Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 12 Sep
Source: Bse
Syngene International Limited (SYNGENE)
Small CapPharma stocks · Small cap · NSE
Syngene is an integrated CRDMO providing scientific solutions across discovery, development, and manufacturing for small and large molecules, ADCs, and oligonucleotides. It serves pharma, biotech, nutrition, animal health, and specialty chemicals sectors globally with 5,700+ scientists.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result29 Jul, 11:24 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
65BullishSMA20 -5.3% / mo · MACD + · sector +3.8pp vs Nifty 500 (3M)
Stock trend: 42
Sector RS: 98
Sector 3M: -1.8% vs Nifty 500 -5.6%
Pharma FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
SYNGENED candles · FIT view-5.6%Latest close ₹397.50 on 2026-10-19
Bar
+3.9%
RSI
61
MACD hist
4.81
52W pos
16%
2026-10-19O ₹382.50H ₹402.00L ₹382.50C ₹397.50Vol 17.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SYNGENENifty PharmaNifty 500
- SYNGENE
- -4.8%
- Nifty 500
- -5.6%
- Nifty Pharma
- -1.5%
- Vs Nifty 500
- +0.8 pp
Chart stats
19 Oct 2026- From 52W high
- -41.5%
- 52W range position
- 16%
- ATR (14)
- 3.1%
- Volume vs 20D
- 1.97x
- Avg traded value
- ₹31.3 Cr
- 20D price channel
- ₹344.5 - ₹402
₹679
₹344.5 - ₹679
₹12.5
Latest completed session
20-session average
39.9% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED29
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -15.8% · PAT -110.4% YoY
Technical
Bullish65
Price trend and sector-relative-strength timing.
Valuation
Legacy model-1179.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence65
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100Rev -16% YoY · PAT -110% YoY · margin compression
Filed 29 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹736 Cr | -15.8% | -29.0% |
| EBITDA | ₹90.8 Cr | -56.0% | -70.1% |
| Operating margin | 12.3% | -1126 bps | -1693 bps |
| PAT | ₹-9 Cr | -110.4% | -106.1% |
| PAT margin | -1.2% | -1113 bps | -1549 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 52.70
- P/B
- 3.22
- EV/EBITDA
- 12.78
- Market Cap
- 15606.00Cr
Profitability
- ROE
- 7.78%
- ROCE
- 9.99%
- ROA
- 3.13%
- Dividend Y
- 0.32%
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- -3.52%
- Revenue 3Y
- 5.00%
- EPS 3Y
- -8.00%
Balance Sheet
- Debt/Equity
- 0.09
- Interest Coverage
- 17.09×
- Altman Z
- 6.24
- Book Value
- 120.00
Cash Flow
- FCF Yield
- 0.49%
- FCF Positive Y
- 7/5
- OCF
- 915.00 Cr
- EPS TTM
- 5.49
Shareholding
- Promoter Hold
- 52.59%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 13%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 3,600-3.7% vs prev
Net Profit
₹ CrLatest: 317-36.1% vs prev
Return on Equity
%Latest: 6.5-37.6% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 61. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~5.6% over last month) — short-term momentum negative.
- RSI(14) at 61 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 41% off 52W high · 15% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
15
RS percentile
Stage 4 Downtrend
1M return
+7.7%
3M return
-4.8%
6M return
-8.8%
1Y return
-39.5%
RS 1D
+7
RS 20D
+12
Sector rank
#1
Industry rank
#3
Stage evidence
- Price is 4.6% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.4%.
- Both 3-month and 6-month returns are negative.
50-DMA
price above
200-DMA
price below
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 67.21+4.02%
RS vs Nifty 50067
Valuation & peers
U-Score 29 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 29 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation2/30
Growth6/25
Quality0/20
Balance Sheet11/15
Cash Flow4/10
Piotroski
7/9 (+5)
Penalties
1
Raw sum
29
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
29/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 7/9.
- Balance sheet contributes 11/15 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Fair-value margin of safety is negative at -1179.2%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
52.7
PB
3.2
EV/EBITDA
12.8
ROE
7.8%
ROCE
10.0%
FCF Yield
0.5%
Debt/Equity
0.1
MoS
-1179.2%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
29
Previous: 29
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-1179.2%
Previous: -1179.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
29
29
29
29
29
29
29
29
29
29
29
29
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹121.75
-226.5% MoS
Growth-justified P/E
5.7
Growth-justified Value
₹31.07
-1179.2% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
COHANCE
Small
Cohance Lifesciences Limited
Pharmaceuticals
match 166
23
165.0
4.9%
-4672%
OVERVALUED
HIKAL
Small
Hikal Limited
Pharmaceuticals
match 160
29
62.4
2.2%
-3367%
OVERVALUED
DCAL
Small
Dishman Carbogen Amcis Limited
Pharmaceuticals
match 159
41
131.0
1.6%
-215%
WATCHLIST
AKUMS
Large
Akums Drugs and Pharmaceuticals Limited
Pharmaceuticals
match 158
42
37.8
8.4%
+15%
WATCHLIST
AARTIPHARM
Micro
Aarti Pharmalabs Limited
Pharmaceuticals
match 157
31
37.3
8.6%
+21%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-17T07:18:43.289Z
Management commentary snapshot
Syngene's FY26 revenue grew 3% YoY to Rs 3,739 Cr, but operating EBITDA declined 11% YoY to Rs 9,891 Cr, with margins contracting to 26%. Q4 FY26 saw 2% YoY revenue growth and 16% YoY PAT decline, despite strong QoQ recovery in profitability.
