Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,748.00 last close on 23 Oct 2026 −0.57%
Research updated
Biocon Ltd.
NSE: BIOCONHealthcareBiotechnology
- Last close
- ₹323.50
- Day change
- −₹6.80 (−2.06%)vs
- Market cap
- ₹57,485 crIndian rupees
- Research updated
- 2 reports
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About Biocon
Biocon Ltd. is a prominent biopharmaceutical company based in India, specializing in the development and production of innovative and cost-effective medical therapies. The company's primary focus lies in biopharmaceuticals, including biologics, biosimilars, complex active pharmaceutical ingredients (APIs), and branded formulations. Serving various sectors, Biocon operates in oncology, diabetes, and autoimmune diseases, where it delivers health solutions through its research-driven approach and state-of-the-art manufacturing facilities. As an integral player in the global pharmaceuticals market, Biocon emphasizes leveraging its robust R&D capabilities to drive product innovation and affordability across multiple healthcare systems worldwide. The company's strategic collaborations and partnerships reinforce its role in advancing accessible healthcare, contributing significantly to the biopharmaceutical industry's growth and evolution. Founded in 1978, Biocon Ltd. has expanded its footprint beyond the Indian market, establishing a significant international presence and playing a crucial role in enhancing global healthcare outcomes.
- Sector
- Healthcare
- Industry
- Biotechnology
- Listing
- NSE: BIOCON
- Chief executive
- Mr. Shreehas Pradeep Tambe MTech
- Employees
- 16,447
- Headquarters
- Bengaluru, India
- ISIN
- INE376G01013
- Website
- biocon.com
Public research · Report of
Business model & financial foundation
Biocon (NSE: BIOCON), Biopharmaceuticals - biosimilars, generics APIs/formulations and CRDMO services: revenue of ₹16,927 crore in FY26 (+10.9% on FY25), an EBITDA margin of 22.4%, net profit of ₹385.6 crore and net debt of ₹10,417 crore.
- Revenue, FY26 (₹ crore)
- 16,927
- consolidated
- Revenue growth, FY26
- +10.9%
- on FY25
- EBITDA margin, FY26
- 22.4%
- EBITDA (company definition, incl. other income) / revenue
- Net profit, FY26 (₹ crore)
- 385.6
- to owners
- Return on equity, FY26
- 1.2%
- on average equity
- Net debt, FY26 (₹ crore)
- 10,417
- Net debt including liquid investments
- Market capitalisation (₹ crore)
- 57,485
- at the close of 14 Oct 2026
Company profile
Biocon is a Bengaluru-based biopharmaceutical group. About two-thirds of revenue comes from biosimilars sold through Biocon Biologics in the US, Europe and emerging markets (insulin glargine and aspart, trastuzumab, pegfilgrastim, bevacizumab, ustekinumab, denosumab, aflibercept). The rest is generics (fermentation and peptide APIs including GLP-1s, plus formulations) and research and manufacturing services through 52%-owned Syngene International. The group took over Viatris's biosimilars business in FY23, which left it with significant leverage. In FY26 it used two QIPs and share swaps to buy out the BBL minorities and pay down structured debt.
