NSE: SYNGENE · BSE: 539268
SYNGENE INTERNATIONAL LTD
Operates as a global Contract Research, Development and Manufacturing Organization (CRDMO), providing outsourced research, development and manufacturing services to pharmaceutical and biotechnology companies. Works with around 400 global customers and runs a workforce of over 8,300 employees. The business spans small-molecule CDMO work and a large-molecule / biologics CDMO (LMCDMO) franchise, supported by a material subsidiary, Syngene Scientific Solutions Limited, and the recently strengthened Syn.AI platform. FY26 revenue stood at Rs 3,738.7 crore with an EBITDA margin of 24.4%, but Q1 FY27 revenue fell 16% year-on-year to Rs 736 crore and EBITDA margin compressed to 12%, driven by lower offtake from a major biologics client and forex hedge losses. Employee costs are the largest expense at 29.6% of revenue, followed by materials at 24.4%, other operating expenses at 21.3% and depreciation at 12.1%, with capex running at 9.2% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Small-molecule CDMO services, Large-molecule / biologics CDMO (LMCDMO). Asset-heavy contract research, development and manufacturing services with a large scientific workforce
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,604 | 3,193 | 3,489 | 3,642 | 3,739 |
| EBITDA (ex other income) | 765 | 934 | 1,003 | 1,074 | 842 |
| margin % | 29.4 | 29.3 | 28.8 | 29.5 | 22.5 |
| Owners' profit | 0 | 0 | 510 | 0 | 0 |
| EPS, as reported (₹) | 9.94 | 11.59 | 12.71 | 12.35 | 7.87 |
| ROE % · ROCE % | 12.0 · 11.7 | 12.8 · 13.8 | 12.0 · 13.3 | 10.5 · 13.2 | 6.5 · 8.4 |
| Debt / equity (x) | 0.24 | 0.16 | 0.03 | 0.03 | 0.00 |
| Cash from operations | 581 | 824 | 1,042 | 1,168 | 915 |
| Capex | (475) | (507) | (492) | (760) | (344) |
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 | 891 | 944 | 1,018 | 875 | 911 | 917 | 1,037 | 736 |
| Profit before tax | 137 | 181 | 241 | 101 | 85 | 28 | 196 | (19) |
| Net profit | 106 | 131 | 183 | 87 | 67 | 15 | 148 | (9) |
| EPS (₹) | 2.64 | 3.27 | 4.56 | 2.16 | 1.67 | 0.37 | 3.68 | (0.22) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SYNGENE INTERNATIONAL LTD ◆ | 14,876 | 67.0 | 3.07 | 16.1 | 6.5 | 7.5 | 11.3 | 13.9 |
| INDEGENE LIMITED | 14,358 | 35.7 | 4.57 | 21.0 | 12.8 | 14.9 | — | 19.1 |
| SUVEN LIFE SCIENCES LTD | 6,922 | — | 11.70 | — | (46.7) | (46.6) | (12.0) | (3504.9) |
| VIMTA LABS LIMITED | 2,284 | 18.5 | 6.66 | 25.2 | 8.0 | 11.0 | 8.4 | 38.2 |
| BILCARE LTD. | 195 | — | 2.63 | 11.5 | (23.3) | (3.9) | 3.3 | 15.7 |
| TAKE LIMITED | 147 | 11.6 | 4.75 | 30.8 | 35.0 | 14.2 | (41.2) | 3.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 67.0 | 35.6 | 52 of 63 | 18% |
| P/B | 3.1 | 4.7 | 23 of 57 | 61% |
| ROCE | 7.5 | 8.0 | 37 of 69 | 47% |
| ROE | 6.5 | 9.1 | 36 of 57 | 38% |
| Debt / Equity | 0.0 | 0.1 | 14 of 56 | 76% |
| EBITDA margin | 13.9 | 21.5 | 45 of 57 | 21% |
| Revenue growth | (15.8) | 20.2 | 50 of 57 | 13% |
| Profit growth | (110.4) | 11.4 | 50 of 55 | 9% |
| Market cap | 14876 | 246 | 10 of 71 | 87% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Syngene Q2 profit rebounds and wins first Bayview manufacturing deal | investor communications | medium | — | — |
| 27 Oct 2026 · Three senior leaders leave Syngene, including strategy head Ajay Tandon | management changes | medium | — | — |
| 27 Oct 2026 · Q2 FY27 revenue rises 13% from Q1; operating EBITDA margin improves to 18% | compliance | low | — | — |
| 27 Oct 2026 · CFO Deepak Jain to leave; strategy head Ajay Tandon resigns | management changes | medium | — | — |
| 27 Oct 2026 · Syngene returns to quarterly profit, but half-year revenue and cash flow weaken | results | high | — | — |
| 17 Oct 2026 · Q2 FY27 results conference call scheduled for Oct 28 | board shareholder meetings | low | — | — |
| 8 Oct 2026 · RTA certificate on dematerialization of shares for Jul-Sep 2026 | compliance | minimal | — | — |
| 8 Oct 2026 · Syngene board to consider Q2 FY27 results on Oct 27 | results | low | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 24 Sept 2026 · Syngene cancels scheduled meeting with Bajaj AMC on Sept 24 | board shareholder meetings | low | — | — |
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.