Biocon Past Earnings Performance
Past criteria checks 4/6
Biocon has been growing earnings at an average annual rate of 1.1%, while the Biotechs industry saw earnings growing at 14.8% annually. Revenues have been growing at an average rate of 17.6% per year. Biocon's return on equity is 1.1%, and it has net margins of 2.9%.
Key information
1.07%
Earnings growth rate
-0.32%
EPS growth rate
| Biotechs Industry Growth | 5.13% |
| Revenue growth rate | 17.62% |
| Return on equity | 1.14% |
| Net Margin | 2.86% |
| Last Earnings Update | 30 Jun 2026 |
Recent past performance updates
Recent updates
Narrative Update • Sep 18
BIOCON: Biosimilar Launches And Brazil Partnership Will Support Future Upside
Analysts have lifted their price target on Biocon to ₹446.89 from ₹429.67. This reflects updated assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E.
Narrative Update • Sep 04
BIOCON: Slower Margin Recovery Will Restrict Future P/E Upside
Analysts have raised their fair value estimate for Biocon from ₹298.76 to ₹326.00, citing updated assumptions on revenue growth, margins, and future P/E that they believe better reflect the company’s long-term earnings potential. Analyst Commentary on Biocon While the higher fair value estimate signals more confidence in Biocon’s earnings power, not all commentary skews positive.
Narrative Update • Aug 21
BIOCON: Margin Execution And Cost Discipline Will Underpin Higher Fair Value
Analysts have lifted their fair value estimate for Biocon to ₹534 from ₹506, citing slightly higher required returns, more moderate revenue growth assumptions, stronger profit margin expectations, and a lower future P/E multiple in their refreshed price target work. Analyst Commentary Bullish analysts looking at Biocon are framing the refreshed fair value as part of a broader move toward more disciplined expectations on returns, growth, and profitability.Analysis Article • Aug 08
Earnings Miss: Biocon Limited Missed EPS By 24% And Analysts Are Revising Their Forecasts
It's shaping up to be a tough period for Biocon Limited ( NSE:BIOCON ), which a week ago released some disappointing...Narrative Update • Aug 07
BIOCON: Execution On Margin Plans And Biosimilars Pipeline Will Support Measured Upside
Analysts have raised the Biocon fair value estimate from ₹416.53 to ₹429.67, citing updated assumptions that include a revised discount rate, slightly adjusted expectations for revenue growth and profit margins, and a higher future P/E multiple in line with recent sector research. Analyst Commentary Recent Street research around peers in the life sciences and diagnostics space provides useful context for how analysts are thinking about companies like Biocon, particularly on valuation, execution and long term growth visibility.Narrative Update • Jun 15
BIOCON: Future Margin Reset Will Support Biosimilars Expansion And Leadership Transition
Narrative Update Analysts have trimmed Biocon's fair value estimate to ₹506.0 from ₹544.20 as they reset expectations around profit margin assumptions and a higher future P/E, while also fine tuning discount rate and revenue growth inputs. Analyst Commentary Recent Street commentary around related life sciences companies highlights how bullish analysts think about valuation resets, margin potential and recovery timelines.Narrative Update • Jun 01
BIOCON: Tough Macro And Execution Risks Will Restrict Future P/E Upside
Analysts have nudged their fair value estimate for Biocon slightly higher to about ₹299 from roughly ₹296, reflecting updated assumptions for discount rate, revenue growth, profit margins and future P/E multiples. The rationale is informed by recent Street research on peer companies that highlights the impact of tougher macro conditions, underappreciated balance sheet items and potential margin improvements under refreshed management teams.Analysis Article • May 21
Biocon's (NSE:BIOCON) Weak Earnings May Only Reveal A Part Of The Whole Picture
