Syngene International Ltd logo

Syngene International Ltd

SYNGENE NSE

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]

AI Verdict: HOLD Confidence: 5%

Syngene trades at a steep PE of 56.1x with declining profitability (TTM profit growth -21%) and weak stock returns (-30% over 1 year). However, the company is almost debt-free and benefits from long-term CDMO tailwinds, warranting a hold for existing investors rather than fresh entry at current valuations.

Key Fundamentals

SmallcapHealthcare TechnologyHealthcare
Market Cap
₹17,901 Cr
Volatility
Moderate
P/E Ratio
55.53
EBITDA
₹842 Cr
Return on Equity
11.98%
Debt to Equity
0.13
Book Value
₹119.9
EPS
₹11.85
52W High
₹728.6
52W Low
₹380

Technical Indicators

Key Insights

Strengths

2
  • Company has reduced debt.
  • Company is almost debt free.

Weaknesses

4
  • Stock is trading at 3.69 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 10.4% over last 3 years.
  • Dividend payout has been low at 12.0% of profits over last 3 years

Growth Rate

Revenue Growth
0.66% ↘
Net Income Growth
-34.72% ↘
Cash Flow Change
12.04% ↗
ROE
-12.35% ↘
ROCE
-1.05% ↘
EBITDA Margin (Avg.)
-26.28% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
HOLD
Risk high

Syngene trades at a steep PE of 56.1x with declining profitability (TTM profit growth -21%) and weak stock returns (-30% over 1 year). However, the company is almost debt-free and benefits from long-term CDMO tailwinds, warranting a hold for existing investors rather than fresh entry at current valuations.

Bull Case 7
  • Company is almost debt-free, reducing financial risk and interest burden significantly
  • Long-term sales CAGR of 11% over 5 years demonstrates consistent revenue compounding in the CDMO space
  • 62.5% of analysts (5 out of 8) have a buy rating, indicating institutional confidence in the business model
  • 10-year stock CAGR of 8% shows the company has created wealth over longer holding periods despite recent weakness
  • 3-year ROE of 10% is reasonable for a capital-intensive research services business with long gestation periods
  • Market cap of Rs 17,838 Cr provides adequate liquidity and index eligibility for institutional participation
  • Debt reduction acknowledged as a known positive, freeing up cash flows for capacity expansion and R&D investment
Bear Case 8
  • PE ratio of 56.1x is extremely expensive given TTM profit decline of -21%, offering no margin of safety
  • Stock has fallen 30% over 1 year, indicating severe loss of market confidence and momentum
  • Compounded profit growth is 0% over 5 years and -7% over 3 years, showing complete earnings stagnation
  • ROE has declined from 11% (5-year average) to just 8% last year, signalling deteriorating capital efficiency
  • Price-to-book of 3.67x is elevated for a company delivering sub-10% ROE, destroying value relative to cost of equity
  • Dividend payout of only 12% of profits with a yield of 0.28% offers negligible income protection to investors
  • TTM sales growth of just 3% suggests significant slowdown from the 5-year CAGR of 11%, raising demand concerns
  • 3-year stock CAGR of -15% means investors who bought 3 years ago have suffered significant capital erosion

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Positives 1
  • Mazumdar-Shaw now Executive Chair Jun 19

    Shareholders approved Kiran Mazumdar-Shaw's transition from Non-Executive to Executive Chairperson with 91.4% votes in favour, signaling stronger hands-on leadership.

Neutral 2
  • TDS framework for ₹1.25 dividend Jun 24

    Syngene outlined TDS rates (nil to 20% for residents, 20%+ for NRIs) for its ₹1.25/share FY26 final dividend, with documentation deadline of July 10, 2026.

  • Multiple analyst/investor meetings Jun 16

    Syngene scheduled one-on-one and group meetings with analysts and investors on June 10-11 and June 19 in Bengaluru, confirming no UPSI would be shared.

TL;DR: A quiet period for Syngene with no material headwinds or operational surprises. The leadership transition to an executive chairperson role for Kiran Mazumdar-Shaw is a modest positive signaling deeper founder involvement. Active investor engagement and routine dividend administration suggest steady-state governance. Watch for any strategic direction changes following the leadership restructuring.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
994
808
910
854
917
790
891
944
1,018
874
911
917
1,036
Expenses
680
596
656
622
600
620
646
660
674
668
711
708
733
Operating Profit
314
212
254
232
317
170
245
284
344
206
200
209
303
OPM %
32%
26%
28%
27%
35%
22%
27%
30%
34%
24%
22%
23%
29%
Other Income
23
24
14
26
16
50
16
18
19
18
15
-55
16
Interest
10
10
13
11
13
12
13
12
16
12
13
12
12
Depreciation
96
102
105
108
111
107
111
109
106
111
116
114
112
PBT
231
123
151
138
209
101
137
181
240
101
85
28
196
Tax %
23%
24%
23%
19%
10%
25%
23%
27%
24%
14%
21%
47%
25%
Net Profit
179
93
116
112
189
76
106
131
183
87
67
15
148
EPS in Rs
4.45
2.32
2.9
2.77
4.69
1.88
2.64
3.26
4.55
2.15
1.67
0.37
3.67
Figures in ₹ Crores

