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Biocon Limited (IN:BIOCON)
:BIOCON
India Market
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Biocon Limited (BIOCON) AI Stock Analysis

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IN:BIOCON

Biocon Limited

(BIOCON)

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Neutral 56 (OpenAI - 5.2)
Rating:56Neutral
Price Target:
₹438.00
▲(0.99% Upside)
Action:Reiterated
Date:05/09/26
The score is held back primarily by weakened financial quality—sharp margin compression, very low ROE, and negative free cash flow. Technicals are a meaningful offset with price above major moving averages and positive momentum indicators. Valuation is a notable risk given the very high P/E and low dividend yield, which increases sensitivity to any further earnings or cash flow weakness.
Positive Factors
Diversified Biopharma Model
Biocon's mix of biosimilars, generic formulations and biologics services creates multiple durable revenue channels. This diversification reduces single-product exposure, leverages manufacturing know-how across markets, and supports steady long-term revenue even if one segment faces cyclical pressure.
Negative Factors
Margin Compression
Sharp and sustained margin deterioration weakens the company's ability to convert revenue into profits. Lower gross and net margins limit internal funding for R&D and capex, reduce resilience to pricing pressure, and signal structural issues in mix, pricing or cost control that can persist beyond the next quarter.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified Biopharma Model
Biocon's mix of biosimilars, generic formulations and biologics services creates multiple durable revenue channels. This diversification reduces single-product exposure, leverages manufacturing know-how across markets, and supports steady long-term revenue even if one segment faces cyclical pressure.
Read all positive factors

Biocon Limited (BIOCON) vs. iShares MSCI India ETF (INDA)

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
Strong multi-year revenue growth and improved leverage (debt-to-equity ~0.45) are positives, but the latest year shows a sharp reset in profitability (net margin ~2.3%, gross margin ~34.8%) and weak returns on equity (~1.1%). Cash generation is the main drag with operating cash flow down sharply and free cash flow turning negative (~-5.2B), reducing earnings quality and funding flexibility.
Income Statement
54
Neutral
Balance Sheet
63
Positive
Cash Flow
41
Neutral
BreakdownMar 2026Mar 2025Mar 2024Mar 2023Mar 2022
Income Statement
Total Revenue169.27B152.62B147.56B111.74B81.84B
Gross Profit58.85B92.44B91.73B69.62B50.11B
EBITDA33.95B31.24B32.71B26.57B19.56B
Net Income3.86B10.13B10.22B4.63B6.48B
Balance Sheet
Total Assets636.51B587.97B560.71B520.43B203.94B
Cash, Cash Equivalents and Short-Term Investments38.83B49.24B25.74B37.26B29.65B
Total Debt154.34B183.62B162.77B180.19B51.47B
Total Liabilities270.29B310.85B307.96B295.54B109.24B
Stockholders Equity340.32B216.44B197.84B178.67B84.33B
Cash Flow
Free Cash Flow-5.21B17.18B10.22B1.26B-7.48B
Operating Cash Flow12.77B40.61B29.54B18.52B11.77B
Investing Cash Flow-80.30B-2.34B-10.04B-142.82B-16.99B
Financing Cash Flow57.42B-18.54B-23.33B130.49B2.42B

Biocon Limited Peers Comparison

Overall Rating
UnderperformOutperform
Sector (55)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
74
Outperform
₹455.64B78.950.26%
68
Neutral
₹148.59B54.150.61%-6.72%-22.67%
59
Neutral
₹29.32B30.108.13%2910.16%
58
Neutral
₹25.80B-478.9214.43%35.48%
56
Neutral
₹693.01B152.580.12%10.91%-67.33%
55
Neutral
$6.65B3.83-15.92%6.20%10.91%7.18%
55
Neutral
₹155.68B70.160.31%-3.41%-56.45%
* General Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
IN:BIOCON
Biocon Limited
437.50
73.34
20.14%
IN:CONCORDBIO
Concord Biotech Ltd.
1,375.00
-238.11
-14.76%
IN:DCAL
Dishman Carbogen Amcis Ltd.
194.55
-44.90
-18.75%
IN:PANACEABIO
Panacea Biotec Limited
417.60
6.25
1.52%
IN:SYNGENE
Syngene International Ltd.
400.00
-271.25
-40.41%
IN:ANTHEM
Anthem Biosciences Limited
825.45
76.95
10.28%

Biocon Limited Corporate Events

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 SEBI&#82...
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...
Biocon Seeks Shareholder Nod for Leadership Changes and Preferential Share Issue via E-Voting
May 8, 2026
Biocon Limited has initiated a postal ballot process to seek shareholder approval for a series of governance and capital-related proposals, including a revision in the remuneration of Executive Chairperson Kiran Mazumdar-Shaw and the appointment o...
Biocon Reshapes Board and Governance as It Integrates with Biocon Biologics
May 8, 2026
Biocon’s board approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, alongside recommending a final dividend of 10% or Re 0.50 per share, subject to shareholder approval, with a Jul...
Biocon Delivers Double-Digit Growth in Q4 as Biosimilars Lead Revenue Gains
May 8, 2026
Biocon reported consolidated Q4FY26 total income of Rs 4,569 crore, with operating revenue of Rs 4,517 crore and EBITDA rising 29% year-on-year to Rs 1,073 crore, delivering an EBITDA margin of 23%. Net profit before exceptional items grew 64% to ...
Biocon Clears FY26 Results, Dividend and Board Overhaul to Drive Biologics Integration
May 8, 2026
Biocon’s board has approved its audited standalone and consolidated financial results for the quarter and year ended 31 March 2026, alongside recommending a final dividend of 10%, or Rs 0.50 per share, with a record date of 3 July 2026 and p...
Biocon Files Monitoring Agency Report on QIP Fund Utilisation for March Quarter
May 8, 2026
Biocon Limited has disclosed that India Ratings Research, acting as the monitoring agency, has issued reports on the utilisation of proceeds from its Qualified Institutions Placement for the quarter ended March 31, 2026. The reports, dated May 7,...
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.Date of analysis: May 09, 2026