BIOCON
Biocon share price & financials
- Price
- ₹415.5
- Market cap
- ₹68.8k Cr
- Sector
- Healthcare
- Calls analysed
- 7
Biocon Limited Q1 FY27
What went well
- Group operating revenue grew 10% YoY, driven by strong performance in biopharmaceuticals.
- Biopharmaceuticals revenue increased 17% YoY to ₹2,855 crores, with significant traction in biosimilars and generics.
- Generics business delivered a strong quarter with 21% YoY revenue growth to ₹760 crores and EBITDA margin improving by over 250 bps QoQ to 7%.
What to watch
- Services revenue declined 16% YoY to ₹736 crores, impacted by lower off-take from a key biologics client and forex hedge loss.
- Syngene's operating EBITDA margin for the quarter was 12%, lower than previous periods.
What Biocon Limited does
Biocon Limited is a Bengaluru-headquartered biopharmaceutical group that develops, manufactures and markets biosimilar monoclonal antibodies, insulins and GLP-1 peptides, generic APIs and formulations, and offers contract research, development and manufacturing (CRDMO) services through its 52.4%-held subsidiary Syngene International. It earns through direct commercialisation of branded biosimilars and generics in regulated and emerging markets, and through fee-for-service CRDMO contracts for global pharma, biotech and agrochemical clients. The group also holds a minority stake in NASDAQ-listed Bicara Therapeutics for novel biologics discovery. Its integrated model spans in-house R&D, API and drug-product manufacturing, and country-specific commercial go-to-market structures.
Segments
- Biosimilars
- Generics
- CRDMO Services
- Novel Biologics
- Countries with commercial reach
- 120+
- Patients benefited through Generics & Biosimilars (FY25)
- 21.2+ million
- Manufacturing locations
- 11
- cGMP regulatory approvals
- 215+ from 25+ regulators
- Biosimilar and GLP-1 portfolio
- 30+ biosimilars and 3 GLP-1 peptides
- R&D footprint
- 500+ scientists across 3 R&D sites
Guidance record · Q1 FY27
what the last two calls moved 22 tracked 12 delivered 2 missed 8 open- Biosimilars EBITDA Margin delivered said Q3 FY25 Promised: Sustainable guidance of 22% to 23% Q1 FY27: 25% margin reported, in line with 'mid-20s' guidance.
- Syngene (CRDMO) Revenue Growth missed said Q2 FY26 Promised: Maintaining annual guidance for FY26 Q1 FY27: Promise related to FY26 guidance remains missed. New guidance for FY27 is for single-digit revenue degrowth.
- Generics EBITDA Margin at risk said Q3 FY25 Promised: Get closer to 13%, 14% in 1 or 2 years Q1 FY27: Margin reported at 7%, a sequential decline from 8% in Q4 FY26. Remains far from the 13-14% target.
All 22 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 10.0%, net profit up 53.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,590 | 3,821 | 4,417 | 3,942 | 4,296 +20% | 4,173 +9% | 4,517 +2% | 4,336 +10% |
| EBITDA | 685 | 752 | 1,078 | 766 | 835 +22% | 834 +11% | 1,020 −5% | 847 +11% |
| Net profit | 27 | 81 | 459 | 89 | 133 +393% | -52 −164% | 199 −57% | 137 +54% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +7.3% 1Y
1Y: ₹364.2 on 10 Sept 2025 → ₹390.65. High ₹440.7 (16 Jul 2026), low ₹338.9 (26 Sept 2025).
