Biocon shares surge 10% in two days as brokerages cheer firm’s strong Q2 results: Check latest target prices

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26 Aug, 2025 12:21

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The shares of Biocon extended sharp gains for the second consecutive session on November 13 after the pharma company’s strong Q2 results boosted investor sentiment. Brokerages remain positive for the stock, raising target prices after the earnings announcement.

Biocon shares rose more than 4 percent to trade at Rs 423.10 apiece on Thursday. The stock has now gained nearly 10 percent in these two sessions since the company’s earnings announcement in the post market hours of November 11 (Tuesday).

Biocon Q2 Results:

Biocon reported a consolidated net profit of Rs 84.5 crore for the July-September quarter of the ongoing financial year 2026. This comes against a net loss of Rs 16 crore reported during the corresponding quarter of the previous financial year.

The firm’s revenue from operations meanwhile rose nearly 20 percent year-on-year (YoY) to Rs 4,295.5 crore in Q2 FY26, from Rs 3,590.4 crore reported in Q2 FY25. Its expenses grew over 18 percent YoY to Rs 4,205.3 crore during the quarter under review.

JM Financial on Biocon:

JM Financial kept a ‘Buy’ call on Biocon shares, while raising their target price to Rs 476 apiece. This implies an upside potential of more than 17 percent from the stock’s previous closing price. The domestic brokerage noted that the firm’s biosimilars grew at a “stellar” rate of 25 percent YoY, driven by market share gains and successful launches including bUstekinumab, bAspart, bBevacizumab and bAflibercept.

“We have revised our FY26/27/28 estimates on account of biosimilar ramp-up, the muted EBITDA trajectory and higher than anticipated minority payments. We remain confident on the company’s future prospects owing to the biosimilar scale-up, new launches, improving leverage and balance sheet strengthening,” it added.

Axis Securities on Biocon:

Axis Securities had a ‘Buy’ call on the stock, while raising its target price to Rs 450 per share. This implies an upside potential of around 10 percent from the stock’s previous closing price. The domestic brokerage said that the firm’s revenue, EBITDA margins and PAT were in-line with its estimates.

“Management expects strong double-digit revenue growth in FY26, driven by sustained momentum in Biosimilars, margin recovery in Generics from H2, and steady growth in the CRDMO segment. Recent launches, including Yesintek, Yesafili, Bevacizumab, Insulin Aspart, and Denosumab, are expected to accelerate growth in the Biosimilars business. Profitability is likely to improve through new generic launches such as Liraglutide, Sacubitril/Valsartan, and Everolimus, coupled with operating leverage benefits. Following the Rs 4,500 Cr QIP, debt reduction, and a strengthened balance sheet provide further flexibility to pursue future growth opportunities. Management remains confident of sustaining revenue momentum and delivering margin expansion in FY26 and beyond,” Axis said.

Follow all Q2 updates LIVE here.

Motilal Oswal on Biocon:

Motilal Oswal has a ‘Buy’ call on the stock, with a target price of Rs 480 per share. This implies an upside potential of more than 18 percent from the stock’s previous closing price. The domestic brokerage said that the firm’s revenue and EBITDA were in-line with its estimates, while PAT was better than expected due to lower minority interest for the quarter.

It has however trimmed its earnings estimate for the stock to factor in procedural time required to add Insulin Aspart biosimilar in the formulary list, gradual reduction in interest costs, and R&D spending to boost product pipeline across the biosimilar/generics segments.

“Following an earnings revival in FY25, BIOS is entering a scale-up phase, poised for strong earnings growth driven by robust traction across segments and improved profitability. Ongoing financial deleverage is expected to further enhance earnings prospects,” it added.

Goldman Sachs on Biocon:

Goldman Sachs remained ‘Neutral’ on the stock, but raised its target price to Rs 375 per share. This implies a downside potential of nearly 8 percent from the stock’s previous closing price.

The international brokerage said that the results beat estimates driven largely by beats from the generics and biologics segments

HBSC Research on Biocon:

HBSC Research held a ‘Buy’ call on the stock, and raised its target price to Rs 455 per share. This implies an upside potential of more than 12 percent from the stock’s previous closing price.

The international brokerage said that it remains positive on imminent turnaround of company's biosimilars segment.

Also read: Our LIVE blog on stock market updates

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