BIOCON · Healthcare
Biocon Ltd. reported revenue of ₹4,517 cr for January to March 2026, +2.3% on the year and +8.2% on the quarter. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹16,928 cr, +10.9% on the four before.
Operating profit (EBITDA) was ₹1,020 cr, a margin of 22.6%, −182 bps on the year and +260 bps on the quarter. Over the last 8 quarters the margin has ranged from 18.1% to 24.4%, averaging 20.3%. Operating costs grew +4.7%, faster than revenue at +2.3%, so operating profit grew less than sales.
Net profit was ₹199 cr, −56.6% on the year and — on the quarter, with earnings per share of ₹0.78. Profit before other income, one-offs and tax grew faster, at −35.8%; other income, one-offs or tax held the headline back. The tax rate of 20% is in line with its recent average. Profit over the last four quarters totals ₹369 cr, −74.2% on the four before.
On earnings per share of ₹2.72 over the last four quarters, the stock at ₹349.20 trades at 128.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin slipped on the year.
EBITDA margin 22.6%, −182 bps on the year (+260 bps on the quarter).
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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 ₹4,517 cr (+2.3% on the year) and net profit of ₹199 cr (−56.6% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved −35.8% on the year, against −56.6% for reported profit.
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