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532523

BIOCON

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BIOCON LIMITED

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2026-04-01

2027-03-31

2026-11-04

2026-10-26

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Notes: 1. The unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026 in respect of Biocon Limited (‘the Company’) have been reviewed by the Audit Committee at their meeting held on November 03, 2026 and approved by the Board of Directors of the Company at their meeting held on November 04, 2026. The above results have been subjected to limited review by the statutory auditors of the Company. The reports of the statutory auditors are unqualified. 2. These financial results have been prepared in accordance with Indian Accounting Standards (‘Ind AS’) prescribed under Section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. 3. The consolidated financial results include the financial results of the Company and its subsidiaries as follows: i. Syngene International Limited (‘Syngene’) ii. Biocon Biologics Limited (‘BBL’) iii. Biocon Pharma Limited (‘BPL’) iv. Biocon Academy v. Biocon SA vi. Biocon SDN. BHD vii. Biocon FZ LLC viii. Biocon Biologics International Limited (formerly known as Biocon Biologics UK Limited) ix. Biocon Pharma Inc. x. Biocon Biologics Healthcare Malaysia SDN. BHD xi. Biocon Pharma Ireland Limited xii. Biocon Pharma UK Limited xiii. Biocon Biosphere Limited xiv. Biocon Biologics Inc. xv. Biocon Biologics Do Brasil LTDA xvi. Biocon Biologics FZ-LLC xvii. Biocon Pharma Malta Limited xviii. Biocon Pharma Malta I Limited xix. Syngene USA Inc. xx. Syngene Manufacturing Solutions Limited (In the process of liquidation w.e.f 15 June 2026) xxi. Syngene Scientific Solutions Limited xxii. Biocon Biologics Ireland Limited (formerly known as Biosimilar Collaborations Ireland Limited) xxiii. Biocon Biologics UK PLC (formerly known as Biosimilars Newco Limited) xxiv. Biocon Biologics Canada Inc. xxv. Biocon Biologics Germany GmbH xxvi. Biocon Biologics France S.A.S xxvii. Biocon Biologics Spain, S.L.U xxviii. Biocon Biologics Switzerland AG xxix. Biocon Biologics Belgium BV xxx. Biocon Biologics Finland OY xxxi. Biocon Generics Inc. xxxii. Biocon Biologics Morocco S.A.R.L.A.U xxxiii. Biocon Biologics Greece Single Members P.C. xxxiv. Biocon Biologics South Africa (PTY) Ltd xxxv. Biocon Biologics (Thailand) Co. Ltd xxxvi. Biocon Biologics Philippines Inc xxxvii. Biocon Biologics Italy S.R.L xxxviii. Biocon Biologics Croatia LLC xxxix. Biocon Biologics Global PLC Biocon Limited and its subsidiaries are collectively referred to as ‘the Group’. In addition to the above, the consolidated financial results also include the financial results in respect of Biocon India Limited Employee Welfare Trust, Biocon Limited Employees Welfare Trust, Biocon Biologics Employees Welfare Trust and Syngene Employees Welfare Trust. The Company has also accounted for its share of interest in the joint venture i.e. NeoBiocon FZ-LLC (‘JV’) and share of investment in the associate i.e. Iatrica Inc., under the equity method. 4. During the quarter ended June 30, 2025, the Company raised funds by way of allotment of 136,363,635 Equity Shares of face value Rs. 5 each at a price of Rs. 330 per Equity Share under ‘Qualified Institutional Placement’ for an aggregate amount of Rs. 45,000 million, to meet certain financial commitments and / or debt obligations of the Company and its subsidiary, BBL and/ or for other purposes as mentioned in the Placement Document (‘PD’). Out of these proceeds and cash balances: (a) The Company acquired 1,125 outstanding Optionally Convertible Debentures (‘OCDs’) issued by BBL from Goldman Sachs India AIF Scheme- 1 and Goldman Sachs India Alternative Investment Trust AIF Scheme – 2 for an aggregate value of Rs. 16,980 million with a right to convert into equity shares or redeem at maturity. Further, the Company has issued a commitment letter effective July 1, 2025, committing to exercise its right to convert OCDs on maturity as per the terms of Subscription Agreement, subsequently the Company exercised the right to conversion on May 07, 2026 and OCD were converted. (b) During the year ended March 31, 2026, the Company settled Commercial paper (‘CP’) for an aggregate value of Rs. 5,988 million; and (c) During the year ended March 31, 2026, the Company made early and full redemption of the 107,000 unlisted, secured, rated, redeemable, Non-convertible Debentures that were issued to Kotak Special Situations Fund for an aggregate value to Rs. 15,390 million. (d) During the quarter ended March 31, 2026, the Company made early and full redemption of the 50,000 unlisted, secured, rated, redeemable Non-Convertible Debentures of face value Rs. 100,000 each for an aggregate value of Rs. 6,795 million, issued and allotted by the Company on May 19, 2023. 