The subdued market reaction suggests that Biocon Limited's ( NSE:BIOCON ) recent earnings didn't contain any surprises...Narrative Update • May 03
BIOCON: Leadership Changes And Biosimilars Expansion Will Support Future Upside
Biocon's analyst price target has been trimmed slightly to about ₹416 from roughly ₹421 as analysts factor in a marginally higher discount rate, slightly softer revenue growth and profit margin assumptions, partly balanced by a modestly higher future P/E multiple. Analyst Commentary Recent Street research around comparable life sciences names points to a cautious tone on execution risk, revenue trajectory and the willingness of the market to pay up for growth after guidance disappointments.Narrative Update • Apr 19
BIOCON: Higher Profitability Assumptions Will Support U.S. Biosimilars And GLP-1 Entry
Narrative Update on Biocon Analysts have adjusted their price target on Biocon to ₹544, up from ₹465. This reflects updated assumptions around a higher fair value estimate, revised profit margin expectations, and a slightly different discount rate and forward P/E framework.Narrative Update • Apr 05
BIOCON: Leadership Refresh And Biosimilars Integration Will Support Future Upside
Analysts have trimmed Biocon's fair value estimate slightly to ₹420.74 from ₹421.60, reflecting updated assumptions around the discount rate, revenue growth, profit margins and future P/E expectations. Analyst Commentary Analysts are treating the trimmed fair value estimate as a fine tuning of expectations rather than a major reset, with views split between what could support upside and what might cap near term returns.Narrative Update • Mar 21
BIOCON: Limited P/E Expansion Will Constrain Returns Despite New Metabolic Drug Approvals
Analysts have trimmed their Biocon price target slightly to about ₹295.70 from roughly ₹297.40, reflecting a modest recalibration of fair value, discount rate and long term assumptions for revenue growth, profit margin and future P/E multiples. Analyst Commentary Bearish analysts trimming Biocon's fair value signal a more careful stance on what they are willing to pay for the shares today, given reassessed views on growth, profitability and valuation multiples.Narrative Update • Mar 07
BIOCON: Limited Multiple Expansion Will Constrain Returns Despite New GLP 1 Approvals
Narrative update Analysts have trimmed their Biocon price target slightly to about ₹297 from roughly ₹298, reflecting updated assumptions on discount rate, revenue growth, profit margins and future P/E multiples after recent sector research signalled a more cautious stance on multiple expansion. Analyst Commentary Bearish analysts looking at global life sciences peers have trimmed price targets after recent earnings misses and cautious forward commentary, and those moves are informing how some investors think about Biocon's risk and valuation setup.Narrative Update • Feb 21
BIOCON: Execution And Multiple Compression Risks Will Restrain Future Share Returns
Analysts have inched up their Biocon fair value estimate to about ₹298 per share from roughly ₹295, reflecting slightly lower discount rate assumptions, modestly softer revenue growth expectations, a somewhat stronger profit margin outlook, and a marginally reduced future P/E multiple. Analyst Commentary While the fair value adjustment for Biocon is modest, some bearish analysts are still flagging risks that could cap upside in the near term.Narrative Update • Feb 07
BIOCON: Equity Dilution And Biosimilars Review Will Pressure Future Returns
Analysts have slightly reduced their Biocon fair value estimate to ₹295.12 from ₹296.78, citing updated assumptions on the discount rate, revenue growth, profit margin and future P/E multiples. What's in the News Biocon completed a follow on equity offering of equity shares worth ₹41.5b, issuing 112,664,585 common shares at ₹368.35 each under a Regulation S structure with a subsequent direct listing (company filing).Narrative Update • Jan 23
BIOCON: Biosimilars Reorganisation And GLP 1 Expansion Will Drive Future Upside
