Biocon Limited — Q3 FY26
Biocon delivered a solid Q3 FY26 with group revenue of ₹4,173 crore (+9% YoY) and EBITDA of ₹951 crore (+21% YoY), driven by strong biosimilar margins (28% vs 21% last year) and...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
75%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Is the biosimilar production upgrade behind us and what caused it?
Asked by Niha Manpurya, Buffa Securities
Answered that upgrade is done but did not specify exact cause or whether fully behind.
no timeline givenvague on cause
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Question
Um the upgrade of production and quality that you mentioned um uh is it fair to assume that uh this is largely done and behind us? Um and second what led to this u you know need for this updation of production?
Shriash (management)
What we've done in the current quarter which was a planned operation where we've upgraded our facilities to be able to scale up uh and uh be able to deliver on this increased demand uh as we go along.
Evasive
High priority
Should biosimilar growth return to 20%+ with mid-20s margins next year?
Asked by Niha Manpurya, Buffa Securities
Declined to give forward guidance on growth or margin trajectory.
refused guidanceno specifics
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Question
Should we get back to uh you know the 20 plus% growth trajectory for the bios business with the mid20s margin or should that margin also improve going into next year?
Shriash (management)
I've refrained from giving specific guidance uh for the future uh we did say that we will have the mid20s for the current financial year.
Answered
High priority
What will capex be for FY26 and FY27, and will it moderate?
Asked by Niha Manpurya, Buffa Securities
Provided specific capex numbers and outlook for moderation.
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Question
Could you uh help us through what the cape would look like uh for the consolidated entity in uh you know fiscal 20 26 and 27 uh and should we expect that to moderate?
Kedar (management)
At a group level, we were tracking roughly $275 million plus NIH to recollect uh of capex every year that has been moderated to less than 225 and going forward as the Malaysian capacity buildup gets over I think we will see further moderation.
Partial answer
Medium priority
Why did other operating expenses jump 10% sequentially and future trajectory?
Asked by Damyanti Keral, HSBC Securities
Explained composition but did not explain why the jump occurred this quarter.
no specific reason for 10% jump
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Question
Sequentially here also we saw 10% jump. Uh if you can help uh understand that and how should we look at operating expense uh trajectory in coming quarters?
Kedar (management)
That comprises the expenditure across manufacturing facilities, quality expenses, commercial expenses across three entities and uh that is largely fixed in nature. The growth of that particular line uh will be lower than the revenue growth.
Answered
High priority
What is the net debt position as of December 31st?
Asked by Damyanti Keral, HSBC Securities
Provided a specific range for net debt.
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Question
Can you also uh update us on the net pos net debt position as of uh December 31st or as of say current?
Kedar (management)
The net debt that we owe to the bond holders and the banks it's in a very shift in a narrow range of 1.1 to 1.2 billion.
Answered
High priority
Rationale for acquiring full global rights for adalimumab despite US challenges?
Asked by Damyanti Keral, HSBC Securities
Explained rationale clearly with revenue figure.
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Question
What is your rational to acquire the full global rights for Julio Adalimab given it was a challenge uh challenging uh market in the US right?
Shriash (management)
It continues to be one of our products that delivers in excess of $200 million for us on an annual basis. So, Adelimo Mab Julio is a very successful franchise for us.
Partial answer
High priority
What drives confidence in higher biologics growth despite 9-month 17% growth?
Asked by Sham Shri Nasan, Goldman Sachs Research
Listed drivers but did not quantify expected growth acceleration.
no quantitative growth outlook
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Question
There's been a slight slowdown in growth. So what are some of the drivers of that um uh that gives us confidence?
Shriash (management)
We've clearly bought five new products. You've seen the uptick of Yeshu in the US seeing a tremendous response. We've seen over 70% formulary coverage.
Partial answer
Medium priority
Breakdown of generics business growth and outlook?
Asked by Sham Shri Nasan, Goldman Sachs Research
Provided qualitative drivers but no quantitative breakdown.
no specific revenue split
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Question
If you could kind of break it down into just the new what is traction on the new launches including the JLP ones and how should we look at say again outlook for this business?
Siddharth (management)
The growth was driven primarily by LRA glutide launch in European markets. We will be launching this product in few more European countries. In fourth quarter we will also be supplying more product to our partner.
Answered
Medium priority
What is holding Health Canada from approving GLP1 biosimilars?
Asked by Tushar Manuhan, Moal mentions
Explained regulatory uncertainty and company's engagement.
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Question
If you could you know share your perspective in terms of what's holding on Canada as a regulatory authority for uh approving the GLP uh bioimilars or generics?
Siddharth (management)
Health Canada has not approved a single file they are I think still trying to understand the risk associated with this product. We have done back and forth with health Canada on our previous filing of LIA glutide.
Answered
High priority
Is the 700 cr biosimilar EBITDA including exceptional gain?
Asked by Harshett Dud, Diamond Asia Capital
Clearly stated exceptional gain is not included.
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Question
Rabbit of 700 KES in bio similar business. Is there any uh inclusion of the exceptional gain which you have uh put in a notes to accounts in this 700 crores number?
Kedar (management)
No harsh that gain is in the exceptional line. It's not part of the ordinary business. So 700 cr is the clean aida kada.
Answered
High priority
What drove the sequential EBITDA improvement in biosimilars despite lower revenue?
Asked by Harshett Dud, Diamond Asia Capital
Provided specific mix shift explanation with numbers.
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Question
What were the improvements that drove this uh the good number in biosimulates business?
Kedar (management)
This quarter we have prioritized high margin markets. So usually the North American geography mix of total biosumas is roughly 40. This quarter is you know it's beyond 46 47.
Answered
Medium priority
Name the four molecules with $200M+ revenue and status of oral insulin program?
Asked by Vipul Kumar Sha, Individual investor
Named the four molecules and confirmed oral insulin program dropped.
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Question
You have four molecules with $200 million plus revenue. So can you name them? And second question is uh we were pursuing uh oral insulin program long back. So are we still pursuing it or we have dropped it?
Kedar (management)
Zumap fake field grass team insulin franchise including gladene and adali mumap. These are the four molecules which have crossed 200 million in fi25. As far as oral insulin is concerned uh physiologically it worked but financially it didn't make sense.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Biosimilar EBITDA 700 cr clean, excluding exceptional gain | ₹700 cr | ₹951 cr | Understated vs filing |
| Adalimumab delivers in excess of $200 million annually | 200 | 4,173 | Understated vs filing |
| Four molecules crossed $200 million in FY25 | 200 | 4,173 | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.