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Biocon Margin Trend — Quarter by Quarter

Biocon's EBITDA margin moved from 23.0% in Q1 FY24 to 23.0% in Q4 FY26 across 12 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY2623.0%+200 bps
Q3 FY2620.0%+230 bps
Q2 FY2621.0%—
Q1 FY2625.0%—
Q4 FY2531.0%—
Q3 FY2520.0%—
Q2 FY2520.0%—
Q1 FY2520.0%—
Q4 FY2424.0%—
Q3 FY2427.0%—
Q2 FY2425.0%+300 bps
Q1 FY2423.0%+100 bps

What management said about ebitda margin

G

Q4 FY26 · EBITDA margin expansion of ~200bps in FY26 on like-to-like basis

Margins improved to 22% for FY26; management expects further operating leverage as new products ramp up.

G

Q4 FY26 · Net debt reduction to ~$1.1B from $1.5B in March 2025

Free cash flow will be prioritized for deleveraging; interest cost savings of ~₹75 Cr per quarter expected.

G

Q3 FY26 · Annualized interest savings of ~₹300 crore from FY27

Management expects annualized interest cost savings of approximately ₹300 crore starting FY27, following the retirement of structured debt.

G

Q3 FY26 · Biosimilar EBITDA margin to be in mid-20s for full year FY26

Management reiterated that biosimilar EBITDA margin for the full year FY26 will be in the mid-20s, despite Q3 margin of 28%.

G

Q2 FY26 · Generics gross margin improvement in H2

Gross margins in generics are expected to improve in the second half of FY26, driven by new product launches.

G

Q4 FY24 · Syngene FY25 EBITDA margin similar to FY24

Syngene expects operating EBITDA margin to be similar to FY24 levels (~31%).

G

Q3 FY24 · BBL core EBITDA margin target of mid-30s

Management reiterated a mid-30s core EBITDA margin target for Biocon Biologics, with current margins depressed by ~5% due to integration-related one-off costs expected to normalize.

G

Q1 FY24 · Biosimilars core EBITDA margins to return to mid-thirties by end of FY24

Management expects core EBITDA margins for Biocon Biologics to recover to mid-thirties as legacy rebate issues normalize and integration completes.