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 3.19 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 trades at a market cap of ₹15,204 Cr with a PE of 70.2x and a price-to-book of 3.2x. The company is nearly debt-free but faces headwinds with TTM sales declining 3% and TTM profit falling 42%, while its 3-year ROE stands at 10% and the stock has lost 42% over the past year.
- The company is almost debt-free, significantly reducing financial risk and interest burden
- Company has actively reduced debt, strengthening balance sheet resilience in a capital-intensive CDMO industry
- 5-year compounded sales CAGR of 11% indicates a reasonable medium-term revenue growth trajectory
- 3-year compounded sales CAGR of 5% shows the business continues to grow despite recent slowdowns
- Dividend yield of 0.33% provides a small but consistent return to shareholders, signaling cash flow stability
- 5-year ROE averaging 11% reflects the company's ability to generate reasonable returns on equity over a longer cycle
- 10-year stock CAGR of 5% shows the company has created some long-term value for shareholders despite recent corrections
- PE ratio of 70.2x is extremely elevated, implying the stock is priced for significant future growth that current fundamentals do not support
- TTM compounded profit has declined 42%, indicating a severe deterioration in earnings
- TTM sales have contracted by 3%, showing the topline is currently shrinking rather than growing
- Last year ROE dropped to 8% from a 3-year average of 10%, signaling declining capital efficiency
- Stock has fallen 42% over the past 1 year and 23% CAGR decline over 3 years, reflecting sustained negative price momentum
- Price-to-book of 3.2x is high relative to the modest ROE of 10%, suggesting the valuation premium may not be justified by returns generated
- Dividend payout ratio of only 12% of profits over the last 3 years limits direct shareholder returns
- 5-year compounded profit CAGR of 0% means the company has delivered zero profit growth over half a decade
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Renewable energy stake acquired Aug 24
Syngene invested ₹2.52 crore for a 12.44% stake in Ampin C&I Power Twelve Pvt Ltd to secure captive renewable power and support decarbonization goals.
- FY26 final dividend remitted Sep 10
Syngene commenced remittance of ₹1.25 per share final dividend for FY26 to shareholders on record as of June 26, 2026.
- Kotak investor meet Sep 17 Sep 12
Syngene will participate in the Healthcare Forum 2026 organized by Kotak in Mumbai on September 17, with group and one-on-one sessions. No UPSI to be disclosed.
- Goldman Sachs Asia conference Aug 25
Syngene will attend the Goldman Sachs Asia Leaders Conference 2026 in Hong Kong on August 31 to September 1. No UPSI disclosure planned.
- Entrust Family Office meet Aug 24
Syngene scheduled a virtual one-on-one meeting with Entrust Family Office on August 28, 2026 at 12:00 pm. No UPSI to be disclosed.
TL;DR: Syngene shows steady shareholder engagement with active participation in multiple investor conferences (Kotak, Goldman Sachs, Entrust) and timely FY26 dividend remittance of ₹1.25/share. The ₹2.52 crore renewable energy investment signals a forward-looking ESG commitment. No headwinds are visible in the recent news flow, and the trend appears stable with consistent institutional outreach suggesting management confidence in the company's outlook.
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.
Documents
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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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