Syngene International
Syngene International
HealthcareKey Fundamentals
SmallcapHealthcare TechnologyHealthcareTapetide Score
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Key Insights
Strengths
2- Company has reduced debt.
- Company is almost debt free.
Weaknesses
4- Stock is trading at 3.01 times its book value
- The company has delivered a poor sales growth of 11.4% over past five years.
- Company has a low return on equity of 10.1% over last 3 years.
- Dividend payout has been low at 12.0% of profits over last 3 years
Growth Rate
AI Analysis — Bull vs Bear
Syngene International has a market cap of about ₹15,301 crore. Its trailing sales fell 3% and trailing profit fell 42%, largely because of the loss of a single large-molecule biologics product, which management expects to keep weighing on results into FY2027. The balance sheet is nearly debt-free, with net cash of about ₹902 crore as of December 2025. Even so, the stock trades at a P/E of 69.5 and P/B of 3.17, while return on equity was 8% last year and the share price has fallen 38% over the past year.
- The balance sheet is strong. The company is almost debt-free, has reduced debt, and reported net cash of about ₹902 crore as of 31 December 2025, which gives it room to keep investing through the current slowdown.
- The drop in profit is partly one-off. Q3 FY26 reported profit was ₹15 crore, but profit before exceptional items was ₹73 crore. The gap includes a one-time charge of about ₹70.6 crore from changes in labour laws.
- The revenue decline mostly comes from one product. Management says Q3 FY26 revenue fell 3% year-on-year because of a single large-molecule product, and that the rest of the business kept growing steadily.
- Longer-term growth has been reasonable. Sales grew at a compounded 11% a year over 5 years and 5% a year over 3 years.
- Margins are still solid despite the pressure. Q3 FY26 EBITDA margin was about 22.8–24%, and full-year guidance is 22–23% operating EBITDA margin.
- The share price has already fallen a lot. It is down 38% over 1 year and 21% a year over 3 years, bringing the market cap to about ₹15,301 crore, so much of the known product headwind is already reflected in the price.
- Over 10 years the stock has still grown 5% a year, and the company continues to expand capabilities and utilization in its research services and CDMO (contract manufacturing) segments.
- The valuation is high compared with current earnings. The stock trades at a P/E of 69.5 while trailing profit has fallen 42%.
- Q3 FY26 was weak. Reported profit fell about 89% year-on-year, from ₹131 crore to ₹15 crore. Profit before exceptional items was still down 44%, and EBITDA fell about 26%.
- Management cut its guidance. It now expects FY26 revenue to fall 3–5% in constant currency, and says the headwind from the lost biologics product will continue into FY2027.
- Margins have narrowed. Q3 FY26 EBITDA margin dropped to about 23–24% from 30–31% a year earlier, and full-year guidance of 22–23% is below past levels.
- Returns on equity are low. ROE was 8% last year and 10% on average over 3 years, which is modest for a stock at 3.17 times book value.
- Profits have not grown over time. Profit fell at a compounded 8% a year over 3 years and was flat (0%) over 5 years, while trailing sales are down 3%.
- Shareholders have lost money recently. The stock fell 38% over 1 year, 21% a year over 3 years, and 10% a year over 5 years.
- Cash returns to shareholders are small. The dividend yield is 0.33%, and the company has paid out only about 12% of profits as dividends over the last 3 years.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- FY26 final dividend remitted Sep 10
Syngene has started paying its FY26 final dividend of ₹1.25 per equity share to shareholders on record as of June 26, 2026. Payment is by electronic transfer or warrant.
- Corporate Affairs head resigns Sep 21
Pramuch Goel, Head of Corporate Affairs & Communications, resigned effective September 21, 2026, to pursue other career opportunities. He was not in a core business or finance role, so the operational impact should be limited.
- Institutional investor meetings continue Sep 21
Syngene scheduled virtual one-on-one meetings with True Beacon PMS on September 17, 2026, at 12:00 pm and with Bajaj AMC on September 24, 2026. The company said no UPSI would be disclosed in either meeting.
