Biocon Limited (BIOCON) · mywealthgrid

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About

Biocon Limited operates in pharmaceuticals and biotechnology within the Indian healthcare sector. With a market capitalisation of ₹67,958 crore, it functions as a large-cap pharmaceutical company. The company maintains a history of regular dividend payments, indicating a mature operating base.

Founded: 1978
Face value: ₹5

Market cap

₹60,413 Cr

P/E

122.0×

P/B

1.8×

Dividend yield

0.3%

ROE

1.4%

ROCE

3.9%

Debt / equity

0.44

OPM

20.4%

EPS (TTM)

₹3.1

Book value

₹209.9

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Extreme valuation: PE ratio of 137.21 is unusually high, suggesting markets price in growth yet to materialise given current profit levels
Minimal equity returns: ROE of 1.39% indicates the company generates very little profit relative to shareholder capital, raising questions about capital efficiency
Significant profit swings: recent quarters show net profit fluctuating from −₹76.4 crore (Dec 2025) to +₹198.6 crore (Mar 2026), suggesting operational or accounting volatility
Margin compression: consolidated operating margin fell from 22.59% (Mar 2026) to 19.54% (Jun 2026), signalling cost or pricing pressure

Generated analysis · source review pending

Growth drivers

Consolidated operating margins of 19–23% in recent quarters support reinvestment capacity (verify R&D deployment and pipeline progress)
Moderate leverage at D/E 0.44 allows strategic capital allocation to growth initiatives (verify management spending priorities)
Regular dividend payout history suggests stable cash generation (verify payout ratio sustainability)

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹370.7-1.7%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 20.4%
+Revenue CAGR of 19% over the last 5 years
+Dividend payout of 32.9% of profit

Cons

−Low return on equity of 3.9% (3-yr avg)
−Profit declined 12.2% a year over the last 5 years
−Weak interest coverage of 1.9×
−Expensive at 122× trailing earnings
−Promoter holding fell 9.8 pts over the last year

Research score

Structured signal from quality, growth, valuation and momentum.

38/100

Business quality: 27
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 150 NIFTY 200 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	5,514	6,367	7,106	8,184	11,174	14,756	15,262	16,927
COGS	1,897	2,052	2,209	2,718	3,663	4,898	5,198	5,691
Gross profit	3,618	4,315	4,897	5,466	7,511	9,858	10,064	11,236
	2,223	2,741	3,314	3,702	5,166	6,643	6,898	7,781
	1,395	1,574	1,583	1,763	2,345	3,215	3,166	3,455
OPM %	25.3%	24.7%	22.3%	21.6%	21%	21.8%	20.8%	20.4%
Depreciation	448	552	715	814	1,113	1,569	1,687	1,957
Interest	71	65	58	68	419	974	897	990
	339	229	257	102	85	854	1,305	-60
Profit before tax	1,215	1,186	1,068	983	897	1,525	1,887	448
Tax	212	315	222	212	254	227	457	79
Tax %	17.5%	26.6%	20.8%	21.5%	28.3%	14.9%	24.2%	17.7%
	1,003	871	846	772	643	1,298	1,429	369
PAT margin %	18.2%	13.7%	11.9%	9.4%	5.8%	8.8%	9.4%	2.2%
EPS (₹)	15.3	6.3	6.2	5.4	3.9	8.6	8.5	2.8
EPS adjusted (₹)	7.5	6.2	6.2	5.4	3.9	8.5	8.4	2.4
	3.3%	0%	0%	9.2%	38.7%	5.8%	5.9%	17.7%
Annual report	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	100	100	0	300	600	600	600	600	600	600	811
Reserves	3,171	3,934	2	4,881	—	7,027	7,832	17,267	19,183	21,044	33,221
Minority interest	—	—	—	—	—	881	1,038	4,622	5,491	6,069	2,590
	1,031	—	—	—	—	3,556	4,904	17,771	15,730	17,756	14,825
	2,074	4,424	0	4,809	—	6,459	6,020	11,783	15,066	13,329	12,204
Total equity & liabilities	6,375	8,458	2	9,990	—	18,522	20,394	52,043	56,071	58,797	63,651
	—	—	—	—	5,945	6,364	6,569	29,468	30,644	31,963	36,486
CWIP	—	—	—	—	—	2,254	3,420	2,588	3,985	4,102	4,613
Investments	230	26	-3	64	—	1,952	1,588	2,069	1,000	1,127	1,779
	6,145	8,432	5	9,926	—	7,953	8,817	17,919	20,442	21,605	20,773
Total assets	6,375	8,458	2	9,990	—	18,522	20,394	52,043	56,071	58,797	63,651

