Results - Analysis
Biocon As on : 06-Aug-26  10:48

On consolidated basis

Quarter ended June 2026 compared with Quarter ended June 2025.

Net sales (including other operating income) of Biocon has increased 10% to Rs 4336 crore.  Sales of Generics segment has gone up 20.53% to Rs 759.70 crore (accounting for 17.46% of total sales).  Sales of Biosimilars segment has gone up 16.19% to Rs 2,855.60 crore (accounting for 65.63% of total sales).  Sales of Services segment has gone down 15.84% to Rs 736.00 crore (accounting for 16.91% of total sales).  Inter-segment sales came down from Rs 20.70 crore to Rs 15.30 crore.  

Profit before interest, tax and other unallocable items (PBIT) has slumped 18.99% to Rs 134.80 crore.  PBIT of Generics segment rose 69.59% to Rs -30.90 crore (accounting for -22.92% of total PBIT).  PBIT of Biosimilars segment rose 2.82% to Rs 171.40 crore (accounting for 127.15% of total PBIT).  PBIT of Services reported loss of Rs 5.70 crore compared to profit of Rs 101.30 crore.  

PBIT margin of Generics segment rose from negative 16.12% to negative 4.07%.  PBIT margin of Biosimilars segment fell from 6.78% to 6.00%.  PBIT margin of Services segment fell from 11.58% to 0.77%.  Overall PBIT margin fell from 4.20% to 3.10%.  

Operating profit margin has jumped from 19.43% to 19.54%, leading to 10.59% rise in operating profit to Rs 847.20 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 26.62% to 30.47%.   Purchase of finished goods cost fell from 18.21% to 8.17%.   Employee cost increased from 18.12% to 19.60%.   Other expenses rose from 20.39% to 23.64%.   Preoperation capitalised expenses fell from 0.75% to 0.03%.   

Other income fell 31.62% to Rs 54.5 crore.  PBIDT rose 6.61% to Rs 901.7 crore.  Provision for interest fell 22.95% to Rs 213.2 crore.  

PBDT rose 20.98% to Rs 688.5 crore.  Provision for depreciation rose 20.31% to Rs 547.4 crore.  

Profit before tax grew 23.66% to Rs 141.10 crore.  Share of profit/loss were nil in both the periods.  Extraordinary items were increased to Rs -13.50 crore.  Provision for tax was credit of Rs 9.2 crore, compared to debit of Rs 7.7 crore.  Effective tax rate was negative 7.21% compared to 7.95%.

Net profit attributable to owners of the company increased 349.36% to Rs 141.10 crore.  

Promoters' stake was 44.68% as of 30 June 2026 ,compared to 54.45% as of 30 June 2025 .  

Full year results analysis.

Net sales (including other operating income) of Biocon has increased 10.91% to Rs 16927 crore.  Sales of Generics segment has gone down 4.71% to Rs 2,875.40 crore (accounting for 16.87% of total sales).  Sales of Biosimilars segment has gone up 15.68% to Rs 10,431.20 crore (accounting for 61.20% of total sales).  Sales of Services segment has gone up 2.64% to Rs 3,738.70 crore (accounting for 21.93% of total sales).  Inter-segment sales came down from Rs 415.60 crore to Rs 118.30 crore.  

Profit before interest, tax and other unallocable items (PBIT) has slumped 56.12% to Rs 877.30 crore.  PBIT of Generics reported loss of Rs 280.30 crore compared to profit of Rs 175.50 crore.  PBIT of Biosimilars segment fell 43.98% to Rs 670.10 crore (accounting for 76.38% of total PBIT).  PBIT of Services segment fell 22.36% to Rs 487.50 crore (accounting for 55.57% of total PBIT).  

PBIT margin of Generics segment fell from 5.82% to 9.75%.  PBIT margin of Biosimilars segment fell from 13.26% to 6.42%.  PBIT margin of Services segment fell from 17.24% to 13.04%.  Overall PBIT margin fell from 12.75% to 5.15%.  

Operating profit margin has declined from 20.75% to 20.41%, leading to 9.13% rise in operating profit to Rs 3,455.30 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 28.57% to 29.52%.   Purchase of finished goods cost rose from 4.19% to 7.62%.   Employee cost decreased from 21.01% to 19.62%.   Other expenses fell from 25.08% to 23.90%.   Preoperation capitalised expenses fell from 0.99% to 0.64%.   

