Biocon Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 4,388.90 Cr (+2.22% YoY) and PAT growth of -51.12% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 04, 2026 |
|---|---|
| Revenue (Q2) | Rs. 4,388.90 Cr (+2.22% YoY) |
| PAT (Q2) | Rs. 41.30 Cr (-51.12% YoY) |
| EBITDA margin | 19.57% (-177 bps YoY) |
| EPS (Q2) | Rs. 0.25 (-62.12% YoY) |
Q2 FY27 revenue grew 2.22% YoY but profitability collapsed: PBT pre-exceptional fell 66.43% YoY, owners' PAT fell 51.12% YoY, and EBITDA margin hit a three-quarter low of 19.57%. The Biosimilars segment result fell 80.57% YoY to Rs 32.5 Cr with no disclosed driver, finance costs of Rs 240.1 Cr exceeded the guided Rs 210-220 Cr band, and the promised H2 acceleration now depends on the inventory build converting to sales and Biosimilars margins recovering.
| Driver | What happened | Verdict |
|---|---|---|
| "Continuing growth quarter in Biosimilars and Generics" | Biosimilars +3.22% YoY; Generics +10.42% YoY (revenue) | Played out on revenue |
| "Services/Syngene likely stays behind" | −8.55% YoY | Played out |
| "Watch whether Q2 holds near 25%" (Biosimilars EBITDA margin) | Segment EBITDA not derivable; PBT-basis margin fell to 1.16% from 6.00% | Contradicted on the derivable basis |
| "Adherence to Rs 210–220 Cr interest band is a live watch item" | Rs 240.1 Cr | Contradicted |
| "Generics inside the promised gross-margin improvement window" | Gross margin not disclosed; loss margin −3.93% vs −4.07% QoQ | Partially |
| Tariffs: no P&L impact in-window | No tariff impact disclosed | Consistent |
| Watch: contracting outcomes (five growth products) | Not addressed in the filing — remains open for the call | Not observable |
| Watch: working capital / whether inventory build peaked | Build continued (+17.4% inventories), consistent with management's own guidance | Played out |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Interest Rs 210–220 Cr/qtr | Q1 FY27 earnings call (Aug 2026) | Rs 240.1 Cr — above band | Missed |
| ~Rs 300 Cr/annum interest savings from FY27 | Q4 FY26 / Q1 FY27 calls | H1 finance costs Rs 453.3 Cr vs Rs 548.9 Cr (−17.4% YoY) | On Track |
| Capex < USD 225 mn FY27 | Q1 FY27 call | H1 Rs 839.0 Cr (~USD 88 mn) | On Track |
| Syngene single-digit rupee degrowth FY27 | Q1 FY27 call | H1 Services −12.12% YoY — needs H2 narrowing | Stretch |
| "Meaningful acceleration in H2 FY27" | Q1 FY27 press release/call | Q2 revenue +2.22% YoY, EBITDA −6.30% YoY | Too Early |
| "Well-positioned to deliver stronger performance as the year progresses" | Q1 FY27 call/press release | Q2 delivered the weakest consolidated EBITDA (858.7 Cr) and margin (19.57%) of the last three quarters — H2 pending), but no build visible yet | Too Early |
| Generics margins rebuild as revenues ramp | Q1 FY27 management commentary | Generics PBT-basis margin −3.93% vs −9.87% YoY; flat QoQ | Partially confirmed |
| Net debt increase linked to inventory build for H2 scale-up | Q1 FY27 CFO commentary | Inventories +17.4% since Mar-26; net debt +9.5% | Confirmed |
| Biosimilars enters FY27 on a strong footing; margins to improve | Q1 FY27 framing | Biosimilars segment result −80.57% YoY (filing gives no driver) | Contradicted this quarter |
| Metric | Q2 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|
| Finance costs (Rs Cr) | 272.2 | 213.2 | 240.1 |
| Company-def EBITDA margin % | 21.34 | 20.48 | 19.57 |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.