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NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,748.00 last close on 23 Oct 2026 −0.57%
Research updated
Syngene International Ltd.
NSE: SYNGENEHealthcareDiagnostics & Research
- Last close
- ₹366.85
- Day change
- −₹5.65 (−1.52%)vs
- Market cap
- ₹15,518 crIndian rupees
- Research updated
- 1 report
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About Syngene International
Syngene International Ltd. is a globally recognized contract research and manufacturing organization (CRMO) that plays a crucial role in the pharmaceutical and biotechnology sectors. As a leader in providing integrated scientific services, Syngene offers end-to-end solutions including drug discovery, development, and manufacturing services. Its expertise spans across various scientific domains such as biology, chemistry, and toxicology, making it an indispensable partner for companies aiming to accelerate their research and development processes. With state-of-the-art facilities and a robust infrastructure, Syngene supports its clients through every stage of the drug life cycle, from early-stage research to commercial-scale production. The company operates extensive laboratories with advanced equipment, ensuring high standards of precision and efficiency. Syngene collaborates with an array of industries, ranging from large pharmaceutical corporations to agrochemical and nutrition companies, reflecting its versatile capabilities and market reach. Syngene International Ltd. is not only significant for its contributions to biopharmaceutical advancements but also for enhancing the innovation pipelines of its clients. Its operations are critical in enabling the rapid progression of scientific discoveries into viable healthcare solutions, making it a pivotal entity in the global health ecosystem.
- Sector
- Healthcare
- Industry
- Diagnostics & Research
- Listing
- NSE: SYNGENE
- Next results
- Chief executive
- Mr. Siddharth Mittal BCom, CA, CPA
- Employees
- 6,692
- Headquarters
- Bengaluru, India
- ISIN
- INE398R01022
- Website
- syngeneintl.com
Public research · Report of
Business model & financial foundation
Syngene (NSE: SYNGENE), Contract research, development and manufacturing (CRDMO) services: revenue of ₹3,739 crore in FY26 (+2.6% on FY25), an EBITDA margin of 24.6%, net profit of ₹316.7 crore and net cash of ₹1,800 crore.
- Revenue, FY26 (₹ crore)
- 3,739
- consolidated
- Revenue growth, FY26
- +2.6%
- on FY25
- EBITDA margin, FY26
- 24.6%
- EBITDA from operations (company definition) / revenue
- Net profit, FY26 (₹ crore)
- 316.7
- to owners
- Return on equity, FY26
- 6.6%
- on average equity
- Net debt, FY26 (₹ crore)
- -1,800
- Net debt (negative = net cash), company definition
- Market capitalisation (₹ crore)
- 15,299
- at the close of 17 Oct 2026
Company profile
Syngene is India's largest contract research, development and manufacturing organisation (CRDMO), a Biocon subsidiary founded in 1993. It sells discovery chemistry and biology, dedicated R&D centres (BMS, Amgen and others), development services and small- and large-molecule CDMO manufacturing to about 400 clients, with roughly 63% of revenue from the US. FY26 revenue from operations was INR 3,739 crore; the business is in a reset after its anchor biologics client (Zoetis) stopped offtake.
| Item | Value |
|---|---|
| Legal name | Syngene International Limited |
| Exchange and ticker | NSE: SYNGENE; BSE: 539268 |
| ISIN | INE398R01022 |
| Sector | Healthcare |
| Industry | Contract research, development and manufacturing (CRDMO) services |
| Headquarters | Bengaluru, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP (FY26); S. R. Batliboi & Associates LLP proposed from the 2026 AGM on mandatory rotation (since 2016) |
| Market capitalisation | ₹15,299 crore (17 Oct 2026) |
| Shares outstanding | 40.23 crore shares (FY26) |
| Price | ₹386.1 (close, 17 Oct 2026) |
| 52-week range | ₹344.5 - ₹679.0 (to 17 Oct 2026) |
| Website | https://www.syngeneintl.com |
Corporate structure and shareholding
Parent: Biocon Limited (52.32% at 30 Sep 2026).