Other income fell 71.65% to Rs 342.5 crore.  PBIDT fell 13.18% to Rs 3797.8 crore.  Provision for interest rose 10.35% to Rs 990.3 crore.  Loan funds declined from Rs 18,362.00 crore as of 31 March 2025 to Rs 15,434.10 crore as of 31 March 2026.  Inventories rose to Rs 6,085.70 crore as of 31 March 2026 from Rs 4,931.10 crore as of 31 March 2025.  Sundry debtors were higher at Rs 5,986.80 crore as of 31 March 2026 compared to Rs 5,487.90 crore as of 31 March 2025.  Cash and bank balance declined from Rs 4,120.20 crore as of 31 March 2025 to Rs 3,193.60 crore as of 31 March 2026.  Investments rose to Rs 1,779.10 crore as of 31 March 2026 from Rs 1,127.00 crore as of 31 March 2025 .  

PBDT fell 19.26% to Rs 2807.5 crore.  Provision for depreciation rose 15.99% to Rs 1956.7 crore.  Fixed assets declined from Rs 23,686.00 crore as of 31 March 2025 to Rs 14,663.50 crore as of 31 March 2026.  Intangible assets increased from Rs 16,785.70 crore to Rs 28,809.10 crore.  

Profit before tax down 52.47% to Rs 850.80 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 79.1 crore, compared to Rs 457.2 crore.  Effective tax rate was 17.66% compared to 24.23%.

Net profit attributable to owners of the company decreased 61.95% to Rs 385.60 crore.  

Equity capital increased from Rs 600.30 crore as of 31 March 2025 to Rs 810.50 crore as of 31 March 2026.  Per share face Value remained same at Rs 5.00.  

Promoters' stake was 44.91% as of 31 March 2026 ,compared to 60.64% as of 31 March 2025 .  

Cash flow from operating activities decreased to Rs 1,994.00 crore for year ended March 2026 from Rs 4,061.20 crore for year ended March 2025.  Cash flow used in acquiring fixed assets during the year ended March 2026 stood at Rs 1,911.70 crore, compared to Rs 2,343.30 crore during the year ended March 2025.  

Other Highlights

In Q1 FY27, Generics segment grew 21% YoY, Biosimilars up 16% YoY, and Research services down 16% YoY.

In Q1 FY27, Biopharma segment contributed 83% to revenue, and services 17%.

R&D investments for Q1 FY27 stood at Rs 240 crore.

The company Signed MoU with BRIC-Translational Health Science and Technology Institute (THSTI) for early and late-phase clinical development, translational research, and bioanalytical sciences. The collaboration will enable the evaluation and execution of First-in-Human (FIH) and Phase I clinical programs, along with bioanalytical, biomarker and patient-based clinical research programs.

Management Comments :
Kiran Mazumdar-Shaw, Chairperson, Biocon Group said, 'Biocon has entered FY27 with a clear focus on translating our strategic investments into sustainable growth and long-term value creation. A favourable policy environment for biosimilars together with our expanded manufacturing capabilities in the U.S. reinforce our confidence in the long-term opportunities across North America, our biggest market. We also remain confident that the investments in new capabilities at our research services business will support its next phase of growth.'

Shreehas Tambe, CEO & Managing Director, Biocon Biologics said, 'Biocon delivered a resilient performance in Q1FY27, reporting consolidated revenue from operations growth of 10% year-on-year to Rs 4,336 crore and EBITDA of Rs 902 crore. This reflects the strength of our diversified portfolio and disciplined commercial execution. In FY27, we have successfully launched Bosaya'? and Aukelso'? (biosimilar Denosumab), Yesafili'? (biosimilar Aflibercept), and generic Liraglutide, further strengthening our presence in the U.S. market. We also secured regulatory approval from the European Medicines Agency (EMA) for our new drug product fill-finish plant for insulins in Malaysia, unlocking additional manufacturing capacity. Our focus on balance sheet optimization reduced interest costs by 23% year-on-year. We expect growth momentum to accelerate through the year, driving a stronger second-half performance.'