How the price took the results
close before → close after
- Q1 FY27
- +2.7%
- 6 Aug
- Q4 FY26
- −0.5%
- 8 May
- Q3 FY26
- +0.8%
- 13 Feb
- Q2 FY26
- +5.4%
- 12 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 14.8% a year over 3 years, FY23 to FY26. Operating margin narrowed to 20.4%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹11.2k Cr | ₹14.8k Cr | ₹15.3k Cr | ₹16.9k Cr |
| Operating profit | ₹2.3k Cr | ₹3.2k Cr | ₹3.1k Cr | ₹3.5k Cr |
| Operating margin | 21.0% | 21.8% | 20.5% | 20.4% |
| Interest | ₹419 Cr | ₹975 Cr | ₹897 Cr | ₹991 Cr |
| Depreciation | ₹1.1k Cr | ₹1.6k Cr | ₹1.7k Cr | ₹2.0k Cr |
| Net profit | ₹642 Cr | ₹1.3k Cr | ₹1.4k Cr | ₹369 Cr |
| Net margin | 5.7% | 8.8% | 9.4% | 2.2% |
| ROCE | 6.0% | 6.0% | 6.0% | 4.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹600 Cr | ₹600 Cr | ₹600 Cr | ₹600 Cr | ₹668 Cr | ₹810 Cr |
| Reserves | ₹7.0k Cr | ₹7.8k Cr | ₹17.3k Cr | ₹19.2k Cr | ₹26.1k Cr | ₹33.2k Cr |
| Borrowings | ₹4.5k Cr | ₹5.1k Cr | ₹18.0k Cr | ₹16.3k Cr | ₹16.5k Cr | ₹15.4k Cr |
| Other liabilities | ₹6.4k Cr | ₹6.8k Cr | ₹15.9k Cr | ₹19.7k Cr | ₹19.4k Cr | ₹13.9k Cr |
| Total liabilities | ₹18.5k Cr | ₹20.3k Cr | ₹51.7k Cr | ₹55.8k Cr | ₹62.8k Cr | ₹63.4k Cr |
| Fixed assets | ₹6.4k Cr | ₹6.6k Cr | ₹29.5k Cr | ₹30.6k Cr | ₹37.3k Cr | ₹36.5k Cr |
| Capital work in progress | ₹2.8k Cr | ₹4.1k Cr | ₹7.3k Cr | ₹8.0k Cr | ₹4.7k Cr | ₹7.0k Cr |
| Investments | ₹2.0k Cr | ₹1.6k Cr | ₹2.1k Cr | ₹1.0k Cr | ₹2.3k Cr | ₹1.8k Cr |
| Other assets | ₹7.4k Cr | ₹8.1k Cr | ₹12.9k Cr | ₹16.1k Cr | ₹18.5k Cr | ₹18.2k Cr |
| Total assets | ₹18.5k Cr | ₹20.3k Cr | ₹51.7k Cr | ₹55.8k Cr | ₹62.8k Cr | ₹63.4k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters trimmed −9.77 pp while the public added +7.24 pp. The shareholder count shrank 8% to 3,92,833.
- Promoters
- 44.7%
- FIIs
- 8.1%
- DIIs
- 23.3%
- Government
- 0.1%
- Public
- 23.8%
- Others
- 0.1%
Since Jun 2025
- Promoters −9.77 pp
- Public +7.24 pp
- FIIs +2.10 pp
How it drifted, 12 quarters
Over this window promoters fell from 60.6% to 44.7% — −16.0 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 60.6%, FIIs 8.0%, DIIs 14.1%, Public 16.9%, Others 0.4%.Dec '23: Promoters 60.6%, FIIs 6.5%, DIIs 14.5%, Public 18.0%, Others 0.3%.Mar '24: Promoters 60.6%, FIIs 5.6%, DIIs 13.7%, Public 19.7%, Others 0.3%.Jun '24: Promoters 60.6%, FIIs 5.9%, DIIs 14.3%, Public 18.9%, Others 0.3%.Sep '24: Promoters 60.6%, FIIs 5.9%, DIIs 14.4%, Public 18.7%, Others 0.3%.Dec '24: Promoters 60.6%, FIIs 5.7%, DIIs 15.4%, Public 18.1%, Others 0.2%.Mar '25: Promoters 60.6%, FIIs 5.7%, DIIs 15.7%, Public 17.8%, Others 0.2%.Jun '25: Promoters 54.5%, FIIs 6.0%, DIIs 22.8%, Public 16.5%, Others 0.2%.Sep '25: Promoters 54.5%, FIIs 6.6%, DIIs 22.1%, Government 0.0%, Public 16.7%, Others 0.1%.Dec '25: Promoters 54.5%, FIIs 7.4%, DIIs 21.7%, Government 0.0%, Public 16.3%, Others 0.1%.Mar '26: Promoters 44.9%, FIIs 7.5%, DIIs 24.0%, Government 0.1%, Public 23.4%, Others 0.1%.Jun '26: Promoters 44.7%, FIIs 8.1%, DIIs 23.3%, Government 0.1%, Public 23.8%, Others 0.1%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Magnum Hybrid Long Short Fund Mutual fund newly disclosed 8.75% held
