Biocon Limited (BIOCON.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+12.2%

₹388.17

vs ₹345.95 price

Levered DCF

₹11.20

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.63

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	127.98×	40.08×	31.54×	53.18×	61.69×	65.53×	42.81×	40.49×
P/B	1.45×	1.88×	1.63×	1.38×	4.74×	6.36×	4.78×	6.01×
P/S	2.92×	2.66×	2.19×	2.2×	4.88×	6.8×	5.08×	6.65×
EV / EBITDA	18.14×	17.26×	14.11×	15.43×	22.54×	31.2×	21.11×	27.52×
Gross margin	34.8%	60.6%	62.2%	62.3%	61.2%	68.6%	63.2%	65.6%
Operating margin	8.9%	30.9%	34.4%	29.8%	24.5%	36.4%	26.2%	36.3%
Net margin	2.3%	6.6%	6.9%	4.1%	7.9%	10.4%	11.9%	16.4%
Current ratio	1.22×	1.14×	0.99×	1.45×	2.19×	1.81×	1.33×	1.59×
Debt / equity	0.45×	0.85×	0.82×	1.01×	0.61×	0.59×	0.41×	0.4×
Interest coverage	1.51×	5.26×	5.22×	7.95×	29.65×	45.02×	25.46×	28.36×
Dividend yield	0.2%	0.2%	0.6%	0.3%	0.0%	0.0%	0.2%	0.2%
Payout ratio	23.5%	8.2%	19.9%	15.5%	0.0%	0.0%	9.4%	8.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	1.1%	4.7%	5.2%	2.6%	7.7%	9.7%	11.2%	14.8%
Return on invested capital	2.3%	7.2%	9.9%	5.2%	9.0%	13.1%	10.3%	16.4%
Return on assets	0.6%	1.7%	1.8%	0.9%	3.2%	4.0%	5.2%	7.4%
Free cash flow yield	-1.1%	4.2%	3.2%	0.5%	-1.9%	-1.2%	-1.7%	-0.9%
Earnings yield	0.8%	2.5%	3.2%	1.9%	1.6%	1.5%	2.3%	2.5%
Enterprise value	₹615.9B	₹557.5B	₹473B	₹413.1B	₹444.6B	₹520.7B	₹338.6B	₹383.5B
Net debt / EBITDA	3.61×	4.69×	4.49×	6.24×	2.27×	2.11×	1.14×	1.22×
Cash conversion cycle (days)	106	35	68	156	194	160	161	79