NSE/BIOCON

BIOCONBiocon Ltd

Healthcare · NSE

₹358.1+2.10%

52-wk low52-WEEK RANGE52-wk high

₹306.3+16.9% from low ·-15.1% from high₹421.6

Price chart · 1M–10Y · daily-close

NSE bhavcopy + 10Y historical

BIOCON+16.91% · 1Y

Range high ₹424.95Range low ₹305Latest ₹358.1252 bars · daily-close · NSE bhavcopy + 10Y history

HealthcareBiotechnologyLargecapLow Risk

Stock scorecard

Auto-computed from latest ratios + sector context · not a buy/sell signal

Composite25/100

Performance

Low

Hasn't fared well — amongst the weak performers.

· 52w return +7.9%
· Below 200-DMA (-4.3%) — downtrend

Valuation

Medium

Valuation close to the sector median.

· P/E 73.6 — 94% above sector median 37.8
· P/B 1.72 below sector median 5.81

Growth

Medium

Steady but not standout growth.

· Revenue YoY +3.4% — slow
· Profit YoY -0.9% — earnings slipping

Profitability

Low

Profitability is a concern.

· ROE 2.3% — weak returns on equity
· Net margin 6.6% — thin margins

DVM composite · Durability · Valuation · Momentum

Trendlyne-style 3-axis composite · all drivers shown below · not a buy/sell signal

CompositeC(54/100)

Durability

76/100

Financially resilient — strong quality + solvency profile.

Show 4 drivers

Piotroski F-score7/9 (78pt)
Altman Z" score4.05 (100pt)
Debt/Equity0.50 (86pt)
ROE2.3% (9pt)

Valuation

42/100

Trading at a premium — growth must keep delivering to justify.

Show 4 drivers

P/E vs sector (73.6 / 37.8)194% (21pt)
P/B1.72 (100pt)
Dividend yield0.14% (4pt)
EV/EBITDA19.2 (40pt)

Momentum

45/100

Momentum is muted; trend is unclear or rolling over.

Show 5 drivers

52w change+7.9% (55pt)
DMA-trend alignmentstrong down (0pt)
RSI (14)47.4 (60pt)
Price vs 200-DMA-4.4% (50pt)
MACD regimebullish cross (95pt)

Valuation positioning

Current ratio vs sector peer distribution

P/E (TTM)73.57

OVERVALUED

CheapestP/E 73.6 at 100th %ile — pricier than 100% of peers.Most expensive

P/B1.72

UNDERVALUED

CheapestP/B 1.72 at 4th %ile of sector.Most expensive

EV/EBITDA19.22

OVERVALUED

Monthly seasonality

Avg monthly return over 10 years · historical — not a forecast

Best: Nov +7.34% · Worst: Oct -3.04%

Jan

-0.6%

60% win

Feb

-0.3%

50% win

Mar

-2.1%

30% win

Apr

+6.0%

50% win

May

+0.6%

60% win

Jun

+2.8%

Monthly return distribution

Distribution of 120 monthly returns

Mean

+1.47%

Median

+0.88%

Std dev

8.87%

Best

+30.8%

Worst

-20.1%

% positive

56%

SWOT analysis

Auto-derived from ratios + sector context + forensics · research only, not a recommendation

STRENGTHS · 3

Consistent top-line growth (23.3% 3Y CAGR)
Sustained revenue compounding is rare and hard to fake
Financial quality score 7/9
Piotroski ≥7 historically associated with outperformance
Bankruptcy risk low (Altman Z″ 4.05)
Z″ above 2.60 sits squarely in the 'safe' zone

WEAKNESSES · 2

Low return on equity (2.3%)
Below 10% ROE suggests inefficient use of shareholder capital
Premium to sector on P/E (+94%)
P/E 73.6 vs Healthcare median 37.8

OPPORTUNITIES · 1

17% upside to consensus target (₹418)
19 analysts see fair value materially higher

THREATS · 2

Strong downtrend — DMA stack bearish
Price < 20 < 50 < 200 DMA: trend-followers are leaving
Valuation compression risk
P/E 73.6 is 94% above sector — any growth miss gets punished

RETURNS · DAILY-CLOSE BASED

3Y+ shown as CAGR

+2.1%

+2.7%

-6.6%

-5.3%

+3.4%

+11.1%

+20.6%

-1.6%

10Y

+14.5%

Fundamentals

VALUATION

Market cap

₹58,021 Cr

P/E (TTM)