TL;DR: The recent news flow is light and mostly procedural. The only positive is the ₹1.25 FY26 final dividend, and the steady institutional meetings point to continued investor interest. There are no clear headwinds, though the exit of the corporate communications head is a minor personnel change. None of these items covers the business, such as order wins, client demand, biologics capacity use or margins, so the outlook will depend on the next quarterly results and any comments on CRDMO demand.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 808 | 910 | 854 | 917 | 790 | 891 | 944 | 1,018 | 875 | 911 | 917 | 1,037 | 736 |
| Expenses | 596 | 656 | 622 | 600 | 620 | 646 | 660 | 674 | 668 | 711 | 708 | 733 | 645 |
| Operating Profit | 212 | 254 | 232 | 317 | 170 | 245 | 284 | 344 | 206 | 200 | 209 | 303 | 90.8 |
| OPM % | 26.22% | 27.92% | 27.12% | 34.56% | 21.5% | 27.47% | 30.05% | 33.75% | 23.6% | 21.91% | 22.81% | 29.27% | 12.34% |
| Other Income | 23.6 | 14.2 | 25.6 | 16.1 | 50.1 | 16.5 | 18.3 | 18.9 | 17.7 | 15.4 | -55.2 | 16.2 | 11.8 |
| Interest | 10.5 | 13 | 10.8 | 12.9 | 11.7 | 13.1 | 12.4 | 15.9 | 11.6 | 13.2 | 11.9 | 12.1 | 9.6 |
| Depreciation | 102 | 105 | 108 | 111 | 107 | 111 | 109 | 106 | 111 | 117 | 114 | 112 | 112 |
| PBT | 123 | 151 | 138 | 209 | 101 | 137 | 181 | 241 | 101 | 85.2 | 28.4 | 196 | -19.2 |
| Tax % | 24% | 22.69% | 19.32% | 9.76% | 25.27% | 22.72% | 27.49% | 23.78% | 14.41% | 21.24% | 47.18% | 24.54% | -53.12% |
| Net Profit | 93.4 | 117 | 112 | 189 | 75.7 | 106 | 131 | 183 | 86.7 | 67.1 | 15 | 148 | -9 |
| EPS in Rs | 2.32 | 2.9 | 2.77 | 4.69 | 1.88 | 2.64 | 3.26 | 4.55 | 2.15 | 1.67 | 0.37 | 3.67 | -0.22 |
Profit & Loss
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,423 | 1,826 | 2,012 | 2,184 | 2,604 | 3,193 | 3,489 | 3,642 | 3,739 | 3,600 |
| Expenses | 949 | 1,289 | 1,394 | 1,507 | 1,861 | 2,251 | 2,472 | 2,598 | 2,817 | 2,797 |
| Operating Profit | 474 | 537 | 618 | 678 | 743 | 942 | 1,017 | 1,045 | 921 | 803 |
| OPM % | 33% | 29% | 31% | 31% | 29% | 30% | 29% | 29% | 25% | 22% |
| Other Income | 53 | 75 | 153 | 94 | 75 | 63 | 77 | 101 | -9 | -12 |
| Interest | 23 | 32 | 35 | 28 | 24 | 45 | 47 | 53 | 49 | 47 |
| Depreciation | 131 | 164 | 219 | 274 | 310 | 366 | 426 | 433 | 453 | 454 |
| PBT | 372 | 415 | 517 | 469 | 484 | 594 | 621 | 660 | 411 | 290 |
| Tax % | 18% | 20% | 20% | 14% | 18% | 22% | 18% | 25% | 23% | — |
| Net Profit | 305 | 332 | 412 | 405 | 396 | 464 | 510 | 496 | 317 | 221 |
| EPS in Rs | 7.64 | 8.29 | 10.3 | 10.12 | 9.88 | 11.57 | 12.69 | 12.33 | 7.86 | 5.49 |
| Div. Payout % | 7% | 3% | 0% | 0% | 10% | 11% | 10% | 10% | 16% | — |
Balance Sheet
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 200 | 200 | 400 | 400 | 401 | 401 | 402 | 402 | 403 |
| Reserves | 1,520 | 1,768 | 1,776 | 2,421 | 2,897 | 3,217 | 3,856 | 4,324 | 4,436 |
| Borrowings | 787 | 813 | 773 | 893 | 1,022 | 815 | 555 | 578 | 458 |
| Other Liabilities | 681 | 922 | 1,214 | 1,169 | 1,245 | 1,398 | 1,339 | 1,491 | 1,757 |
| Total Liabilities | 3,189 | 3,704 | 4,163 | 4,883 | 5,564 | 5,831 | 6,152 | 6,796 | 7,055 |
| Fixed Assets | 1,030 | 1,377 | 2,020 | 2,201 | 2,393 | 2,667 | 2,850 | 2,802 | 3,000 |
| CWIP | 155 | 274 | 234 | 237 | 346 | 177 | 838 | 1,266 | 1,046 |
| Investments | 158 | 716 | 776 | 702 | 1,034 | 918 | 548 | 647 | 741 |
| Other Assets | 1,846 | 1,337 | 1,133 | 1,743 | 1,790 | 2,069 | 1,916 | 2,081 | 2,268 |
| Total Assets | 3,189 | 3,704 | 4,163 | 4,883 | 5,564 | 5,831 | 6,152 | 6,796 | 7,055 |
Cash Flow
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Operating | 446 | 630 | 677 | 701 | 581 | 824 | 1,042 | 1,168 | 915 |
| Investing | -349 | -646 | -424 | -629 | -611 | -653 | -494 | -744 | -839 |
| Financing | -79 | -72 | -226 | 58 | -31 | -342 | -551 | -142 | -215 |
| Net Cash Flow | 18 | -88 | 28 | 130 | -62 | -172 | -4 | 281 | -138 |
| Free Cash Flow | 82 | 47 | 34 | 255 | 105 | 305 | 553 | 398 | 547 |
| CFO/OP | 111 | 135 | 127 | 116 | 92 | 102 | 115 | 123 | 107 |
Ratios
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 68 | 68 | 72 | 79 | 71 | 61 | 46 | 53 | 50 |
| Inventory Days | 82 | 30 | 18 | 41 | 87 | 141 | 94 | 60 | 56 |
| Days Payable | 195 | 154 | 156 | 167 | 113 | 109 | 100 | 136 | 138 |
| Cash Conversion Cycle | -44 | -56 | -66 | -47 | 45 | 92 | 40 | -23 | -32 |
| Working Capital Days | -48 | -103 | -172 | -66 | -43 | -14 | -27 | -51 | -68 |
| ROCE % | — | 17% | 17% | 14% | 13% | 15% | 15% | 13% | 10% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY11–FY27.
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Company Information
Syngene (established in 1993) as a Biocon subsidiary is India's first Contract Research Organization (CRO) which expanded later to be an integrated service provider offering end-to-end drug discovery, development, and manufacturing services on a single platform (CRAMS). Total research & manufacturing infrastructure for the company is spread across 1.9 million square feet across locations. [1]
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