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Biocon

BIOCON NSE
₹344.45 +1.45 (+0.42%)
P/E
102.51
View as Markdown
MCP
Close 4 Nov 2026 ₹344.45 −40.75 −10.6% 1Y
Start ₹385.20

Key Fundamentals

MidcapPharmaceuticals & BiotechnologyHealthcare

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
3.61%
Debt to Equity
0.45
EPS (TTM)
₹3.36
Book Value
₹211.51
Market Cap
—
P/E (TTM)
102.51
P/B
1.63
ROE
1.40%
Dividend Yield
0.15%
EBITDA
₹3,798 Cr
52W High
₹447.15
52W Low
₹318.40
Day Range
₹336.95 – ₹349.00
Volume
89,66,739

Peer Comparison

Healthcare › Pharmaceuticals

Biocon peer comparison
Sun Pharma
₹1,773.4038.81₹4,29,049 Cr4.770.90%16.00%20.50%₹61,631 Cr₹10,987 Cr
Divis Laboratories
₹10,037.5091.10₹2,65,269 Cr15.900.30%16.50%22.00%₹11,230 Cr₹2,925 Cr
Torrent Pharmaceuticals
₹4,738.5078.61₹1,77,061 Cr9.810.82%27.40%15.20%₹17,400 Cr₹2,099 Cr
Zydus Life Science
₹1,188.1026.44₹1,25,446 Cr4.370.08%21.20%21.10%₹28,592 Cr₹4,593 Cr
Laurus Labs
₹2,323.80114.81₹1,25,228 Cr20.720.04%18.30%17.80%₹7,270 Cr₹1,090 Cr
Dr Reddys Laboratories
₹1,374.0035.59₹1,14,543 Cr2.960.58%11.20%13.00%₹33,228 Cr₹3,184 Cr
Cipla
₹1,402.0033.59₹1,12,454 Cr3.200.93%11.60%15.50%₹28,324 Cr₹3,356 Cr
Biocon (this company)
₹344.45102.51₹56,379 Cr1.630.15%1.40%3.61%₹17,321 Cr₹417 Cr
Median 8 companies₹1,587.7058.71₹1,25,337 Cr4.570.44%16.25%16.65%₹22,862 Cr₹3,055 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

38 Weak

Data confidence 100/100

Category scores

Quality
38
Weak
Returns, margins, earnings quality 22% weight
Valuation
38
Weak
Cheap vs sector & own history 24% weight
Growth
24
Poor
Sales & profit trajectory 9% weight
Financial Health
20
Poor
Solvency, leverage, coverage 9% weight
Momentum
11
Poor
Trend strength, vol-adjusted 12% weight
Ownership
71
Strong
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

No strengths listed

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%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1063
OscillatorsBullish162
Moving AveragesStrong Bearish901

Key readings

RSI (14)
42.45
Neutral
MACD (12,26,9)
−7.73
Bullish
SMA (50)
372.91
Bearish
SMA (200)
390.29
Bearish

As of

Analyst Rating

Based on 16 analysts
BUY50%

8 of 16 analysts rate Buy, 3 Hold, 5 Sell.

As of

BUY
8
50%
HOLD
3
19%
SELL
5
31%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+17.60%
5Y+18.83%
3Y+14.85%
1Y+10.91%
TTM+9.84%

Net profit

Net profit growth by window
10Y−4.89%
5Y−15.29%
3Y−16.90%
1Y−74.18%
TTM−36.43%

Operating cash flow

Operating cash flow growth by window
10Y+18.31%
5Y+11.44%
3Y+2.49%
1Y−50.90%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+8.86 pp
5Y−1.62 pp
3Y−1.08 pp
1Y−0.81 pp
TTM−0.40 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹3,891 Cr
Mar 2018₹4,123 Cr
Mar 2019₹5,514 Cr
Mar 2020₹6,300 Cr
Mar 2021₹7,143 Cr
Mar 2022₹8,184 Cr
Mar 2023₹11,174 Cr
Mar 2024₹14,756 Cr
Mar 2025₹15,262 Cr
Mar 2026₹16,927 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹688 Cr
Mar 2018₹453 Cr
Mar 2019₹1,003 Cr
Mar 2020₹871 Cr
Mar 2021₹846 Cr
Mar 2022₹772 Cr
Mar 2023₹643 Cr
Mar 2024₹1,298 Cr
Mar 2025₹1,429 Cr
Mar 2026₹369 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹936 Cr +10.9% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk high

Biocon Ltd trades at ₹344.45 as of 2026-11-04 with a market cap of ₹56,379 crore. The company shows strong revenue compounding at 18% over 10 years but profitability remains weak with an ROE of just 1.01% and a PE of 102.51x, reflecting a wide gap between topline growth and bottom-line delivery.

