# Biocon (BIOCON) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/biocon

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹365.1
- Change: +0.86%
- As of: 2026-11-06
- 1D return: +0.86%
- 5D return: +3.78%
- 1M return: +4.31%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

BIOCON closed at ₹362.0 on 5 November 2026, following an extreme upward gap of +5.1% that pushed the stock to the upper end of its 20-day trading range (+94.8%). Daily momentum is established (ADX 35.32), with price holding above the 20-period EMA and SMA while remaining below key longer-term averages (50-period and 200-period SMAs). This creates a mixed signal: short-term bullish structure against a broader weekly bearish trend (Supertrend bearish, ADX 26.02) and monthly weakness (ADX 11.9). Participation was high on 4 November (volume ratio 3.12) before the gap-up. The stock trades near immediate resistance at ₹362.03 and faces support at ₹355.52 (-1.79%) and ₹349.98 (-3.32%). With annualized volatility at 29.5% and a current drawdown of -17.9%, the setup requires confirmation via sustained closes above recent highs to validate a reversal from the longer-term downtrend.

- Extreme Upward Gap: +5.1% move on 5 Nov 2026 (z-score 5.56) drove price to ₹362.0, near 20-day range peak (+94.8%).
- Mixed Timeframe Structure: Daily trend is bullish (price above 20/50 EMAs, Supertrend bullish), but weekly and monthly trends remain bearish or weak (price below major SMAs, weekly Supertrend bearish).
- Key Levels: Immediate resistance at ₹362.03; next resistance at ₹372.34 (+2.86%). Support at ₹355.52 (-1.79%) and ₹349.98 (-3.32%).
- Risk & Volatility: Annualized volatility is 29.5%; current drawdown is -17.9% from available high. High participation noted on 4 Nov (volume ratio 3.12).

- Doji
- Bullish Engulfing Reversal
- Inside Bar

### News Context

Biocon Ltd reported a 57.3% decline in consolidated net profit to ₹56.7 crore for the September quarter of FY27, primarily due to a $20 million revenue recognition delay caused by logistical and geopolitical disruptions that shifted shipments to October. Despite this quarterly setback, the company forecasts a stronger second half of FY27 driven by four growth engines: rising insulin sales, ramping US biosimilars Ustekinumab and Aflibercept, and the upcoming launch of Pertuzumab in Europe and Brazil. This follows broader sector momentum, with India’s pharmaceutical index up 27% year-to-date in 2026, though analysts caution that valuations may limit further market-beating gains.

- {'metric': 'Q2 FY27 Net Profit', 'significance': 'Driven by a $20 million revenue recognition delay from geopolitical/logistical issues; delayed revenue expected in Q3.', 'value': '₹56.7 crore (down 57.3% YoY)'}
- {'drivers': 'Rising insulin sales, US biosimilars (Ustekinumab, Aflibercept), and Pertuzumab launch in Europe/Brazil.', 'metric': 'H2 FY27 Outlook', 'value': 'Stronger performance anticipated'}
- {'metric': 'Sector Context', 'note': 'Analysts view rally as sustainable but warn valuations may cap further outperformance relative to other sectors.', 'value': 'Pharma sector index +27% YTD in 2026'}

- [Pills are paying off! Pharma stocks lead 2026 rally with up to 112% return](https://economictimes.indiatimes.com/markets/stocks/news/pills-are-paying-off-pharma-stocks-lead-2026-rally-with-up-to-112-return/articleshow/135561757.cms)
- [Biocon's Q2 net profit plunges 57% to Rs 56.7 cr; biosimilars launch to fuel stronger H2](https://www.rediff.com/business/report/biocon-q2-net-profit-falls-57-to-rs-567-cr-biosimilars-launch-to-drive-stronger-h2-fy27/20261104.htm)
- [Biocon banks on new biosimilar launches, insulin franchise to drive stronger H2 FY27](https://www.moneycontrol.com/news/business/earnings/biocon-banks-on-new-biosimilar-launches-insulin-franchise-to-drive-stronger-h2-fy27-14070346.html)
- [Biocon forecasts stronger second half of FY27 with multiple growth drivers despite Q2 profit decline](https://economictimes.indiatimes.com/industry/healthcare/biotech/pharmaceuticals/biocon-forecasts-stronger-second-half-of-fy27-with-multiple-growth-drivers-despite-q2-profit-decline/articleshow/135541350.cms)
- [FIIs invest over ₹20,000 crore in four days as markets rise for fifth straight session](https://www.cnbctv18.com/market/fiis-invest-over-rs20000-crore-in-four-days-as-markets-rise-for-fifth-straight-session-20027245.htm)

### Official Filings

Biocon Limited disclosed unaudited financial results for the quarter and half-year ended September 30, 2026, alongside significant operational updates. For Q2 FY27, consolidated revenue from operations was ₹4,389 million with a net profit of ₹567 million (standalone) or ₹41 crore (consolidated per press release). The company secured a landmark 10-year biosimilar Pertuzumab partnership in Brazil valued at approximately USD 400 million and achieved a global patent settlement with Genentech for Pebrilzo®. Leadership changes include the resignation of Chief Technology Officer Dr. Mandar Shrikant Ghatnekar effective December 31, 2026, and the appointment of Mr. Mukesh Rathi as CTO effective January 1, 2027. Additionally, Biocon announced the withholding of its final dividend of ₹0.50 per share for FY 2025-26 for shareholders with incomplete KYC details.

