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Biocon Ltd
NSE: BIOCON BSE: 532523 INE376G01013 Healthcare Pharma 🔎 Screen
NIFTY 200 NIFTY 500 Midcap 100 Midcap 150 Pharma Healthcare
₹69,260 Cr
Market Cap
151.9
P/E
PEG
3.6%
ROCE
1.4%
ROE
0.45
D/E
20.3%
OPM
+4.9%
% from 52W High
75
α RS
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
Shareholding
About

Biocon is engaged in the business of manufacture of biotechnology products and research services.(Source : 202003-01 Annual Report Page No:195)

✓ Strengths

No strengths data yet.

! Concerns 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%
Key Ratios Snapshot
📊 Sector Averages
📈 Growth Pattern
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Strong beat — revenue grew 10% YoY (adj. for one-time items) and EBITDA surged 29% YoY, driven by biosimilars margin expansion and generics recovery. quarter Investor Presentation One-Pager? Mar 2026
Revenue
₹4,517 Cr
+10% YoY (adj. excluding lenalidomide)
EBITDA Margin
23%
up 300 bps YoY on adjusted basis; Q4FY25 adj. margin was 20%
PAT
₹179 Cr
before exceptional items, +64% YoY (adj. to Q4FY25 ex-lenalidomide)
Key Metric
Biosimilars EBITDA margin 26%
vs 22% in Q4FY25; revenue +12% YoY
What Went Right
  • Biosimilars revenue grew 12% YoY to ₹2,756 Cr and EBITDA rose 33% YoY to ₹720 Cr (26% margin), led by North America uptake.
  • Generics revenue (ex-lenalidomide) rose 13% YoY to ₹847 Cr, driven by gLiraglutide launches in Europe.
  • CRDMO segment revenue grew 2% YoY to ₹1,037 Cr and BMS partnership extended to 2035, expanding scope across services.
  • Balance sheet strengthened via deleveraging; interest cost savings starting to accrue post full ownership of biosimilars.
What to Watch
  • Generics EBITDA margin was only 8% (vs 23% reported in Q4FY25 which included lenalidomide) due to higher costs from recently commissioned facilities.
  • CRDMO EBITDA declined 10% YoY to ₹326 Cr (margin 31% vs 35% in Q4FY25), despite revenue growth.
  • R&D spend increased 20% YoY to ₹277 Cr (8% of revenue ex-Syngene), pressuring near-term profitability.
  • Reported net profit fell 12% QoQ due to a ₹53 Cr exceptional charge, indicating ongoing integration costs.
  • Biosimilars segment R&D rose 23% YoY, diluting near-term margin despite top-line growth.
Investor Lens
The thesis of a transition from investment to execution is intact, with biosimilars delivering strong margin expansion (26% vs 22% YoY) and generics showing early recovery. However, CRDMO stagnation and generics high-cost base remain concerns. The lack of explicit FY27 guidance suggests management is cautious on ramp-up pace. Key watch items: biosimilars launch scaling in North America, generics margin improvement (targeting 10%+ EBITDA margin), and CRDMO margin stabilization. RoCE improvement will be the ultimate test of value creation.
From investor presentation · AI-generated analysis · Not investment advice
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📊 MIXED Revenue grows marginally but net profit plunges 56.6% YoY
Revenue
Revenue for Q4 FY26 stood at ₹4,517 Cr, up 2.3% YoY and 8.2% QoQ, indicating modest top-line growth. The sequential improvement suggests some recovery in demand, but YoY growth remains subdued.
Profitability
Net profit crashed 56.6% YoY to ₹199 Cr, translating to EPS of ₹0.78 versus ₹2.87 last year. Despite higher revenue, profitability took a sharp hit due to operational and cost pressures.
Margins
Operating profit margin (OPM) came in at 23%, down from 24% YoY but up from 20% QoQ. The sequential improvement is a positive, but the YoY decline signals margin compression.
Cash Flow
Cash flow data is not provided, so quality of earnings relative to PAT cannot be assessed.
Balance Sheet
Total borrowings stood at ₹15,434 Cr against reserves of ₹33,221 Cr, resulting in a debt-to-equity ratio of 0.62. The balance sheet appears leveraged but manageable given the reserve base.
Key Risks
High PE of 71x with low ROCE (6.25%) and ROE (4.76%) suggests expensive valuation relative to returns. Debt of ₹15,434 Cr and declining profitability increase financial risk.
Outlook
Revenue growth remains modest while margin recovery is a key monitorable. The company will need to improve operational efficiency and debt servicing capability to restore investor confidence.
Generated by AI · Mar 2026 results · Not investment advice
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Revenue by Segment

Segment Q3FY26 Q4FY26 Trend
Biosimilars
2,497
EBIT 112
2,756
EBIT 148
CRDMO
917
EBIT 99
1,037
EBIT 202
Generics
851
EBIT -23
847
EBIT -12
Total 4,265 4,639

Source: NSE Integrated Filing XBRL (Reg. 33 Ind AS). Values in ₹ Crore.

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