| Entity | Holding | Business |
|---|---|---|
| Syngene USA Inc. | 100% | US operations including the Bayview (Baltimore) biologics manufacturing facility acquired from Emergent in March 2025 |
| Syngene Scientific Solutions Limited | 100% | Indian subsidiary for research/scientific services |
| Syngene Manufacturing Solutions Limited | 100% | Indian manufacturing subsidiary (biologics, Stelis Unit 3 site) |
Single reportable segment (contract research and manufacturing services); management discloses a Research Services vs CDMO revenue mix.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 52.68% | 52.68% | 52.59% | 52.59% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 14.96% | 13.91% | 11.82% | 10.13% |
| Domestic institutions | 25.83% | 26.44% | 28.01% | 29.31% |
| of which mutual funds | 22.71% | 24.18% | 25.78% | 27.10% |
| Retail | 6.22% | 6.69% | 7.15% | 7.55% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Syngene sells scientific services to global pharma and biotech: Research Services (discovery chemistry and biology, development, dedicated R&D centres for BMS and others) and CDMO (small-molecule manufacturing at Bengaluru/Mangalore; large-molecule biologics at Bengaluru, Stelis Unit 3 and the Bayview plant in Baltimore bought from Emergent in March 2025). FY26 revenue from operations was INR 3,738.7 crore, ~63% from the US (FY25 standalone geography). Research is billed on FTE/fee-for-service contracts and is sticky but commoditising at the low end; CDMO is lumpy and was concentrated in Zoetis's Librela antibody, whose offtake stopped in FY27 (~USD 50m impact). Syngene controls capacity and science; it does not control client pipelines, biotech funding or the rupee, which drives hedge gains and losses below revenue.
| Peer | Why the dossier compares them |
|---|---|
| Divi's Laboratories (DIVISLAB) | |
| Laurus Labs (LAURUSLABS) | Indian CDMO with fast-growing synthesis business and biologics ambitions |
| Sai Life Sciences (SAILIFE) | Pure-play Indian small-molecule CRDMO, the closest discovery-to-manufacturing peer |
| Anthem Biosciences (ANTHEM) | Bengaluru CRDMO with discovery and manufacturing, comparable model and client base |
| Piramal Pharma (PPLPHARMA) | Global CDMO with US/UK sites, comparable onshore-capacity strategy |
| Neuland Laboratories (NEULANDLAB) | Indian CMS/API peer exposed to innovator molecules and peptides |
| Jubilant Pharmova (JUBLPHARMA) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 2,507 | 3,080 | 3,489 | 3,642 | 3,739 |
| Cost of revenue (vendor classification) * | 749.0 | 860.2 | 930.2 | 942.5 | 918.6 |
| Other operating costs (vendor classification) * | 383.2 | 496.3 | 584.5 | 654.2 | 693.7 |
| EBITDA (vendor classification) * | 838.8 | 992.5 | 1,092 | 1,096 | 1,007 |
| EBIT * | 501.9 | 628.1 | 665.9 | 709.1 | 455.7 |
| Finance costs | 17.5 | 34.5 | 47.2 | 53.1 | 48.8 |
| Profit before tax (after exceptional) | 484.4 | 593.6 | 623.3 | 659.9 | 410.9 |
| Tax expense | 88.6 | 129.2 | 113.3 | 163.7 | 94.2 |
| Profit after tax | 395.8 | 464.4 | 510.0 | 496.2 | 316.7 |
| Diluted EPS (₹) * | 9.82 | 11.51 | 12.69 | 12.34 | 7.87 |
| Material costs | 930.2 | 942.5 | 918.6 | ||
| Staff costs | 969.9 | 1,079 | 1,230 | ||
| Other expenses incl. other direct costs | 518.3 | 577.0 | 611.1 | ||
| Net foreign exchange loss/(gain) | 55.8 | 1.90 | 60.9 | ||
| EBITDA from operations (company definition) | 1,014 | 1,042 | 918.4 | ||
| Other income | 90.6 | 71.8 | 70.7 | ||
| Depreciation and amortisation | 425.9 | 432.6 | 452.9 | ||
| Exceptional items (pre-tax) | -8.60 | 32.0 | -76.6 | ||
| PAT attributable to owners | 510.0 | 496.2 | 316.7 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 3,298 | 3,618 | 4,258 | 4,727 | 4,839 |
| Borrowings * | 1,022 | 815.2 | 555.2 | 577.9 | 458.4 |
| Cash and cash equivalents * | 261.0 | 87.0 | 85.6 | 366.9 | 228.6 |
| Trade receivables * | 507.7 | 529.3 | 441.6 | 526.8 | 508.8 |
| Inventories * | 179.4 | 332.8 | 238.5 | 155.5 | 141.3 |
