Biocon Limited has scheduled its 48th Annual General Meeting (AGM) for Thursday, August 6, 2026, at 3:30 PM (IST), to be conducted through Video Conferencing (VC) / Other Audio Visual Means (OAVM) in compliance with applicable provisions of the Companies Act, 2013 and SEBI Listing Regulations. The notice was issued on July 15, 2026, and the meeting will be facilitated through KFin Technologies Limited as the Registrar and Share Transfer Agent.

Key AGM Details

The following table summarises the critical dates and logistics for the 48th AGM:

Agenda Items

The AGM will transact both ordinary and special business. Ordinary business includes adoption of audited standalone and consolidated financial statements for FY 2025-26, declaration of a final dividend of 10% (i.e., ₹0.50 per equity share of face value ₹5/-), re-appointment of Eric Vivek Mazumdar (DIN: 09381549) as Director liable to retire by rotation, and approval of the appointment of S.R. Batliboi & Associates LLP as Statutory Auditors for a term of five consecutive years from the conclusion of the 48th AGM to the conclusion of the 53rd AGM.

Special business includes approval of the Biocon Unity Long Term Incentive Plan 2026 — comprising the Biocon Limited Performance Stock Unit Plan 2026, Restricted Stock Unit Plan 2026, Employee Stock Purchase Plan 2026, and Management Stock Unit Plan 2026 — covering up to 4,35,00,000 equity shares (equivalent to 2.67% of paid-up equity share capital as on the date of the resolution). Members will also vote on extending these plan benefits to employees of subsidiary, associate, and holding companies, authorising secondary acquisition by the Biocon India Limited Employees Welfare Trust, providing financial assistance to the Trust for plan implementation, and ratifying the remuneration of ₹5,00,000 (plus applicable taxes) payable to M/s. Rao, Murthy & Associates as Cost Auditors for FY 2026-27.

FY26 Financial Performance Highlights

Biocon delivered a resilient financial performance in FY26. The following table presents key consolidated financial metrics:

Segment Performance

Biocon's three business segments each contributed to overall growth in FY26:

• Biosimilars: Operating revenue grew 16% to ₹104,312 million (USD 1,181 million); EBITDA grew 40% to ₹27,508 million on a like-to-like basis, with a margin of 26%.
• Generics: Operating revenue stood at ₹31,681 million (USD 359 million), up 17% adjusted for one-time generic Lenalidomide sales in FY25; EBITDA stood at ₹1,655 million, up 73% on an adjusted basis.
• CRDMO (Syngene): Operating revenue of ₹37,387 million (USD 423 million), up 3% year-on-year, with an EBITDA margin of 25%.

Strategic Developments: Integration of Biocon Biologics

A defining event of FY26 was the full integration of Biocon Biologics Limited (BBL) into Biocon Limited, creating a unified global biopharmaceutical enterprise. The Company raised approximately USD 1 billion through two successive Qualified Institutional Placements (QIPs) — ₹45,000 million in June 2025 and ₹41,500 million in January 2026 — to fund the buyout of minority stakeholders in BBL and retire structured debt. As on March 31, 2026, the Company holds approximately 99% stake in BBL on a fully diluted basis.

The Company also announced a final dividend of ₹0.50 per equity share for FY 2025-26, reflecting a 10% payout on the face value of ₹5 per share. The total dividend payout is expected to be approximately ₹810 million, subject to adjustments for any further share issuances before the record date.

E-Voting and Participation Instructions

Members holding shares as on the cut-off date of Thursday, July 30, 2026, are eligible to participate in remote e-voting. Individual shareholders holding securities in demat mode may vote through their NSDL or CDSL demat accounts. Physical shareholders and non-individual shareholders may access the e-voting platform at https://evoting.kfintech.com/ using their credentials. Members who have not registered their email IDs are requested to do so with their Depository Participants or the Company's RTA, KFin Technologies Limited, to receive AGM communications and e-voting credentials.

For any technical assistance, members may contact KFin Technologies Limited at toll-free number 1800-309-4001 or write to evoting@kfintech.com . The Scrutinizer appointed for the e-voting process is Mr. V. Sreedharan, Practicing Company Secretary, partner of M/s. V. Sreedharan & Associates.

Biocon has received contrasting assessments from two brokerages, with DAM Capital maintaining a bullish stance and Bernstein retaining a cautious outlook, reflecting divergent views on the company's near-term growth trajectory and financial risks.

DAM Capital Maintains Buy with ₹495 Target

DAM Capital has maintained its Buy rating on Biocon with a target price of ₹495, citing the exit of Mylan as the removal of a long-standing overhang on the stock. The brokerage notes that the biosimilars business has turned the corner and expects meaningful growth to materialize in H2FY27, supported by a series of key product launches.

The following pipeline products are identified as key growth drivers for the upcoming period:

• bUstekinumab
• bAspart
• bDenosumab
• bAflibercept

DAM Capital's projections for Biocon are summarized below:

Bernstein Retains Underperform with ₹326 Target

Bernstein has maintained its Underperform rating on Biocon with a target price of ₹326, taking a markedly different view on the company's prospects. The brokerage contends that Viatris' block deal exit does not change Biocon's underlying earnings outlook.

Bernstein highlights several structural concerns weighing on the company:

• High leverage on the balance sheet
• Slow monetization of Biologics and Syngene investments
• Rising biosimilar competition attributed to policy changes
• Succession concerns at the leadership level

The brokerage also notes that the $2 billion revenue milestone for Biocon is likely 4–5 years away, underscoring its cautious stance on the stock's near-term valuation.

Divergent Views Reflect Broader Debate

The contrasting ratings from DAM Capital and Bernstein highlight the ongoing debate among market participants regarding Biocon's growth potential versus its financial and operational risks. While DAM Capital's optimism is anchored in the biosimilars pipeline and the clearing of a shareholder overhang, Bernstein's caution stems from structural balance sheet and competitive challenges that it believes remain unresolved.