| Item | Value |
|---|---|
| Legal name | Biocon Limited |
| Exchange and ticker | NSE: BIOCON; BSE: 532523 |
| ISIN | INE376G01013 |
| CIN | L24234KA1978PLC003417 |
| Sector | Healthcare |
| Industry | Biopharmaceuticals - biosimilars, generics APIs/formulations and CRDMO services |
| Headquarters | Bengaluru, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP (FY26 audit); S. R. Batliboi & Associates LLP appointed from the 6 Aug 2026 AGM on term expiry |
| Market capitalisation | ₹57,485 crore (14 Oct 2026) |
| Shares outstanding | 162.09 crore shares (FY26) |
| Price | ₹351.0 (close, 14 Oct 2026) |
| 52-week range | ₹337.7 - ₹447.1 (to 14 Oct 2026) |
| Website | https://www.biocon.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Biocon Biologics Limited | 98.7% | Biosimilars (insulins, oncology, immunology, ophthalmology, bone); wholly owned from 29 Jun 2026 after share swaps |
| Syngene International Limited | 52.41% | Listed CRDMO / research services (NSE: SYNGENE) |
BBL was consolidated throughout; FY26-Q1FY27 buyouts of Mylan/Viatris, Serum, Tata Capital, Activ Pine and other minorities changed NCI, not consolidation scope.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 54.45% | 54.45% | 44.91% | 44.68% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 6.61% | 7.39% | 7.52% | 8.14% |
| Domestic institutions | 22.10% | 21.71% | 24.07% | 23.38% |
| of which mutual funds | 14.13% | 13.75% | 16.53% | 15.47% |
| Retail | 5.77% | 5.84% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Biocon (NSE: BIOCON) is an integrated biopharma group: Biocon Biologics sells insulin, oncology, immunology and ophthalmology biosimilars; Biocon’s generics business supplies APIs, formulations and GLP-1 peptides; 52.41%-owned listed subsidiary Syngene provides CRDMO services. Biocon Biologics was consolidated before it became wholly owned in June 2026, so the minority buyout changed attributable earnings rather than group revenue.
| Segment | revenue, FY26 (₹ crore) | Share | ebitda, FY26 (₹ crore) | Share | ebitda annual report, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Syngene: Research Services / CRDMO / Services | 3,739 | 100.0% | 989.0 | 100.0% | 998.2 | 100.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Syngene International (SYNGENE) | Listed subsidiary; marks Biocon's Services segment to market |
| Dr. Reddy's Laboratories (DRREDDY) | US generics plus biosimilar pipeline (denosumab, rituximab) |
| Zydus Lifesciences (ZYDUSLIFE) | US generics and India biosimilars; specialty pivot |
| Lupin (LUPIN) | US complex generics and biosimilars (pegfilgrastim, etanercept partnering) |
| Aurobindo Pharma (AUROPHARMA) | CuraTeQ biosimilars build-out alongside US generics |
| Sun Pharmaceutical Industries (SUNPHARMA) | |
| Divi's Laboratories (DIVISLAB) | API/peptide manufacturing comparator for Generics and GLP-1 API exposure |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 8,025 | 10,934 | 14,756 | 15,262 | 16,927 |
| Cost of revenue (vendor classification) * | 2,724 | 3,667 | 4,907 | 5,198 | 5,695 |
| Other operating costs (vendor classification) * | 1,681 | 2,960 | 3,895 | 3,564 | 4,000 |
| EBITDA (vendor classification) * | 1,965 | 2,529 | 3,032 | 3,360 | 3,653 |
| EBIT (EBITDA less D&A) | 1,051 | 1,316 | 2,595 | 2,688 | 1,841 |
| Finance costs | 67.6 | 419.0 | 974.4 | 897.4 | 990.3 |
| Profit before tax | 983.1 | 897.1 | 1,525 | 1,887 | 447.9 |
| Total tax (current+deferred+indexation) | 211.5 | 254.1 | 227.4 | 457.2 | 79.1 |