| Trade payables * | 232.8 | 258.0 | 255.5 | 352.0 | 347.5 |
| Net property, plant and equipment * | 2,342 | 2,383 | 2,378 | 2,742 | 2,930 |
| Capital work in progress * | 356.7 | 192.3 | 844.4 | 1,289 | 1,046 |
| Total assets * | 5,564 | 5,831 | 6,152 | 6,796 | 7,055 |
| Net debt (negative = net cash), company definition | -935.3 | -1,279 | -1,800 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 200.3 | 241.7 | 1,042 | 1,168 | 915.2 |
| Free cash flow (vendor definition) * | 105.1 | 305.2 | 531.3 | 397.5 | 547.0 |
| Dividends paid (the provider's sign: an outflow is negative) * | -40.1 | -50.3 | -50.3 | -50.4 | |
| Capex (purchase of PP&E and intangibles) | -475.3 | -506.6 | -510.8 | -770.1 | -368.2 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 39.81 | 40.07 | 40.14 | 40.19 | 40.23 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 891.0 | 943.7 | 1,018 | 874.5 | 910.6 | 917.1 | 1,037 | 736.0 |
| Cost of revenue (vendor classification) * | 236.6 | 237.4 | 235.0 | 217.6 | 229.4 | 233.1 | 173.4 | |
| Other operating costs (vendor classification) * | 162.4 | 174.9 | 181.8 | 184.0 | 187.9 | 178.1 | 162.6 | |
| EBITDA (vendor classification) * | 261.3 | 301.9 | 362.5 | 224.1 | 224.6 | 325.6 | 116.1 | |
| EBIT * | 150.4 | 193.2 | 256.4 | 112.9 | 40.3 | 208.1 | -9.60 | |
| Finance costs | 13.1 | 12.4 | 15.9 | 11.6 | 13.2 | 11.9 | 12.1 | 9.60 |
| Profit before tax (after exceptional) | 137.3 | 180.8 | 240.5 | 101.3 | 85.2 | 28.4 | 196.0 | -19.2 |
| Tax expense | 31.2 | 49.7 | 57.2 | 14.6 | 18.1 | 13.4 | 48.1 | -10.2 |
| Profit after tax | 106.1 | 131.1 | 183.3 | 86.7 | 67.1 | 15.0 | 147.9 | -9.00 |
| Diluted EPS (₹) * | 2.64 | 3.26 | 4.56 | 2.15 | 0.37 | 3.67 | -0.22 | |
| Material costs | 236.6 | 237.4 | 235.0 | 217.7 | 238.5 | 229.9 | 233.1 | 173.4 |
| Staff costs | 271.3 | 276.1 | 279.4 | 291.5 | 307.5 | 299.2 | 331.6 | 281.4 |
| Other expenses incl. other direct costs | 142.6 | 148.3 | 155.4 | 154.1 | 153.3 | 155.5 | 147.6 | 140.3 |
| Net foreign exchange loss/(gain) | -4.30 | -1.70 | 4.60 | 4.80 | 11.8 | 23.3 | 20.9 | 50.1 |
| EBITDA from operations (company definition) | 244.8 | 283.6 | 343.6 | 206.4 | 199.6 | 209.2 | 303.4 | 90.8 |
| Other income | 16.5 | 18.3 | 18.9 | 17.7 | 15.4 | 15.4 | 22.2 | 25.3 |
| Depreciation and amortisation | 110.9 | 108.7 | 106.1 | 111.2 | 116.5 | 113.7 | 111.5 | 112.2 |
| Exceptional items (pre-tax) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -70.6 | -6.00 | -13.5 |
| PAT attributable to owners | 106.1 | 131.1 | 183.3 | 86.7 | 67.1 | 15.0 | 147.9 | -9.00 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 20.0% | 22.9% | 13.3% | 4.4% | 2.6% |
| EBITDA margin | 29.1% | 28.6% | 24.6% | ||
| Net margin | 14.6% | 13.6% | 8.5% | ||
| Return on equity | 13.0% | 11.0% | 6.6% | ||
| Return on capital employed | 12.5% | 14.4% | 14.4% | 14.0% | 8.6% |
| Return on assets | 8.5% | 7.7% | 4.6% | ||
| Net debt (₹ crore) | -935.3 | -1,279 | -1,800 | ||
| Net debt / EBITDA | -0.92x | -1.23x | -1.96x | ||
| Interest cover | 28.7x | 18.2x | 14.1x | 13.4x | 9.34x |
| Asset turnover | 0.48x | 0.54x | 0.58x | 0.56x | 0.54x |
| Receivable days | 74 | 63 | 46 | 53 | 50 |
| Inventory days (on revenue) | 26 | 39 | 25 | 16 | 14 |
| Payable days (on revenue) | 34 | 31 | 27 | 35 | 34 |
| Cash conversion | 2.04x | 2.35x | 2.89x | ||
| Capex intensity | 19.0% | 16.4% | 14.6% | 21.1% | 9.8% |
| Free cash flow (₹ crore) | -275.0 | -264.9 | 531.3 | 397.5 | 547.0 |
| Dividend payout | 9.9% | 10.1% | 15.9% | ||
| EPS, diluted (₹) | 9.82 | 11.51 | 12.69 | 12.34 | 7.87 |
| Book value per share (₹) | 82.82 | 90.30 | 106.1 | 117.6 | 120.3 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA from operations (company definition) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (negative = net cash), company definition.
- Net debt / EBITDA: net debt / EBITDA from operations (company definition).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 26 Oct 2026.
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