Buy Biocon, target price Rs 351: Axis Securities

Axis Securities has a Buy call on Biocon with a target price of Rs 351. The current market price of Biocon is Rs 339.45. The time period given by the analyst is Half-yearly when Biocon price can reach the defined target. Biocon, incorporated in 1978, is a Large Cap company with a market cap of Rs 40538.26 crore, operating in the Pharmaceuticals sector.

Biocon's key products/revenue segments include Bio Pharmaceuticals, Other Operating Revenue, Waste and Sale of services for the year ending 31-Mar-2024.

Financials

For the quarter ended 31-12-2024, the company has reported a Consolidated Total Income of Rs 3856.20 crore, up 6.44% from last quarter Total Income of Rs 3622.90 crore and down -14.67 % from last year same quarter Total Income of Rs 4519.20 crore. The company has reported net profit after tax of Rs 81.10 crore in the latest quarter.

The company?s top management includes Ms.Kiran Mazumdar Shaw, Mr.Nicholas Robert Haggar, Ms.Rekha Mehrotra Menon, Mr.Naina Lal Kidwai, Mr.Bobby Kanubhai Parikh, Mr.Meleveetil Damodaran, Mr.Eric Vivek Mazumdar, Prof.Ravi Rasendra Mazumdar, Mr.Siddharth Mittal, Mr.Atul Dhawan. The company has B S R & Co. LLP as its auditors. As on 31-03-2025, the company has a total of 120 Crore shares outstanding.

Investment Rationale
Biosimilars are continuously gaining market share across the geographies. Launching products like gLiraglutide in Generics and a strong pipeline of upcoming Biosimilars like Stellara and YESFILI provides a strong outlook for business in the upcoming quarters. The industry is continuously supporting the Biocon Business. The brokerage recommends a BUY with a target price of Rs 351, which implies an upside of 10% from the current market price (CMP).

Promoter/FII Holdings
Promoters held 60.64 per cent stake in the company as of 31-Mar-2025, while FIIs owned 5.67 per cent, DIIs 15.72 per cent.