Bull Case 7
  • Compounded sales growth of 18% over 10 years and 19% over 5 years demonstrates sustained revenue expansion in a competitive biosimilars market
  • TTM profit growth of 100% signals a sharp recovery in earnings after several years of profit decline
  • Debt-to-equity ratio of 0.45 is manageable for a capital-intensive biopharma business, indicating the balance sheet is not over-leveraged
  • 3-year stock CAGR of 12% has outpaced the 5-year CAGR of 1%, suggesting improving market sentiment in recent years
  • Current price of ₹344.45 is approximately 23% below the 52-week high of ₹447.15, offering potential room for recovery if earnings momentum continues
  • 10-year compounded sales growth of 18% significantly exceeds 10-year compounded profit growth of 1%, suggesting substantial operating leverage potential if margins expand
  • TTM sales growth of 10% indicates the company continues to grow revenue even on a larger base
Bear Case 8
  • PE of 102.51x as of 2026-11-04 is extremely elevated, implying the stock prices in significant future earnings growth that may not materialise
  • ROE of just 1.01% and a 3-year average ROE of roughly 3% indicate very poor capital efficiency for shareholders
  • Compounded profit has declined at -15% over 3 years and -12% over 5 years, showing persistent inability to translate revenue into earnings
  • Promoter holding has decreased by 16.0 percentage points over the last 3 years, which may signal reduced promoter confidence or dilution
  • Low interest coverage ratio suggests operating profits are not comfortably covering interest obligations, raising financial risk
  • Dividend payout of just 10.9% of profits over the last 3 years and a yield of 0.15% offer negligible income return to shareholders
  • ROCE of 2.9% is well below typical cost-of-capital benchmarks, implying the business is not generating adequate returns on total capital employed
  • Potential capitalisation of interest costs may be flattering reported profits and asset values, masking the true cost structure

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

AI News Digest

9h ago

TL;DR: Biocon's Q2 was a significant disappointment, with net profit missing consensus by roughly 75%, signaling near-term earnings pressure. On the strategic front, the Pebrilzo patent settlement removes a key overhang and provides clear commercial launch timelines for a large oncology biosimilar opportunity starting CY2026. The stock trades around ₹345-370 with analyst support at current levels. The trend is mixed — weak quarterly execution but improving long-term pipeline visibility, making the biosimilar launch cadence the key catalyst to watch.

Headwinds 1
  • Q2 profit misses estimate by 75% Nov 4

    Consolidated net profit fell 51% YoY to ₹41.3 crore, badly missing the consensus estimate of ₹165 crore. EBITDA margin contracted to 18.90% from 19.45% YoY.

Positives 1
  • Pebrilzo launch dates secured Oct 14

    Global patent settlement with Genentech secures licensed launch dates for biosimilar Pebrilzo — EU/UK in Q1 CY2027, US in Q3 CY2028, and rest of world in CY2026-2028. The reference drug generated ~2.97 billion Swiss francs in global sales in 2025.

Neutral 2
  • FY26 dividend withheld for KYC Nov 4

    Biocon withheld the final FY26 dividend of ₹0.50 per share for shareholders with incomplete KYC or bank details. Affected holders must update PAN, address, and bank info to receive payment.

  • Large block trade at ₹369 Oct 6

    Approximately 10.6 lakh Biocon shares changed hands on NSE at ₹369.20, valued at ₹39.04 crore. Buyer and seller identities remain undisclosed.

Quarterly Results

₹ Cr
BIOCON quarterly results, ₹ crore
Particulars 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 (₹)
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

₹ Cr
BIOCON profit and loss, annual, ₹ crore
Particulars 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 (₹)
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

₹ Cr
BIOCON balance sheet, annual, ₹ crore
Particulars 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

Cash Flow

₹ Cr
BIOCON cash flow, annual, ₹ crore
Particulars 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

Ratios

BIOCON financial ratios, annual
Particulars 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%

Insights

Beta

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

Log in to view Biocon insights

70 extracted metrics across FY04–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 44.68%
  • DIIs 29.30%
  • Public 10.19%
  • FIIs 8.64%
  • Others 7.19%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Biocon

What does Biocon Ltd do?
Biocon is engaged in the business of manufacture of biotechnology products and research services.
Where is Biocon Ltd (BIOCON) listed?
Biocon Ltd trades as BIOCON on the NSE and under code 532523 on the BSE.
Which sector does Biocon Ltd belong to?
Biocon Ltd is classified under the Healthcare sector, in the Pharmaceuticals industry.
What is the PE ratio of Biocon Ltd?
Biocon Ltd trades at a PE ratio of 102.51 as of 4 Nov 2026, on earnings per share of ₹3.36, against a book value of ₹211.51 per share.
What is the 52-week high and low of Biocon Ltd?
Over the last 52 weeks Biocon Ltd has traded between ₹318.4 and ₹447.15 as of 4 Nov 2026.
Does Biocon Ltd pay dividends?
Biocon Ltd has a dividend yield of 0.15%.
What is the Return on Equity (ROE) of Biocon Ltd?
Biocon Ltd reported a return on equity of 1.40%. Its debt-to-equity ratio is 0.45.

Company Information

Biocon is engaged in the business of manufacture of biotechnology products and research services.

Website biocon.com
CEO Dr. Kiran Mazumdar-Shaw B.Sc (Hons), B.Sc.
Employees 16,420
Listed 7 Apr 2004
Face Value ₹5

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