before tax | 98 | 156 | 487 | 97 | 171 | (68) | 248 | 128 |
| Net profit | 27 | 81 | 459 | 89 | 133 | (52) | 199 | 137 |
| EPS (₹) | (0.13) | 0.21 | 2.88 | 0.26 | 0.66 | 1.08 | 0.79 | 0.87 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Generics | 3,168 | 18.3 |
| Biosimilars | 10,431 | 60.2 |
| CRDMO | 3,739 | 21.6 |
| Total, before eliminations | 17,338 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,21,677 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,53,976 | 87.0 | 15.15 | 65.5 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,54,957 | 73.1 | 8.81 | 38.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| LAURUS LABS LIMITED | 1,17,877 | 107.7 | 21.70 | 65.6 | 16.4 | 17.2 | 7.2 | 32.0 |
| ZYDUS LIFESCIENCES LTD | 1,17,315 | 26.2 | 3.97 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| DR. REDDY S LABORATORIES | 1,11,506 | 34.5 | 2.92 | 14.9 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,10,320 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,02,829 | 50.3 | 6.21 | 28.3 | 11.7 | 10.8 | — | 27.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 102.5 | 30.8 | 141 of 158 | 11% |
| P/B | 1.6 | 3.1 | 41 of 163 | 75% |
| ROCE | 0.9 | 10.8 | 149 of 183 | 19% |
| ROE | 1.0 | 9.8 | 137 of 166 | 18% |
| Debt / Equity | 0.4 | 0.2 | 126 of 166 | 24% |
| EBITDA margin | 20.5 | 17.5 | 74 of 165 | 56% |
| Revenue growth | 10.0 | 16.3 | 94 of 161 | 42% |
| Profit growth | 53.4 | 30.9 | 63 of 158 | 61% |
| Market cap | 56795 | 806 | 13 of 181 | 93% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Biocon Q2 FY27 results and investor call scheduled for November 4 | results | low | — | — |
| 26 Oct 2026 · Biocon expands Yesintek market rights across nine more markets | business updates | medium | — | — |
| 14 Oct 2026 · Biocon settles Genentech patent dispute, secures launch dates | business updates | high | — | — |
| 12 Oct 2026 · Biocon submits Q2 FY27 demat compliance certificate to exchanges | compliance | minimal | — | — |
| 10 Oct 2026 · Biocon gets GST order of around Rs 3.21 crore for FY23, plans to appeal | regulatory legal | high | — | — |
| 1 Oct 2026 · Biocon grants 94.6 lakh stock options to employees at Rs 5 per share | corporate actions | low | — | — |
| 30 Sept 2026 · Biocon trading window closed ahead of Q2 FY27 results | compliance | minimal | — | — |
| 25 Sept 2026 · Biocon Malaysia gets MHRA approval for new insulin fill-finish unit | capex operations | high | — | — |
| 21 Sept 2026 · Biocon Pertuzumab biosimilar gets EMA CHMP positive opinion | compliance | low | — | — |
| 9 Sept 2026 · Biocon informs exchanges about final dividend remittance for FY2025-26 | corporate actions | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.