Biocon · Research view

Biocon Ltd.

NSE: BIOCONBSE: 532523ISIN INE376G01013Face value ₹5consolidated

₹371

−0.03% · 2026-10-01 · 52-wk ₹340–₹441

Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidated standalone

Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext

WatchTalking point

Profit lagging revenue

Revenue grew 10.9% but profit declined 74.2%, so the company kept less of each rupee of revenue as profit.

Importance 74 / 95 · growth

WatchTalking point

Sharp margin drop

EBITDA margin dropped 6.2 percentage points in a single year, from 28.7% to 22.4% — worth investigating.

Importance 70 / 95 · anomaly

ConcernTalking point

Capital efficiency slipping

ROCE has fallen for 6 consecutive years, from 13.6% to 3.8%.

Importance 69 / 95 · profitability

WatchTalking point

Premium valuation, soft growth

The P/E of 144.39× is above the pharmaceuticals median (36.26×) while profit declined 74.2% last year.

Importance 62 / 95 · valuation

Section 03 · The company

Who is this company?

Classified by the exchange under Healthcare › Healthcare › Pharmaceuticals & Biotechnology › Pharmaceuticals.

Market cap: ₹60,123 cr
FY2026 revenue: ₹16,927 cr
FY2026 net profit: ₹369 cr
Net worth: ₹36,622 cr
Total debt: ₹14,825 cr
EPS (basic): ₹2.82
Listed: NSE · BSE
Reporting: Ind-ASApr–Mar

Peer set used on this page: 12 pharmaceuticals.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY19 to FY26₹ crore · consolidated

RevenueNet profit

Watch

Revenue grew 10.9% but profit declined 74.2%, so the company kept less of each rupee of revenue as profit.

Rule PROFIT_SLOWER_THAN_REVENUE

Revenue growth per year: +17.4%over 7 years
Revenue growth: +10.9%vs last year
Net profit growth: −74.2%vs last year
Change in net profit since FY19: −63%

Revenue grew 10.9% but EBITDA margin fell 6.2 percentage points to 22.4%, so the company kept less of each rupee of revenue as operating profit.

Profit has swung sharply over 7 years (from ₹369 to ₹1,429) — one year is a weak guide to the earnings power.

Revenue compounded at 17.4% a year over 7 years (₹5,514 → ₹16,927).

Net profit fell 74.2% year on year (FY2025 → FY2026).

Section 05 · Recent activity

What changed recently?

Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.

Strength

Q1 FY27 net profit was ₹137 cr, up 53.4% from ₹89 cr a year earlier.

Rule QTR_PROFIT_GROWTH_YOY

Strength

Q1 FY27 net profit grew 53.4% vs the same quarter last year, reversing the decline seen in the two preceding quarters (−163.9% and −56.8%).

Rule QTR_TREND_REVERSAL

Strength

Q1 FY27 net profit grew 53.4% while revenue grew 10.0% vs the same quarter last year — a gap of 43.4 percentage points.

Rule QTR_PROFIT_VS_REVENUE_GROWTH

A. Quarterly results

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated

RevenueNet profit

Quarter	Revenue	YoY	Net profit	YoY	Net margin
Q2 FY25	3,590	—	27	—	0.8%
Q3 FY25	3,821	−3.3%	81	−89.2%	2.1%
Q4 FY25	4,417	+12.8%	459	+106.1%	10.4%
Q1 FY26	3,942	+14.8%	89	−89.6%	2.3%
Q2 FY26	4,296	+19.6%	133	+390.0%	3.1%
Q3 FY26	4,173	+9.2%	−52	−163.9%	−1.2%
Q4 FY26	4,517	+2.3%	199	−56.8%	4.4%
Q1 FY27	4,336	+10.0%	137	+53.4%	3.2%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Revenue: ₹17,321 crTTM
EBITDA: ₹3,854 crTTM
EBIT: ₹1,805 crTTM
PBT: ₹479 crTTM
Net profit: ₹416 crTTM