- Q2 FY27 Financials: Consolidated revenue from operations stood at ₹4,389 million with a reported net profit of ₹41 crore; H1 revenue was ₹8,725 million with a net profit of ₹182 crore.
- Strategic Partnership: Secured a 10-year Pertuzumab PDP partnership in Brazil with a total contract value of approximately USD 400 million.
- Leadership Transition: CTO Dr. Mandar Shrikant Ghatnekar resigns on December 31, 2026; Mr. Mukesh Rathi appointed as new CTO effective January 1, 2027.
- Dividend Update: Final dividend of ₹0.50 per equity share for FY 2025-26 is being withheld for shareholders with incomplete KYC or bank details.

- [Biocon Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/BIOCON_05112026151910_NewspaperAd_Financials.pdf)
- [Biocon Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/BIOCON_04112026131527_BMOutcome.pdf)
- [Biocon Limited has informed the Exchange regarding a press release dated November 04, 2026, titled "Press Release on financial results for the quarter and half-year ended September 30, 2026". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/BIOCON_04112026132336_Press_Release.pdf)
- [Biocon Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/BIOCON_04112026150858_Presentation.pdf)
- [Biocon Limited has informed the Exchange about Communication regarding withholding of final dividend for the FY 2025-26 |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/BIOCON_04112026162937_SE_Intimation.pdf)
- [Biocon Limited has informed the Exchange about Resignation of Director/KMP/SMP |SUBJECT: Resignation of Director/KMP/SMP](https://nsearchives.nseindia.com/corporate/BIOCON_ROID_103428_KMP_Doc.zip)
- [Biocon Limited has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_2181_WebXMLFile_20261104_163626503.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753001_04112026070703_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753000_04112026070636_WEB.xml)
- [Biocon Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/BIOCON_04112026205126_Earning_Calls_outcome.pdf)

### Fundamentals

Biocon’s FY2026-27 trajectory shows a divergence between top-line growth and bottom-line compression. Revenue rose sequentially from ₹4,336 crore in Q1 to ₹4,389 crore in Q2, yet net profit fell sharply from ₹137 crore to ₹56.7 crore. This contraction stems from rising expenses (₹4,249 crore to ₹4,362 crore) and higher finance costs (₹213 crore to ₹240 crore), which compressed Profit Before Tax from ₹128 crore to ₹54.8 crore.

Longer-term trends reinforce caution: while sales grew 10% TTM, compounded profit growth over three years remains negative at -15%. Return on Equity has declined to 1% for the last year, and ROCE dropped to 4% in Mar 2026. Cash conversion efficiency weakened significantly, with CFO/EBITDA falling to 64% in Mar 2026 from 139% the prior year. Balance-sheet leverage is shifting; while current borrowings decreased to ₹4,083 crore as of Sep 2026, non-current borrowings increased to ₹11,027 crore, and cash reserves halved from ₹4,275 crore to ₹2,204 crore over the same period. Promoter holding also diluted substantially from 60.64% to 44.68% by Sep 2026.

- Q2 FY2026-27 revenue increased to ₹4,389 crore, but net profit contracted to ₹56.7 crore due to rising expenses and finance costs.
- Cash conversion quality deteriorated, with CFO/EBITDA dropping to 64% in Mar 2026 from 139% in Mar 2025.
- Liquidity tightened as cash reserves fell to ₹2,204 crore (Sep 2026) while non-current borrowings rose to ₹11,027 crore.
- Promoter stake diluted to 44.68% by Sep 2026, while DIIs and FIIs increased their holdings to 29.22% and 8.64% respectively.

### Bull Case

Biocon’s constructive case rests on a clear distinction between temporary operational headwinds and underlying business momentum. While Q2 FY27 net profit fell 57% to ₹56.7 crore due to a $20 million revenue recognition delay caused by geopolitical logistics issues, the company has explicitly forecasted a stronger second half of FY27. This anticipated recovery is driven by four specific growth engines: rising insulin sales, ramping US biosimilars (Ustekinumab and Aflibercept), and upcoming Pertuzumab launches in Europe and Brazil. Crucially, the delayed revenue is expected to be booked in Q3, providing a near-term earnings inflection point.

Technically, the stock presents a mixed but potentially stabilizing picture. The daily Supertrend remains bullish with an ADX of 35.32, suggesting underlying trend strength despite recent volatility. However, the weekly Supertrend is bearish, and the stock trades within a significant drawdown (-17.9% current, -26.6% maximum). The constructive interpretation hinges on the successful realization of the H2 FY27 catalysts and the rebooking of delayed revenues, which could support a technical rebound from the current ₹362 level toward resistance at ₹372.

- H2 FY27 Growth Engines: Management anticipates stronger performance driven by insulin franchise expansion, US biosimilars (Ustekinumab, Aflibercept), and Pertuzumab launches in Europe/Brazil.
- Q3 Revenue Rebooking: The $20 million revenue recognition delay from Q2 is expected to be booked in Q3 FY27, potentially boosting next-quarter profitability.
- Daily Technical Strength: Daily Supertrend is bullish (ADX 35.32) with close at ₹362, contrasting with a bearish weekly Supertrend and a -17.9% current drawdown.
- Sector Tailwinds: India’s pharma sector index rose 27% YTD in 2026, supported by resilient domestic demand and improving US margins, providing a favorable industry backdrop.