Profit & Loss

  Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
1,423
1,826
2,012
2,184
2,604
3,193
3,489
3,642
3,739
Expenses
949
1,289
1,394
1,507
1,861
2,251
2,472
2,598
2,820
Operating Profit
474
537
618
678
743
942
1,017
1,045
918
OPM %
33%
29%
31%
31%
29%
30%
29%
29%
25%
Other Income
53
75
153
94
75
63
77
101
-6
Interest
23
32
35
28
24
45
47
53
49
Depreciation
131
164
219
274
310
366
426
433
453
PBT
372
415
517
469
484
594
621
660
411
Tax %
18%
20%
20%
14%
18%
22%
18%
25%
23%
Net Profit
305
332
412
405
396
464
510
496
317
EPS in Rs
7.64
8.29
10.3
10.12
9.88
11.57
12.69
12.33
7.86
Div. Payout %
7%
3%
0%
0%
10%
11%
10%
10%
16%
Figures in ₹ Crores

Balance Sheet

  Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
3,005
CWIP
155
274
234
237
346
177
838
1,266
1,040
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
Figures in ₹ Crores

Cash Flow

  Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
446
630
677
701
581
824
1,042
1,168
915
Investing
-349
-646
-424
-629
-611
-653
-494
-744
-860
Financing
-79
-72
-226
58
-31
-342
-551
-142
-215
Net Cash Flow
18
-88
28
130
-62
-172
-4
281
-160
Free Cash Flow
82
47
34
255
105
305
553
398
547
CFO/OP
111
135
127
116
92
102
115
123
107
Figures in ₹ Crores

Ratios

  Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
-24
ROCE %
—
17%
17%
14%
13%
15%
15%
14%
10%

Shareholding Pattern

As of Mar 2026
Promoters 52.68%
DIIs 26.44%
FIIs 13.90%
Public 5.51%
Others 1.46%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
70.58%
70.43%
70.42%
70.41%
70.41%
70.29%
64.86%
64.86%
54.88%
54.80%
54.79%
54.79%
54.79%
54.72%
54.72%
52.74%
52.74%
52.68%
52.68%
52.68%
52.68%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.02%
0.02%
0.00%
0.00%
0.00%
20.92%
20.63%
20.72%
20.64%
19.47%
16.50%
16.31%
14.96%
13.90%
DIIs
4.02%
3.81%
4.03%
3.64%
3.26%
2.79%
4.96%
7.04%
10.73%
11.20%
9.94%
13.08%
15.80%
16.80%
17.48%
19.53%
21.50%
24.05%
24.62%
25.84%
26.44%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
8.05%
8.29%
8.46%
9.20%
9.22%
9.02%
8.81%
8.57%
8.39%
8.10%
7.53%
7.24%
6.45%
6.08%
5.45%
5.59%
5.08%
5.59%
5.28%
5.37%
5.51%
Others
17.35%
17.46%
17.09%
16.76%
17.11%
17.90%
21.36%
19.52%
25.98%
25.90%
27.73%
24.89%
2.03%
1.77%
1.62%
1.50%
1.21%
1.18%
1.10%
1.15%
1.46%
No. of Shareholders
1,15,632
1,26,395
1,36,749
1,37,892
1,33,610
1,28,278
1,34,334
1,27,964
1,24,014
1,25,455
1,25,992
1,21,880
1,15,850
1,20,018
1,07,338
1,28,806
1,25,090
1,42,310
1,36,061
1,31,750
1,35,605

Documents

Frequently Asked Questions about Syngene International Ltd

What does Syngene International Ltd do?
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 & manufactu...
Where is Syngene International Ltd (SYNGENE) listed?
Syngene International Ltd is listed on the Indian stock exchanges. It is listed on NSE: SYNGENE and BSE: 539268. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Syngene International Ltd belong to?
Syngene International Ltd operates in the Healthcare sector within the Healthcare Services industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Syngene International Ltd?
Syngene International Ltd has a market capitalisation of approximately ₹17900.58 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Syngene International Ltd?
The Price-to-Earnings (PE) ratio of Syngene International Ltd is 55.53. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Syngene International Ltd?
Over the past 52 weeks, Syngene International Ltd has traded between a low of ₹380 and a high of ₹728.6. This range helps investors understand the stock's price volatility and recent trading levels.
Does Syngene International Ltd pay dividends?
Yes, Syngene International Ltd has a dividend yield of 0.28%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Syngene International Ltd?
Syngene International Ltd has a Return on Equity (ROE) of 11.98%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Syngene International Ltd on Tapetide?
On Tapetide, you can view Syngene International Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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]

Website syngeneintl.com
CEO Mr. Peter James Jonathan Bains
Employees 6,533
Listed 2015-08-11
Face Value ₹ 10
Issued Size 40,29,39,420

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