Biocon Limited (IN:BIOCON)
:BIOCON
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Biocon Limited
(BIOCON)
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Rating:56Neutral
Price Target:
₹446.00
â–²(22.46% 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
Revenue Growth
Consistent multi-year revenue expansion provides a durable base for investment in R&D and manufacturing scale. Sustained top-line growth supports long-term contract wins, capacity utilization and pricing leverage even if near-term margins fluctuate, underpinning growth optionality.
Negative Factors
Margin Compression
Sustained margin erosion undermines cash flow conversion and return on invested capital. If structural cost pressures, pricing competition or adverse product mix persist, profitability will remain thin, limiting reinvestment capacity and shareholder returns over months.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Consistent multi-year revenue expansion provides a durable base for investment in R&D and manufacturing scale. Sustained top-line growth supports long-term contract wins, capacity utilization and pricing leverage even if near-term margins fluctuate, underpinning growth optionality.
Read all positive factors
Biocon Limited (BIOCON) vs. iShares MSCI India ETF (INDA)
Market Cap
₹701.09B
Dividend Yield0.12%
Average Volume (3M)208.50K
Price to Earnings (P/E)128.0
Beta (1Y)0.85
Revenue Growth10.91%
EPS Growth-67.33%
CountryIN
Employees16,315
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)4.01
Shares Outstanding1,620,907,700
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)8.15
Revenue Forecast (FY)₹200.62B
Biocon Limited Business Overview & Revenue Model
Company Description
Biocon Limited, a biopharmaceutical company, manufactures pharmaceuticals, and medicinal chemical and botanical products. The company operates through Generics, Novel Biologics, Biosimilars, and Research Services segments. It focuses in the areas ...
How the Company Makes Money
Biocon makes money primarily by selling pharmaceutical products and related services across multiple business lines. A major revenue driver is biosimilars and biologics: Biocon develops biosimilar candidates (biologic medicines designed to be high...
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 | 164.43B | 169.27B | 152.62B | 147.56B | 111.74B | 81.84B |
| Gross Profit | 98.38B | 58.85B | 92.44B | 91.73B | 69.62B | 50.11B |
| EBITDA | 34.13B | 34.55B | 31.24B | 32.71B | 26.57B | 19.56B |
| Net Income | 4.86B | 3.86B | 10.13B | 10.22B | 4.63B | 6.48B |
Balance Sheet | ||||||
| Total Assets | 627.60B | 636.51B | 587.97B | 560.71B | 520.43B | 203.94B |
| Cash, Cash Equivalents and Short-Term Investments | 64.69B | 38.83B | 49.24B | 25.74B | 37.26B | 29.65B |
| Total Debt | 165.35B | 154.34B | 183.62B | 162.77B | 180.19B | 51.47B |
| Total Liabilities | 297.05B | 270.29B | 310.85B | 307.96B | 295.54B | 109.24B |
| Stockholders Equity | 268.04B | 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 Technical Analysis
Positive
364.20
Price Trends
375.59
Positive
378.15
Positive
375.18
Positive
Market Momentum
17.67
Negative
78.21
Negative
92.39
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:BIOCON, the sentiment is Positive. The current price of 364.2 is below the 20-day moving average (MA) of 386.57, below the 50-day MA of 375.59, and below the 200-day MA of 375.18, indicating a bullish trend. The MACD of 17.67 indicates Negative momentum. The RSI at 78.21 is Negative, neither overbought nor oversold. The STOCH value of 92.39 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:BIOCON.
Biocon Limited Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | ₹75.88B | 57.24 | ― | 0.22% | 20.56% | 25.05% | |
66 Neutral | ₹116.70B | 54.58 | ― | 0.80% | 6.38% | -4.22% | |
61 Neutral | ₹117.29B | 59.25 | ― | 0.74% | 1.43% | 29.21% | |
60 Neutral | ₹234.48B | -487.64 | ― | 0.08% | -3.08% | -458.85% | |
56 Neutral | ₹701.09B | 127.98 | ― | 0.12% | 10.91% | -67.33% | |
56 Neutral | ₹187.89B | 26.49 | ― | 0.19% | 2.64% | -36.19% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
IN:BIOCON
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Biocon Limited Corporate Events
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,...
Biocon Denies Leadership Succession Change, Affirms Governance Continuity
May 6, 2026
Biocon Limited has clarified that founder Kiran Mazumdar-Shaw continues as Executive Chairperson and is not stepping down, countering a media report suggesting her niece Claire Mazumdar had been chosen as successor. The company emphasized there is...
Biocon Plans Investor Meetings in Hong Kong and Singapore
Apr 7, 2026
Biocon Limited has scheduled a series of in-person investor engagements in Asia, including participation in the HSBC Global Investment Summit 2026 in Hong Kong on April 14–15 and an investor roadshow in Singapore on April 16–17, featur...
Biocon Overhauls Top Management as It Integrates Biocon Biologics
Mar 27, 2026
Biocon’s board has approved a significant reshaping of its leadership as part of its ongoing integration with Biocon Biologics, accepting the resignation of CEO and Managing Director Siddharth Mittal and interim CFO Mukesh Kamath, both of wh...
Biocon Reshapes Top Management as Biocon Biologics Integration Deepens
Mar 27, 2026
Biocon’s board has approved a major leadership reshuffle as part of its ongoing integration with Biocon Biologics, including the resignation of CEO and Managing Director Siddharth Mittal, effective March 31, 2026, as he moves to another role...
Biocon Overhauls Top Management as It Integrates Biocon Biologics
Mar 27, 2026
Biocon’s board has approved a major reshaping of its leadership as part of the ongoing integration of Biocon Biologics to create a unified biopharmaceutical group. Chief Executive Officer and Managing Director Siddharth Mittal will step down...
Biocon Overhauls Top Management as Biocon Biologics Integration Deepens
Mar 27, 2026
Biocon’s board has approved a major reshaping of its top leadership as part of its ongoing integration with Biocon Biologics to create a unified global biopharmaceutical business. The company accepted the resignation of CEO and Managing Dire...
Biocon Names Shreehas Tambe CEO as Integrated Biopharma Platform Takes Shape
Mar 27, 2026
Biocon Limited has appointed Shreehas Tambe as Chief Executive Officer and Managing Director effective April 1, 2026, making him the first CEO of the newly integrated Biocon spanning biosimilars and generics. The company has also named Kedar Upadh...
Biocon to Join JP Morgan India Credit Investor Trip in Virtual Meeting
Mar 5, 2026
Biocon Limited has informed the stock exchanges that its management will participate in JP Morgan’s annual flagship India Credit Investor Trip on March 11, 2026, via a virtual group interaction. The company emphasized that no unpublished pri...
Biocon bolsters pharma subsidiaries with fresh preference share funding
Mar 3, 2026
Biocon has injected fresh capital into its wholly owned subsidiaries Biocon Biosphere and Biocon Pharma by acquiring large tranches of optionally convertible redeemable non-cumulative preference shares in each entity. The funding is aimed at meeti...
Biocon Publishes Investor Presentation Ahead of Analyst Meets
Feb 25, 2026
Biocon Limited has notified stock exchanges that it has prepared an investor presentation for meetings with analysts and institutional investors scheduled on February 25 and 26, 2026. The materials, shared under regulatory disclosure norms, will a...
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.