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Biocon Limited
(BIOCON)
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Rating:49Neutral
Price Target:
₹428.00
▲(2.54% Upside)
Action:Reiterated
Date:08/09/26
The score is primarily held back by weakened financial quality—sharp margin compression, very low ROE, and negative free cash flow in the latest year. Technicals are mildly supportive with the stock holding above key longer-term moving averages and neutral-to-positive momentum. Valuation is a meaningful risk factor due to the extremely high P/E and limited dividend support.
Positive Factors
Diversified biopharma model
Biocon’s mix of biosimilars, generic formulations and biologics services provides durable revenue diversification across products and clients. This reduces single-product risk, supports cross-segment scale economics and positions the company to capture structural growth in biologics, diabetes and oncology markets.
Negative Factors
Sharp margin compression
A large decline in gross and net margins signals weaker pricing, adverse mix, higher costs or one-offs that materially reduce underlying profitability. Sustained margin erosion undermines the firm’s ability to generate surplus cash for reinvestment, R&D, and shareholder returns over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified biopharma model
Biocon’s mix of biosimilars, generic formulations and biologics services provides durable revenue diversification across products and clients. This reduces single-product risk, supports cross-segment scale economics and positions the company to capture structural growth in biologics, diabetes and oncology markets.
Read all positive factors
Biocon Limited (BIOCON) vs. iShares MSCI India ETF (INDA)
Market Cap
₹679.58B
Dividend Yield0.12%
Average Volume (3M)208.50K
Price to Earnings (P/E)123.1
Beta (1Y)0.69
Revenue Growth9.83%
EPS Growth5.07%
CountryIN
Employees16,447
SectorGeneral
Sector StrengthN/A
IndustryBiotechnology
Share Statistics
EPS (TTM)3.40
Shares Outstanding1,629,694,100
10 Day Avg. Volume177,351
30 Day Avg. Volume208,504
Financial Highlights & Ratios
PEG Ratio-1.92
Price to Book (P/B)1.45
Price to Sales (P/S)2.92
P/FCF Ratio-94.66
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)6.94
Revenue Forecast (FY)₹194.54B
Biocon Limited Business Overview & Revenue Model
Company Description
Biocon Limited functions as a biopharmaceutical firm, engaged in the production of pharmaceutical, medicinal chemical, and plant-derived products. Its business activities are organized into distinct segments: Generics, Novel Biologics, Biosimilars...
How the Company Makes Money
Biocon makes money primarily by developing and manufacturing biopharmaceutical products and earning revenue from their sale and related commercial arrangements. Key revenue streams include: (1) Biosimilars: income from the development, manufacturi...
Biocon Limited Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
63
Positive
Cash Flow
41
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 172.88B | 169.27B | 152.62B | 147.56B | 111.74B | 81.84B |
| Gross Profit | 73.23B | 58.85B | 92.44B | 91.73B | 69.62B | 50.11B |
| EBITDA | 34.13B | 33.95B | 31.24B | 32.71B | 26.57B | 19.56B |
| Net Income | 4.95B | 3.86B | 10.13B | 10.22B | 4.63B | 6.48B |
Balance Sheet | ||||||
| Total Assets | 646.96B | 636.51B | 587.97B | 560.71B | 520.43B | 203.94B |
| Cash, Cash Equivalents and Short-Term Investments | 28.33B | 38.83B | 49.24B | 25.74B | 37.26B | 29.65B |
| Total Debt | 155.51B | 154.34B | 183.62B | 162.77B | 180.19B | 51.47B |
| Total Liabilities | 271.50B | 270.29B | 310.85B | 307.96B | 295.54B | 109.24B |
| Stockholders Equity | 352.29B | 340.32B | 216.44B | 197.84B | 178.67B | 84.33B |
Cash Flow | ||||||
| Free Cash Flow | -575.00M | -5.21B | 17.18B | 10.22B | 1.26B | -7.48B |
