Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 8 Sep - Biocon wins 10-year Pertuzumab supply contract in Brazil, with milestone payments and revenue share.
Source: Bse
Biocon Limited (BIOCON)
Mid CapPharma stocks · Mid cap · NSE
Biocon Group is a global biopharmaceutical company with a 47+ year legacy, operating in 120+ countries. It focuses on affordable healthcare products and differentiated services, with core businesses in Biosimilars, Generics, and CRDMO Services. The company has successfully integrated Viatris' biosimilar business.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result05 Aug, 10:24 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
53Neutralfull bear SMA stack · SMA20 -8.7% / mo · RSI oversold · MACD − · near 52W low · sector +4.9pp vs Nifty 500 (3M)
Stock trend: 22
Sector RS: 100
Sector 3M: -0.7% vs Nifty 500 -5.6%
Pharma FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
BIOCOND candles · FIT view-7.5%Latest close ₹335.00 on 2026-10-21
Bar
-2.0%
RSI
22
MACD hist
-1.27
52W pos
4%
2026-10-21O ₹342.00H ₹344.00L ₹330.75C ₹335.00Vol 24.5L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BIOCONNifty PharmaNifty 500
- BIOCON
- -23.9%
- Nifty 500
- -6.5%
- Nifty Pharma
- -2.0%
- Vs Nifty 500
- -17.4 pp
Chart stats
21 Oct 2026- From 52W high
- -25.1%
- 52W range position
- 4%
- ATR (14)
- 2.6%
- Volume vs 20D
- 0.93x
- Avg traded value
- ₹94.7 Cr
- 20D price channel
- ₹330.8 - ₹397.2
₹447.2
₹330.8 - ₹447.2
₹8.8
Latest completed session
20-session average
19.8% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST32
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent80
Revenue +10.0% · PAT +53.9% YoY
Technical
Neutral53
Price trend and sector-relative-strength timing.
Valuation
Legacy model-2789.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence64
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 80/100Rev +10% YoY · PAT +54% YoY · margin expansion · operating leverage
Filed 05 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,336 Cr | +10.0% | -4.0% |
| EBITDA | ₹847 Cr | +10.6% | -17.0% |
| Operating margin | 20.0% | +100 bps | -300 bps |
| PAT | ₹137 Cr | +53.9% | -31.2% |
| PAT margin | 3.2% | +90 bps | -125 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 78.90
- P/B
- 1.68
- EV/EBITDA
- 13.94
- Market Cap
- 57365.00Cr
Profitability
- ROE
- 1.40%
- ROCE
- 3.61%
- ROA
- 0.66%
- Dividend Y
- 0.14%
Growth (CAGR)
- Revenue 5Y
- 19.00%
- EPS 5Y
- -12.00%
- Revenue 3Y
- 15.00%
- EPS 3Y
- -15.00%
Balance Sheet
- Debt/Equity
- 0.45
- Interest Coverage
- 3.81×
- Altman Z
- 2.56
- Book Value
- 210.00
Cash Flow
- FCF Yield
- 6.73%
- FCF Positive Y
- 4/5
- OCF
- 4061.00 Cr
- EPS TTM
- 3.36
Shareholding
- Promoter Hold
- 44.68%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 13%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 4,336-4.0% vs prev
Net Profit
₹ CrLatest: 137-31.2% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 22.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- Recent death cross (SMA50 crossed below SMA200).
- SMA20 falling (~9.6% over last month) — short-term momentum negative.
- RSI(14) at 22 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
44
RS percentile
Stage 4 Downtrend
1M return
-15.2%
3M return
-23.9%
6M return
-6.4%
1Y return
-10.4%
RS 1D
-2
RS 20D
-16
Sector rank
#2
Industry rank
-
Stage evidence
- Price is 15.6% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -0.8%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 102.55-0.55%
RS vs Nifty 500103
Valuation & peers
U-Score 32 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 32 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation4/30
Growth8/25
Quality0/20
Balance Sheet5/15
Cash Flow9/10
Piotroski
7/9 (+5)
Penalties
1
Raw sum
32
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
32/100 · legacy band WATCHLIST
Positive drivers
- FCF yield is supportive at 6.7%.
- Piotroski is strong at 7/9.
