Biocon Stock Rallies 10% Over Two Sessions as Brokerages Cheer Robust Q2 Earnings

Biocon Share Price Surges 10% in Two Days as Strong Q2 Results Win Brokerage Confidence

The Biocon share price extended its sharp upward momentum on November 13, marking its second consecutive session of strong gains after the company delivered a better-than-expected set of numbers for the Q2 FY26 quarter. Investor sentiment turned decisively positive following the earnings announcement made post-market hours on November 11, pushing the stock up nearly 10 percent in just two days.

On Thursday, the Biocon share price traded 4 percent higher at ₹423.10, as optimism surrounding the company’s biosimilars performance and improving profitability attracted renewed buying interest across institutional and retail segments.

Biocon’s Q2 Results Ignite Investor Optimism

Biocon posted a sharp turnaround in its financial performance. The company reported a consolidated net profit of ₹84.5 crore for the July–September 2026 quarter, a significant reversal from the ₹16 crore net loss recorded in the same period last year. Revenue from operations rose almost 20 percent year-on-year to ₹4,295.5 crore, supported by strong traction across the biosimilars and generics portfolio.

Expenses increased by over 18 percent YoY, but remained manageable, allowing margins to stabilise and improving the overall earnings trajectory. Analysts highlighted that the strong top-line growth was driven largely by expanded market share in key biosimilar categories and successful global launches.

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Brokerages Turn Bullish as Biocon Share Price Strengthens

The strong Q2 performance prompted several domestic and global brokerages to raise their target prices for the Biocon share price and revise their revenue and profit outlook upward.

JM Financial Maintains ‘Buy’, Raises TP to ₹476

JM Financial expressed confidence in Biocon’s biosimilars-led growth, raising its target price to ₹476, indicating an upside potential of over 17 percent. The brokerage noted that biosimilars grew at a “stellar” 25 percent YoY, supported by new launches such as bUstekinumab, bAspart, bBevacizumab, and bAflibercept.

The firm revised its FY26–28 estimates factoring in biosimilar scale-up and ongoing balance sheet strengthening.

Axis Securities Lifts TP to ₹450, Sees Strong FY26 Growth

Axis Securities also maintained a ‘Buy’ rating, raising its target price to ₹450. It expects double-digit revenue growth in FY26, supported by a steady recovery in the Generics segment from the second half of the year.

The brokerage added that recent product launches—Insulin Aspart, Denosumab and Bevacizumab—are expected to accelerate Biocon’s market expansion in the biosimilars space. The successful ₹4,500 crore QIP has further boosted balance-sheet strength and reduced leverage.

Motilal Oswal Raises Bullish Call with TP at ₹480

Motilal Oswal remains among the most optimistic domestic brokerages, placing a target price of ₹480, projecting over 18 percent upside from current levels. The brokerage noted that revenue and EBITDA were in line with expectations, while profitability outperformed due to lower minority interest charges.

Motilal Oswal believes Biocon is entering a scale-up phase, driven by strong traction across its biosimilar and CRDMO portfolio.

Goldman Sachs Stays Neutral But Increases Target Price

In contrast to domestic brokerages, Goldman Sachs maintained a ‘Neutral’ stance despite raising its target price to ₹375, signaling a near-term downside risk. The brokerage acknowledged the broad-based earnings beat but cautioned about pricing challenges in global markets.

HSBC Research Remains Positive on Biosimilar Turnaround

HSBC maintained its ‘Buy’ rating and lifted its target price to ₹455, projecting an upside of over 12 percent. The brokerage remains strongly optimistic about the continued turnaround in Biocon’s biosimilars business.

Biocon Share Price Outlook: Momentum Likely to Continue

The strong Q2 results are seen as a potential turning point for Biocon after several quarters of margin pressure and elevated debt levels. The company’s strategic focus on biosimilars, expanding its product pipeline, and reducing leverage through equity infusion appears to be paying off.

With most brokerages projecting healthy margin expansion, stronger biosimilar penetration, and improved operating leverage, the Biocon share price is expected to remain supported in the near to medium term.

Analysts also believe that the steady pipeline of new launches and expected formulary additions in global markets will help the company sustain revenue momentum through FY27.

Conclusion: Biocon’s Strong Quarter Marks a Sentiment Shift

The rally in the Biocon share price over the past two sessions reflects a renewed sense of confidence among investors following the company’s robust quarterly performance. With multiple brokerages upgrading their target prices and highlighting the strong outlook for biosimilars, Biocon appears well-positioned to maintain its upward trajectory—provided global demand stays firm and execution remains consistent.

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