Motilal Oswal has given Neutral recommendation for Biocon with a target price of Rs. 410 in its research report issued on Apr 29, 2022

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.


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.

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