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Syngene International Q2 FY27 results: net profit down 52.0% to ₹32.20 crore, revenue down 8.6%
Syngene International Limited reported consolidated revenue of ₹832.70 crore and a net profit of ₹32.20 crore for Q2 FY27. Revenue fell 8.6% year on year but rose 13.1% from Q1 FY27, while EBITDA margin improved to 17.7% from 12.3% in the preceding quarter.
Key points
- Consolidated Q2 FY27 revenue was ₹832.70 crore, down 8.6% from Q2 FY26 but up 13.1% from Q1 FY27.
- EBITDA was ₹147.40 crore and EBITDA margin was 17.7%, down 4.2 percentage points year on year but up 5.4 percentage points sequentially.
- The company reported a net profit of ₹32.20 crore and basic EPS of ₹0.80, compared with a net loss of ₹9 crore in Q1 FY27.
- H1 FY27 revenue was ₹1,568.70 crore, while total income was ₹1,622 crore, profit before tax was ₹27.80 crore and net profit was ₹23.20 crore.
- The stock closed 9.9% higher on the reaction day and was up 8.0% from its pre-results close by the next day's close.
How did Syngene International perform in Q2 FY27?
Syngene International reported consolidated revenue of ₹832.70 crore for Q2 FY27, down 8.6% from ₹910.60 crore in Q2 FY26 but up 13.1% from ₹736 crore in Q1 FY27. EBITDA was ₹147.40 crore and EBITDA margin was 17.7%, compared with 21.9% a year ago and 12.3% in the preceding quarter.
The company reported a net profit of ₹32.20 crore and basic EPS of ₹0.80 for Q2 FY27. Net profit was down 52.0% from ₹67.10 crore in Q2 FY26 but moved from a net loss of ₹9 crore in Q1 FY27, while EPS moved from a loss of ₹0.22 to ₹0.80.
On a standalone basis, Q2 FY27 revenue was ₹777.90 crore and profit after tax was ₹48.70 crore. Profit before tax on that basis was ₹66.20 crore, compared with a year-on-year decline of 6.3% in revenue.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 832.70 | 736 | 910.60 | −8.6% | +13.1% |
| Other income | 28 | 25.30 | 15.40 | +81.8% | +10.7% |
| Total expenses | 807 | 767 | 840.80 | −4.0% | +5.2% |
| EBITDA | 147.40 | 90.80 | 199.50 | −26.1% | +62.3% |
| EBITDA margin | 17.7% | 12.3% | 21.9% | −4.2 pp | +5.4 pp |
| Profit before tax | 47 | −19.20 | 85.20 | −44.8% | turned to profit |
| Tax | 14.80 | −10.20 | 18.10 | −18.2% | |
| Net profit | 32.20 | −9 | 67.10 | −52.0% | turned to profit |
| EPS (₹) | 0.80 | −0.22 | 1.67 | −52.1% | turned to profit |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Syngene International's costs and profit?
Total expenses were ₹807 crore in Q2 FY27, down ₹33.80 crore or 4.0% from ₹840.80 crore in Q2 FY26. Cost of materials fell ₹24.50 crore to ₹203 crore, employee cost declined ₹2.30 crore to ₹272.70 crore, finance costs fell ₹3.20 crore to ₹10 crore and depreciation declined ₹4.80 crore to ₹111.70 crore.
Other expenses rose ₹16.40 crore or 8.3% to ₹214 crore, while other income increased ₹12.60 crore or 81.8% to ₹28 crore. Syngene's investor presentation attributed the lower operating EBITDA margin to lower revenues and forex hedge losses; it said the margin would have been in the mid-20s range after adjusting for the forex hedge loss.
The quarter included an exceptional charge of ₹6.70 crore, compared with no exceptional item in Q2 FY26. Tax expense was ₹14.80 crore, down ₹3.30 crore or 18.2% from ₹18.10 crore. Profit before tax fell ₹38.20 crore to ₹47 crore, and net profit fell ₹34.90 crore to ₹32.20 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 203 | 227.50 | −24.50 | −10.8% |
| Employee cost | 272.70 | 275 | −2.30 | −0.8% |
| Finance costs | 10 | 13.20 | −3.20 | −24.2% |
| Depreciation | 111.70 | 116.50 | −4.80 | −4.1% |
| Other expenses | 214 | 197.60 | +16.40 | +8.3% |
| Total expenses | 807 | 840.80 | −33.80 | −4.0% |
| Other income | 28 | 15.40 | +12.60 | +81.8% |
| Tax | 14.80 | 18.10 | −3.30 | −18.2% |
| Exceptional items | −6.70 (charge) | none |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹1,568.70 crore, down ₹216.40 crore or 12.1% from ₹1,785.10 crore in H1 FY26. Total income was ₹1,622 crore, down ₹196.20 crore or 10.8%, while profit before tax was ₹27.80 crore, down ₹158.70 crore or 85.1%.
Net profit for H1 FY27 was ₹23.20 crore, compared with ₹153.80 crore in H1 FY26, while basic EPS was ₹0.58 compared with ₹3.82. The company reported an exceptional charge of ₹202 crore for the half, with profit before exceptional items of ₹480 crore.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,569 | 1,785 | −12.1% |
| Profit before tax | 27.80 | 186.50 | −85.1% |
| Net profit | 23.20 | 153.80 | −84.9% |
| EPS (₹) | 0.58 | 3.82 | −84.8% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹6,658.50 crore, down from ₹7,054.70 crore at 31 March 2026, and total equity was ₹4,858.80 crore compared with ₹4,839.10 crore. Borrowings rose to ₹67.20 crore from ₹9.40 crore, while cash and cash equivalents fell to ₹119.90 crore from ₹228.60 crore.