C. Corporate actions

3 Jul 2026DividendFinal Dividend - Rs. - 0.5000 — ₹0.50/share

4 Jul 2025DividendFinal Dividend - Rs. - 0.5000 — ₹0.50/share

5 Jul 2024DividendFinal Dividend - Rs. - 0.5000 — ₹0.50/share

7 Jul 2023DividendFinal Dividend - Rs. - 1.5000 — ₹1.50/share

30 Jun 2022DividendFinal Dividend - Rs. - 0.5000 — ₹0.50/share

18 Jul 2019DividendFinal Dividend - Rs. - 0.5000 — ₹0.50/share

12 Jun 2019Bonus issueBonus issue 1:1 — 1:2

19 Jul 2018DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share

20 Jul 2017DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share

15 Jun 2017Bonus issueBonus issue 2:1 — 1:3

17 Mar 2016DividendInterim Dividend - Rs. - 5.0000 — ₹5.00/share

9 Apr 2015DividendInterim Dividend - Rs. - 5.0000 — ₹5.00/share

10 Jul 2014DividendFinal Dividend - Rs. - 5.0000 — ₹5.00/share

11 Jul 2013DividendSpecial Dividend - Rs. - 2.5000 — ₹2.50/share

11 Jul 2013DividendFinal Dividend - Rs. - 5.0000 — ₹5.00/share

5 Jul 2012DividendFinal Dividend - Rs. - 5.0000 — ₹5.00/share

7 Jul 2011DividendFinal Dividend - Rs. - 3.0000 — ₹3.00/share

5 May 2011DividendInterim Dividend - Rs. - 1.5000 — ₹1.50/share

8 Jul 2010DividendDividend - Rs. - 3.5000 — ₹3.50/share

8 Jul 2009DividendDividend - Rs. - 3.0000 — ₹3.00/share

11 Sept 2008Bonus issueBonus issue 1:1 — 1:2

3 Jul 2008DividendDividend - Rs. - 5.0000 — ₹5.00/share

Section 06 · Business performance

Is it becoming more profitable?

Margins — FY19 to FY26% of revenue · consolidated

EBITDA marginNet margin

Concern

ROCE has fallen for 6 consecutive years, from 13.6% to 3.8%.

Rule ROCE_DECLINING_STREAK

EBITDA margin now: 22.4%
8-year range: 22.4–28.7%
ROE FY2026: 1.1%
ROCE FY2026: 3.8%

EBITDA margin of 22.4% is the thinnest in 7 years (prior range 25.8% to 28.7%).

ROE of 1.1% is below the pharmaceuticals median of 14.4%.

ROE of 1.1% is the lowest in 7 years (prior range 4.0% to 14.9%).

ROE declined from 5.4% to 1.1% year on year.

Section 07 · Financial health

Is financial health improving?

Net worth — FY19 to FY26₹ crore · consolidated

Net worth (shareholders' funds)

Strength

Operating cash flow has matched or exceeded reported profit in 6 of the last 6 profit-making years (latest 5.41×).

Rule CFO_CONSISTENTLY_EXCEEDS_PAT

Operating cash flow vs net profit₹ crore · FY21–FY26

Operating cash flowNet profit

Total debt: ₹14,825 cr
Operating cash flow ÷ net profit: 5.41×FY2026
Free cash flow: ₹196 cr
Current ratio: 1.22×

Net worth compounded at 27.4% a year over 7 years (₹6,707 → ₹36,622) — though FY2023 saw a one-off step-change of 137% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.

Operating profit covers interest only 1.86× (FY2026).

Debt-to-equity fell from 0.64× to 0.40× year on year.

Section 08 · Relative position

How does it compare with peers?

Ranked against 12 pharmaceuticals (FY2026, consolidated).

Revenue growth

BIOCON · 9th of 12 · set median 14.8%

EBITDA margin

BIOCON · 11th of 12 · set median 28.7%

Return on equity

BIOCON · 12th of 12 · set median 14.4%

P/E ratio

BIOCON · 12th of 12 · set median 36.3×

Watch

The P/E of 144.39× is above the pharmaceuticals median (36.26×) while profit declined 74.2% last year.

Rule PRICED_FOR_GROWTH

P / E: 144.4×TTM to Jun 26
P / B: 1.6×latest book
P / S: 3.5×TTM sales
Earnings yield: 0.7%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 163.0× · P/S 3.5× · ROE 1.1%.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2020-01 to 2026-10₹ per share · split / bonus adjusted

Long-term price performance is shown above.

