BIOCON

Biocon Limited

Biosimilars and generic formulations for chronic diseases

Healthcare›Healthcare›Pharmaceuticals & Biotechnology›Pharmaceuticals

biocon.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-19

Stock price
₹340.00
Market cap
55,143 Cr
Stock P/E
111.3
P/B
1.62
Dividend yield
0.2%
ROE (FY26)
1.1%
ROCE (FY26)
2.8%
Operating margin (FY26)
8.9%
Debt / equity (FY26)
0.44
OCF / EBITDA (FY26)
57.7%
OCF / EBITDA (3Y)
90.8%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Biocon makes biosimilars (lower-cost versions of biologic medicines) and generic medicines, sold in North America (its largest market), Europe and emerging markets, and also runs a research-services business through Syngene International.

Company snapshot

13thBy market cap

Ranked among 119 companies in Pharmaceuticals.

Segment mix

Reportable segments as of 2024-09-30 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 60.8% of revenue

SegmentRevenue shareRevenuePBTAssets
Biosimilars
60.8%
2,182 Cr-17 Cr43,679 Cr
Generics
17.4%
624 Cr-9 Cr7,897 Cr
Research services
24.8%
891 Cr137 Cr6,136 Cr

Shares add up to 103% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓91% of operating profit came in as cash over the last three years — profits are backed by real cash.
Concerns
  • ✗Net margin is very thin at 2.2% — little room for error if costs rise.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales3,462 Cr3,954 Cr3,917 Cr3,433 Cr3,590 Cr3,821 Cr4,417 Cr3,942 Cr4,296 Cr4,173 Cr4,517 Cr4,336 Cr
Operating expenses (approx.)2,721 Cr3,027 Cr3,001 Cr2,813 Cr2,905 Cr3,070 Cr3,339 Cr3,193 Cr3,460 Cr3,340 Cr3,496 Cr3,489 Cr
EBITDA742 Cr927 Cr916 Cr620 Cr685 Cr752 Cr1,078 Cr749 Cr835 Cr834 Cr1,020 Cr847 Cr
OPM %21.4%23.4%23.4%18.1%19.1%19.7%24.4%19.0%19.4%20.0%22.6%19.5%
Other income158 Cr566 Cr49 Cr1,135 Cr33 Cr35 Cr37 Cr80 Cr93 Cr117 Cr53 Cr55 Cr
Interest248 Cr267 Cr227 Cr236 Cr226 Cr223 Cr212 Cr277 Cr272 Cr210 Cr232 Cr213 Cr
Depreciation389 Cr415 Cr407 Cr405 Cr420 Cr425 Cr436 Cr455 Cr473 Cr515 Cr513 Cr547 Cr
Profit before tax214 Cr808 Cr319 Cr1,146 Cr98 Cr156 Cr487 Cr97 Cr171 Cr-68 Cr248 Cr128 Cr
Tax %19.4%6.8%30.1%24.8%72.5%48.0%5.6%7.9%22.5%23.6%19.8%-7.2%
Net profit173 Cr753 Cr223 Cr862 Cr27 Cr81 Cr459 Cr89 Cr133 Cr-52 Cr199 Cr137 Cr
EPS (₹)₹1.05₹5.52₹1.13₹5.51₹-0.13₹0.21₹2.88₹0.26₹0.66₹1.08₹0.79₹0.87

