Buy Biocon; target of Rs 480: Motilal Oswal

Buy

Motilal Oswal's research report on Biocon

Biocon (BIOS) delivered in-line revenue/EBITDA for 2QFY26. PAT for the quarter was better than expected, driven by lower minority interest for the quarter. BIOS has maintained a positive YoY revenue growth trend over the past five quarters, driven by the biologics and generics segment. The Syngene business was impacted by the higher base of last year.

Outlook

We value BIOS on an SOTP basis (22x 12M forward EV/EBITDA for 73% stake in Biocon Biologics, 53% stake in Syngene, and 10x EV/EBITDA for the Generics business) to arrive at a TP of INR480.

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