| Profit for the period incl. NCI | 771.6 | 643.0 | 1,298 | 1,429 | 368.8 |
| Diluted EPS (₹) | 5.42 | 3.87 | 8.54 | 8.46 | 2.82 |
| Other income | 865.5 | 1,208 | 342.5 | ||
| Total income | 15,621 | 16,470 | 17,270 | ||
| Materials + traded goods purchases + inventory change | 4,898 | 5,198 | 5,691 | ||
| Employee benefits expense | 2,664 | 3,144 | 3,508 | ||
| Other expenses | 3,979 | 3,901 | 4,387 | ||
| Co-development partner cost recovery (net; negative = credit) | -83.8 | -147.6 | -113.7 | ||
| EBITDA (company definition, incl. other income) | 4,164 | 4,375 | 3,798 | ||
| Depreciation and amortisation | 1,569 | 1,687 | 1,957 | ||
| Profit before exceptional items and tax | 1,537 | 1,790 | 850.8 | ||
| Share of JV/associates (signed) | -84.2 | 0.00 | 0.00 | ||
| Exceptional items (net, +gain/-loss) | -11.6 | 96.5 | -402.9 | ||
| Non-controlling interest share of profit | 275.3 | 416.1 | -16.8 | ||
| Profit attributable to shareholders | 1,023 | 1,013 | 385.6 | ||
| Basic EPS (₹) | 8.55 | 8.46 | 2.82 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 9,470 | 22,489 | 25,275 | 27,713 | 36,622 |
| Borrowings excluding leases | 5,147 | 18,019 | 15,730 | 17,756 | 14,825 |
| Cash and cash equivalents | 662.6 | 1,323 | 1,233 | 3,227 | 2,417 |
| Trade receivables net | 2,058 | 3,573 | 6,231 | 5,488 | 5,987 |
| Inventories | 2,298 | 4,244 | 4,944 | 4,931 | 6,086 |
| Trade payables | 1,609 | 3,842 | 6,272 | 6,549 | 6,772 |
| Net property, plant and equipment | 352.5 | 391.0 | 431.4 | 8,708 | 9,473 |
| Capital work in progress | 3,472 | 2,588 | 3,985 | 4,102 | 4,613 |
| Total assets | 20,394 | 52,043 | 56,071 | 58,797 | 63,651 |
| Net debt including liquid investments | 12,628 | 12,830 | 10,417 | ||
| Company cash bank balances and liquid investments | 3,102 | 4,926 | 4,408 | ||
| Share capital and other equity attributable to owners | 19,784 | 21,644 | 34,032 | ||
| Current borrowings excluding leases | 2,797 | 5,350 | 4,078 | ||
| Noncurrent borrowings excluding leases | 12,932 | 12,405 | 10,746 | ||
| Total debt including lease obligations * | 16,277 | 18,362 | 15,434 | ||
| Provider other short-term investments | 1,878 | 447.3 | 689.8 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 23.1 | 4,372 | 2,954 | 4,061 | 1,994 |
| Free cash flow (vendor definition) * | -748.2 | 126.2 | 1,022 | 1,718 | 82.3 |
| Consolidated cash dividends paid negative outflow | -71.8 | -203.0 | -82.9 | -90.8 | |
| Cash capital expenditure PPE and intangibles positive outflow | -1,696 | -1,593 | 1,932 | 2,343 | 1,912 |
| Debt principal repayments positive outflow | 2,768 | 9,770 | 2,708 | ||
| PPE cash purchases positive outflow | 1,681 | 2,137 | 1,798 | ||
| Intangible cash purchases positive outflow | 251.1 | 206.7 | 113.8 | ||
| Provider debt issuance proceeds | 1,372 | 9,658 | 266.4 | ||
| Cash interest paid | -634.2 | -865.4 | |||
| Cash purchase of subsidiary equity (financing) | -3,629 | ||||
| Cash purchase of subsidiary debentures (financing) | -2,172 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding | 119.11 | 119.31 | 119.54 | 120.06 | 162.09 |
| Weighted average basic EPS shares | 119.75 | 136.62 | |||
| Weighted average diluted EPS shares | 119.82 | 136.86 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 3,590 | 3,821 | 4,417 | 3,942 | 4,296 | 4,173 | 4,517 | 4,336 |
| Cost of revenue (vendor classification) * | 1,183 | 1,359 | 1,473 | 1,405 | 1,547 | 1,339 | 1,399 | 1,468 |
| Other operating costs (vendor classification) * | 932.8 | 922.0 | -406.3 | 954.8 | 1,025 | 1,125 | 1,185 | 1,105 |
