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Swing Capital

Biocon Ltd

NSE: BIOCON BSE: 532523

Biocon is engaged in the business of manufacture of biotechnology products and research services.(Source : 202003-01 Annual Report Page No:195)

₹426
52W: ₹328 — ₹435
PE 289 · Book ₹167 · +155% vs book
Market Cap₹69,034 Cr
Stock P/E289Price to Earnings
ROCE1.92%Return on Capital
ROE1.24%Return on Equity
Div. Yield0.12%Face Value ₹5

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has been maintaining a healthy dividend payout of 92.7%
  • +Company's working capital requirements have reduced from 103 days to 35.9 days

Weaknesses

  • −Stock is trading at 2.58 times its book value
  • −Promoter holding has decreased over last quarter: -9.54%
  • −The company has delivered a poor sales growth of 2.96% over past five years.
  • −Company has a low return on equity of 0.94% over last 3 years.
  • −Company has high debtors of 156 days.

Shareholding Pattern

Promoters44.91%
FIIs7.52%
DIIs24.01%
Public23.4%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters60.64%60.64%60.64%60.64%54.45%▼6.254.45%54.45%44.91%▼9.5
FIIs5.9%5.93%▲0.05.66%▼0.35.67%▲0.06.04%▲0.46.61%▲0.67.39%▲0.87.52%▲0.1
DIIs14.29%14.44%▲0.215.36%▲0.915.73%▲0.422.83%▲7.122.06%▼0.821.67%▼0.424.01%▲2.3
Public18.9%18.74%▼0.218.11%▼0.617.77%▼0.316.51%▼1.316.7%▲0.216.34%▼0.423.4%▲7.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales563533511525563644537583621605
Expenses492480466488532582516530548525
Operating Profit71524538316221537379
OPM %13%10%9%7%6%10%4%9%12%13%
Net Profit24141358421-871-7651
EPS ₹0.20.120.010.034.860.18-0.060.53-0.570.31

AI Insights

Revenue Trend

Mar 2026 revenue at ₹2,346Cr, up 4.6% YoY. OPM at 10%.

Debt Position

Borrowings at ₹1,153Cr. Debt-to-equity ratio: 0.04x. Healthy balance sheet.

Capex Cycle

CWIP at ₹523Cr (37% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 24.01% (+11.42pp change). FIIs: 7.52% (-2.00pp change). Promoters hold 44.91%.

Margin & Efficiency

ROCE declining from 17% (Mar 2015) to 2% (Mar 2026). Working capital days: 36.

Valuation

PE 289x with 1.92% ROCE. Price is 155% above book value of ₹167. Dividend yield: 0.12%.

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