- Life Insurance Corporation Of India Insurer newly disclosed 3.73% held
- Isif Equity Ex-Top 100 Long-Short Fund AIF newly disclosed 1.46% held
- Kotak Mahindra Trustee Co Ltd A/C Kotak Nifty Midc Mutual fund newly disclosed 1.29% held
- HDFC Life Insurance Company Limited Insurer newly disclosed 1.01% held
The same filing shows 2 holders trimming and 6 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Biocon Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Kiran Mazumdar Shaw | 29.73% | −0.17 pp |
| Glentec International | 14.56% | −0.07 pp |
| Magnum Hybrid Long Short Fund Mutual fund | 8.75% | newly disclosed |
| Mylan Inc. | 5.64% | unchanged |
| Life Insurance Corporation Of India Insurer | 3.73% | newly disclosed |
| Serum Institute Life Sciences Private Limited | 3.40% | unchanged |
| Isif Equity Ex-Top 100 Long-Short Fund AIF | 1.46% | newly disclosed |
| Kotak Mahindra Trustee Co Ltd A/C Kotak Nifty Midc Mutual fund | 1.29% | newly disclosed |
| Activ Pine Llp | 1.08% | unchanged |
| HDFC Life Insurance Company Limited Insurer | 1.01% | newly disclosed |
| Ravi Rasendra Mazumdar | 0.33% | unchanged |
| Dev Mazumdar | 0.06% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in BIOCON
Filings to Aug 2026
3 new, 12 added, 2 trimmed, 0 sold out — net +129.26 L shares (+8.2%).
- Held by funds
- ₹7.0k Cr
- 38 schemes
- Biggest holder
- SBI Contra Fund
- ₹1.7k Cr · 3.5% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Contra Fund SBI Mutual Fund | ₹1.7k Cr | held | Aug '21 |
| SBI Large and Midcap Fund SBI Mutual Fund | ₹968 Cr | held | Nov '25 |
| SBI Midcap Fund SBI Mutual Fund | ₹643 Cr | held | Nov '24 |
| SBI Balanced Advantage Fund SBI Mutual Fund | ₹536 Cr | held | Jul '23 |
| SBI MultiCap Fund SBI Mutual Fund | ₹454 Cr | held | Jan '26 |
| SBI Multi Asset Allocation Fund SBI Mutual Fund | ₹326 Cr | held | Nov '24 |
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹311 Cr | new | Jul '26 |
| SBI Flexicap Fund SBI Mutual Fund | ₹288 Cr | held | Jan '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
12 added, 2 trimmed — net +1.29 cr shares (+8.2%)
- Funds are sitting on
- +17%
- vs est. average cost
- Held by funds
- ₹7.0k Cr
- 38 schemes · ≈ 10% of the company
- Biggest holder
- SBI Contra Fund
- ₹1.7k Cr · 3.5% of that fund
Shares held by these funds +604%
Aug '23 16.94 cr shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Biocon Limited
Guides on how to read this kind of business and the numbers that matter.