5. During the quarter ended March 31, 2026, the Company raised funds by way of allotment of 112,664,585 Equity Shares of face value Rs. 5 each at a price of Rs. 368.35 per Equity Share under ‘Qualified Institutional Placement’ for an aggregate amount of Rs. 41,500 million, to acquire BBL equity shares from Mylan Inc., acquisition of Compulsorily Convertible Debentures (‘CCDs’) of BBL from Edelweiss and general corporate purposes. 6. On November 11, 2025, the Company entered into Debenture Purchase Agreement (‘DPA’) with ESOF III Investment Fund and EAAA India Alternatives Limited (collectively referred to as ‘Edelweiss’) for acquisition of 10,686,044 unlisted, secured, CCD of BBL for an aggregate value of Rs. 4,735 million against the gross obligation of Rs. 3,915 million. Resultant loss of Rs. 820 million is accounted under ‘other equity’ in line with accounting policy choice elected at time of initial recognition. The consideration towards the acquisition of these CCDs was paid during the quarter ended March 31, 2026 by the Company. The holder of CCD had the option to either redeem or convert the debentures into equity shares of BBL. Pursuant to acquisition of these CCD’s by the Company from Edelweiss, the Company has exercise the right to convert CCDs into equity shares on May 07, 2026 and CCD’s were converted. 7. Pursuant to the Board approval, the Company issued and allotted the Commercial Paper of Rs. 18,000 million on December 22, 2025 and of Rs. 2,000 million on January 02, 2026. The Company made early and full redemption of the Commercial Paper during the quarter ended March 31, 2026 from the funds raised through Qualified Institutional Placement on January 14, 2026. 8. During the year ended March 31, 2026, the Company entered into Share Swap Agreement (‘SSA’) with Tata Capital Growth Fund II and Activ Pine LLP for purchase of 33,957,771 equity shares in BBL against 23,863,769 equity shares of the Company on a preferential basis for consideration other than cash, aggregating up to Rs. 9,683 million against the gross obligation of Rs. 10,493 million. Resultant gain of Rs. 810 million is accounted under “other equity” in line with accounting policy choice at time of initial recognition. The preferential allotment of these shares were made on January 05, 2026 by the Company. 9. During the year ended March 31 2026, the Company acquired 112,860,496 equity shares of BBL from Serum Institute Life Sciences Private Limited, Tata Capital Growth Fund II and Activ Pine LLP and issued 79,312,534 equity shares of the Company on a preferential basis for consideration other than cash, aggregating up to Rs. 32,183 million subsequent to the approval by its Board of Directors in their meeting held on December 06, 2025 and shareholders meeting at the Extraordinary General Meeting ("EGM") held on December 31, 2025. The Group recorded a loss on acquisition of equity shares in its subsidiary within other equity in the consolidated financial results. 10. During the quarter and half year ended September 30, 2025, Syngene has written off Rs. 277 million as unrecoverable balances in receivables due to cumulative changes in foreign exchange rates. Consequent tax impact of Rs. 75 million is included within tax expense for the period. 