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Biocon Q2 FY27 results: net profit down 57.3% to ₹56.70 crore, revenue up 2.2%
Biocon Limited reported consolidated Q2 FY27 revenue of ₹4,389 crore, up 2.2% from Q2 FY26, while EBITDA was ₹830.90 crore and EBITDA margin was 18.9%. Net profit fell to ₹56.70 crore from ₹132.80 crore, and basic EPS was ₹0.25. The board also approved a leadership change in which Dr. Mandar Shrikant Ghatnekar will step down as Chief Technology Officer and Mukesh Rathi will take over from 1 January 2027.
Key points
- Consolidated Q2 FY27 revenue was ₹4,389 crore, up 2.2% from ₹4,296 crore in Q2 FY26.
- EBITDA was ₹830.90 crore, down 0.5% year on year, with the margin at 18.9%.
- Net profit was ₹56.70 crore, down 57.3% from ₹132.80 crore, and basic EPS was ₹0.25.
- In H1 FY27, revenue was ₹8,724.90 crore, up 5.9%, while net profit was ₹193.50 crore, down 12.8%.
- Management expects H2 FY27 to be stronger than H1 across biosimilars, generics and services.
How did Biocon perform in Q2 FY27?
Biocon’s consolidated Q2 FY27 revenue was ₹4,389 crore, up 2.2% from ₹4,296 crore in Q2 FY26 and 1.2% from ₹4,336 crore in Q1 FY27. EBITDA was ₹830.90 crore, down 0.5% year on year and 1.9% sequentially, while the margin was 18.9%, compared with 19.4% and 19.5%.
Consolidated profit before tax was ₹54.80 crore, down 68.0% from ₹171.30 crore in Q2 FY26 and 57.1% from ₹127.60 crore in Q1 FY27. Net profit was ₹56.70 crore, compared with ₹132.80 crore and ₹136.80 crore, while basic EPS was ₹0.25 against ₹0.66 and ₹0.87. On the standalone basis, revenue was ₹630.50 crore and profit was ₹91.70 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 4,389 | 4,336 | 4,296 | +2.2% | +1.2% |
| Other income | 34.50 | 54.50 | 93 | −62.9% | −36.7% |
| Total expenses | 4,362 | 4,249 | 4,205 | +3.7% | +2.6% |
| EBITDA | 830.90 | 847.20 | 835.40 | −0.5% | −1.9% |
| EBITDA margin | 18.9% | 19.5% | 19.4% | −0.5 pp | −0.6 pp |
| Profit before tax | 54.80 | 127.60 | 171.30 | −68.0% | −57.1% |
| Tax | −1.90 | −9.20 | 38.50 | ||
| Net profit | 56.70 | 136.80 | 132.80 | −57.3% | −58.6% |
| EPS (₹) | 0.25 | 0.87 | 0.66 | −62.1% | −71.3% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Biocon's costs and profit?
Total expenses increased to ₹4,362 crore from ₹4,205 crore in Q2 FY26, an increase of ₹156.60 crore, while other income fell to ₹34.50 crore from ₹93 crore, a decline of ₹58.50 crore. Cost of materials rose by ₹301.50 crore, other expenses by ₹119.30 crore and depreciation by ₹90.80 crore; finance costs declined by ₹32.10 crore and employee cost rose by ₹4.20 crore.
Biocon recorded an exceptional charge of ₹6.70 crore in Q2 FY27, compared with ₹11.90 crore in Q2 FY26 and ₹13.50 crore in Q1 FY27. Tax was ₹1.90 crore, against ₹38.50 crore in the year-ago quarter, when the figure was presented as a tax charge; the supplied comparison records a decline of ₹40.40 crore. Profit before tax therefore fell to ₹54.80 crore from ₹171.30 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 1,669 | 1,368 | +301.50 | +22.0% |
| Employee cost | 891.90 | 887.70 | +4.20 | +0.5% |
| Finance costs | 240.10 | 272.20 | −32.10 | −11.8% |
| Depreciation | 563.80 | 473 | +90.80 | +19.2% |
| Other expenses | 1,145 | 1,025 | +119.30 | +11.6% |
| Total expenses | 4,362 | 4,205 | +156.60 | +3.7% |
| Other income | 34.50 | 93 | −58.50 | −62.9% |
| Tax | −1.90 | 38.50 | −40.40 | |
| Exceptional items | −6.70 (charge) | −11.90 (charge) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, consolidated revenue was ₹8,724.90 crore, up 5.9% from ₹8,237.40 crore in H1 FY26, while total income was ₹8,813.90 crore, up 4.8%. Profit before tax was ₹182.40 crore, down 32.0% from ₹268.20 crore.