- [Pills are paying off! Pharma stocks lead 2026 rally with up to 112% return](https://economictimes.indiatimes.com/markets/stocks/news/pills-are-paying-off-pharma-stocks-lead-2026-rally-with-up-to-112-return/articleshow/135561757.cms)
- [Biocon's Q2 net profit plunges 57% to Rs 56.7 cr; biosimilars launch to fuel stronger H2](https://www.rediff.com/business/report/biocon-q2-net-profit-falls-57-to-rs-567-cr-biosimilars-launch-to-drive-stronger-h2-fy27/20261104.htm)
- [Biocon banks on new biosimilar launches, insulin franchise to drive stronger H2 FY27](https://www.moneycontrol.com/news/business/earnings/biocon-banks-on-new-biosimilar-launches-insulin-franchise-to-drive-stronger-h2-fy27-14070346.html)
- [Biocon forecasts stronger second half of FY27 with multiple growth drivers despite Q2 profit decline](https://economictimes.indiatimes.com/industry/healthcare/biotech/pharmaceuticals/biocon-forecasts-stronger-second-half-of-fy27-with-multiple-growth-drivers-despite-q2-profit-decline/articleshow/135541350.cms)
- [FIIs invest over ₹20,000 crore in four days as markets rise for fifth straight session](https://www.cnbctv18.com/market/fiis-invest-over-rs20000-crore-in-four-days-as-markets-rise-for-fifth-straight-session-20027245.htm)
- [Biocon Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/BIOCON_05112026151910_NewspaperAd_Financials.pdf)
- [Biocon Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/BIOCON_04112026131527_BMOutcome.pdf)
- [Biocon Limited has informed the Exchange regarding a press release dated November 04, 2026, titled "Press Release on financial results for the quarter and half-year ended September 30, 2026". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/BIOCON_04112026132336_Press_Release.pdf)
- [Biocon Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/BIOCON_04112026150858_Presentation.pdf)
- [Biocon Limited has informed the Exchange about Communication regarding withholding of final dividend for the FY 2025-26 |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/BIOCON_04112026162937_SE_Intimation.pdf)

### Bear Case

Biocon faces near-term operational and valuation headwinds. Consolidated net profit plunged 57.3% to ₹56.7 crore in the September quarter of FY27, driven by a $20 million revenue recognition delay caused by geopolitical and logistical disruptions that shifted shipments to October. This quarterly setback is compounded by a deteriorating technical setup: the stock has declined 14.9% over three months and sits 17.9% below its recent peak, with a maximum historical drawdown of 26.6%. While the broader pharmaceutical sector rallied up to 112% year-to-date, Biocon’s year-to-date return remains negative at -6.6%, indicating relative underperformance. The weekly trend indicator is bearish, suggesting persistent selling pressure despite a bullish monthly signal.

- Q2 FY27 consolidated net profit fell 57.3% to ₹56.7 crore due to a $20 million revenue recognition delay from geopolitical/logistical issues.
- Stock performance lags the sector: Biocon is down 14.9% over three months and -6.6% year-to-date, while pharma stocks gained up to 112%.
- Technical indicators show weakness with a current drawdown of -17.9%, a maximum drawdown of -26.6%, and a bearish weekly trend direction.
- Management attributes the profit decline to delayed shipments expected to be booked in Q3, but immediate earnings visibility remains constrained.

- [Pills are paying off! Pharma stocks lead 2026 rally with up to 112% return](https://economictimes.indiatimes.com/markets/stocks/news/pills-are-paying-off-pharma-stocks-lead-2026-rally-with-up-to-112-return/articleshow/135561757.cms)
- [Biocon's Q2 net profit plunges 57% to Rs 56.7 cr; biosimilars launch to fuel stronger H2](https://www.rediff.com/business/report/biocon-q2-net-profit-falls-57-to-rs-567-cr-biosimilars-launch-to-drive-stronger-h2-fy27/20261104.htm)
- [Biocon banks on new biosimilar launches, insulin franchise to drive stronger H2 FY27](https://www.moneycontrol.com/news/business/earnings/biocon-banks-on-new-biosimilar-launches-insulin-franchise-to-drive-stronger-h2-fy27-14070346.html)
- [Biocon forecasts stronger second half of FY27 with multiple growth drivers despite Q2 profit decline](https://economictimes.indiatimes.com/industry/healthcare/biotech/pharmaceuticals/biocon-forecasts-stronger-second-half-of-fy27-with-multiple-growth-drivers-despite-q2-profit-decline/articleshow/135541350.cms)
- [FIIs invest over ₹20,000 crore in four days as markets rise for fifth straight session](https://www.cnbctv18.com/market/fiis-invest-over-rs20000-crore-in-four-days-as-markets-rise-for-fifth-straight-session-20027245.htm)
- [Biocon Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/BIOCON_05112026151910_NewspaperAd_Financials.pdf)
- [Biocon Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/BIOCON_04112026131527_BMOutcome.pdf)
- [Biocon Limited has informed the Exchange regarding a press release dated November 04, 2026, titled "Press Release on financial results for the quarter and half-year ended September 30, 2026". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/BIOCON_04112026132336_Press_Release.pdf)
- [Biocon Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/BIOCON_04112026150858_Presentation.pdf)
- [Biocon Limited has informed the Exchange about Communication regarding withholding of final dividend for the FY 2025-26 |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/BIOCON_04112026162937_SE_Intimation.pdf)

### FAQs

**Why did Biocon's Q2 FY27 net profit decline significantly despite revenue growth?**

Biocon reported a 57.3% year-on-year drop in consolidated net profit to ₹56.7 crore for the September quarter of FY27. This decline was primarily driven by a USD 20 million revenue recognition delay caused by logistical and geopolitical disruptions, which shifted shipments to October. The company anticipates booking this delayed revenue in the third quarter.

