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Last Updated: April 2, 2026, 2:43 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 532523 | NSE: BIOCON

Biocon Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹549.88Undervalued by 50.65%vs CMP ₹365.00

P/E (72.1) × ROE (4.8%) × BV (₹200.00) × DY (0.14%)

₹274.13Overvalued by 24.90%vs CMP ₹365.00
MoS: -33.1% (Negative)Confidence: 56/100 (Moderate)Models: 1 Under, 6 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹537.3030%Under (+47.2%)
Graham NumberEarnings₹147.1222%Over (-59.7%)
Net Asset ValueAssets₹165.2710%Over (-54.7%)
EV/EBITDAEnterprise₹263.6312%Over (-27.8%)
Earnings YieldEarnings₹48.1010%Over (-86.8%)
ROCE CapitalReturns₹185.2810%Over (-49.2%)
Revenue MultipleRevenue₹141.167%Over (-61.3%)
Consensus (7 models)₹274.13100%Overvalued
Key Drivers: ROE 4.8% is below cost of equity. | Wide model spread (₹48–₹537) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -2.3%

*Investments are subject to market risks

Investment Snapshot

52
Biocon Ltd scores 52/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health54/100 · Moderate
ROCE 6.3% WeakROE 4.8% WeakD/E 0.47 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money70/100 · Strong
FII holding up 1.10% (6mo) AccumulatingDII holding up 1.30% MF buyingPromoter decreased by 9.54% Caution
Earnings Quality50/100 · Moderate
OPM stable around 22% Steady
Quarterly Momentum50/100 · Moderate
Revenue (4Q): +11% YoY GrowingProfit (4Q): -59% YoY Declining
Industry Rank40/100 · Moderate
P/E 72.1 vs industry 53.8 In-lineROCE 6.3% vs industry 16.4% Below peersROE 4.8% vs industry 15.2% Below peers3Y sales CAGR: 23% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:43 am

Market Cap 59,196 Cr.
Current Price 365
Intrinsic Value₹274.13
High / Low 425/295
Stock P/E72.1
Book Value 200
Dividend Yield0.14 %
ROCE6.25 %
ROE4.76 %
Face Value 5.00
PEG Ratio-31.52

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Biocon Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Biocon Ltd 59,196 Cr. 365 425/29572.1 2000.14 %6.25 %4.76 % 5.00
Glenmark Life Sciences Ltd 59,293 Cr. 2,101 2,298/1,33621.9 3400.12 %19.4 %15.8 % 1.00
Glenmark Pharmaceuticals Ltd 59,293 Cr. 2,101 2,298/1,33621.9 3400.12 %19.4 %15.8 % 1.00
Abbott India Ltd 56,291 Cr. 26,490 37,000/25,35036.9 1,8881.79 %46.2 %35.7 % 10.0
Laurus Labs Ltd 56,080 Cr. 1,039 1,141/51770.0 91.10.12 %9.47 %7.75 % 2.00
Industry Average19,815.15 Cr1,053.8453.84201.200.39%16.35%15.16%6.10

All Competitor Stocks of Biocon Ltd

Quarterly Result

MetricSep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales 2,3202,9413,7743,4233,4623,9543,9173,4333,5903,8214,4173,9424,296
Expenses 1,8772,3522,8172,7412,7453,0513,0042,8122,9053,0703,3393,1933,460
Operating Profit 4425899576817179039136206857521,078749835
OPM % 19%20%25%20%21%23%23%18%19%20%24%19%19%
Other Income 48-19315294134587401,1665853578081
Interest 30120249233248267227236226223212277272
Depreciation 231301364358389414407405420425436455473
Profit before tax 229-264971842148083191,1469815648797171
Tax % 64%-19%17%19%19%7%30%25%72%48%6%8%22%
Net Profit 82-21414149173753223862278145989133
EPS in Rs 0.39-0.352.610.841.055.501.135.49-0.130.212.870.230.63

Last Updated: January 2, 2026, 6:03 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 23, 2026, 3:16 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 2,8773,0903,3473,8914,1235,5146,3677,1438,18411,17414,75615,26216,827
Expenses 2,1902,3942,9572,9123,2944,1214,7925,5626,3918,76211,54012,00813,331
Operating Profit 6876963909808291,3941,5751,5811,7932,4123,2163,2543,496
OPM % 24%23%12%25%20%25%25%22%22%22%22%21%21%
Other Income 5615863917322834022826072188531,21742
Interest 2929266271655868419974897971
Depreciation 2042212492773854485527158141,1131,5691,6871,880
Profit before tax 5386247518506101,2151,1861,0689838971,5251,887687
Tax % 20%15%19%19%26%17%27%21%22%28%15%24%
Net Profit 4315286096884531,0038718467726431,2981,429630
EPS in Rs 3.454.144.595.103.107.546.246.175.403.858.528.444.81
Dividend Payout % 24%20%18%10%16%7%0%0%9%39%6%6%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)22.51%15.34%12.97%-34.16%121.41%-13.16%-2.87%-8.75%-16.71%101.87%10.09%
Change in YoY Net Profit Growth (%)0.00%-7.16%-2.37%-47.13%155.57%-134.57%10.29%-5.88%-7.96%118.58%-91.77%

