Guidance ledger · Q4 FY26

Biocon Limited BIOCON

4 revisions on record · 2 lowered · 1 raised — the strikethrough is what management used to say

mixed guidance posture · held across quarters

Holding view → · latest concall · The pulse

↑ raised FY26 EBITDA Margin (like-to-like) Q3 FY26 → Q4 FY26

~~Mid-20s guidance for FY26 (Q3FY26)~~ → 22%, up around 200 basis points year-on-year on a like-to-like basis (FY26 actual)

“EBITDA margin stood at 22%, which is up around 200 basis points year-on-year on a like-to-like basis.”

↓ lowered Group net debt Q3 FY26 → Q4 FY26

~~all the structured debt has been retired (Q3FY26 close)~~ → $1.1 billion now, hovering $1.1-1.2bn subject to working capital

“in March '25, including structured instruments, we had, in fact, more than $1.5 billion of net debt. That's down to $1.1 billion now.”

↓ lowered Group capex direction Q3 FY26 → Q4 FY26

~~moderated from $275 million plus to less than $225 million (Q3FY26)~~ → No greenfield, capex is likely to subside; investments largely behind us (Q4FY26)

“We're not looking at very big-ticket greenfield kind of expansion because we don't need it to support the business plan that's going forward.”

→ narrowed Interest cost savings run-rate Q2 FY26 → Q4 FY26

~~annual savings of around INR300 crores in interest costs from FY27 (Q2FY26 announce)~~ → INR300 crores of interest savings over the year, which will mean INR75-odd crores per quarter (Q4FY26 in-P&L)

“the use of proceeds has allowed us to bring in INR300 crores of interest savings over the year, which will mean INR75-odd crores per quarter.”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.