Financial Performance Highlights

Quarterly Performance (Q2FY27 vs Q2FY26):

  • Total Income: Rs 4,423 crore (up 1% YoY from Rs 4,389 crore)
  • Revenue from Operations: Rs 4,389 crore (up 2% YoY from Rs 4,296 crore)
  • EBITDA: Rs 865 crore (down 7% YoY from Rs 928 crore)
  • EBITDA Margins: 20% (down from 22%)
  • PBT before exceptional items: Rs 62 crore (down 66% YoY from Rs 183 crore)
  • Net Profit before exceptional items: Rs 44 crore (down 52% YoY from Rs 92 crore)
  • Reported Net Profit: Rs 41 crore (down 52% YoY from Rs 85 crore)
  • EPS: Rs 0.3 (down from Rs 0.7)

Half-Yearly Performance (H1FY27 vs H1FY26):

  • Total Income: Rs 8,814 crore (up 5% YoY from Rs 8,410 crore)
  • Revenue from Operations: Rs 8,725 crore (up 6% YoY from Rs 8,237 crore)
  • EBITDA: Rs 1,767 crore (flat YoY from Rs 1,774 crore)
  • Net Profit before exceptional items: Rs 189 crore (up 42% YoY from Rs 133 crore)
  • Reported Net Profit: Rs 182 crore (up 57% YoY from Rs 116 crore)

Segment-wise Revenue Breakdown

Q2FY27 Performance:

  • Biosimilars Revenue: Rs 2,809 crore (up 3% YoY)
  • Generics Revenue: Rs 774 crore (up 10% YoY)
  • Biopharma Total (Biosimilars + Generics): Rs 3,583 crore (up 5% YoY)
  • Services Revenue: Rs 833 crore (down 9% YoY)
  • Inter-segment Revenue: Rs (27) crore
  • Licensing Income: Rs 6 crore

H1FY27 Performance:

  • Biosimilars Revenue: Rs 5,664 crore (up 9% YoY)
  • Generics Revenue: Rs 1,536 crore (up 15% YoY)
  • Services Revenue: Rs 1,569 crore (down 12% YoY)
  • Licensing Income: Rs 16 crore

Expenditure Analysis

Q2FY27 Expenditure:

  • Material & Power costs: Rs 1,646 crore (flat YoY)
  • Staff costs: Rs 850 crore (flat YoY)
  • R&D expenses: Rs 237 crore (down 6% YoY)
  • Other expenses: Rs 825 crore (up 16% YoY)
  • Interest & Finance charges: Rs 240 crore (down 12% YoY)
  • Depreciation & Amortisation: Rs 563 crore (up 19% YoY)

Exceptional Items

  • Q2FY27 exceptional items (net): Rs (7) crore
  • Q2FY26 exceptional items (net): Rs (12) crore
  • Exceptional items net of taxes in Q2FY27: Rs (3) crore

Business Performance Updates

Biopharma Business:

  • Secured earliest licensed launch dates for Pebrilzo® (biosimilar Pertuzumab) across EU, UK, U.S. and Rest of World through global patent settlement with Genentech
  • Gained market share for Yesintek® (biosimilar Ustekinumab) in the U.S.
  • Successfully commercialized Yesafili™ (aflibercept-jbvf) as interchangeable biosimilar Aflibercept in the U.S.
  • Secured over USD 100 million in new contracts and major payor wins in the U.S.
  • Received positive CHMP opinion for biosimilar Pertuzumab, first monoclonal antibody biosimilar recommended under EMA's new tailored clinical development pathway
  • Received MHRA (UK) approval for second drug product fill-finish line for Insulin Glargine in Malaysia
  • Secured landmark 10-year biosimilar Pertuzumab PDP partnership in Brazil valued at ~USD 400 million
  • Executed 13 successful product launches across APAC, LATAM and AFMET-CIS regions
  • Secured 13 regulatory approvals across key markets

Services Business (Syngene International):

  • Revenue grew 13% QoQ to Rs 833 crore in Q2FY27
  • Operating EBITDA margin improved by 6 percentage points QoQ to 18%
  • Strengthened integrated drug discovery offering by unifying Chemistry, Biology and Biotherapeutics capabilities
  • Signed first manufacturing agreement for Bayview biologics facility with large pharmaceutical customer
  • Secured additional manufacturing contracts including clinical supplies agreement from Bengaluru Unit 3
  • Completed complex oligonucleotide manufacturing program for leading global pharmaceutical company
  • Commissioned new Clinical Translational Sciences (CTS) Laboratory in Bengaluru

Awards and Recognitions

  • Ranked No. 13 on Top 20 Global Employers in Biotech and Pharma by Science magazine
  • Won Gold medal for Best Company in R&D Excellence at CII Awards for Excellence in R&D 2026
  • Syngene received Platinum Award at 12th CII National Kaizen Circle Competition 2026
  • Biocon Foundation received Mahatma Award 2026 for oral cancer surveillance program
  • Kiran Mazumdar-Shaw honored with Chiratae Patrick J. McGovern Lifetime Achievement Award 2026
  • Kiran Mazumdar-Shaw conferred with Women Entrepreneur Award by Pharmexcil

Sustainability/ESG

  • Near-term emission reduction targets for biosimilars business validated under Science Based Targets initiative (SBTi)

Balance Sheet Position (as of September 30, 2026)

  • Total Assets: Rs 65,280 crore (vs Rs 63,636 crore as of March 31, 2026)
  • Property, plant and equipment: Rs 9,766 crore
  • Capital work-in-progress: Rs 4,568 crore
  • Goodwill: Rs 18,866 crore
  • Other intangible assets: Rs 7,818 crore
  • Intangible assets under development: Rs 2,696 crore
  • Inventories: Rs 7,145 crore
  • Trade receivables: Rs 6,059 crore
  • Cash and cash equivalents: Rs 2,204 crore
  • Total Equity: Rs 37,156 crore
  • Borrowings (non-current): Rs 11,027 crore
  • Borrowings (current): Rs 4,083 crore

Earnings Call Information

Management hosted an Earnings Call on November 4, 2026, at 04:00 PM IST via Zoom webinar to discuss the Company's performance.