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Biosimilars	10,431.2	587.6	47,888.1	21,178.9	26,709.2	2.2
CRDMO	3,738.7	487.5

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	65.6%	67.8%	68.9%	66.8%	67.2%	66.8%	65.9%	66.4%
EBITDA margin %	25.3%	25.2%	23.3%	24.1%	22.5%	22.4%	20.8%	20.4%
EBIT margin %	17.2%	16.5%	13.2%	14.1%	12.5%	11.7%	9.7%	8.9%
PAT margin %	18.2%	13.7%	11.9%	9.4%	5.8%	8.8%	9.4%	2.2%
Working capital
Receivable days	—	—	63	92	117	154	131	129
Inventory days	139	—	308	309	423	368	346	390
Payable days	—	—	250	216	397	467	460	434
NWC days	—	—	121	184	143	55	18	85
Leverage
Current ratio	1.94	—	1.81	2.19	1.45	0.99	1.14	1.22
Debt to EBITDA	—	—	2.15	2.49	7.08	4.77	5.61	4.29
Debt to equity	—	—	0.47	0.58	0.99	0.8	0.82	0.44
Interest coverage	15.4	18.7	20.7	20.2	4.2	2.7	3	1.9
Asset turnover	0.55	—	0.38	0.4	0.21	0.26	0.26	0.27
Return ratios
Return on assets %	10%	—	4.6%	3.8%	1.2%	2.3%	2.4%	0.6%
Return on capital employed %	13.9%	—	8.3%	8.9%	5.9%	6.2%	6.3%	3.9%
Return on equity %	19.4%	—	11.1%	9.2%	3.6%	6.6%	6.6%	1.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	60.64%	60.64%	60.64%	60.64%	60.64%	60.64%	60.64%	54.45%	54.45%	54.45%	44.91%	44.68%
	7.96%	6.55%	5.63%	5.9%	5.93%	5.66%	5.66%	6.04%	6.61%	7.39%	7.52%	8.14%
	14.08%	14.51%	13.68%	14.3%	14.44%	15.37%	15.72%	22.82%	22.07%	21.68%	24.02%	23.33%
	0%	0%	0%	0%	0%	0%	0%	0%	0.03%	0.03%	0.05%	0.05%
	16.93%	17.97%	19.74%	18.88%	18.75%	18.11%	17.77%	16.51%	16.7%	16.33%	23.41%	23.75%
No. of shareholders	—	—	—	—	—	—	—	—	4,13,191	3,94,279	3,86,593	3,92,833

Promoter holding down 15.96 percentage points since Sep 2023.

105 deals · 23 Sept 2021 – 9 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
9 Sept 2026	ACTIV PINE LLP	Bulk	BSE	Sell	1,65,81,180	₹385.00	₹638.38 Cr
9 Sept 2026	ACTIV PINE LLP	Block	BSE	Sell	74,03,166	₹385.00	₹285.02 Cr
9 Sept 2026	ICICI PRUDENTIAL MUTUAL FUND	Block	BSE	Buy	74,03,166	₹385.00	₹285.02 Cr
9 Sept 2026	ACTIV PINE LLP	Block	BSE	Sell	14,23,998	₹385.00	₹54.82 Cr
9 Sept 2026	SBI MUTUAL FUND	Block	BSE	Buy	14,23,998	₹385.00	₹54.82 Cr
9 Sept 2026	ACTIV PINE LLP	Block	BSE	Sell	12,77,000	₹385.00	₹49.16 Cr
9 Sept 2026	ADITYA BIRLA SUN LIFE MUTUAL FUND	Block	BSE	Buy	12,77,000	₹385.00	₹49.16 Cr
9 Sept 2026	KOTAK MAHINDRA MATUAL FUND	Block	BSE	Buy	12,77,000	₹385.00	₹49.16 Cr
9 Sept 2026	ACTIV PINE LLP	Block	BSE	Sell	6,50,002	₹385.00	₹25.03 Cr
9 Sept 2026	SOCIETE GENERALE	Block	BSE	Buy	6,50,002	₹385.00	₹25.03 Cr