- Cash flow contributes 9/10 to the score.
Main drags
- Fair-value margin of safety is negative at -2789.9%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 4/30; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
78.9
PB
1.7
EV/EBITDA
13.9
ROE
1.4%
ROCE
3.6%
FCF Yield
6.7%
Debt/Equity
0.5
MoS
-2789.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
32
Previous: 32
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-2789.9%
Previous: -2833.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
31
31
31
31
31
31
32
32
32
32
32
32
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹126
-165.9% MoS
Growth-justified P/E
3.5
Growth-justified Value
₹11.59
-2789.9% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
NATHBIOGEN
Small
Nath Bio-Genes (India) Limited
Biotechnology
match 124
35
7.7
5.3%
-124%
WATCHLIST
INDOUS
Small
Indo Us Biotech Limited
Biotechnology
match 123
42
29.9
16.9%
+43%
WATCHLIST
HESTERBIO
Small
Hester Biosciences Limited
Biotechnology
match 122
57
33.7
15.9%
+28%
FAIR VALUE
AJOONI
Small
Ajooni Biotech Limited
Biotechnology
match 122
56
13.5
4.3%
+72%
FAIR VALUE
SHEEL
SME
Sheel Biotech Ltd.
Biotechnology
match 122
60
10.4
11.2%
+76%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-03T19:08:53.312Z
Management commentary snapshot
Biocon Group reports FY26 revenue of $1,924M (₹16,927 Cr), up 7% YoY, driven by Biosimilars (60% of revenue) and CRDMO (22%). Consolidated EBITDA margin declined to 22% from 27% in FY25, while R&D spend remained at 7% of revenue (ex. Research).
The company completed the integration of Viatris' biosimilars business and deleveraged its balance sheet. While revenue grew, EBITDA margins compressed significantly in FY26 across all segments. Management expects new launches and operating leverage to improve margins, but this needs close monitoring.
Current business mix
Revenue by Business Segment (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Biosimilars60.0%
Generics18.0%
CRDMO22.0%
Growth engines
New Biosimilar Launches
On-track to launch 5 new biosimilars and key GLP-1s in 2026, including Semaglutide (H2 CY26 US target), bAdalimumab (Oct'25 US), bPegfilgrastim (Apr'26 US), bTrastuzumab (Feb'25 US).
Interchangeable Insulin Launches
Successfully launched interchangeable bGlargine (Sep'25 US) and bAspart (2025 US) in advanced markets.
CRDMO Market Trends
Syngene is well-positioned to capitalize on global industry tailwinds like China+1, IRA, and accelerated outsourcing, with a growing drug pipeline (8% CAGR).
Portfolio Expansion
Comprehensive portfolio with 30+ biosimilars, peptides, and complex generics across oncology, immunology, and diabesity, addressing a $200B+ market opportunity.
Capacity and execution
mAbs DS Facilities
B3 (mAbs DS facility) commercial from FY23. B5 (mAbs DS facility) commercial from FY25.
Generics Facilities
Hyderabad & Vizag API facilities commercial from FY25. Cranbury OSD facility commercial from FY26. Bangalore Injectable facility qualification in progress.
Insulins DS & DP Capacity
Johor, Malaysia: DP capacity to be completed in FY27; DS capacity to be completed in FY28.
Bayview mAbs Facility
Bayview mAbs facility validation ongoing.
Tailwinds
Global Disease Burden Shift
Shift from communicable to non-communicable diseases (NCDs) like Cancer, Diabetes, Musculoskeletal, and Autoimmune diseases, driving demand for therapies.
Outsourcing Acceleration
Big pharma increasingly outsourcing R&D and manufacturing to focus on core innovation, benefiting CRDMO segment.
India Advantage in CRDMO
India offers cost efficiency, technical talent pool, and government funding for biotech parks, supporting CRDMO growth.
Headwinds
Pricing Pressure
Operating leverage benefit in biosimilars offsets pricing pressure in other businesses, indicating pricing challenges.
Inflation Reduction Act (IRA)
Pharma players face margin pressure from policies like IRA, compressing revenue cycles and increasing outsourcing.
Risk radar
EBITDA Margin Compression
Consolidated EBITDA margin declined to 22% in FY26 from 27% in FY25, with all segments showing compression.
