Biocon reported its July to September 2026 results on 4 November. Revenue rose about 2% to Rs 4,389 crore, while net profit fell to Rs 41 crore as costs climbed. It was a quiet quarter for a company whose founder has rarely had quiet years. Executive chairperson Kiran Mazumdar-Shaw still pointed to progress, saying “Biocon continued to achieve industry firsts in biosimilars.”
The early years
Mazumdar-Shaw was born in Bangalore in 1953. Her father was head brewmaster at United Breweries. She took a zoology degree from Bangalore University in 1973 and then trained as a master brewer at Ballarat College in Australia, finishing in 1975 as the only woman on her course.
Back in India, she found that breweries would not hire a woman to run one.
The idea
In 1978 she teamed up with Leslie Auchincloss, founder of Biocon Biochemicals in Cork, Ireland, to set up Biocon India. She started with Rs 10,000 in a rented garage in Bangalore. The first products were enzymes, papain and isinglass, used in food and brewing.
How it grew
In 1989 Unilever bought the Irish parent, and the same year Biocon became the first Indian biotech company to get US funding for its own technology. In 2001 it became the first Indian company approved by the US FDA to make the cholesterol drug lovastatin. Its 2004 IPO was the first by an Indian biotech firm.
Over time Biocon moved from enzymes into medicines for diabetes, cancer and autoimmune diseases. It became a major maker of insulin, and biosimilars now bring in more than half of group revenue. In December 2025 it announced it would buy the rest of its subsidiary Biocon Biologics in a deal valuing that unit at US$5.5 billion.
Where it stands now
Biocon employs more than 15,000 people and sells in about 120 countries. In May 2026, Mazumdar-Shaw, then 73, named her niece Claire Mazumdar as her chosen successor, in a phased plan. She also told Reuters, “I am not planning to hang up my boots for a while.” She holds the Padma Shri (1989) and Padma Bhushan (2005).
Lessons for founders
- A closed door can point to a new field. Rejection by brewers led her into biotech.
- Start small, then move up the value chain. Enzymes funded the jump into medicines.
- Plan succession early. A phased handover avoids a sudden gap.
Reporting based on Indian Pharma Post (Nov 2026), Outlook Business (May 2026) and Wikipedia.
Featured image: HokuroN, via Wikimedia Commons (CC BY-SA 4.0)