| Operating Cash Flow | 8.03B | 12.77B | 40.61B | 29.54B | 18.52B | 11.77B |
| Investing Cash Flow | -12.76B | -80.30B | -2.34B | -10.04B | -142.82B | -16.99B |
| Financing Cash Flow | 14.03B | 57.42B | -18.54B | -23.33B | 130.49B | 2.42B |
Biocon Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ₹520.28B | 90.20 | ― | 0.26% | ― | ― | |
76 Outperform | ₹161.40B | 56.47 | ― | 0.61% | -6.72% | -22.67% | |
58 Neutral | ₹24.38B | -339.01 | ― | ― | 10.26% | -162.28% | |
56 Neutral | ₹27.52B | 40.74 | ― | ― | -20.86% | -34.46% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹165.91B | 75.24 | ― | 0.31% | -3.41% | -56.45% | |
49 Neutral | ₹679.58B | 123.06 | ― | 0.12% | 9.83% | 5.07% |
* General Sector Average
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Biocon Limited Corporate Events
Biocon Shareholders Strongly Back 2026 Financials at 48th AGM
Aug 8, 2026
Biocon Limited, a leading Indian biopharmaceutical company, held its 48th Annual General Meeting on August 6, 2026 via video conferencing in line with evolving corporate governance and digital engagement practices. The meeting was convened to cond...
Biocon schedules Q1 FY27 earnings call and shares investor presentation
Aug 6, 2026
Biocon Limited has notified stock exchanges that it will hold its Q1 FY27 earnings call on August 6, 2026, and has shared the related investor presentation with the exchanges and on its website. The disclosure, made under Regulation 30 of SEBIR...
Biocon Wins Health Canada Approval for Yesintek Ustekinumab Autoinjector Pen
Jul 29, 2026
Biocon’s Canadian subsidiary has received Health Canada’s Notice of Compliance for its Yesintek ustekinumab autoinjector pen in 45 mg/0.05 mL and 90 mg/mL presentations, adding to earlier approvals for subcutaneous and intravenous form...
Biocon makes Biocon Biologics a wholly owned unit via share swap
Jun 29, 2026
Biocon Limited has acquired 11,536,956 equity shares of its material subsidiary Biocon Biologics Limited from 127 selling shareholders through a share swap, making Biocon Biologics a wholly owned subsidiary from June 29, 2026. As consideration, Bi...
Biocon Makes Biocon Biologics Wholly Owned Via Preferential Share Issue
Jun 29, 2026
Biocon Limited has completed the acquisition of 11,536,956 equity shares of its material subsidiary Biocon Biologics Limited from 127 selling shareholders, making Biocon Biologics a wholly owned subsidiary as of June 29, 2026. This move consolidat...
Biocon Closes Insider Trading Window Ahead of June Quarter Results
Jun 27, 2026
Biocon Limited has announced the closure of its trading window for company shares starting July 1, 2026, in line with the Securities and Exchange Board of India’s Prohibition of Insider Trading Regulations and its own internal code of conduc...
Biocon Deepens Malaysia Diabetes Push as Partner Wins MYR 225 Million Insulin Tenders
Jun 24, 2026
Biocon has reinforced its presence in Malaysia’s diabetes care market as its long-standing partner, Duopharma Biotech, secured insulin supply contracts worth over MYR 225 million from the country’s Ministry of Health. Under these multi...
Biocon Sets Final Dividend and Outlines TDS Rules for FY 2025-26 Payout
Jun 22, 2026
Biocon Limited has informed shareholders that its board has recommended a final dividend of 10%, equivalent to Re 0.50 per fully paid equity share of face value Rs 5, for the financial year ended March 31, 2026, subject to shareholder approval at ...
Biocon Subsidiary Wins Health Canada Nod for Antifungal Micafungin Injection
May 11, 2026
Biocon Pharma Limited, a subsidiary of Biocon Limited, has secured approval from Health Canada for micafungin for injection, USP, in 50 mg and 100 mg strengths, expanding its presence in the Canadian market for hospital-focused anti-infective ther...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.