H1 FY27 net profit was ₹193.50 crore, compared with ₹222.00 crore in H1 FY26, while EPS was ₹1.12 against ₹0.90. The filing’s earnings presentation reported revenue of ₹8,725 crore, total income of ₹8,814 crore, profit before tax before exceptional items of ₹203 crore and reported net profit of ₹182 crore.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 8,725 | 8,237 | +5.9% |
| Profit before tax | 182.40 | 268.20 | −32.0% |
| Net profit | 193.50 | 222 | −12.8% |
| EPS (₹) | 1.12 | 0.90 | +24.4% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, consolidated total assets were ₹65,279.50 crore and total equity was ₹37,156 crore, compared with ₹63,650.60 crore and ₹36,621.50 crore at 31 March 2026. Borrowings were ₹15,110.10 crore, up from ₹14,824.70 crore, while cash was ₹2,203.90 crore, down from ₹2,416.50 crore.
Inventories were ₹7,145.20 crore, trade receivables were ₹6,059.20 crore and trade payables were ₹7,871.30 crore at 30 September 2026. In H1 FY27, operating cash flow was ₹769 crore, investing cash flow was negative ₹286 crore, financing cash flow was negative ₹754.60 crore and capital expenditure was ₹687.90 crore. In H1 FY26, the respective figures were ₹803.40 crore, negative ₹1,275.90 crore, ₹1,403.10 crore and ₹860.90 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 65,280 | 63,651 |
| Total equity | 37,156 | 36,622 |
| Borrowings | 15,110 | 14,825 |
| Cash and equivalents | 2,204 | 2,416 |
| Inventories | 7,145 | 6,086 |
| Trade receivables | 6,059 | 5,987 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 769 | 803.40 |
| Cash from investing | −286 | −1,276 |
| Cash from financing | −754.60 | 1,403 |
| Capital expenditure | 687.90 | 860.90 |
Source: Company's results filing (XBRL).
How has Biocon done over the last 8 quarters?
Revenue rose year on year in each of the last seven quarters. It peaked at ₹4,516.60 crore in Q4 FY26 and stood at ₹4,388.90 crore in Q2 FY27, after ₹4,336 crore in Q1 FY27. The quarterly trend was uneven rather than steadily rising.
The EBITDA margin peaked at 24.4% in Q4 FY25 and bottomed at 18.9% in Q2 FY27. Net profit peaked at ₹459.40 crore in Q4 FY25 and was negative ₹51.80 crore in Q3 FY26, before recovering to ₹136.80 crore in Q1 FY27 and falling to ₹56.70 crore in Q2 FY27.
Which businesses drove the quarter?
Biosimilars revenue was ₹2,808.60 crore, up 3.2% from ₹2,721.10 crore in Q2 FY26, while segment EBIT was ₹32.50 crore, down from ₹111.90 crore. The segment EBIT margin was 1.2%. The earnings presentation separately reported biosimilars EBITDA of ₹623 crore and a 22% margin.
Generics revenue was ₹774.40 crore, up 0.1% from ₹773.60 crore, while segment EBIT was a loss of ₹30.40 crore, compared with a loss of ₹32.60 crore. The segment EBIT margin was negative 3.9%. Services revenue was ₹832.70 crore and segment EBIT was ₹53.70 crore, with a 6.4% margin; no year-ago comparison was given for Services.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Biosimilars | 2,809 | +3.2% | 32.50 | 1.2% |
| Generics | 774.40 | +0.1% | −30.40 | -3.9% |
| Services | 832.70 | 53.70 | 6.4% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved Biocon’s unaudited standalone and consolidated results for the quarter and half-year ended 30 September 2026, prepared under Ind-AS, along with the statutory auditors’ limited review report. No dividend or fund-raising decision was stated in the same-day filings.