11. In accordance with Ind AS 108, the Chief Operating Decision Maker (CODM) evaluates the Group’s performance based on an analysis of various performance indicators by business segments. The group has three reportable segments – Biosimilars, Generics and Services (earlier known as Contract Research, Development, and Manufacturing organization (CRDMO)). For segment reporting purposes, the Biosimilar and Generic businesses are presented as separate reportable segments within the Group’s Biopharmaceuticals business. The results of the Group, including related assets and liabilities pertaining to corporate activities undertaken by the Group, are included within “Unallocable” in the segment disclosures. Until March 31, 2026, the Group included corporate activities relating to cross charge of common utilities within “Generics” segment. During the quarter ended June 30, 2026, the CODM has started assessing the business performance of the Generics segment excluding the effect of such cross charges of common utilities and accordingly, the revenue, segment results and the corresponding assets and liabilities are included within “Unallocable” in the segment disclosure. The figures for the comparable periods have been restated to that effect. Until December 31, 2025, the Group included interest expenses relating to Optionally Convertible Debentures (OCDs) issued by BBL and held by the Company within ‘Biosimilars’ segment. During the quarter ended March 31, 2026, the CODM assessed the performance of ‘Biosimilars’ segment excluding the effect of inter-segment interest expenses and hence, the interest on such OCDs is included under ‘Unallocable expenditure/(income)’. The Group has restated segment information for the historical periods presented herein to conform to the current presentation. 12. During the quarter ended June 30, 2026, the Company acquired 1,15,36,956 equity shares of BBL, a material subsidiary of the Company, from selling shareholders through a share swap transaction. The acquisition was undertaken pursuant to the approval of the shareholders of the Company received through postal ballot on June 07, 2026, for a preferential issue of equity shares. Accordingly, on June 29, 2026, the Company allotted 87,86,362 equity shares of Rs. 5 each, fully paid-up, at an issue price of Rs. 376.41 per share on a preferential basis as consideration for the acquisition. Pursuant to this acquisition, BBL has become wholly owned subsidiary of the company w.e.f. June 29, 2026. The group recorded acquisition of equity shares in its subsidiary as an equity transaction. 13. On April 29, 2026, the Board of Directors of Syngene recommended a final dividend of Rs. 1.25 per equity share of Rs. 10/-. This was approved by the shareholders of Syngene in the Annual General Meeting dated July 29, 2026, and has been distributed to the shareholders of Syngene during the quarter and half year ended September 30, 2026. 14. On May 07, 2026, the Board of Directors of the Company recommended a final dividend of Rs. 0.50 per equity share of Rs. 5/-. This was approved by the shareholders of Company in the Annual General Meeting dated August 06, 2026, and has been distributed to the shareholders of the Company during the quarter and half year ended September 30, 2026. 15. During the quarter ended June 30, 2026, the Board of Directors of Syngene International Limited approved the voluntary liquidation of its wholly owned subsidiary, Syngene Manufacturing Limited (SMSL), pursuant to a Board Resolution dated May 18, 2026. Subsequently, the shareholders approved the proposal for liquidation on June 15, 2026. As at September 30, 2026, the liquidation process is ongoing and is subject to the completion of the applicable statutory, regulatory and legal formalities. 16. Exceptional items: a. During the year ended March 31, 2026, quarter ended June 30, 2026, and September 30, 2026 termination benefits amounting to Rs. 303 million, Rs 135 million and Rs 67 million respectively were extended to employees in accordance with the approved policy. Considering the nature, significance and frequency of these benefits, these are disclosed as “Exceptional Items” in the consolidated financial results. b. On November 21, 2025, the Government of India notified the four Labour Codes consolidating 29 existing labour laws. The Group assessed and disclosed the incremental impact of these changes on gratuity and compensated absences, particularly relating to the definition of “wages” considering the salary structure existing on the date of notification of Labor Code. During the year ended March 31, 2026, the net expense recognised under “Exceptional Items” amounted to Rs. 223 million and Rs. 965 million in the standalone and consolidated financial