| EBITDA (vendor classification) * | 717.9 | 786.6 | 100.2 | 828.6 | 928.4 | 950.8 | 1,073 | 901.7 |
| EBIT (EBITDA less D&A) | 298.0 | 361.2 | 678.8 | 390.8 | 455.4 | 435.5 | 559.4 | 354.3 |
| Finance costs | 225.6 | 223.4 | 212.4 | 276.7 | 272.2 | 209.9 | 231.5 | 213.2 |
| Profit before tax | 98.4 | 155.9 | 486.8 | 96.9 | 171.3 | -67.8 | 247.5 | 127.6 |
| Total tax (current+deferred+indexation) | 71.3 | 74.8 | 27.4 | 7.70 | 38.5 | -16.0 | 48.9 | -9.20 |
| Profit for the period incl. NCI | 27.1 | 81.1 | 459.4 | 89.2 | 132.8 | -51.8 | 198.6 | 136.8 |
| Diluted EPS (₹) | -0.13 | 0.21 | 2.87 | 0.26 | 0.65 | 1.07 | 0.79 | 0.87 |
| Other income | 32.5 | 34.8 | 36.9 | 79.7 | 93.0 | 117.3 | 52.5 | 54.5 |
| Total income | 3,623 | 3,856 | 4,454 | 4,022 | 4,389 | 4,290 | 4,569 | 4,391 |
| Materials + traded goods purchases + inventory change | 1,183 | 1,359 | 1,473 | 1,405 | 1,547 | 1,339 | 1,399 | 1,468 |
| Employee benefits expense | 789.6 | 788.3 | 811.1 | 833.1 | 887.7 | 875.1 | 912.1 | 916.1 |
| Other expenses | 977.2 | 956.1 | 1,092 | 972.2 | 1,039 | 1,178 | 1,198 | 1,107 |
| Co-development partner cost recovery (net; negative = credit) | -44.4 | -34.1 | -37.0 | -34.6 | -13.2 | -53.1 | -12.8 | -1.60 |
| EBITDA (company definition, incl. other income) | 717.9 | 786.6 | 1,115 | 845.8 | 928.4 | 950.8 | 1,073 | 901.7 |
| Depreciation and amortisation | 419.9 | 425.4 | 436.3 | 455.0 | 473.0 | 515.3 | 513.4 | 547.4 |
| Profit before exceptional items and tax | 72.4 | 137.8 | 466.4 | 114.1 | 183.2 | 225.6 | 327.9 | 141.1 |
| Share of JV/associates (signed) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Exceptional items (net, +gain/-loss) | 26.0 | 18.1 | 20.4 | -17.2 | -11.9 | -293.4 | -80.4 | -13.5 |
| Non-controlling interest share of profit | 43.1 | 56.0 | 114.9 | 57.8 | 48.3 | -195.6 | 72.7 | -4.30 |
| Profit attributable to shareholders | -16.0 | 25.1 | 344.5 | 31.4 | 84.5 | 143.8 | 125.9 | 141.1 |
| Basic EPS (₹) | -0.13 | 0.21 | 2.88 | 0.26 | 0.66 | 1.08 | 0.79 | 0.87 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 14.5% | 36.3% | 35.0% | 3.4% | 10.9% |
| EBITDA margin | 28.2% | 28.7% | 22.4% | ||
| Net margin | 6.9% | 6.6% | 2.3% | ||
| Return on equity | 4.3% | 3.8% | 1.2% | ||
| Return on capital employed | 7.6% | 4.8% | 6.4% | 6.2% | 3.8% |
| Return on assets | 1.9% | 1.8% | 0.6% | ||
| Net debt (₹ crore) | 12,628 | 12,830 | 10,417 | ||
| Net debt / EBITDA | 3.03x | 2.93x | 2.74x | ||
| Interest cover | 15.5x | 3.14x | 2.66x | 2.99x | 1.86x |
| Asset turnover | 0.41x | 0.30x | 0.27x | 0.27x | 0.28x |
| Receivable days | 94 | 119 | 154 | 131 | 129 |
| Inventory days (on revenue) | 105 | 142 | 122 | 118 | 131 |
| Payable days (on revenue) | 73 | 128 | 155 | 157 | 146 |
| Cash conversion | 2.89x | 4.01x | 5.17x | ||
| Capex intensity | 21.1% | 14.6% | 13.1% | 15.4% | 11.3% |
| Free cash flow (₹ crore) | -1,673 | 2,779 | 1,022 | 1,718 | 82.3 |
| Dividend payout | 19.9% | 8.2% | 23.5% | ||
| EPS, diluted (₹) | 5.42 | 3.87 | 8.54 | 8.46 | 2.82 |
| Book value per share (₹) | 79.51 | 188.5 | 211.4 | 230.8 | 225.9 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (company definition, incl. other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including liquid investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (company definition, incl. other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Biocon includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Biocon
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