BIOCON · Healthcare
Biocon Ltd. reported revenue of ₹4,336 cr for April to June 2026, +10.0% on the year and −4.0% on the quarter. That is in line with how this quarter has grown in recent years (+7.6% on average). Over the last four quarters revenue comes to ₹17,322 cr, +9.8% on the four before.
Operating profit (EBITDA) was ₹847 cr, a margin of 19.5%, +10 bps on the year and −305 bps on the quarter. Over the last 8 quarters the margin has ranged from 19.1% to 24.4%, averaging 20.5%. Operating costs grew +9.9%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹137 cr, +53.9% on the year and −31.2% on the quarter, with earnings per share of ₹0.87. Profit before other income, one-offs and tax grew faster, at +148.6%; other income, one-offs or tax held the headline back. The tax rate was −7% against an average of 22% over the previous 6 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹417 cr, −36.4% on the four before.
On earnings per share of ₹3.36 over the last four quarters, the stock at ₹349.20 trades at 103.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
A tax credit added to profit this quarter. Deferred tax recognised, or a reversal?
Profit before tax ₹128 cr; tax −₹9.0 cr, a credit.
Source: Quarterly statements
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +53.9% on the year; profit before other income, exceptional items and tax +148.6%.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹3,462 cr | ₹3,954 cr | ₹3,917 cr | ₹3,433 cr | ₹3,590 cr | ₹3,821 cr | ₹4,417 cr | ₹3,942 cr | ₹4,296 cr | ₹4,173 cr | ₹4,517 cr | ₹4,336 cr |
| YoY | — | — | — | +0% | +4% | −3% | +13% | +15% | +20% | +9% | +2% | +10% |
| EBITDA margin | 20.7% | 22.8% | 23.3% | 18.1% | 19.1% | 19.7% | 24.4% | 19.4% | 19.4% | 20.0% | 22.6% | 19.5% |
| Other income, % of PBT | 63% | 73% | 13% | 102% | 59% | 34% | 12% | 64% | 47% | — | −11% | 32% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 19% | 7% | 30% | 25% | 72% | 48% | 6% | 8% | 22% | — | 20% | −7% |
| Net profit | ₹173 cr | ₹753 cr | ₹223 cr | ₹862 cr | ₹27.0 cr | ₹81.0 cr | ₹459 cr | ₹89.0 cr | ₹133 cr | −₹52.0 cr | ₹199 cr | ₹137 cr |
| YoY | — | — | — | +479% | −84% | −89% | +106% | −90% | +393% | −164% | −57% | +54% |
| Core profit YoY | — | — | — | −122% | −50% | −53% | +54% | — | +125% | +5% | −36% | +149% |
| EPS | ₹1.05 | ₹5.50 | ₹1.13 | ₹5.49 | −₹0.13 | ₹0.21 | ₹2.87 | ₹0.23 | ₹0.63 | ₹1.08 | ₹0.78 | ₹0.87 |
| Flags | 1 | 2 | · | 2 | 1 | 1 | 2 | 2 | 2 | 1 | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Biocon Ltd. reported revenue of ₹4,336 cr (+10.0% on the year) and net profit of ₹137 cr (+53.9% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved +148.6% on the year, against +53.9% for reported profit.
1 check raised a question: A tax credit added to profit this quarter. Deferred tax recognised, or a reversal?
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