73.6

P/E (fwd)

39.1

next 12m

P/B

1.72

EV/EBITDA

19.2

Book value

₹207.92

per share

PROFITABILITY · QUALITY

ROE

2.3%

ROCE

—

Net margin

6.6%

Op margin

7.6%

Gross margin

60.9%

D/E

0.50

GROWTH · MARKET

Rev YoY

+3.4%

Profit YoY

-0.9%

Div yield

0.14%

Payout

10.3%

52w change

+7.9%

Beta

0.25

defensive

Pros and cons

Auto-derived from ratios · not a buy/sell recommendation

PROS · 3

+Forward P/E materially below trailing (39.1x vs 73.6x)Street expects earnings growth that compresses the multiple — positive surprise cushion
+3-year revenue CAGR of 23.3%Sustained multi-year growth — not a one-quarter flash
++17% upside to analyst consensus target19 analysts average target of ₹418 vs current ₹358

CONS · 3

−Trades at a premium to sector on P/EP/E 73.6 vs Healthcare median 37.8 — priced for more growth than peers
−Very high absolute P/E (74x)At this multiple the market prices in several years of strong growth upfront — risk of correction if growth disappoints
−Low ROE of 2.3%Below the 10%+ threshold most quality-focused investors require

Sector-relative context

Healthcare · 24 peers

P/E (TTM)

This stock

73.57

Sector median

37.85

Rank 24/24 (4th %ile)

ROE

This stock

2.3%

Sector median

13.8%

Rank 10/24 (63th %ile)

P/B

This stock

1.72

Sector median

5.81

Rank 1/24 (100th %ile)

Quality score · Piotroski F-score

7 / 9

Decent quality — clears Piotroski bar

✓Profitable (positive net income)· Most basic check — company makes money
✓Positive return on assets· Assets generate returns
✓Positive operating cash flow· Profits are backed by real cash, not accruals
✓Operating CF exceeds net profit· Healthy cash conversion — no aggressive revenue recognition
✓Long-term debt decreased YoY· Deleveraging — lower refinancing risk
✓ROA improved YoY· Getting more productive with the asset base
✗Operating margin expanded YoY· Pricing power or cost discipline
✓

Forensic score · Altman Z″ (emerging markets)

Bankruptcy-risk predictor · 1995 Altman emerging-market revision

SAFE4.05

Z″ = 4.05 — well inside the SAFE zone. Low bankruptcy risk signal across liquidity, profitability and solvency inputs.

Component	Ratio	Weight	Contribution
Working Capital / Total Assets (A)	0.299	×6.56	1.963
Retained Earnings / Total Assets (B)	0.335	×3.26	1.091
EBIT / Total Assets (C)	0.058	×6.72	0.391
Book Equity / Total Liabilities (D)	0.573	×1.05	0.601

Zones: Z″ ≥ 2.60 safe · 1.10–2.60 grey · < 1.10 distress. All four inputs derived from latest annual filing.

Analyst consensus

19 analysts · BUY

Target mean

₹417.84

Target high

₹580.00

Target low

₹290.00

Upside vs today

+16.6%

Street consensus target is +16.6% vs current price. Consensus is a lagging sentiment read, not a forecast.

Company + balance sheet snapshot

Industry

Biotechnology

Shares out

161.9

Revenue (TTM)

₹16,827 Cr

EBITDA

₹3,348 Cr

Total debt

₹16,536 Cr

Cash

₹6,104 Cr

Net debt

₹10,432 Cr

Quarterly results

Last 6 quarters · ₹ Cr (Screener.in-grade depth)

Metric	2024-Q3	2024-Q4	2025-Q1	2025-Q2	2025-Q3	2025-Q4
Revenue	—	3,821	4,358	3,910	4,263	4,173
Operating profit	—	326	789	294	362	318
OPM %	—	8.5%	18.1%	7.5%	8.5%	7.6%

Annual P&L

Last 4 years · ₹ Cr · all line items

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Revenue	8,025	10,934	14,196	15,052
Operating profit	1,187	1,627	1,435	1,626
OPM %	14.8%	14.9%	10.1%	10.8%
Interest	68	419	974	888

