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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100Rev -16% YoY · PAT -110% YoY · margin compression
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
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.
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.
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.
Staff Cost Increases
Staff costs increased 19% YoY in Q4 FY26 and 14% YoY in FY26, outpacing revenue growth.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
39Bearishfull bear SMA stack · SMA20 -1.6% / mo · MACD − · near 52W low · sector +2.2pp vs Nifty (3M)
Technical chart
SYNGENEdaily · 1Y · AUTO-2.0%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 43.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~1.6% over last month) — short-term momentum negative.
- RSI(14) at 43 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 42% off 52W high · 5% 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.
Relative Strength & Trend Stage
- Price is 7.2% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -4.3%.
- Both 3-month and 6-month returns are negative.
Valuation & score drivers
U-Score 29 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 29 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 -1173.1%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
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.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: 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.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 3 latest quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Pharma: 33rd pctile, median 70 · Small: 50th pctile, median 66
118 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 53.90
- P/B
- 3.30
- EV/EBITDA
- 13.07
- Market Cap
- 15969.00Cr
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
- 6.34
- Book Value
- 120.00
Cash Flow
- FCF Yield
- 0.48%
- FCF Positive Y
- 7/5
- OCF
- 915.00 Cr
- EPS TTM
- 5.49
Shareholding
- Promoter Hold
- 52.59%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 7%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.