results, respectively. The associated tax impact of Rs. 37 million and Rs. 112 million was included in the standalone and consolidated financial results respectively in the tax expense. c. On December 6, 2025, the Company entered into Share Swap and Share Purchase Agreement with Mylan Inc for purchase of 292,726,366 equity shares in BBL for consideration of Rs. 73,560 million (USD 815 million). Pursuant to above, the Company remeasured the derivative liability recorded earlier in relation to investment in BBL by Mylan Inc and recorded a gain of Rs. 1,842 million as an “exceptional item” in the consolidated financial results for the year ended March 31, 2026. The Company obtained shareholders’ approval at the EGM held on December 31, 2025, and accordingly (i) issued 91,967,019 equity shares on a preferential basis at a consideration other than cash aggregating to Rs. 37,318 million (USD 415 million) to acquire 149,056,984 equity shares of BBL on January 05, 2026; and (ii) paid cash consideration of Rs. 18,053 million (USD 200 million) and Rs. 18,189 million (USD 200 million) on January 05, 2026 and January 21, 2026 respectively to acquire 143,669,382 equity shares of BBL. The Group recorded a loss on acquisition of equity shares in its subsidiary within other equity in the consolidated financial results. d. In connection with various transactions referred to note 6 to note 9 above , the Company has incurred expenses towards advisory and legal consultancy services, premium paid on hedges taken for settlement of foreign currency payments, bridge financing cost in respect of commercial papers, additional finance cost towards settlement of certain lenders and settlement against outstanding receivables from Mylan Inc, aggregating Rs. 1,341 million and Rs. 2,102 million as an “exceptional item” in the standalone and consolidated financial results respectively for the year ended March 31, 2026. The associated tax impact of Rs. 222 million and Rs. 329 million was included in the tax expense for the year in the standalone and consolidated financial results. e. On December 6, 2025, the Company and BBL announced a strategic corporate action to fully integrate BBL as a wholly owned subsidiary into Biocon Limited. Pursuant to this, the Company and BBL accounted for expenses towards severance payments for certain employees, consultants fee for integration of businesses, employee stock option cost towards acceleration of vesting of ESOPs/ RSUs aggregating Rs 563 million and Rs 1,372 million in the standalone and consolidated financial results. Considering the nature, significance, and non recurring nature of these benefits, the related expenses were disclosed as exceptional items. The associated tax impact of Rs. 142 million and Rs. 387 million was included in the tax expense for the period in the standalone and consolidated financial results. f. During the year ended March 31, 2026, BBL has recorded an exceptional provision of Rs 762 million for inventories in respect of certain molecules in line with its assessment to liquidate these inventories. The provision recorded on these inventories, being high value and non-recurring, same is classified as an exceptional item. The associated tax impact of Rs. 107 million was included in the tax expense for the year. g. During the year ended March 31, 2026, the Group additionally invested Rs. 75 million in the equity shares issued by Indian Foundation for Quality Management (‘IFQM’) a Company incorporated under section 8 of the Companies Act, 2013. As at March 31, 2026, the Group has fair valued such investment and has recorded fair value charge of Rs. 75 million in the consolidated financial results and Rs. 25 million in the standalone financial results. h. During the quarter ended September 30, 2025, one of the subsidiaries of BBL reached a settlement on a litigation matter with one of its customers for a settlement amount of Rs. 119 million, which has been disclosed under “Exceptional Items”. The associated tax impact of Rs. 30 million included in the tax expense for the period. For the half year ended September 30, 2025, the total settlement amount aggregated to Rs. 291 million, with an associated tax impact of Rs. 73 million included in the tax expense for the period.

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