**What are Biocon's primary growth drivers expected to strengthen performance in H2 FY27?**

Management forecasts a stronger second half of FY27 based on four key engines: rising insulin sales, ramping US biosimilars (Ustekinumab and Aflibercept), and the upcoming launch of Pertuzumab in Europe and Brazil. Additionally, Biocon secured a landmark 10-year biosimilar Pertuzumab partnership in Brazil valued at approximately USD 400 million.

**How has Biocon's stock price performed relative to its recent technical levels?**

As of November 5, 2026, Biocon closed at ₹362.00, reflecting a +5.1% one-day return but a -6.6% year-to-date decline. The stock faces immediate resistance near ₹362.03 and support at ₹355.52. While the daily Supertrend is bullish, the weekly trend remains bearish, with the stock currently trading 17.9% below its recent peak.

- [Pills are paying off! Pharma stocks lead 2026 rally with up to 112% return](https://economictimes.indiatimes.com/markets/stocks/news/pills-are-paying-off-pharma-stocks-lead-2026-rally-with-up-to-112-return/articleshow/135561757.cms)
- [Biocon's Q2 net profit plunges 57% to Rs 56.7 cr; biosimilars launch to fuel stronger H2](https://www.rediff.com/business/report/biocon-q2-net-profit-falls-57-to-rs-567-cr-biosimilars-launch-to-drive-stronger-h2-fy27/20261104.htm)
- [Biocon banks on new biosimilar launches, insulin franchise to drive stronger H2 FY27](https://www.moneycontrol.com/news/business/earnings/biocon-banks-on-new-biosimilar-launches-insulin-franchise-to-drive-stronger-h2-fy27-14070346.html)
- [Biocon forecasts stronger second half of FY27 with multiple growth drivers despite Q2 profit decline](https://economictimes.indiatimes.com/industry/healthcare/biotech/pharmaceuticals/biocon-forecasts-stronger-second-half-of-fy27-with-multiple-growth-drivers-despite-q2-profit-decline/articleshow/135541350.cms)
- [FIIs invest over ₹20,000 crore in four days as markets rise for fifth straight session](https://www.cnbctv18.com/market/fiis-invest-over-rs20000-crore-in-four-days-as-markets-rise-for-fifth-straight-session-20027245.htm)
- [Biocon Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/BIOCON_05112026151910_NewspaperAd_Financials.pdf)
- [Biocon Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/BIOCON_04112026131527_BMOutcome.pdf)
- [Biocon Limited has informed the Exchange regarding a press release dated November 04, 2026, titled "Press Release on financial results for the quarter and half-year ended September 30, 2026". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/BIOCON_04112026132336_Press_Release.pdf)
- [Biocon Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/BIOCON_04112026150858_Presentation.pdf)
- [Biocon Limited has informed the Exchange about Communication regarding withholding of final dividend for the FY 2025-26 |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/BIOCON_04112026162937_SE_Intimation.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Weak Downtrend
- Pivot point: ₹358.57
- Risk regime: Price Risk Requires Attention

### Support levels
- 362.2619140625
- 344.303125
- 329.65

### Resistance levels
- 372.3359375
- 382
- 388.3109375

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +0.86% |
| return_10 | +12.86% |
| return_1m | -1.08% |
| return_1y | -5.22% |
| return_20 | +4.31% |
| return_3m | -16.38% |
| return_5 | +3.78% |
| return_6m | -4.07% |
| return_since_start | -1.00% |
| return_ytd | -5.84% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -26.59% |
| annualized_volatility | +29.46% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Biocon Limited Q2 FY2026-27: Profit before tax falls 57% sequentially

Biocon’s revenue from operations rose 1.2% sequentially to ₹4,388.9 crore in Q2 FY2026-27, but expenses grew faster, rising 2.6% to ₹4,361.9 crore. Profit before tax fell 57% from Q1 to ₹54.8 crore, while profit for the period was ₹56.7 crore and EPS was ₹0.25.

## Revenue growth lagged expense growth

Revenue from operations increased from ₹4,336 crore in Q1 FY2026-27 to ₹4,388.9 crore in Q2, and was 2.2% higher than the ₹4,295.5 crore reported in Q2 FY2025-26. Expenses rose to ₹4,361.9 crore from ₹4,249.4 crore in Q1, outpacing revenue growth. Finance costs increased 12.6% sequentially to ₹240.1 crore from ₹213.2 crore, though they were 11.8% lower than the ₹272.2 crore recorded a year earlier.

## Profit fell against both comparison quarters

Profit before exceptional items and tax was ₹61.5 crore, down 56.4% from ₹141.1 crore in Q1 FY2026-27 and 66.4% from ₹183.2 crore in Q2 FY2025-26. Exceptional items were a charge of ₹6.7 crore, leaving profit before tax at ₹54.8 crore, compared with ₹127.6 crore in Q1 and ₹171.3 crore a year earlier.

Tax was a credit of ₹1.9 crore, versus a credit of ₹9.2 crore in Q1. Profit for the period from continuing operations was ₹56.7 crore, down from ₹136.8 crore in Q1 and ₹132.8 crore in Q2 FY2025-26. Of Q2 profit, ₹41.3 crore was attributable to owners of the parent and ₹15.4 crore to non-controlling interests. Basic and diluted EPS were ₹0.25, against ₹0.87 for both measures in Q1.