Analysts have nudged their fair value estimate for Biocon higher from ₹412.05 to ₹421.60, citing updated assumptions for discount rates, revenue growth, profit margins and future P/E multiples in their valuation work. What's in the News Biocon completed a follow on equity offering of ₹41.5b, issuing 112,664,585 equity shares at ₹368.35 per share under Regulation S, followed by a subsequent direct listing (Key Developments).Narrative Update • Jan 09
BIOCON: Planned Capital Raise Will Likely Weigh On Future Shareholder Returns
Analysts have lifted their price target on Biocon from ₹290.00 to about ₹296.78, reflecting updated assumptions around the discount rate, revenue growth, profit margin, and forward P/E inputs in their models. What's in the News Shareholders approved amendments to Biocon's Articles of Association at the AGM held on December 31, 2025, signaling changes to the company's governing documents (Key Developments).Narrative Update • Dec 26
BIOCON: Future Equity Issuance Will Likely Pressure Shareholder Returns
Analysts have maintained their fair value estimate for Biocon at ₹290.00 per share, with only minor model adjustments to discount rate, revenue growth, and profit margin assumptions. These changes have resulted in no alteration to their overall price target, as they continue to view the company’s long term earnings profile as broadly intact.Analysis Article • Dec 25
Calculating The Fair Value Of Biocon Limited (NSE:BIOCON)
Key Insights Using the 2 Stage Free Cash Flow to Equity, Biocon fair value estimate is ₹364 With ₹398 share price...Narrative Update • Dec 12
BIOCON: Future Share Dilution Risk Will Likely Pressure Returns
Analysts have raised their price target on Biocon from ₹277.50 to ₹290.00, reflecting higher anticipated revenue growth, improved profit margins, and a modestly re-rated future P E multiple despite a slightly higher discount rate. What's in the News Biocon is exploring strategic options for its biosimilars arm Biocon Biologics Limited, including a potential merger with the parent company in place of an IPO, with Morgan Stanley advising on value creation alternatives (Key Developments).Analysis Article • Dec 07
Investors Don't See Light At End Of Biocon Limited's (NSE:BIOCON) Tunnel
You may think that with a price-to-sales (or "P/S") ratio of 3.2x Biocon Limited ( NSE:BIOCON ) is a stock worth...Narrative Update • Nov 27
BIOCON: Global Expansion And Business Restructuring Are Expected To Balance Opportunities And Risks
Analysts have raised their price target for Biocon from ₹395.65 to ₹412.05. This change reflects updated expectations around key valuation inputs and profitability metrics.Analysis Article • Nov 19
Weak Statutory Earnings May Not Tell The Whole Story For Biocon (NSE:BIOCON)
The market rallied behind Biocon Limited's ( NSE:BIOCON ) stock, leading do a rise in the share price after its recent...Narrative Update • Nov 13
BIOCON: Revenue Outlook And Global Expansion Likely To Support Steady Performance
Analysts have raised Biocon's fair value price target from ₹376.70 to ₹395.65, citing improved revenue growth projections and profit margins as key drivers for the upgrade. What's in the News Biocon announced the public funding of YESAFILI (aflibercept), a biosimilar to EYLEA, on the Ontario Drug Benefit Formulary in Canada for retinal disease treatment.Narrative Update • Oct 05
Biosimilars Demand Will Unlock Global Market Opportunities
Analysts have lowered Biocon's price target slightly from ₹380.11 to ₹376.70, citing marginal adjustments in the discount rate and projected earnings metrics. Analyst Commentary Market watchers have weighed in on Biocon's valuation following the recent adjustment to its price target.Analysis Article • Sep 22
Biocon Limited's (NSE:BIOCON) Intrinsic Value Is Potentially 56% Above Its Share Price
Key Insights The projected fair value for Biocon is ₹577 based on 2 Stage Free Cash Flow to Equity Biocon's ₹369 share...