Peer	Last close	1Y change	Mcap ₹Cr	P/E	P/B	ROE	D/E	Rev YoY
BIOCONTHIS Biocon Limited	₹358.1	+7.9%	58,021	73.6	1.72	2.3%	0.50	+3.4%
DIVISLAB Divi's Laboratories Limited	₹6,229	+5.7%	1,66,714	67.2	10.81	16.1%	0.01	+12.3%
APOLLOHOSP Apollo Hospitals Enterprise Limited	₹7,699	+7.8%	1,10,096	61.0	12.11	19.8%	0.84	+17.2%
LUPIN Lupin Limited	₹2,326.1	+15.8%	1,06,756	23.0	5.43	—	0.32	+13.5%
DRREDDY Dr. Reddy's Laboratories Limited	₹1,235.7	+5.0%	1,02,626	18.2	2.76	16.1%	0.18	+4.4%
CIPLA Cipla Limited	₹1,240.8	-17.9%	99,317	21.9	3.02	13.8%	0.01	0.0%
MAXHEALTH Max Healthcare Institute Limited	₹1,007.65	-6.1%	98,448	69.7	9.85	—	0.33	+30.0%
MANKIND Mankind Pharma Limited	₹2,125	-17.9%	87,619	49.2	5.73	—	0.54	+18.1%
AUROPHARMA Aurobindo Pharma Limited	₹1,386	+15.4%	80,209	23.0	2.29	9.9%	0.22	+9.4%

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Research tool · not investment advice.

Axel Markets is an information + analytics product. We are not a SEBI-registered Research Analyst (RA) or Investment Adviser (IA). Nothing on this page is a buy, sell, or hold recommendation. Past performance is not indicative of future returns. Verify all data against the authoritative source (NSE, BSE, AMFI, SEBI, company RHP / factsheet) before acting. Daily OHLCV sourced primarily from our NSE bhavcopy ingest (public sec_bhavdata_full CSV), with Stooq as a fallback for historical gaps. Split + bonus adjusted. Excludes dividends. Not a recommendation. Past performance does not predict future returns. For authoritative live quotes see NSE / BSE directly.

Quarter	EPS estimate	EPS actual	Surprise %
-1q	1.22	2.74	+124.1%
-2q	0.97	0.72	-25.4%
-3q	0.78	0.26	-66.5%
-4q	1.43	2.71	+90.1%

Date	Amount
2025-07-04	₹0.50
2024-07-05	₹0.50
2023-07-07	₹1.50
2022-06-30	₹0.50
2019-07-18	₹0.50
2018-07-19	₹0.50
2017-07-20	₹0.50

Date	Ratio
2019-06-12	2:1
2017-06-15	3:1

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Equity capital	600	600	600	600
Reserves	6,827	16,086	17,603	18,959
Borrowings	5,147	18,019	16,277	18,362
Other liabilities	1,215	2,557	311	513
Total liabilities	20,394	52,043	56,071	58,797
Fixed assets	9,416	10,123	12,208	13,608
CWIP	3,472	2,588	4,216	4,295
Investments	145	788	754	747
Other assets	163	0	428	476
Total assets	20,394	52,043	56,071	58,797

Metric	2022-FY	2023-FY	2024-FY	2025-FY
CF Operating	1,177	1,853	2,954	4,061
CF Investing	-1,699	-14,282	-1,005	-234
CF Financing	242	13,049	-2,333	-1,854
Net cash flow	-243	641	-380	2,004
Free cash flow	-748	126	1,022	1,718

Metric	2025-FY	2024-FY	2023-FY	2022-FY
OPM %	10.8%	10.1%	14.9%	14.8%
Net margin %	6.7%	7.2%	4.2%	8.1%
ROE %	5.4%	5.9%	3.8%	8.7%
ROCE %	7.7%	7.2%	5.6%	8.4%
Debt / Equity	0.94	0.89	1.08	0.69
Interest coverage	3.1×	2.6×	3.1×	15.5×
Revenue growth YoY	+6.0%	+29.8%	+36.3%	—
Profit growth YoY	-0.9%	+121.0%	-28.6%	—

BIOCONBiocon Ltd

Price chart · 1M–10Y · daily-close

Stock scorecard

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

SWOT analysis

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Forensic score · Altman Z″ (emerging markets)

Analyst consensus

Company + balance sheet snapshot

Quarterly results

Annual P&L

Peer comparison · Healthcare

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Technical snapshot

Earnings history + surprises

Dividends + splits history

Stock scorecard

SWOT analysis

Recent news

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Forensic score · Altman Z″ (emerging markets)

Analyst consensus

Company + balance sheet snapshot

Quarterly results

Annual P&L

Balance sheet

Cash flow statement

Peer comparison · Healthcare

Ratios