Total comprehensive income was negative ₹138.2 crore in Q2, compared with positive ₹925.6 crore in Q1 FY2026-27 and ₹1,102.6 crore in Q2 FY2025-26.

## Operating cash flow was positive as cash and investments declined

Cash flow from operating activities was ₹769 crore, while investing activities used ₹286 crore, resulting in reported free cash flow of ₹483 crore. Financing activities used ₹754.6 crore.

Cash and cash equivalents stood at ₹2,203.9 crore on 30 September 2026, down from ₹2,416.5 crore on 31 March 2026. Current investments also declined over that period, from ₹689.8 crore to ₹264.3 crore.

## Inventory and borrowings remained significant balances

Inventories were ₹7,145.2 crore at 30 September 2026, up from ₹6,085.7 crore at 31 March 2026 and ₹5,776.8 crore at 30 September 2025. Current trade receivables stood at ₹6,059.2 crore, compared with ₹5,986.8 crore at 31 March 2026.

At quarter-end, current borrowings were ₹4,083.2 crore and non-current borrowings were ₹11,026.9 crore. Goodwill was ₹18,865.9 crore and other intangible assets were ₹7,818.1 crore. Intangible assets under development stood at ₹2,696 crore, up from ₹2,374 crore at 31 March 2026.

## Key Takeaway

Revenue rose modestly, but faster expense growth accompanied a sharp sequential and year-on-year decline in profit before tax. Positive operating cash flow and reported free cash flow were offset by lower cash and current investments compared with 31 March 2026, while borrowings remained substantial.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +44.68%
- FII holding: +8.14%
- DII holding: +23.33%
- Mutual fund holding: +15.47%
- Retail holding: +5.84%
- Promoter pledged: +0.00%

### Major reported shareholders

- KIRAN MAZUMDAR SHAW — +29.73%
- GLENTEC INTERNATIONAL — +14.56% (Bodies Corporate)
- MAGNUM HYBRID LONG SHORT FUND — +8.75%
- MYLAN INC. — +5.64%
- LIFE INSURANCE CORPORATION OF INDIA — +3.73%
- SERUM INSTITUTE LIFE SCIENCES PRIVATE LIMITED — +3.40%
- ISIF EQUITY EX-TOP 100 LONG-SHORT FUND — +1.46%
- KOTAK MAHINDRA TRUSTEE CO LTD A/C KOTAK NIFTY MIDC — +1.29%
- ACTIV PINE LLP — +1.08%
- HDFC LIFE INSURANCE COMPANY LIMITED — +1.01%

## Official filings

- 2026-11-05 — Generic Announcement: Biocon Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BIOCON_05112026151910_NewspaperAd_Financials.pdf)
- 2026-11-04 — Generic Announcement: Biocon Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BIOCON_04112026131527_BMOutcome.pdf)
- 2026-11-04 — Press Release: Biocon Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BIOCON_04112026132336_Press_Release.pdf)
- 2026-11-04 — Earnings Presentation: Biocon Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BIOCON_04112026150858_Presentation.pdf)
- 2026-11-04 — Generic Announcement: Biocon Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BIOCON_04112026162937_SE_Intimation.pdf)
- 2026-11-04 — Management Change: Biocon Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BIOCON_ROID_103428_KMP_Doc.zip)
- 2026-11-04 — Generic Announcement: Biocon Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_2181_WebXMLFile_20261104_163626503.xml)
- 2026-11-04 — Financial Results Filing: Biocon Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753001_04112026070703_WEB.xml)
- 2026-11-04 — Financial Results Filing: Biocon Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753000_04112026070636_WEB.xml)
- 2026-11-04 — Generic Announcement: Biocon Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BIOCON_04112026205126_Earning_Calls_outcome.pdf)
- 2026-10-26 — Generic Announcement: Biocon Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BIOCON_26102026082555_CompanyStatement.pdf)
- 2026-10-26 — Generic Announcement: Biocon Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BIOCON_26102026202516_BM_Intimation.pdf)
- 2026-10-26 — Generic Announcement: Biocon Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_2181_WebXMLFile_20261026_202617988.xml)
- 2026-10-26 — Board Meeting Notice: Biocon Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BIOCON_26102026202341_BM_Intimation.pdf)
- 2026-10-26 — Board Meeting Notice: Biocon Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_2181_WebXMLFile_20261026_202617988.xml)
- 2026-10-21 — Shareholding Disclosure: Biocon Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1743438_21102026070347_WEB.xml)
- 2026-10-14 — Generic Announcement: Biocon Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BIOCON_14102026082951_SEIntimation.pdf)
- 2026-10-12 — Generic Announcement: Biocon Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BIOCON_12102026201522_SE.pdf)
- 2026-10-10 — Generic Announcement: Biocon Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BIOCON_10102026150858_SEIntimation-TaxOrder.pdf)
- 2026-10-01 — Generic Announcement: Biocon Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BIOCON_01102026213141_SE_Intimation_Grants.pdf)
- 2026-09-30 — Generic Announcement: Biocon Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_2181_WebXMLFile_20260930_193848469.xml)
- 2026-09-30 — Generic Announcement: Biocon Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BIOCON_30092026194151_IntimationTradingWindow.pdf)
- 2026-09-25 — Generic Announcement: Biocon Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BIOCON_25092026083515_CoStatement25092026.pdf)
- 2026-09-21 — Press Release: Biocon Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BIOCON_21092026082614_Pressrelease21092026.pdf)
- 2026-09-09 — Generic Announcement: Biocon Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BIOCON_09092026135825_SE_Intimation.pdf)