New Narrative • Dec 12
Tactical Biosimilars Expansion And Viatris Integration Will Propel Revenue Growth And Boost Profitability
Strategic cost improvements and production efficiencies are set to enhance margins and profitability in the generics segment.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Biocon makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 30 Jun 26 | 173,211 | 4,953 | 40,352 | -807 |
| 31 Mar 26 | 169,270 | 3,856 | 39,522 | -1,137 |
| 31 Dec 25 | 168,274 | 6,042 | 37,604 | -1,379 |
| 30 Sep 25 | 164,758 | 4,855 | 36,090 | -1,189 |
| 30 Jun 25 | 157,707 | 3,850 | 35,755 | -1,501 |
| 31 Mar 25 | 152,617 | 10,133 | 34,978 | -1,476 |
| 31 Dec 24 | 147,618 | 8,043 | 32,633 | -1,843 |
| 30 Sep 24 | 148,941 | 14,392 | 34,323 | -1,515 |
| 30 Jun 24 | 147,660 | 15,808 | 30,286 | -1,110 |
| 31 Mar 24 | 147,557 | 10,225 | 28,525 | -838 |
| 31 Dec 23 | 146,125 | 12,002 | 26,439 | -119 |
| 30 Sep 23 | 135,999 | 4,984 | 24,819 | -1,238 |
| 30 Jun 23 | 124,573 | 4,197 | 23,998 | -2,156 |
| 31 Mar 23 | 111,742 | 4,627 | 23,331 | -3,922 |
| 31 Dec 22 | 98,091 | 3,881 | 22,558 | -5,606 |
| 30 Sep 22 | 90,422 | 6,170 | 21,920 | -5,825 |
| 30 Jun 22 | 85,629 | 7,084 | 21,305 | -5,768 |
| 31 Mar 22 | 81,840 | 6,484 | 20,539 | -4,764 |
| 31 Dec 21 | 75,800 | 6,727 | 20,252 | -4,050 |
| 30 Sep 21 | 72,632 | 6,542 | 19,935 | -3,581 |
| 30 Jun 21 | 71,726 | 6,852 | 19,466 | -3,530 |
| 31 Mar 21 | 71,431 | 7,405 | 17,485 | -3,507 |
| 31 Dec 20 | 68,913 | 5,996 | 16,778 | -3,607 |
| 30 Sep 20 | 67,571 | 6,362 | 15,906 | -3,596 |
| 30 Jun 20 | 65,796 | 6,870 | 15,120 | -3,568 |
| 31 Mar 20 | 63,005 | 7,771 | 16,545 | -3,458 |
| 31 Dec 19 | 63,150 | 8,385 | 13,910 | -3,001 |
| 30 Sep 19 | 61,077 | 8,529 | 13,093 | -2,746 |
| 30 Jun 19 | 58,565 | 9,919 | 12,449 | -2,757 |
| 31 Mar 19 | 55,144 | 9,053 | 11,653 | -2,699 |
| 31 Dec 18 | 51,551 | 8,220 | 11,087 | -2,421 |
| 30 Sep 18 | 46,722 | 6,967 | 10,496 | -2,449 |
| 30 Jun 18 | 43,198 | 4,108 | 9,862 | -1,993 |
| 31 Mar 18 | 41,234 | 3,724 | 9,311 | -1,747 |
| 31 Dec 17 | 38,792 | 3,695 | 8,708 | -1,522 |
| 30 Sep 17 | 38,589 | 4,489 | 8,297 | -1,257 |
| 30 Jun 17 | 38,361 | 5,268 | 7,846 | -1,324 |
| 31 Mar 17 | 38,911 | 6,121 | 7,510 | -1,283 |
| 31 Dec 16 | 40,487 | 11,633 | 7,458 | -1,472 |
| 30 Sep 16 | 38,110 | 10,961 | 7,038 | -1,468 |
| 30 Jun 16 | 36,539 | 9,388 | 6,665 | -1,378 |
| 31 Mar 16 | 33,474 | 5,504 | 6,128 | -1,320 |
| 31 Dec 15 | 32,997 | 7,367 | 8,595 | -202 |
| 30 Sep 15 | 32,325 | 7,247 | 8,366 | -196 |
Quality Earnings: BIOCON has a large one-off loss of ₹2.5B impacting its last 12 months of financial results to 30th June, 2026.
Growing Profit Margin: BIOCON's current net profit margins (2.9%) are higher than last year (2.4%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: BIOCON's earnings have grown by 1.1% per year over the past 5 years.
Accelerating Growth: BIOCON's earnings growth over the past year (28.6%) exceeds its 5-year average (1.1% per year).
Earnings vs Industry: BIOCON earnings growth over the past year (28.6%) exceeded the Biotechs industry 12.6%.
Return on Equity
High ROE: BIOCON's Return on Equity (1.1%) is considered low.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/09/19 16:40 |
| End of Day Share Price | 2026/09/18 00:00 |
| Earnings | 2026/06/30 |
| Annual Earnings | 2026/03/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Biocon Limited is covered by 41 analysts. 17 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Rohit Bhat | 360 ONE Capital Market Private Limited |
| Meeta Shetty | Asian Markets Securities Private Limited |
| Harith Ahamed | Avendus Spark |