While revenue growth is positive, the significant decline in EBITDA and PAT margins for both Q4 and FY26 raises concerns about profitability and cost management. Increased staff costs and foreign exchange volatility are notable. Management changes and ADC platform expansion are positive, but financial performance needs close monitoring.
Growth engines
ADC Platform Expansion
Commenced operations at ADC discovery laboratory, complementing GMP bioconjugation suite, establishing end-to-end ADC capabilities.
Large Molecule CDMO
Strategy to establish a seamless, one-stop-shop capability from drug discovery to commercial production.
Small Molecule CDMO
Utilize existing CMC capabilities and commercial manufacturing, developing innovative technologies.
Research Services
Provide integrated end-to-end therapeutic discovery services across technologies, platforms, disciplines, disease areas, and therapeutic modalities.
Capacity and execution
ADC Discovery Laboratory
Commenced operations during Q4 FY26, complementing GMP bioconjugation suite.
Biologics Capacity
Acquired first biologics site in Baltimore, USA, taking total single-use bioreactor capacity to 50,000L.
Land Acquisition
Acquired 17 acres land in Hyderabad to support long-term growth in research business.
Tailwinds
Global Demand for New Modalities
Invested in new capabilities and emerging modalities like peptides and ADCs, aligning with growing global demand.
Enhanced Business Development
Expanded business development presence across key value clusters including US and Europe.
Digital Transformation
AI capability in all research teams, integrating automation, IT solutions, and data analytics to optimize workflows.
Headwinds
Staff Cost Increases
Staff costs increased 19% YoY in Q4 FY26 and 14% YoY in FY26, outpacing revenue growth.
Risk radar
Foreign Exchange Volatility
Net foreign exchange gain/loss increased 354% YoY in Q4 FY26 and 3104% YoY in FY26, introducing earnings volatility.
Operational Execution
Enterprise-wide risk management framework in place for identification, monitoring, reporting, and mitigating risks impacting performance.
Regulatory Changes
Changes in laws and regulations that apply to the Indian and global biotechnology and pharmaceuticals industries.
Increasing Competition
Increasing competition mentioned as a factor that could cause actual results to differ materially from expectations.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing annual business trends and overall growth, especially in a sector with project-based revenues. QoQ is important to understand sequential momentum, recovery, and the immediate impact of operational changes or project execution, as seen in Q4's strong QoQ PAT recovery.
Sector KPIs management disclosed
Operating EBITDA Margin (Q4 FY26)
29% (34% in Q4 FY25)
Operating EBITDA Margin (FY26)
25% (29% in FY25)
USFDA Observations
Completed 6 successful USFDA audits in the last 5 years.
Biologics Capacity Additions
Acquired first biologics site in Baltimore, USA, taking total single-use bioreactor capacity to 50,000L.
Management forward view
Strategic Focus
Aim to be a world-class partner delivering innovative scientific solutions for clients.
Integrated Offerings
Strategy to establish seamless, one-stop-shop capabilities for biologics development and manufacturing from discovery to commercial production.
Operational Excellence
Drive operational excellence through improved reliability, speed, and efficiency to enhance customer delivery and satisfaction.
ESG Commitment
Committed to responsible and sustainable growth, ensuring ESG standards meet evolving expectations of clients, investors, and stakeholders.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 25% (FY26) | Stabilization and improvement of operating EBITDA margins. |
| Revenue Growth | 3% YoY (FY26) | Acceleration of revenue growth, especially from new capabilities and acquisitions. |
| Staff Cost Management | 14% YoY increase (FY26) | Staff cost growth in line with or below revenue growth to support margin expansion. |
| Integration of Acquisitions | Acquired biologics facilities in Baltimore and from Stelis. | Successful integration and ramp-up of acquired capacities and capabilities. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
65Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 45th percentile of the scored universe and 33rd percentile within Pharma. Main check: results consistency is weak at 17/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
121 docs text-extracted · 34 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
45th percentile
overall median 67 · Pharma: 33rd pctile, median 70 · Small: 50th pctile, median 66
Evidence depth
Financial-only
121 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
42
weak · capital discipline
Results
17
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.5%.
- ▸7 years of positive FCF.
- ▸Debt/equity is 0.09.
Trust risks
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸ROE is low at 7.8%.
- ▸ROCE trend is -2.7%.
- ▸0/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Syngene International Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 25 Aug - Intimation of Schedule of Investor/Analyst Meeting with Goldman Sachs Asia Leaders Conference 2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 30 Jul
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 2 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 29 Jun - Newspaper Advertisement - Intimation of date of the 33rd Annual General Meeting, Record date and Final dividend information.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 5 Jun - Syngene to meet multiple analysts and investors in Bengaluru on June 10-11, 2026.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
Annual report
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Jul - Newspaper Advertisement - Notice of the 33rd Annual General Meeting ("AGM") and Annual Report for FY 2025-26.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.