External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Biocon Limited is an innovation-led, global biopharmaceutical company dedicated to enhancing affordable access to complex therapies for chronic conditions such as diabetes, cancer, and autoimmune diseases.</li><li>The company has developed and commercialized novel biologics, biosimilars, complex small molecule APIs in India and key global markets, and generic formulations in the US and Europe.</li><li>Additionally, it has a pipeline of promising novel assets in immunotherapy under development.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Biocon Limited is an innovation-led, global biopharmaceutical company dedicated to enhancing affordable access to complex therapies for chronic conditions such as diabetes, cancer, and autoimmune diseases.The company has developed and commercialized novel biologics, biosimilars, complex small molecule APIs in India and key global markets, and generic formulations in the US and Europe.Additionally, it has a pipeline of promising novel assets in immunotherapy under development.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pick of the Week: Biocon - 29th November, 2025

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>
Biocon Ltd has confirmed its board, via a committee first formed on May 8, 2025, is formally evaluating a reverse merger of its unlisted arm, Biocon Biologics, into the parent.</li>
<li>This merger is a financial de-risking move designed to immediately address $1.2 billion in acquisition debt and unlock a 'conglomerate discount' on the Rs.2,721 crore revenue biosimilars business.</li>
<li>The move would eliminate the parent's holding company discount, but the key hurdle is the valuation and swap ratio required to satisfy minority shareholders, chiefly Serum Institute.</li>
</ul>



Biocon Ltd has confirmed its board, via a committee first formed on May 8, 2025, is formally evaluating a reverse merger of its unlisted arm, Biocon Biologics, into the parent.
This merger is a financial de-risking move designed to immediately address $1.2 billion in acquisition debt and unlock a 'conglomerate discount' on the Rs.2,721 crore revenue biosimilars business.
The move would eliminate the parent's holding company discount, but the key hurdle is the valuation and swap ratio required to satisfy minority shareholders, chiefly Serum Institute.


Why Biocon's Merger Is the Cleaner, Cheaper Path to Value Unlock?

<ul><li>Operational Performance: Biocon reported an in-line performance for Q2FY26, with revenue rising 19.6% YoY and 9% QoQ to Rs 4,296 Cr, driven by strong traction in biosimilars (up 24.7% YoY) and generics (up 24.7% YoY).</li><li>Growth in biosimilars was led by the successful launch and market traction of bUstekinumab, bAspart, bBevacizumab, and bAflibercept across key markets.</li><li>CRDMO Business Update: The CRDMO (Syngene) business posted muted growth, as expected, while continuing to expand its global footprint and capability set.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Operational Performance: Biocon reported an in-line performance for Q2FY26, with revenue rising 19.6% YoY and 9% QoQ to Rs 4,296 Cr, driven by strong traction in biosimilars (up 24.7% YoY) and generics (up 24.7% YoY).Growth in biosimilars was led by the successful launch and market traction of bUstekinumab, bAspart, bBevacizumab, and bAflibercept across key markets.CRDMO Business Update: The CRDMO (Syngene) business posted muted growth, as expected, while continuing to expand its global footprint and capability set.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Biocon Ltd - Resilient Momentum in Biosimilars Driving Growth

<ul><li>Biocon’s Q1FY26 performance came in below expectations. Revenue grew 14.8% YoY but declined 10.8% QoQ, driven by market share gains for Fulphila and Ogivri, along with the recent launch of Stelara.</li><li>The biosimilars segment grew 18% YoY, while Syngene (Research Services) posted a 10.7% YoY increase.</li><li>Gross margins contracted by 120bps YoY and 230bps QoQ to 64.4%, impacted by the Gx business.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Biocon’s Q1FY26 performance came in below expectations. Revenue grew 14.8% YoY but declined 10.8% QoQ, driven by market share gains for Fulphila and Ogivri, along with the recent launch of Stelara.The biosimilars segment grew 18% YoY, while Syngene (Research Services) posted a 10.7% YoY increase.Gross margins contracted by 120bps YoY and 230bps QoQ to 64.4%, impacted by the Gx business.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/biocon-ltd" target="_blank" data-smartkarma-citation="entities:398:1" rel="noopener">Biocon Ltd (BIOS IN)</a> Biocon Ltd is looking to raise up to US$522m in its qualified institutional placement (QIP).</li>
<li>The deal is well flagged, having gone through rounds of board/shareholder approvals. The QIP has also been covered by domestic media reports.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Biocon Ltd (BIOS IN) Biocon Ltd is looking to raise up to US$522m in its qualified institutional placement (QIP).
The deal is well flagged, having gone through rounds of board/shareholder approvals. The QIP has also been covered by domestic media reports.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Biocon Ltd QIP - Well Flagged US$522m QIP; Largely Towards Clearing Debt

India

Biocon Ltd., is an integrated biotechnology enterprise with a presence in biopharmaceuticals, enzymes, custom research and clinical research. The Company's pharmaceutical products include statins, immunosuppressants and anti-diabetic drugs. Biocon also manufactures specialty enzymes and new enzyme applications besides providing clinical and custom research services.

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Biocon Ltd (BIOS IN)

Pick of the Week: Biocon - 29th November, 2025

The company has developed and commercialized novel biologics, biosimilars, complex small molecule APIs in India and key global markets, and generic...

Axis Direct

Why Biocon's Merger Is the Cleaner, Cheaper Path to Value Unlock?

Biocon Ltd is considering a reverse merger with Biocon Biologics to address debt and unlock value, but faces hurdles with minority shareholders.

Sudarshan Bhandari

Biocon Ltd - Resilient Momentum in Biosimilars Driving Growth

Biocon reported an in-line performance for Q2FY26, with revenue rising 19.6% YoY and 9% QoQ to Rs 4,296 Cr, driven by strong traction in...

Axis Direct

Biocon Ltd - Execution Driving Gains

Biocon’s Q1FY26 performance came in below expectations. Revenue grew 14.8% YoY but declined 10.8% QoQ, driven by market share gains for Fulphila...

Axis Direct

Biocon Ltd QIP - Well Flagged US$522m QIP; Largely Towards Clearing Debt

Biocon Ltd is looking to raise around US$520m in its QIP at a floor price of INR 323.2/share, implying a 9.5% discount to the last close.

Akshat Shah

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Pick of the Week: Biocon - 29th November, 2025

The company has developed and commercialized novel biologics, biosimilars, complex small molecule APIs in India and key global markets, and generic...

Axis Direct

Why Biocon's Merger Is the Cleaner, Cheaper Path to Value Unlock?

​Biocon Ltd is considering a reverse merger with Biocon Biologics to address debt and unlock value, but faces hurdles with minority shareholders.

Sudarshan Bhandari

Biocon Ltd - Resilient Momentum in Biosimilars Driving Growth

Biocon reported an in-line performance for Q2FY26, with revenue rising 19.6% YoY and 9% QoQ to Rs 4,296 Cr, driven by strong traction in...

Axis Direct

Biocon Ltd - Execution Driving Gains

Biocon’s Q1FY26 performance came in below expectations. Revenue grew 14.8% YoY but declined 10.8% QoQ, driven by market share gains for Fulphila...

Axis Direct

Biocon Ltd QIP - Well Flagged US$522m QIP; Largely Towards Clearing Debt

Biocon Ltd is looking to raise around US$520m in its QIP at a floor price of INR 323.2/share, implying a 9.5% discount to the last close.

Akshat Shah

Biocon Ltd is considering a reverse merger with Biocon Biologics to address debt and unlock value, but faces hurdles with minority shareholders.