1–10 of 105

1 / 11

Ms. Kiran Mazumdar ShawExecutive Director-Chairperson related to Promoter
Mr. Shreehas Pradeep TambeExecutive Director-CEO-MD
Mr. Ravi Rasendra MazumdarNon-Executive - Non Independent Director
Mr. Eric MazumdarNon-Executive - Non Independent Director
Ms. Naina Lal KidwaiNon-Executive - Independent Director
Ms. Rekha Mehrotra MenonNon-Executive - Independent Director
Mr. Nicholas Robert HaggarNon-Executive - Independent Director
Mr. Atul DhawanNon-Executive - Independent Director
Mr. Kedar Narayan UpadhyeChief Financial Officer
Mr. Rajesh Umakant ShanoyCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹370.3 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹374.2	-7.6	-2%	₹374.2	21,411	-20	2,034	2500
23 Nov 2026	₹376.0	-8.4	-2.2%	₹376.0	414	+23	51	2500
29 Dec 2026	₹380.4	-2.3	-0.6%	₹376.1	1	+1	1	2500

Open the chart icon on a row for that contract's close over 103 stored sessions, with open interest as bars beneath it.

31

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	310

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

102

across 19 fund houses

Held by these funds

15.09%

of the company's equity

All mutual funds

15.47%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

102 schemes · 19 fund houses

		Shares
Contra Fund	SBI Mutual Fund	4.01 Cr	1,651.05	3.47%	2.459%	-0
Large and Midcap Fund	SBI Mutual Fund	2.35 Cr	968.2	2.29%	1.442%	-0
Portfolio of Kotak Mid Cap FundNEW	Kotak Mahindra Mutual Fund	1.86 Cr	764.76	1.07%	1.139%	—
Midcap Fund	SBI Mutual Fund	1.56 Cr	642.66	2.62%	0.957%	-0
Balanced Advantage Fund	SBI Mutual Fund	1.3 Cr	536.47	1.28%	0.799%	-0
Portfolio of Kotak Large & Mid Cap FundNEW	Kotak Mahindra Mutual Fund	1.3 Cr	535.6	1.66%	0.798%	—
Focused FundNEW	ICICI Prudential Mutual Fund	1.14 Cr	467.93	2.61%	0.697%	—
MultiCap Fund	SBI Mutual Fund	1.1 Cr	454.16	1.85%	0.676%	-0

1–8 of 102

1 / 13

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

32 announcementsExport CSV

26 Aug 2026, 2:51 pmInsider Trading / SAST

Revised Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	65.6%	67.8%	68.9%	66.8%	67.2%	66.8%	65.9%	66.4%
EBITDA margin %	25.3%	25.2%	23.3%	24.1%	22.5%	22.4%	20.8%	20.4%
EBIT margin %	17.2%	16.5%	13.2%	14.1%	12.5%	11.7%	9.7%	8.9%
PAT margin %	18.2%	13.7%	11.9%	9.4%	5.8%	8.8%	9.4%	2.2%
Working capital
Receivable days	—	—	63	92	117	154	131	129
Inventory days	139	—	308	309	423	368	346	390
Payable days	—	—	250	216	397	467	460	434
NWC days	—	—	121	184	143	55	18	85
Leverage
Current ratio	1.94	—	1.81	2.19	1.45	0.99	1.14	1.22
Debt to EBITDA	—	—	2.15	2.49	7.08	4.77	5.61	4.29
Debt to equity	—	—	0.47	0.58	0.99	0.8	0.82	0.44
Interest coverage	15.4	18.7	20.7	20.2	4.2	2.7	3	1.9
Asset turnover	0.55	—	0.38	0.4	0.21	0.26	0.26	0.27
Return ratios
Return on assets %	10%	—	4.6%	3.8%	1.2%	2.3%	2.4%	0.6%
Return on capital employed %	13.9%	—	8.3%	8.9%	5.9%	6.2%	6.3%	3.9%
Return on equity %	19.4%	—	11.1%	9.2%	3.6%	6.6%	6.6%	1.1%