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales3,922 Cr4,130 Cr5,514 Cr6,367 Cr7,106 Cr8,184 Cr11,174 Cr14,756 Cr15,262 Cr16,927 CrSign in free for the trailing twelve months
Operating expenses (approx.)2,942 Cr3,301 Cr4,121 Cr4,764 Cr5,453 Cr6,214 Cr8,663 Cr11,457 Cr12,095 Cr13,472 CrSign in free for the trailing twelve months
EBITDA980 Cr829 Cr1,394 Cr1,603 Cr1,653 Cr1,970 Cr2,512 Cr3,299 Cr3,166 Cr3,455 CrSign in free for the trailing twelve months
OPM %25.0%20.1%25.3%25.2%23.3%24.1%22.5%22.4%20.7%20.4%Sign in free for the trailing twelve months
Other income157 Cr206 Cr144 Cr161 Cr255 Cr213 Cr376 Cr866 Cr1,208 Cr343 CrSign in free for the trailing twelve months
Interest26 Cr62 Cr71 Cr65 Cr58 Cr68 Cr419 Cr974 Cr897 Cr990 CrSign in free for the trailing twelve months
Depreciation277 Cr385 Cr448 Cr552 Cr715 Cr814 Cr1,113 Cr1,569 Cr1,687 Cr1,957 CrSign in free for the trailing twelve months
Profit before tax850 Cr610 Cr1,215 Cr1,186 Cr1,068 Cr983 Cr897 Cr1,525 Cr1,887 Cr448 CrSign in free for the trailing twelve months
Tax %19.0%25.7%17.5%26.6%20.7%21.5%28.3%14.9%24.2%17.7%Sign in free for the trailing twelve months
Net profit688 Cr453 Cr1,003 Cr871 Cr846 Cr772 Cr643 Cr1,298 Cr1,429 Cr369 CrSign in free for the trailing twelve months
EPS (₹)——₹15.30₹6.32₹6.24₹5.44₹3.88₹8.55₹8.46₹2.82Sign in free for the trailing twelve months
Dividend payout %————4.1%-44.9%11.2%15.6%5.8%24.6%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital100 Cr300 Cr300 Cr600 Cr600 Cr600 Cr600 Cr600 Cr600 Cr811 Cr
Reserves4,738 Cr4,881 Cr5,798 Cr6,106 Cr7,027 Cr7,832 Cr17,267 Cr19,183 Cr21,044 Cr33,221 Cr
Borrowings2,205 Cr1,920 Cr1,803 Cr1,890 Cr3,556 Cr4,904 Cr17,771 Cr15,730 Cr17,756 Cr14,825 Cr
Other liabilities1,975 Cr2,421 Cr3,683 Cr5,171 Cr6,459 Cr6,020 Cr11,783 Cr15,066 Cr13,329 Cr12,204 Cr
Total liabilities9,394 Cr9,990 Cr12,192 Cr14,444 Cr18,522 Cr20,394 Cr52,043 Cr56,071 Cr58,797 Cr63,651 Cr
Fixed assets (net)3,553 Cr3,630 Cr4,253 Cr5,393 Cr5,557 Cr5,677 Cr7,535 Cr7,418 Cr8,708 Cr9,473 Cr
CWIP533 Cr779 Cr1,287 Cr1,577 Cr2,254 Cr3,420 Cr2,588 Cr3,985 Cr4,102 Cr4,613 Cr
Investments1,253 Cr675 Cr1,012 Cr966 Cr1,952 Cr1,588 Cr2,069 Cr1,000 Cr1,127 Cr1,779 Cr
Loans & advances——0 Cr0 Cr0 Cr67 Cr0 Cr0 Cr0 Cr0 Cr
Inventories635 Cr723 Cr1,032 Cr1,436 Cr1,867 Cr2,298 Cr4,244 Cr4,944 Cr4,931 Cr6,086 Cr
Trade receivables883 Cr1,064 Cr1,292 Cr1,224 Cr1,218 Cr2,058 Cr3,573 Cr6,231 Cr5,488 Cr5,987 Cr
Cash & bank710 Cr501 Cr730 Cr910 Cr953 Cr663 Cr1,324 Cr1,234 Cr3,227 Cr2,417 Cr
Other assets1,827 Cr2,618 Cr2,588 Cr2,938 Cr4,722 Cr4,623 Cr30,711 Cr31,260 Cr31,214 Cr33,297 Cr
Total assets9,394 Cr9,990 Cr12,192 Cr14,444 Cr18,522 Cr20,394 Cr52,043 Cr56,071 Cr58,797 Cr63,651 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity640 Cr662 Cr—1,283 Cr1,160 Cr1,177 Cr1,853 Cr2,954 Cr4,061 Cr1,994 Cr
Cash from investing-498 Cr-684 Cr—-1,559 Cr-3,625 Cr-1,699 Cr-14,282 Cr-1,004 Cr-234 Cr-2,082 Cr
Cash from financing-177 Cr-240 Cr—388 Cr2,564 Cr242 Cr13,049 Cr-2,333 Cr-1,854 Cr-924 Cr
Net cash flow-36 Cr-262 Cr—112 Cr106 Cr-277 Cr632 Cr-380 Cr2,004 Cr-812 Cr
Free cash flow (OCF − Capex)-122 Cr-254 Cr—-553 Cr-587 Cr-748 Cr126 Cr1,022 Cr1,718 Cr82 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %11.8%8.9%15.1%13.5%9.3%7.3%3.3%6.1%6.1%2.8%
ROE %13.2%8.0%13.5%10.1%8.7%6.8%2.1%4.0%3.7%1.1%
Debtor days829485706292116154131129
Inventory days175182190242280297484356420420
Days payable204253220223227208454451557467
Cash conversion cycle5323558911518114659-781
OCF / EBITDA %65.3%79.9%—80.0%70.2%59.7%73.8%89.5%128.3%57.7%
OCF / EBITDA % (3 years)—————69.3%68.3%76.9%98.8%90.8%
Debt / equity0.460.370.300.280.470.580.990.800.820.44
Current ratio2.411.941.591.331.812.191.450.991.141.22
Net debt / EBITDA1.531.710.770.611.572.156.554.394.593.59