## News and market events

- 2026-11-05 — Economic Times: **Pills are paying off! Pharma stocks lead 2026 rally with up to 112% return** — India's pharmaceutical sector has emerged as the best-performing equity segment in 2026, with the sectoral index rising 27% year-to-date and leading stocks like Laurus Labs delivering returns of up to 112%. This outperformance is attributed to resilient domestic demand, improving US business margins, and new product opportunities such as semaglutide, which have supported an underlying earnings recovery. While analysts view the rally as sustainable due to predictable earnings, some caution that valuations may limit further market-beating gains compared to other sectors. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/pills-are-paying-off-pharma-stocks-lead-2026-rally-with-up-to-112-return/articleshow/135561757.cms)
- 2026-11-04 — REDIFF.COM: **Biocon's Q2 net profit plunges 57% to Rs 56.7 cr; biosimilars launch to fuel stronger H2** — Biocon Ltd reported a 57.3% decline in consolidated net profit to Rs 56.7 crore for the September quarter of FY27, primarily due to a USD 20 million revenue recognition delay caused by logistical issues stemming from geopolitical troubles. The company anticipates a stronger second half of FY27 driven by biosimilars launch momentum, enhanced insulin capacity, and improved generics profitability, with the delayed revenue expected to be booked in the third quarter. — [Source](https://www.rediff.com/business/report/biocon-q2-net-profit-falls-57-to-rs-567-cr-biosimilars-launch-to-drive-stronger-h2-fy27/20261104.htm)
- 2026-11-04 — MONEYCONTROL: **Biocon banks on new biosimilar launches, insulin franchise to drive stronger H2 FY27** — Biocon anticipates stronger performance in the second half of FY27, driven by new biosimilar launches and its insulin franchise. The company is banking on these product segments to support growth during the upcoming period. — [Source](https://www.moneycontrol.com/news/business/earnings/biocon-banks-on-new-biosimilar-launches-insulin-franchise-to-drive-stronger-h2-fy27-14070346.html)
- 2026-11-04 — Economic Times: **Biocon forecasts stronger second half of FY27 with multiple growth drivers despite Q2 profit decline** — Biocon reported a 52% year-on-year decline in consolidated net profit for Q2 FY27, attributing the drop to $20 million in revenue recognition delays caused by geopolitical and logistics disruptions that shifted shipments to October. Despite this quarterly setback, the company forecasts a stronger second half of FY27 driven by four growth engines: rising insulin sales, ramping US biosimilars Ustekinumab and Aflibercept, and the upcoming launch of Pertuzumab in Europe and Brazil. — [Source](https://economictimes.indiatimes.com/industry/healthcare/biotech/pharmaceuticals/biocon-forecasts-stronger-second-half-of-fy27-with-multiple-growth-drivers-despite-q2-profit-decline/articleshow/135541350.cms)
- 2026-11-04 — CNBC-TV18: **FIIs invest over ₹20,000 crore in four days as markets rise for fifth straight session** — Foreign institutional investors extended their buying streak in Indian equities to a fourth consecutive session on November 4, purchasing shares worth a net ₹7,284.03 crore and contributing to a cumulative investment of over ₹20,000 crore in four days. This inflow coincided with Indian equity benchmarks rising for a fifth straight session, with the Nifty gaining over 5% to reclaim the 23,900 mark and the Sensex closing above 77,300. While market breadth remained positive with an advance-decline ratio of 3:1, domestic institutional investors recorded net outflows of ₹3,712.23 crore as they rema — [Source](https://www.cnbctv18.com/market/fiis-invest-over-rs20000-crore-in-four-days-as-markets-rise-for-fifth-straight-session-20027245.htm)
- 2026-11-04 — The Hindu: **Biocon Q2 net profit falls 57.3%to ₹56.7 cr** — Biocon Ltd reported a 57.3% decline in consolidated net profit to ₹56.7 crore for the September quarter of FY27, despite total income rising to ₹4,423.4 crore amid higher expenses. The company highlighted strategic progress in biosimilars, including regulatory milestones for Pertuzumab and expansion of insulin manufacturing capacity, positioning itself for growth in the second half of FY27. — [Source](https://www.thehindubusinessline.com/companies/biocon-q2-net-profit-falls-573to-567-cr/article71665253.ece)
- 2026-11-01 — Mint: **Best 3 stocks to buy: SBI, Britannia, Biocon by Ganesh Dongre of Anand Rathi | Targets, stop-loss, stock market views** — Ganesh Dongre of Anand Rathi recommended buying shares of SBI, Britannia, and Biocon for the upcoming week, citing technical recovery potential. The recommendations include specific entry ranges, profit targets, and stop-loss levels for each stock. — [Source](https://www.livemint.com/market/stock-market-news/best-3-stocks-to-buy-sbi-britannia-biocon-by-ganesh-dongre-of-anand-rathi-targets-stop-loss-stock-market-views-11793467488582.html)
- 2026-10-21 — BUSINESS: **Midcap 100, Smallcap 100 index down 1%; MRF, Biocon, Swiggy at 52-week lows** — Yes Bank, PI Industries, MRF, Swiggy, Biocon, NMDC, Tube Investments of India, Vishal Mega Mart, Voltas and Max Financial Services from the Midcap 100 index hitting their respective 52-week lows. — [Source](https://www.business-standard.com/markets/news/midcap-100-smallcap-100-index-down-1-mrf-biocon-swiggy-at-52-week-lows-126102100269_1.html)
- 2026-10-14 — MONEYCONTROL: **Biocon settles patent dispute with Genentech over breast cancer drug Pebrilzo; US launch in 2028** — Biocon, Biocon Genentech settlement, Pebrilzo breast cancer drug, Biocon Pebrilzo launch, Genentech patent settlement, Biocon breast cancer treatment, Pebrilzo US launch 2028, Pebrilzo Europe launch 2027, Perjeta biosimilar, pertuzumab biosimilar — [Source](https://www.moneycontrol.com/news/business/biocon-settles-patent-dispute-with-genentech-over-breast-cancer-drug-pebrilzo-us-launch-in-2028-14052023.html)
- 2026-10-14 — CNBC-TV18: **Biocon settles licence agreement with Genetech for cancer treatment drug — Check earliest secured launch dates** — According to Biocon's exchange filing, the two companies executed the patent settlement agreement to resolve all pending disputes between them, including in the US, Canada and other jurisdictions. — [Source](https://www.cnbctv18.com/market/biocon-share-price-licence-agreement-genetech-pertuzumab-cancer-treatment-drug-launch-dates-secured-20011396.htm)
- 2026-10-11 — BUSINESSTODAY: **Indian pharma leaders seek faster trials, state-backed market for new drugs** — Indian pharmaceutical industry, innovative medicines India, clinical trials India, pharma regulatory challenges, Sun Pharma Organon acquisition, Glenmark AbbVie deal, pharma R&D investment, Indian pharma global expansion, IFQM Symposium 2026, pharma market access India — [Source](https://www.businesstoday.in/industry/pharma/story/indian-pharma-leaders-seek-faster-trials-state-backed-market-for-new-drugs-560883-2026-10-11)