Calls	Strike	Puts
0	0	0	₹0.0	310

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Torrent Pharmaceuticals LimitedTORNTPHARMTORNTPHARM	₹1,61,325 Cr	₹1,76,123 Cr	₹15,723 Cr	₹5,191 Cr	32.6%	₹2,181 Cr	15.3%	14.5%	27.1%	163
Zydus Lifesciences LimitedZYDUSLIFEZYDUSLIFE	₹1,14,284 Cr	₹1,26,053 Cr	₹28,592 Cr	₹8,316 Cr	31.2%	₹4,513 Cr	18.9%	23.4%	19.7%	212
Laurus Labs LimitedLAURUSLABSLAURUSLABS	₹1,07,176 Cr	₹1,09,573 Cr	₹7,270 Cr	₹2,034 Cr	26.1%	₹1,093 Cr	13.1%	21.3%	18.2%	263
Mankind Pharma LimitedMANKINDMANKIND	₹1,04,696 Cr	₹1,11,007 Cr	₹14,738 Cr	₹3,827 Cr	25.3%	₹2,068 Cr	13.6%	14.2%	12.5%	117
Aurobindo Pharma LimitedAUROPHARMAAUROPHARMA	₹97,389 Cr	₹1,05,065 Cr	₹34,935 Cr	₹7,085 Cr	20.3%	₹3,713 Cr	10.4%	14.7%	9.9%	252
Lupin LimitedLUPINLUPIN	₹92,866 Cr	₹98,777 Cr	₹29,967 Cr	₹9,538 Cr	31.5%	₹5,529 Cr	19.2%	34.2%	26.9%	181
Glenmark Pharmaceuticals LimitedGLENMARKGLENMARK	₹65,781 Cr	₹65,781 Cr	₹17,737 Cr	₹4,797 Cr	26.9%	₹1,496 Cr	8%	37.8%	0%	83
Alkem Laboratories LimitedALKEMALKEM	₹62,431 Cr	₹64,055 Cr	₹15,081 Cr	₹3,032 Cr	20.4%	₹2,158 Cr	16%	21.5%	17.8%	152
Biocon LimitedBIOCONBIOCON	₹60,413 Cr	₹75,238 Cr	₹17,321 Cr	₹3,536 Cr	20.4%	₹495 Cr	2.2%	3.9%	1.4%	85
Abbott India LimitedABBOTINDIAABBOTINDIA	₹56,901 Cr	—	₹4,310 Cr	₹921 Cr	27.3%	₹691 Cr	22.4%	44.1%	34.5%	110
Ipca Laboratories LimitedIPCALABIPCALAB	₹49,299 Cr	₹50,003 Cr	₹10,126 Cr	₹2,232 Cr	20.5%	₹1,310 Cr	12.3%	17.8%	15.2%	308
Gland Pharma LimitedGLANDGLAND	₹47,428 Cr	₹47,671 Cr	₹6,725 Cr	₹1,751 Cr	25.3%	₹1,129 Cr	16%	14.8%	10.5%	255

Date	Category	Subject	Filing
26 Aug 2026, 2:51 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Revised Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
25 Aug 2026, 8:30 am	Company Update General	Company Statement	PDF
18 Aug 2026, 8:42 am	Company Update General	Company Statement	PDF
11 Aug 2026, 7:56 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
11 Aug 2026, 7:49 pm	Company Update Earnings Call Transcript	Announcement under Regulation 30 (LODR)-Earnings Call Transcript	PDF
8 Aug 2026, 9:54 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
7 Aug 2026, 8:33 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
7 Aug 2026, 8:10 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,160	1,177	1,853	2,954	4,061	1,994
	-3,625	-1,699	-14,282	-1,005	-234	-2,082
	2,564	242	13,049	-2,333	-1,854	-924
Net cash flow	99	-280	619	-383	1,973	-1,012
Free cash flow	-357	-521	257	1,273	1,925	196
CFO / Operating profit %	70.2%	59.7%	73.8%	89.6%	128.3%	57.7%

Biocon Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

3

31

Fund holders

Documents

Announcements

Events

Announcements

3

31

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

19

1

3

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Biologics · revenue

Biocon Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Option chain31

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Futures3

Option chain31

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends19

Board meetings1

Bonus issues3

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Biologics · revenue

3

31

3

31

19

1

3