The board noted Dr. Mandar Shrikant Ghatnekar’s resignation as Chief Technology Officer at the close of business on 31 December 2026 and approved Mukesh Rathi’s appointment from 1 January 2027. Rathi has over 27 years of leadership experience across digital transformation, AI-led innovation, process excellence and technology management.
What did Biocon's management say?
Management said H2 FY27 was expected to be stronger than H1 across biosimilars, generics and services. It maintained guidance for strong double-digit biosimilars revenue growth in dollar terms in H2 FY27, after 9% growth in H1 FY27, and biosimilars EBITDA margins in the mid-20% range for FY27.
The CFO said about 5% of Q2 revenue shifted to Q3 because of logistics and geopolitical delays. Management also said Brazil pertuzumab supplies are scheduled to begin in Q4 FY27, with the full annual run-rate in FY28, and that Pabrilzo launches are planned for early CY2027 in the EU and UK and Q3 CY2028 in the US, subject to regulatory approval.
Management identified increasing biosimilar competition, potential pressure on prices and margins, migration from aflibercept 2 mg to newer therapies, reduced demand from a large biologics client at Syngene, and inflation in crude, freight and solvent costs as risks. It said generics profitability was expected to improve further in H2 FY27 and Syngene was expected to improve through FY27.
How did Biocon shares react?
Biocon’s shares moved from ₹345.55 when the filing appeared to ₹343.30 by 15 minutes later, a decline of 0.8%, and were down 0.6% after 30 minutes. The reaction-day close was 0.1% above the previous close of ₹343.30, while the Pharmaceuticals industry median rose 0.8%, leaving Biocon 0.7 percentage points behind the sector on the reaction day.
Earlier results-day moves were mixed: the stock rose 2.7% on 5 August 2026 and 1.5% on 12 January 2026, but fell 6.5% on 7 August 2025. The reaction-day close for the current result was measured from the previous close, and no next-day or five-day close was available.
| After the filing | Stock | Pharmaceuticals median |
|---|---|---|
| 5 minutes | −0.0% | |
| 15 minutes | −0.8% | |
| 30 minutes | −0.6% | |
| Reaction day | +0.1% | +0.8% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 5 August 2026 | +2.7% |
| 7 May 2026 | −0.9% |
| 12 January 2026 | +1.5% |
| 1 October 2025 | +1.4% |
| 7 August 2025 | −6.5% |
| 8 May 2025 | −0.8% |
| 30 January 2025 | +1.1% |
| 30 October 2024 | −1.4% |
Source: MarketPing price-reaction measurement.
How did other Pharmaceuticals companies do?
Among 62 Pharmaceuticals companies compared, the median revenue growth was 20.7%, compared with Biocon’s Q2 FY27 revenue growth of 2.2%. Of the other companies, 10 grew more slowly than Biocon, while 52 grew faster.
Profit was higher for 41 of the 56 companies whose profit was compared with Biocon’s year-ago profit. The peer comparison was available as of 5 November 2026.
| Biocon revenue growth (YoY) | +2.2% |
|---|---|
| Median of 62 other Pharmaceuticals companies | +20.7% |
| Companies with slower revenue growth than Biocon | 10 of 62 |
| Companies with faster revenue growth than Biocon | 52 of 62 |
| Companies whose net profit rose | 41 of 56 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Biocon's revenue in Q2 FY27?
Revenue from operations was ₹4,389 crore, up 2.2% from ₹4,296 crore in Q2 FY26 (consolidated).
Did Biocon make a profit in Q2 FY27?
Yes. Net profit was ₹56.70 crore, against a net profit of ₹132.80 crore in Q2 FY26.
What was Biocon's EPS in Q2 FY27?
Basic earnings per share were ₹0.25, against ₹0.66 in Q2 FY26.
How did Biocon shares react to the Q2 FY27 results?
On the reaction day the stock moved +0.1% from the previous close; the median Pharmaceuticals stock moved +0.8%.
When did Biocon announce its Q2 FY27 results?
On 4 November 2026, in a filing to the BSE.
Sources
- Analysts/Institutional Investor Meet/Con. Call Updates (NSE, 26 October 2026) · PDF
- Financial Results For The Quarter And Half Year Ended September 30,2026. (BSE, 4 November 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting (BSE, 4 November 2026) · PDF
- The earnings call (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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