- 2026-10-05 — Economic Times: **Indian companies must invest in R&D, move from generics to innovation-led industry: Pharma leaders** — Indian pharmaceutical leaders emphasize the need for investment in innovation to transition from generics to innovative products. They highlight the importance of regulatory reforms and a strong ecosystem for research and development. Industry executives mention that the next decade will be critical for this transformation and urge companies to capitalize on scientific talent. Government initiatives are acknowledged as supportive in this endeavor for global competitiveness. — [Source](https://economictimes.indiatimes.com/industry/healthcare/biotech/pharmaceuticals/indian-pharma-industry-urged-to-shift-from-generics-to-innovation-led-growth-key-insights-from-industry-leaders/articleshow/134704527.cms)
- 2026-09-29 — BUSINESSTODAY: **Pharma stocks: Sun Pharma, Dr Reddy’s, Cipla, Biocon and others in focus today; here's why** — Pharma stocks, Sun Pharma, Dr Reddy’s, Cipla, Biocon — [Source](https://www.businesstoday.in/markets/trending-stocks/story/pharma-stocks-sun-pharma-dr-reddys-cipla-biocon-others-in-focus-today-heres-why-558401-2026-09-29)
- 2026-09-25 — CNBC-TV18: **Biocon Malaysia arm gets UK regulator approval for Semglee fill finish unit** — Beyond insulin, Biocon has a portfolio of over 30 biosimilars, including newer products like Aflibercept and established ones such as trastuzumab and pegfilgrastim. — [Source](https://www.cnbctv18.com/market/biocon-share-price-malaysia-arm-insulin-glargine-semglee-uk-regulator-mhra-approval-19998305.htm)
- 2026-09-21 — BUSINESSTODAY: **Biocon’s breast cancer biosimilar gets a positive EMA opinion; closer to launching therapy in EU** — Biocon, Biocon breast cancer biosimilar, Biocon breast cancer medication, Pertuzumab — [Source](https://www.businesstoday.in/industry/pharma/story/heres-how-biocons-breast-cancer-biosimilar-got-a-positive-ema-opinion-556799-2026-09-21)
- 2026-09-21 — Economic Times: **Biocon arm gets positive EMA panel recommendation for breast cancerbiosimilar Pebrilzo** — Biocon Biologics has received a positive recommendation from the European Medicines Agencys CHMP for its Pertuzumab biosimilar, Pebrilzo, for HER2-positive breast cancer. The European Commission will take the final decision on marketing authorisation across the EU. — [Source](https://economictimes.indiatimes.com/industry/healthcare/biotech/pharmaceuticals/biocon-arm-gets-positive-ema-panel-recommendation-for-breast-cancerbiosimilar-pebrilzo/articleshow/134382488.cms)
- 2026-09-21 — BUSINESS: **Biocon spurts 3% as Pertuzumab drug moves closer to marketing nod in Europe** — Biocon jumped nearly 3% in Monday's trade after the company's Pertuzumab biosimilar drug received EMA CHMP recommendation for breast cancer care. — [Source](https://www.business-standard.com/markets/news/biocon-share-price-spurts-3-as-pertuzumab-drug-moves-closer-to-marketing-nod-in-europe-126092100249_1.html)
- 2026-09-18 — NEWS.WEBINDIA123.COM: **Indias pharma sector poised to move from manufacturing strength to global innovation leadership** — Dr M Srinivas, Member (Health), NITI Aayog, emphasised the importance of academia-Industry partnership while addressing the 8th CII Pharma and Lifesciences Summit, themed Future of Pharma: Patient-Centric, Equity-Driven, and Innovation-Led, held on Friday in New Delhi in partnership with the Department of Pharmaceuticals. — [Source](https://news.webindia123.com/news/articles/india/20260918/4500375.html)
- 2026-09-15 — Economic Times: **ET Under 40 2026: How technology is creating younger leaders** — The rise of technology is paving the way for younger Indians to step into leadership roles much earlier. Kiran Mazumdar-Shaw predicts that the notion of age-based distinctions might soon vanish. Driven by innovation, these young leaders are daring to take risks and develop groundbreaking business strategies. This fresh wave of leadership promises to significantly influence India's economic landscape, forging a path towards global ambitions fueled by technology. — [Source](https://economictimes.indiatimes.com/news/company/corporate-trends/et-under-40-2026-how-technology-is-creating-younger-leaders/articleshow/134271381.cms)
- 2026-09-15 — Economic Times: **Agonisingly slow clinical trial is stopping Indian pharma become global innovator from supplier - The Economic Times** — India's regulatory hurdles slow down early-stage drug trials significantly. This complexity causes Indian companies to conduct crucial first-in-human studies abroad. Other nations like the US and Australia offer faster approval processes for trials. China now leads in novel medicine development due to its streamlined regulatory environment. Reforming India's system can unlock its potential in novel drug innovation. — [Source](https://economictimes.indiatimes.com/opinion/et-commentary/agonisingly-slow-clinical-trial-is-stopping-indian-pharma-become-global-innovator-from-supplier/articleshow/134270502.cms)
- 2026-09-09 — MONEYCONTROL: **Biocon block deals: True North affiliate offloads Rs 638 crore worth shares; Citi, WhiteOak, SBI MF, Kotak Mahindra AMC among buyers** — Biocon block deals,Biocon stock price,ICICI Prudential Mutual Fund,Activ Pine LLP — [Source](https://www.moneycontrol.com/news/business/markets/biocon-block-deals-true-north-affiliate-offloads-rs-638-crore-worth-shares-citi-whiteoak-sbi-mf-kotak-mahindra-amc-among-buyers-14026425.html)
- 2026-09-09 — CNBC-TV18: **Biocon shares gain nearly 3% after equity worth ₹630 crore changes hands in block deal** — As of June 30, the total shareholding of Active Pine was 1.08% in Biocon, as per data available on the stock exchanges. With the entire equity having changed hands, Active Pine would have completely exited the stock. — [Source](https://www.cnbctv18.com/market/biocon-share-price-block-deal-value-size-active-pine-exit-shareholding-returns-19987154.htm)
- 2026-09-09 — BUSINESSTODAY: **Top stocks in news: Biocon, TCS, Bank of Baroda, NLC India, Innovision, GE Shipping, Moschip, Raymond** — Stocks in news, Stocks in buzz, Stocks to buy, Stocks to watch, Biocon, TCS, Bank of Baroda, NLC India, Innovision, GE Shipping, Moschip, Raymond, Berger Paints, Tata Consultancy Services, Enviro Infra Engineers, Moschip Technologies, Great Eastern Shipping Company, Laxmi Organic Industries, Fermenta Biotech — [Source](https://www.businesstoday.in/markets/stocks/story/top-stocks-in-news-biocon-tcs-bank-of-baroda-nlc-india-innovision-ge-shipping-moschip-raymond-554118-2026-09-09)
- 2026-09-09 — Economic Times: **Stocks in news: Biocon, Bank of Baroda, TCS, Sanofi India and Tata Capital** — Indian equity markets hit a seven-week low on Tuesday, primarily due to escalating crude oil prices and geopolitical instability that swayed investor morale. Notably, Bank of Baroda announced plans to divest its interest in the NSE, while TCS secured a major contract. Other companies such as Sanofi India and Piramal Finance also shared pivotal developments, highlighting a mixed bag of corporate activity. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/stocks-in-news-biocon-bank-of-baroda-tcs-sanofi-india-and-tata-capital/articleshow/133910314.cms)
- 2026-09-08 — CNBC-TV18: **Biocon Block Deal: Active Pine likely to sell 1.66 crore shares at ₹385 per share** — Shares of Biocon Ltd ended at ₹392.55, down by ₹0.95, or 0.24%, on the BSE. — [Source](https://www.cnbctv18.com/market/stocks/biocon-block-deal-active-pine-likely-to-sell-1-66-crore-shares-at-%25e2%2582%25b9385-per-share-19986870.htm)

