NSE: SYNCOMF · BSE: 524470
SYNCOM FORMU (I) LTD
Manufactures and sells pharmaceutical drugs and formulations, which generated 99.1% of segment revenue (Rs. 512.74 crore) in FY26, with a segment EBIT of Rs. 98.66 crore. A small renting-of-property line contributed 0.7% of segment revenue (Rs. 3.70 crore, EBIT Rs. 3.00 crore), and commodity trading contributed 0.2% (Rs. 1.10 crore, near-breakeven). For FY26, consolidated revenue from operations stood at Rs. 489.17 crore with a net profit of Rs. 76.44 crore and EBITDA margin of 22.2%. The cost structure is dominated by materials at 45.2% of revenue, followed by employee cost at 13.7%, other operating expenses at 12.3%, depreciation at 1.3%, and capex at 2.4% of revenue. The company reported a sharp YoY profit jump in FY26, with PAT rising roughly 55% on consolidated basis, even as Q3 FY26 revenue dipped about 9.8% YoY. During FY26, the company purchased the entire 7th floor of Trade Star building on Andheri-Kurla Road, Mumbai, from HDFC Bank for Rs. 57.26 crore, and is contesting a Rs. 1.41 crore GST demand notice. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Pharmaceuticals Drugs & Formulations (99%), Renting of Property (1%), Trading of Commodities (0%). Pharmaceutical formulations manufacturer with a small property rental side-business
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 224 | 263 | 465 | 489 |
| EBITDA (ex other income) | 20 | 30 | 54 | 77 |
| margin % | 8.8 | 11.2 | 11.6 | 15.8 |
| Owners' profit | 0 | 25 | 0 | 0 |
| EPS, as reported (₹) | 0.24 | 0.34 | 0.57 | 0.81 |
| ROE % · ROCE % | 7.8 · 11.2 | 8.8 · 12.9 | 14.4 · 18.8 | 18.4 · 23.8 |
| Debt / equity (x) | 0.32 | 0.25 | 0.01 | 0.00 |
| Cash from operations | 11 | (6) | 23 | 58 |
| Capex | (21) | (8) | (10) | (12) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 102 | 128 | 149 | 117 | 122 | 115 | 135 | 126 |
| Profit before tax | 15 | 17 | 23 | 20 | 22 | 25 | 34 | 32 |
| Net profit | 11 | 13 | 18 | 16 | 17 | 19 | 25 | 25 |
| EPS (₹) | 0.16 | 0.14 | 0.16 | 0.21 | 0.18 | 0.23 | 0.27 | 0.26 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Pharmaceuticals Drugs & Formulations | 275 | 52.8 |
| Trading of Commodities | 1 | 0.2 |
| Renting of Property | 2 | 0.4 |
| PHARMACEUTICALS DRUGS AND FORMULATIONS | 120 | 23.0 |
| TRADING OF COMMODITIES | 0 | 0.0 |
| RENTING OF PROPERTY | 1 | 0.2 |
| Pharmaceuticals Drugs and Formulations | 121 | 23.2 |
| Renting of Properties | 1 | 0.2 |
| Total, before eliminations | 521 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,20,165 | 34.8 | 5.01 | 22.5 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,51,896 | 86.3 | 15.03 | 65.0 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,56,538 | 73.9 | 8.90 | 38.9 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,17,055 | 26.1 | 3.96 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| LAURUS LABS LIMITED | 1,15,722 | 105.7 | 21.31 | 64.4 | 16.4 | 17.2 | 7.2 | 32.0 |
| DR. REDDY S LABORATORIES | 1,09,385 | 33.9 | 2.86 | 14.6 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,09,060 | 32.3 | 3.16 | 16.7 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,03,353 | 50.6 | 6.24 | 28.4 | 11.7 | 10.8 | — | 27.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 22.0 | 30.1 | 59 of 158 | 63% |
| P/B | 4.7 | 3.0 | 111 of 163 | 32% |
| ROCE | 23.5 | 10.8 | 20 of 183 | 90% |
| ROE | 18.4 | 9.8 | 23 of 166 | 87% |
| Debt / Equity | 0.0 | 0.2 | 41 of 166 | 76% |
| EBITDA margin | 27.1 | 17.5 | 45 of 165 | 73% |
| Revenue growth | 7.4 | 16.3 | 103 of 161 | 36% |
| Profit growth | 57.7 | 30.9 | 58 of 158 | 64% |
| Market cap | 1946 | 810 | 77 of 181 | 58% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Quarterly compliance certificate for dematerialization of securities | compliance | minimal | — | — |
| 1 Oct 2026 · Final dividend of Rs 0.10 per share approved by Syncom Formulations | corporate actions | high | — | — |
| 1 Oct 2026 · Syncom Formulations: MD appointed, family board changes confirmed at AGM | management changes | medium | — | — |
| 1 Oct 2026 · 38th AGM outcome: 10% dividend declared, key director appointments approved | results | medium | — | — |
| 1 Oct 2026 · 38th AGM: all 10 resolutions passed, Rs 0.10 dividend declared | board shareholder meetings | low | — | — |
| 1 Oct 2026 · 38th AGM Results: All 10 Resolutions Passed; 10% Dividend Declared | compliance | minimal | — | — |
| 30 Sept 2026 · 38th AGM concludes; 10% dividend declared, key director appointments approved | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Promoters waive their portion of Rs 0.10 per share final dividend for FY26 | corporate actions | medium | — | — |
| 24 Sept 2026 · Trading Window Closure from Oct 1 Ahead of Q2 FY26 Results Declaration | compliance | minimal | — | — |
| 18 Sept 2026 · Record date 23 Sep 2026 fixed for 10 percent dividend | corporate actions | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.