Well Biocon also has Syngene which is not dependent on biologics, plus they manufacture smaller molecules as well. Biologics division still doesn’t account for even half of their topline.
By the way, I also think that market is mispricing Lupin. They have 2 biosimilars in pipeline, their India business is 33% of topline (5100 cr. as of FY20) growing at higher than IPM rates. It alone accounts for more than half of its market cap. Lets see how it plays out!