I-Sec maintains Sell on Biocon, revises target price to Rs 270

ICICI Securities maintains a 'Sell' call on Biocon, setting a revised target price of Rs 270. Despite a projected earnings CAGR of 91.6% driven by revenue growth, concerns over biosimilar margins and divestment impact EBITDA estimates. Trading at 16.3x FY26E EV/EBITDA, the brokerage cites potential upside risks from successful biosimilar and generic launches, alongside a biologics margin recovery.