Biocon Ltd. reported a mixed set of March quarter earnings for FY26, beating low expectations on the back of resilient performance in the biosimilar division, even as a high base from generic lenalidomide sales in the year-ago period and an exceptional item weighed heavily on the bottom line.
The Kiran Mazumdar Shaw-led company, which is soon set for a managerial makeover, with Kiran set to be replaced by Claire Mazumdar, posted a consolidated net profit of Rs 126 crore for Q4 FY26, down 63.5% from Rs 345 crore in the corresponding period last year.
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Revenue from operations rose 2.3% year-on-year to Rs 4,517 crore from Rs 4,417 crore. Ebitda declined 5.4% to Rs 1,020 crore versus Rs 1,078 crore, with the EBITDA margin contracting to 22.6% from 24.4%. The margin compression was widely anticipated and proved less severe than feared.
Biocon Q4 FY26 (Consolidated, YoY)
- Revenue up 2.3% at Rs 4,517 crore versus Rs 4,417 crore
- Ebitda down 5.4% at Rs 1,020 crore versus Rs 1,078 crore
- Ebitda margin at 22.6% versus 24.4%
- Net profit down 63.5% at Rs 126 crore versus Rs 345 crore
The sharp decline in profit was largely a function of a high base effect, as Q4FY25 had benefitted from elevated generic lenalidomide sales and the impact of an exceptional in the current quarter. Barring these distortions, the underlying performance was viewed as holding up better than the street had braced for.
Meanwhile, the biosimilar division, which is a key growth engine for Biocone, delivered a revenue growth of 12% on a year-on-year basis. This was supported by advanced market traction and new launches. The CRDMO segment, represented by Syngene, grew a modest 2% year-on-year, limiting the overall revenue momentum for the quarter.
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