BIOCON · Healthcare · filed 4 Nov 2026
Biocon Ltd. reported revenue of ₹631 cr for July to September 2026, +8.1% on the year and +1.0% on the quarter.
Operating profit (EBITDA) was ₹89.2 cr, a margin of 14.1%, +508 bps on the year and +441 bps on the quarter. Operating costs grew +2.1% against revenue growth of +8.1%, so more of each rupee of sales reached operating profit.
Net profit was ₹91.7 cr, +29.3% on the year and +75.7% on the quarter, with earnings per share of ₹0.56.
Of the 13 companies in Pharmaceuticals that have reported Q2 FY27 so far, Biocon Ltd. ranks 10th on revenue growth; the sector median is +12.9%. Its margin moved +508 bps on the year against a sector median of +4 bps.
Pharma quarters swing with US generic launches and price erosion, while India formulations grow more steadily. Currency gains and other income can be material, so headline profit needs a check against operating profit.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Results filing
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Cash behind the profit, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹1,130 cr | ₹1,003 cr | ▲ 12.6% |
| Inventory | ₹1,013 cr | ₹875 cr | ▲ 15.8% |
| Cash | ₹48.1 cr | ₹91.4 cr | ▼ 47.4% |
| Bank balances | ₹48.6 cr | ₹0.3 cr | ▲ 16,100.0% |
| Short-term borrowings | ₹1,325 cr | ₹1,057 cr | ▲ 25.4% |
| Trade payables | ₹707 cr | ₹589 cr | ▲ 20.0% |
| Net block | ₹1,210 cr | ₹1,281 cr | ▼ 5.5% |
| Capital work in progress | ₹563 cr | ₹523 cr | ▲ 7.7% |
| Equity | ₹27,385 cr | ₹27,080 cr | ▲ 1.1% |
| Total assets | ₹29,871 cr | ₹29,271 cr | ▲ 2.0% |
Receivables at 164 days of sales (+8 days against the last year end). Inventory at 147 days of sales (+11 days).
Other matter: “The accompanying Statement includes the unaudited interim financial results/statements and other financial information, in respect of a subsidiary, whose unaudited interim financial results (before consolidation adjustments) include total assets of Rs. 57,569 million as at September 30, 2026, total revenues… Read in full
The accompanying Statement includes the unaudited interim financial results/statements and other financial information, in respect of a subsidiary, whose unaudited interim financial results (before consolidation adjustments) include total assets of Rs. 57,569 million as at September 30, 2026, total revenues of Rs. 5,609 million and Rs. 11,748 million, total net profit after tax of Rs. 855 million and Rs. 2,079 million, total comprehensive income of Rs. 855 million and Rs. 2,079 million, for the quarter ended September 30, 2026 and the half year ended on that date, respectively and net cash outflows of Rs. 90 million for the period from April 01, 2026 to September 30, 2026, as considered in the Statement which have been reviewed by its independent auditor.
Filing p. limited review report
₹0.0 cr still unused. “Raised ₹4,150.00 crore via QIP in Q4 FY26 to acquire BBL equity shares from Mylan Inc., acquire CCDs from Edelweiss and general corporate purposes, fully utilised with nil deviation.”
Noted the resignation of Dr. Mandar Shrikant Ghatnekar as Chief Technology Officer w.e.f. December 31, 2026, and approved the appointment of Mr. Mukesh Rathi as Chief Technology Officer w.e.f. January 01, 2027. (p. release p.1, outcome letter p.1)
Board of Directors of Syngene International Limited approved the voluntary liquidation of its wholly owned subsidiary, Syngene Manufacturing Limited (SMSL). (p. note 15)
Tax: Consolidated tax credit of ₹1.90 crore (current tax charge ₹30.80 crore offset by deferred tax credit ₹32.70 crore) on Profit before tax of ₹54.80 crore
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| R&D, % of sales | 5.4% | — | 5.84% |
| Gross margin | 65.34% | 66.08% | 63.98% |
| Biopharma Segment Revenue (₹ crore) | 3,583 | 3,615 | 3,422 |
| Biosimilars Segment Revenue (₹ crore) | 2,809 | 2,856 | 2,721 |
| Generics Segment Revenue (₹ crore) | 774.4 | 759.7 | 701.3 |
| Services Segment Revenue (Syngene) (₹ crore) | 832.7 | 736 | 910.6 |
Worked out from filed numbers. Biopharma Segment Revenue: Combined Biosimilars (₹2,808.60 crore) and Generics (₹774.40 crore) revenue · Biosimilars Segment Revenue: Consolidated Biosimilars revenue (Rs. 28,086 million converted to ₹ crore) · Generics Segment Revenue: Consolidated Generics revenue (Rs. 7,744 million converted to ₹ crore) · Services Segment Revenue (Syngene): Consolidated Services revenue (Rs. 8,327 million converted to ₹ crore)
Received MHRA (UK) approval in addition to EMA approval for second drug product fill-finish line for Insulin Glargine at Malaysia facility; commercial supplies underway.
Regulatory approvals expand operational fill-finish capacity to support global demand.
Interest cost declined 12% YoY to ₹240 crore while Biopharma revenue increased 5% YoY to ₹3,583 crore, helping offset competitive price erosion in select product markets.
Revenue growth across biosimilars and generics mitigates ongoing generic pricing pressure.
Portfolio is well-diversified across 12 commercialized biosimilars, 30+ generic formulations, and research services across multiple therapeutic areas.
No single-product concentration risk across Biopharma and Services segments.
Read using the Pharmaceuticals framework (named in the filing read). Primary valuation lens: P/E excluding one-time exclusivity gains.
Read more closely in this sector: Status of each US-filed plant · Price erosion stated · One-product dependence.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| Pertuzumab PDP Partnership Value in Brazil | 400.00 | 10-year contract | unchanged or first given |
| Biosimilar Research and Development Pipeline | 20 | Pipeline target | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Biosimilars | ₹2,809 cr | ▲ 3.2% | ₹32.5 cr | ▼ 80.6% |
| Generics | ₹774 cr | ▲ 10.4% | −₹30.4 cr | — |
| Services | ₹833 cr | ▼ 8.6% | ₹53.7 cr | ▼ 37.0% |
| Q2 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|
| Revenue | ₹583 cr | ₹625 cr | ₹631 cr |
| YoY | — | — | +8% |
| EBITDA margin | 9.1% | 9.7% | 14.1% |
| Other income, % of PBT | 156% | 93% | 76% |
| Exceptional items | — | — | — |
| Tax rate | 17% | 25% | 23% |
| Net profit | ₹70.9 cr | ₹52.2 cr | ₹91.7 cr |
| YoY | — | — | +29% |
| Core profit YoY | — | — | — |
| EPS | ₹0.55 | ₹0.32 | ₹0.56 |
| Flags | 1 | 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 ₹631 cr (+8.1% on the year) and net profit of ₹91.7 cr (+29.3% on the year) for July to September 2026.
1 check raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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