Biocon Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:17%
5 Years:19%
3 Years:23%
TTM:7%
Compounded Profit Growth
10 Years:9%
5 Years:7%
3 Years:10%
TTM:-77%
Stock Price CAGR
10 Years:17%
5 Years:-3%
3 Years:7%
1 Year:-6%
Return on Equity
10 Years:7%
5 Years:6%
3 Years:5%
Last Year:5%

Last Updated: September 5, 2025, 1:00 am

Balance Sheet

Last Updated: December 4, 2025, 1:03 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 100100100100300300600600600600600600668
Reserves 2,9273,1713,9344,7384,8815,7986,1067,0277,83217,26719,18321,04426,135
Borrowings 8641,1172,4782,3022,2642,4222,7154,4815,14718,01916,27718,36216,536
Other Liabilities 1,8601,9881,9472,2542,5453,6724,9936,3826,76315,85619,69318,53419,421
Total Liabilities 5,7516,3758,4589,3949,99012,19214,41418,49020,34251,74255,75358,54062,760
Fixed Assets 1,5251,6301,7483,6263,7004,4715,9716,3646,56929,46830,64431,96337,262
CWIP 1,2061,6772,2408391,3031,8992,1962,8004,1107,3177,9938,5084,651
Investments 7652309021,2536751,0129661,9521,5882,0691,0001,1272,333
Other Assets 2,2552,8393,5693,6764,3124,8115,2817,3748,07412,88816,11716,94118,513
Total Assets 5,7516,3758,4589,3949,99012,19214,41418,49020,34251,74255,75358,54062,760

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 5612113716406621,1551,2831,1601,1771,8522,9544,061
Cash from Investing Activity + -904-491-1,138-510-684-703-1,505-3,651-1,662-14,260-1,002-203
Cash from Financing Activity + 4261861,068-178-240-2423882,56424213,049-2,333-1,854
Net Cash Flow 83-94300-47-26121016572-243641-3802,004
Free Cash Flow -235-627-24632-251-337-546-577-7461291,0461,718
CFO/OP 103%49%158%86%104%104%103%86%80%86%101%139%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-177.00695.00388.00978.00827.00-1.00-1.00-3.00-4.00-16.00-13.00-15.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 769178839486717792117154131
Inventory Days 116132153160161199263304309423368346
Days Payable 107125172187224231243246216383467460
Cash Conversion Cycle 859859573153911341841575518
Working Capital Days -31-19-12246-2-318713-68-63
ROCE %15%12%9%12%8%13%12%10%9%6%6%6%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Jan 2026
Promoters 60.64%60.64%60.64%60.64%60.64%60.64%60.64%60.64%54.45%54.45%54.45%44.91%
FIIs 9.52%7.97%6.55%5.63%5.90%5.93%5.66%5.67%6.04%6.61%7.39%7.14%
DIIs 12.59%14.08%14.51%13.69%14.29%14.44%15.36%15.73%22.83%22.06%21.67%24.13%
Government 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.03%0.03%0.03%
Public 16.77%16.92%17.96%19.74%18.90%18.74%18.11%17.77%16.51%16.70%16.34%23.69%
Others 0.49%0.39%0.33%0.32%0.28%0.25%0.22%0.21%0.18%0.14%0.12%0.10%
No. of Shareholders 4,12,4414,15,0464,34,3394,70,2614,43,5134,39,5034,27,7054,24,2974,28,1314,13,1913,94,2793,94,759