## Business profile

**Strategic vision:** Global biopharmaceutical company focused on affordable innovation.

### Business segments
- **Generics:** The Generics segment is dedicated to delivering quality, cost-saving, and life-saving solutions to patients, partners, and healthcare systems globally. Biocon's Generics portfolio includes Active Pharmaceutical Ingredients (API) and Generic Formulations.
- **Biosimilars:** Biocon's Biosimilars business operates primarily through its subsidiary, Biocon Biologics. This segment is focused on making potentially life-saving drugs affordable and accessible, thereby reducing health inequality and enabling patients to live prolonged, better quality lives.
- **Research Services:** Biocon has a historical relationship with Syngene International Limited, a contract research and manufacturing company providing drug discovery and development services. Syngene operates globally, including in India, the United States, and Europe.
- **Novel Biologics:** The Novel Biologics segment is dedicated to enabling cutting-edge therapies, particularly in oncology and immunology. This portfolio comprises both in-house developed and partnered products.

### Competitive strengths
- Fully integrated drug value chain operations
- Focus on affordable innovation for unmet medical needs
- Strengths in manufacturing operations, research and development capabilities, and commitment to quality and compliance in Generics
- Extensive pipeline of novel biologics in oncology and immunology

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/biocon
Markdown representation: https://faxioms.com/stocks/biocon?render=md