Inventories increased to ₹167.80 crore from ₹141.30 crore, trade receivables fell to ₹385.50 crore from ₹508.80 crore and trade payables fell to ₹303.30 crore from ₹347.50 crore. In H1 FY27, operating cash flow was negative ₹143.20 crore, compared with negative ₹45.10 crore in H1 FY26, and investing cash flow was ₹49.70 crore versus ₹76.40 crore.
Financing cash flow was negative ₹20.30 crore in H1 FY27, compared with negative ₹82.10 crore a year earlier. Capital expenditure was ₹209.90 crore in H1 FY27, against ₹155.20 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 6,658 | 7,055 |
| Total equity | 4,859 | 4,839 |
| Borrowings | 67.20 | 9.40 |
| Cash and equivalents | 119.90 | 228.60 |
| Inventories | 167.80 | 141.30 |
| Trade receivables | 385.50 | 508.80 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −143.20 | −45.10 |
| Cash from investing | 49.70 | 76.40 |
| Cash from financing | −20.30 | −82.10 |
| Capital expenditure | 209.90 | 155.20 |
Source: Company's results filing (XBRL).
How has Syngene International done over the last 8 quarters?
Revenue rose to ₹1,018 crore in Q4 FY25 and peaked at ₹1,036.50 crore in Q4 FY26, before falling to ₹736 crore in Q1 FY27. It recovered to ₹832.70 crore in Q2 FY27, while EBITDA margin rose from 12.3% to 17.7% after reaching 29.3% in Q4 FY26.
Net profit peaked at ₹183.30 crore in Q4 FY25 and was ₹147.90 crore in Q4 FY26, before a loss of ₹9 crore in Q1 FY27. It returned to a profit of ₹32.20 crore in Q2 FY27, with the margin recovering from 12.3% to 17.7%.
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026. Syngene also filed an investor presentation stating that it had signed its first manufacturing agreement for the Bayview facility with a large pharmaceutical customer, with process development scheduled to begin in India this year and drug-substance manufacturing at Bayview next year.
In a separate filing, Syngene said Head of Strategy and Corporate Development Ajay Tandon would resign with effect from the close of business on 30 October 2026. Chief Financial Officer Deepak Jain said he would move on for personal reasons and pursue opportunities outside the company, while remaining in his role during a mutually agreed transition.
What did Syngene International's management say?
Management said cost-optimisation initiatives continued, with manpower-related optimisation completed and other initiatives still underway. It expected benefits over the coming quarters, and said the Q2 FY27 operating EBITDA margin of 18% was in line with expectations, reflecting lower revenues and forex hedge losses.
Management said Syngene had signed its first Bayview manufacturing agreement with a large pharmaceutical customer. Process development was scheduled to begin in India this year, followed by drug-substance manufacturing at Bayview next year, which management said would strengthen the company’s integrated India-US delivery model and dual-continent supply capabilities.
Management said additional manufacturing contracts had been secured, including an agreement to supply clinical materials from Syngene’s Bengaluru biologics facility, Unit 3. It also said the company had commissioned a Clinical Translational Sciences laboratory in Bengaluru and expanded digital capabilities through ChemVoyager, automated analytical systems and end-to-end sample tracking.
How did Syngene International shares react?
Syngene’s shares initially moved lower after the filing, falling 0.2% after 5 minutes and 1.5% after 15 minutes, before rising 1.0% after 30 minutes. The stock closed 9.9% higher on the reaction day from its pre-results close, compared with a 0.2% median move for the industry’s other stocks.
By the next day’s close, the stock was up 8.0% from its pre-results close, against a 0.6% industry median move. By the fifth session, it was up 13.6% from the same close, compared with a 3.0% industry median move; the excess returns over the industry median were 10.5 percentage points.
Earlier reaction-day moves were mixed. Syngene fell 3.4% on 29 July 2026 and rose 8.5% on 29 April 2026; the stock also fell 8.3% on 22 January 2026, 4.6% on 5 November 2025 and 1.3% on 23 July 2025.
| After the filing | Stock | Healthcare Research Analytics & Technology median |
|---|---|---|
| 5 minutes | −0.2% | |
| 15 minutes | −1.5% | |
| 30 minutes | +1.0% | |
| Reaction day | +9.9% | +0.2% |
| Next day | +8.0% | +0.6% |
| 5 days | +13.6% | +3.0% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 29 July 2026 | −3.4% |
| 29 April 2026 | +8.5% |
| 22 January 2026 | −8.3% |
| 5 November 2025 | −4.6% |
| 23 July 2025 | −1.3% |
| 23 January 2025 | +2.9% |
| 23 October 2024 | −0.2% |
| 24 July 2024 | −0.1% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Syngene International's revenue in Q2 FY27?
Revenue from operations was ₹832.70 crore, down 8.6% from ₹910.60 crore in Q2 FY26 (consolidated).
Did Syngene International make a profit in Q2 FY27?
Yes. Net profit was ₹32.20 crore, against a net profit of ₹67.10 crore in Q2 FY26.
What was Syngene International's EPS in Q2 FY27?
Basic earnings per share were ₹0.80, against ₹1.67 in Q2 FY26.
How did Syngene International shares react to the Q2 FY27 results?
On the reaction day the stock moved +9.9% from the previous close; the median Healthcare Research Analytics & Technology stock moved +0.2%.
When did Syngene International announce its Q2 FY27 results?
On 27 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Considering And Approving The Un-Audited Standalone And Consolidated Financial Results For The Quarter And Half Year Ending September 30, 2026. (BSE, 8 October 2026) · PDF
- Outcome of Board Meeting (NSE, 27 October 2026) · PDF
- The earnings call (2 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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