Shareholding Pattern Chart

No. of Shareholders

Biocon Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
SBI Contra Fund 40,073,925 3.02 1469.9128,807,4652026-02-23 03:27:3239.11%
SBI Midcap Fund 15,598,584 2.55 572.1613,969,6972026-02-23 03:29:4911.66%
ICICI Prudential Value Fund 13,981,271 0.85 512.83N/AN/AN/A
Kotak Large & Midcap Fund 13,000,000 1.59 476.84N/AN/AN/A
SBI Large & Midcap Fund 12,044,737 1.18 441.89,576,9882026-01-26 07:35:1525.77%
ICICI Prudential Pharma Healthcare & Diagnostics (P.H.D) Fund 10,624,677 5.85 389.715,680,2172025-12-14 04:35:4187.05%
SBI Balanced Advantage Fund 10,245,640 0.93 375.8110,021,2052026-02-23 08:53:012.24%
SBI Multicap Fund 9,773,314 1.56 358.49N/AN/AN/A
Mirae Asset Midcap Fund 9,451,060 1.96 346.666,269,0662026-02-21 14:06:5950.76%
Mirae Asset Large & Midcap Fund 8,057,987 0.7 295.57N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 5.005.005.005.005.00
Basic EPS (Rs.) 8.468.553.885.446.24
Diluted EPS (Rs.) 8.468.543.875.426.19
Cash EPS (Rs.) 25.9624.5816.0214.9313.59
Book Value[Excl.RevalReserv]/Share (Rs.) 180.27210.51187.3178.8770.09
Book Value[Incl.RevalReserv]/Share (Rs.) 180.28210.52187.3178.8870.10
Revenue From Operations / Share (Rs.) 127.12122.9093.0768.1759.22
PBDIT / Share (Rs.) 36.4434.6824.0518.1815.89
PBIT / Share (Rs.) 22.3821.6214.7811.409.93
PBT / Share (Rs.) 15.7113.408.869.919.56
Net Profit / Share (Rs.) 11.9111.516.758.157.63
NP After MI And SOA / Share (Rs.) 8.448.523.855.406.17
PBDIT Margin (%) 28.6628.2225.8426.6726.83
PBIT Margin (%) 17.6017.5815.8816.7216.77
PBT Margin (%) 12.3610.909.5214.5416.14
Net Profit Margin (%) 9.369.367.2411.9512.88
NP After MI And SOA Margin (%) 6.636.924.147.9210.42
Return on Networth / Equity (%) 4.685.162.587.699.83
Return on Capital Employeed (%) 6.046.374.078.268.32
Return On Assets (%) 1.721.820.883.173.99
Long Term Debt / Equity (X) 0.570.650.850.470.39
Total Debt / Equity (X) 0.820.790.990.580.47
Asset Turnover Ratio (%) 0.260.270.300.120.17
Current Ratio (X) 1.140.981.452.191.81
Quick Ratio (X) 0.790.660.951.591.36
Inventory Turnover Ratio (X) 3.091.100.970.750.81
Dividend Payout Ratio (NP) (%) 5.9217.6112.960.000.00
Dividend Payout Ratio (CP) (%) 2.226.953.800.000.00
Earning Retention Ratio (%) 94.0882.3987.040.000.00
Cash Earning Retention Ratio (%) 97.7893.0596.200.000.00
Interest Coverage Ratio (X) 4.874.276.8932.2933.05
Interest Coverage Ratio (Post Tax) (X) 2.492.433.6317.1216.82
Enterprise Value (Cr.) 60668.2750669.8544766.8844360.0751477.10
EV / Net Operating Revenue (X) 3.983.434.015.427.24
EV / EBITDA (X) 13.8712.1715.5020.3226.99
MarketCap / Net Operating Revenue (X) 2.682.152.224.916.90
Retention Ratios (%) 94.0782.3887.030.000.00
Price / BV (X) 1.891.601.394.766.51
Price / Net Operating Revenue (X) 2.682.152.224.916.90
EarningsYield 0.020.030.010.010.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Biocon Ltd. is a Public Limited Listed company incorporated on 29/11/1978 and has its registered office in the State of Karnataka, India. Company's Corporate Identification Number(CIN) is L24234KA1978PLC003417 and registration number is 003417. Currently Company is involved in the business activities of Manufacture of pharmaceuticals, medicinal chemical and botanical products. Company's Total Operating Revenue is Rs. 2242.60 Cr. and Equity Capital is Rs. 600.30 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Pharmaceuticals20th K.M. Hosur Road, Electronics City, Bengaluru Karnataka 560100Contact not found
Management
NamePosition Held
Ms. Kiran Mazumdar ShawExecutive Chairperson
Mr. Siddharth MittalManaging Director & CEO
Prof. Ravi Rasendra MazumdarNon Exe.Non Ind.Director
Mr. Eric Vivek MazumdarNon Exe.Non Ind.Director
Mr. Bobby Kanubhai ParikhIndependent Director
Mr. Naina Lal KidwaiLead Independent Director
Ms. Rekha Mehrotra MenonIndependent Director
Mr. Nicholas Robert HaggarIndependent Director
Mr. Atul DhawanIndependent Director

FAQ

What is the intrinsic value of Biocon Ltd and is it undervalued?

As of 15 April 2026, Biocon Ltd's intrinsic value is ₹274.13, which is 24.90% lower than the current market price of ₹365.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (4.76 %), book value (₹200), dividend yield (0.14 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Biocon Ltd?

Biocon Ltd is trading at ₹365.00 as of 15 April 2026, with a FY2026-2027 high of ₹425 and low of ₹295. The stock is currently in the middle of its 52-week range. Market cap stands at ₹59,196 Cr..

How does Biocon Ltd's P/E ratio compare to its industry?

Biocon Ltd has a P/E ratio of 72.1, which is above the industry average of 53.84. The premium over industry average may reflect growth expectations or speculative interest.

Is Biocon Ltd financially healthy?

Key indicators for Biocon Ltd: ROCE of 6.25 % is on the lower side compared to the industry average of 16.35%; ROE of 4.76 % is below ideal levels (industry average: 15.16%). Dividend yield is 0.14 %.

Is Biocon Ltd profitable and how is the profit trend?

Biocon Ltd reported a net profit of ₹1,429 Cr in Mar 2025 on revenue of ₹15,262 Cr. Compared to ₹772 Cr in Mar 2022, the net profit shows an improving trend.

Does Biocon Ltd pay dividends?

Biocon Ltd has a dividend yield of 0.14 % at the current price of ₹365.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Biocon Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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