Debt Levels
Net Debt/EBITDA at 2.7x in FY26, down from 4.3x in FY23, but still a significant leverage ratio.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
Financial results are presented annually (FY26 vs FY25), making year-over-year comparison most appropriate to assess overall business performance and strategic shifts.
Sector KPIs management disclosed
Biosimilars Revenue Growth
Biosimilars revenue grew to ₹10,431 Cr in FY26 from ₹9,017 Cr in FY25, a 15.7% YoY increase.
Generics Revenue Growth
Generics revenue increased to ₹3,168 Cr in FY26 from ₹3,017 Cr in FY25, a 5.0% YoY increase.
CRDMO Revenue Growth
CRDMO revenue grew to ₹3,739 Cr in FY26 from ₹3,642 Cr in FY25, a 2.7% YoY increase.
R&D Spend (% of Revenue ex. Syngene)
R&D spend was 7% of revenue (excluding Research) in FY26, consistent with FY25.
Management forward view
Deleveraging and Balance Sheet Strength
Improved debt maturity profile and stronger balance sheet through acquisition refinancing, QIP, and robust EBITDA growth.
Integration Success
Successfully integrated Viatris' biosimilar business in 1 year, among the fastest in the industry.
Future Margin Improvement
New launches, continued operative leverage benefit, and potential synergies from consolidation are expected to help improve margin profile.
Capital Expenditure Outlook
No major new CapEx projects envisaged in FY27 and FY28, with current CapEx largely completed and funded internally.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated EBITDA Margin | 22% in FY26 | Improvement towards previous levels (27% in FY25) driven by new launches and operating leverage. |
| Net Debt/EBITDA | 2.7x in FY26 | Further reduction in leverage, indicating improved financial health and flexibility. |
| Biosimilars Launch Pipeline | 5 new biosimilars and key GLP-1s lined up for 2026. | Timely and successful commercialization of planned launches, especially Semaglutide. |
| CRDMO Growth | 2.7% YoY revenue growth in FY26. | Acceleration in growth, leveraging global tailwinds and expanded capabilities. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
debt reductionnot yet verifiablequantified
The full benefit of the debt reduction will be visible from FY '27 with annual savings of around INR 300 crores in interest costs.
Timeframe: FY '27Direction: positiveConfidence: high
"annual savings of around INR300 crores in interest costs"
margin outlookdelivered
We expect margin improvement to continue through quarters 3 and 4 following the Goldman Sachs, Kotak, and Edelweiss exits.
Timeframe: Q3 and Q4 FY26Direction: improvementConfidence: medium
"expect this trend to continue through quarters 3 and 4"
Outcome check: OPM moved from 20.0% to average 23.0% (+3.0 pp).
project executionnot yet verifiable
We expect an imminent launch of bDenosumab.
Timeframe: imminentDirection: positiveConfidence: high
"expect an imminent launch of bDenosumab"
revenue outlookpartially delivered
For the Generics business, we expect performance in the second half of the fiscal to strengthen further on the back of new product launches.
Timeframe: H2 FY26Direction: strengthenConfidence: medium
"expect performance in the second half of the fiscal to strengthen further"
Outcome check: Revenue YoY averaged 2.3% across 1 later quarter(s).
Trust Score
64Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Management has 100% delivered/partly-delivered outcomes on 2 checked claims. It ranks around the 42nd percentile of the scored universe and 31st percentile within Pharma. Main check: financial discipline is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
192 docs text-extracted · 63 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
42nd percentile
overall median 67 · Pharma: 31st pctile, median 70 · Mid: 24th pctile, median 76
Evidence depth
Financial-only
192 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
100% delivered or partly delivered
2/4 claims checked · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
60
acceptable · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
28
weak · capital discipline
Results
61
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 6.7%.
- ▸4 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Promoter holding fell 9.8%.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at 3.6%.
- ▸ROE is low at 1.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Biocon Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 8 Sep - Biocon schedules investor roadshow in Mumbai on 11-Sep-26.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 31 Aug - Biocon to meet investors at Nomura Asian Credit Corporate Day 2026 on 04-Sep-26.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 11 Aug - Biocon to meet investors at Motilal Oswal 22nd Annual Global Investor Conference in Mumbai on 17-Aug-26.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.