1-year return: +7.1%
3-year return: +36.3%
5-year return: +1.5%
From 52-wk high: −15.8%

Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg: Below₹407
vs 200-day avg: Below₹395
RSI (14): 33.9neutral
MACD histogram: -0.7
From 52-wk high: −15.8%
From 52-wk low: +9.1%
30-day volatility: 21.4%ann.
6-month return: +2.8%

RSI (14) · 0–10033.9 — neutral

Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

Watch
Profit lagging revenue
Revenue grew 10.9% but profit declined 74.2%, so the company kept less of each rupee of revenue as profit.
PROFIT_SLOWER_THAN_REVENUE · conviction 74
Watch
Sharp margin drop
EBITDA margin dropped 6.2 percentage points in a single year, from 28.7% to 22.4% — worth investigating.
MARGIN_SHARP_DROP · conviction 70
Watch
Growing, but less profitably
Revenue grew 10.9% but EBITDA margin fell 6.2 percentage points to 22.4%, so the company kept less of each rupee of revenue as operating profit.
REVENUE_UP_MARGIN_DOWN · conviction 69
Concern
Capital efficiency slipping
ROCE has fallen for 6 consecutive years, from 13.6% to 3.8%.
ROCE_DECLINING_STREAK · conviction 69
Watch
Premium valuation, soft growth
The P/E of 144.39× is above the pharmaceuticals median (36.26×) while profit declined 74.2% last year.
PRICED_FOR_GROWTH · conviction 62
Concern
Margins at a multi-year low
EBITDA margin of 22.4% is the thinnest in 7 years (prior range 25.8% to 28.7%).
MARGIN_AT_MULTI_YEAR_LOW · conviction 59
Concern
Less profitable than peers
ROE of 1.1% is below the pharmaceuticals median of 14.4%.
ROE_BELOW_PEER_MEDIAN · conviction 59
Concern
Returns at a multi-year low
ROE of 1.1% is the lowest in 7 years (prior range 4.0% to 14.9%).
ROE_AT_MULTI_YEAR_LOW · conviction 58
Watch
Volatile earnings
Profit has swung sharply over 7 years (from ₹369 to ₹1,429) — one year is a weak guide to the earnings power.
EARNINGS_VOLATILE · conviction 57
Concern
Profit fell
Net profit fell 74.2% year on year (FY2025 → FY2026).
PROFIT_DECLINED_YOY · conviction 54
Watch
Reported profit carries a one-off
FY2026 pre-tax profit includes a ₹403 exceptional charge (90.0% of PBT) — the underlying trend differs from the reported number.
PROFIT_INCLUDES_EXCEPTIONALS · conviction 48
Concern
Returns declining
ROE declined from 5.4% to 1.1% year on year.
ROE_DETERIORATED_YOY · conviction 44
Concern
Thin interest cover
Operating profit covers interest only 1.86× (FY2026).
INTEREST_COVER_LOW · conviction 43

Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.

Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	5,514	6,367	7,106	8,184	11,174	14,756	15,262	16,927
Total income	5,659	6,529	7,360	8,397	11,550	15,621	16,470	17,270
EBITDA	1,538	1,765	1,907	2,183	2,888	4,164	4,375	3,798
Profit before tax	1,214	1,215	1,147	1,190	1,064	1,609	1,887	448
Net profit	1,003	871	846	772	643	1,298	1,429	369
EPS (₹)	15.3	6.3	6.2	5.4	3.9	8.6	8.5	2.8
Net worth	6,707	7,383	8,508	9,470	22,489	25,275	27,713	36,622
Total debt	1,803	1,890	3,556	4,904	17,771	15,730	17,756	14,825
Operating cash flow	—	—	1,160	1,177	1,853	2,954	4,061	1,994
Free cash flow	—	—	−357	−519	260	1,297	1,925	196

Key ratios — consolidated
Ratio	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Growth
Revenue growth YoY	—	15.5	11.6	15.2	36.5	32.1	3.4	10.9
Profit growth YoY	—	-13.1	-2.8	-8.8	-16.7	101.8	10.1	-74.2
Profitability
EBITDA margin %	27.9	27.7	26.8	26.7	25.8	28.2	28.7	22.4
Net margin %	17.7	13.3	11.5	9.2	5.6	8.3	8.7	2.1
Return on equity %	14.9	12.4	10.7	8.6	4.0	5.4	5.4	1.1
Return on capital %	12.8	13.6	11.2	10.4	6.5	6.4	6.2	3.8
Leverage & cash
Debt to equity	0.27	0.26	0.42	0.52	0.79	0.62	0.64	0.40
Cash flow ÷ profit	—	—	1.37	1.52	2.88	2.28	2.84	5.41
Current ratio	1.59	1.33	1.81	2.19	1.45	0.99	1.14	1.22