Neutral Biocon; target of Rs 410: Motilal Oswal

The research firm ICICI Securities believes earnings of apparel brands and retail companies under their coverage may surprise positively from Q3FY22E as the likely demand recovery may result in better than expected margin performance. Some of the costs savings achieved during pandemic may sustain and coupled with high operating leverage may lead to higher than pre-covid margins from Q3FY22E.  Stocks like Trent, V-Mart and Aditya Birla Fashion and Retail are the preferred picks backed by their strong and consistent track record of execution.

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26 Aug, 2025 12:21

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Motilal Oswal's research report on Biocon

Biocon (BIOS) delivered operationally in-line 4QFY22. The performance was healthy in generics and research services, while biologics sales have been steady for two quarters now. BIOS remains on track to develop products as well as build manufacturing capacities across generics and biologics segments to drive robust earnings growth over the next 3-4 years.

Outlook

We retain our FY23/FY24 estimates and continue to value BIOS on an SOTP basis (25x EV/EBITDA for biologics and 10x EV/EBITDA for generics and Syngene at market value) to arrive at our TP of INR410.

For all recommendations report, click here

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