Siddharth Mittal, CEO & Managing Director, Syngene International said, 'As I take charge of Syngene, amid headwinds that the Company is currently navigating, I look forward to working closely with the Board and our leadership team to sharpen our focus and translate our priorities into tangible business outcomes that will provide a strong foundation for long-term growth. My immediate priorities are to sharpen our commercial execution, strengthen delivery across our businesses, and build a more agile, cost-competitive organization. At the same time, we will continue to invest in CDMO, AI, innovation and differentiated scientific capabilities that will strengthen our competitive position.'

 

Biocon : Consolidated Results

Quarter ended Year ended Particulars 202606 202506 Var.(%) 202603 202503 Var.(%) Net Sales (including other operating income) 4,336.00 3,941.90 10.00 16,927.00 15,261.70 10.91 OPM (%) 19.54 19.43 10 bps 20.41 20.75 -33 bps OP 847.20 766.10 10.59 3,455.30 3,166.30 9.13 Other Inc. 54.50 79.70 -31.62 342.50 1,208.20 -71.65 PBIDT 901.70 845.80 6.61 3,797.80 4,374.50 -13.18 Interest 213.20 276.70 -22.95 990.30 897.40 10.35 PBDT 688.50 569.10 20.98 2,807.50 3,477.10 -19.26 Depreciation 547.4 455 20.31 1956.7 1687 15.99 PBT 141.10 114.10 23.66 850.8 1790.1 -52.47 Share of Profit/(Loss) from Associates 0 0 - 0 0 - PBT before EO 141.1 114.1 23.66 850.8 1790.1 -52.47 EO Income -13.5 -17.2 21.51 -402.9 96.5 PL PBT after EO 127.6 96.9 31.68 447.9 1886.6 -76.26 Taxation -9.2 7.7 LP 79.1 457.2 -82.70 PAT 136.8 89.2 53.36 368.8 1429.4 -74.20 Minority Interest (MI) -4.3 57.8 LP -16.8 416.1 LP Net profit 141.1 31.4 349.36 385.6 1013.3 -61.95 P/(L) from discontinued operations net of tax 0 0 - 0 0 - Net profit after discontinued operations 141.1 31.4 349.36 385.6 1013.3 -61.95 EPS (Rs)* 0.89 0.23 293.67 4.49 5.90 -23.82 * EPS is on current equity of Rs 814.85 crore, Face value of Rs 5, Excluding extraordinary items. # EPS is not annualised bps : Basis points EO : Extraordinary items Figures in Rs crore Source: Capitaline Corporate Database

Biocon : Consolidated Segment Results

Quarter ended Year ended % of (Total) 202606 202506 Var.(%) % of (Total) 202603 202503 Var.(%) Sales Generics 17.46 759.70 630.30 20.53 16.87 2,875.40 3,017.50 -4.71 Biosimilars 65.63 2,855.60 2,457.80 16.19 61.20 10,431.20 9,017.40 15.68 Novel Biologics 0.00 0.00 0.00 - Services 16.91 736.00 874.50 -15.84 21.93 3,738.70 3,642.40 2.64 Total Reported Sales 100.00 4,351.30 3,962.60 9.81 100.00 17,045.30 15,677.30 8.73 Less: Inter segment revenues   15.30 20.70 -26.09   118.30 415.60 -71.54 Net Sales 100.00 4,336.00 3,941.90 10.00 100.00 16,927.00 15,261.70 10.91 PBIT Generics -22.92 -30.90 -101.60 69.59 -31.95 -280.30 175.50 PL Biosimilars 127.15 171.40 166.70 2.82 76.38 670.10 1,196.10 -43.98 Novel Biologics 0.00 0.00 0.00 - Services -4.23 -5.70 101.30 PL 55.57 487.50 627.90 -22.36 Total PBIT 100.00 134.80 166.40 -18.99 100.00 877.30 1,999.50 -56.12 Less : Interest 0.00 0.00 - 0.00 0.00 - Add: Other un-allcoable 6.30 -52.30 LP -26.50 -209.40 87.34 PBIT Margin(%) Generics   -4.07 -16.12 1,205.19   -9.75 5.82 -1,556.43 Biosimilars   6.00 6.78 -78.02   6.42 13.26 -684.04 Novel Biologics   0.00 0.00 0.00 Services   -0.77 11.58 -1,235.82   13.04 17.24 -419.93 PBT 100.00 141.10 114.10 23.66 100.00 850.80 1,790.10 -52.47

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