Syngene International Ltd
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]
- Market Cap ₹ 25,754 Cr.
- Current Price ₹ 639
- High / Low ₹ 961 / 599
- Stock P/E 55.0
- Book Value ₹ 118
- Dividend Yield 0.20 %
- ROCE 13.5 %
- ROE 10.5 %
- Face Value ₹ 10.0
Pros
Cons
- Stock is trading at 5.42 times its book value
- Company has a low return on equity of 12.3% over last 3 years.
- Dividend payout has been low at 10.3% of profits over last 3 years
- Promoter holding has decreased over last 3 years: -12.2%
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| 1,423 | 1,826 | 2,012 | 2,184 | 2,604 | 3,193 | 3,489 | 3,642 | 3,747 | |
| 949 | 1,289 | 1,394 | 1,507 | 1,806 | 2,251 | 2,472 | 2,598 | 2,714 | |
| Operating Profit | 474 | 537 | 618 | 678 | 798 | 942 | 1,017 | 1,045 | 1,033 |
| OPM % | 33% | 29% | 31% | 31% | 31% | 30% | 29% | 29% | 28% |
| 53 | 75 | 153 | 94 | 20 | 63 | 77 | 101 | 70 | |
| Interest | 23 | 32 | 35 | 28 | 24 | 45 | 47 | 53 | 53 |
| Depreciation | 131 | 164 | 219 | 274 | 310 | 366 | 426 | 433 | 442 |
| Profit before tax | 372 | 415 | 517 | 469 | 484 | 594 | 621 | 660 | 608 |
| Tax % | 18% | 20% | 20% | 14% | 18% | 22% | 18% | 25% | |
| 305 | 332 | 412 | 405 | 396 | 464 | 510 | 496 | 468 | |
| EPS in Rs | 7.64 | 8.29 | 10.30 | 10.12 | 9.88 | 11.57 | 12.69 | 12.33 | 11.63 |
| Dividend Payout % | 7% | 3% | 0% | 0% | 10% | 11% | 10% | 10% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 13% |
| 3 Years: | 12% |
| TTM: | 9% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 6% |
| 3 Years: | 4% |
| TTM: | 2% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 13% |
| 5 Years: | 2% |
| 3 Years: | 2% |
| 1 Year: | -25% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 13% |
| 3 Years: | 12% |
| Last Year: | 11% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| 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 | 4,332 |
| 787 | 813 | 773 | 893 | 1,022 | 815 | 555 | 578 | 582 | |
| 681 | 922 | 1,214 | 1,169 | 1,245 | 1,398 | 1,339 | 1,491 | 1,226 | |
| Total Liabilities | 3,189 | 3,704 | 4,163 | 4,883 | 5,564 | 5,831 | 6,152 | 6,796 | 6,542 |
| 1,030 | 1,377 | 2,020 | 2,201 | 2,393 | 2,667 | 2,850 | 2,802 | 3,049 | |
| CWIP | 155 | 274 | 234 | 237 | 346 | 177 | 838 | 1,266 | 989 |
| Investments | 158 | 716 | 776 | 702 | 1,034 | 918 | 548 | 647 | 547 |
| 1,846 | 1,337 | 1,133 | 1,743 | 1,790 | 2,069 | 1,916 | 2,081 | 1,957 | |
| Total Assets | 3,189 | 3,704 | 4,163 | 4,883 | 5,564 | 5,831 | 6,152 | 6,796 | 6,542 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
| 446 | 630 | 677 | 701 | 581 | 824 | 1,042 | 1,168 | |
| -349 | -646 | -424 | -629 | -611 | -653 | -494 | -744 | |
| -79 | -72 | -226 | 58 | -31 | -342 | -551 | -142 | |
| Net Cash Flow | 18 | -88 | 28 | 130 | -62 | -172 | -4 | 281 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 68 | 68 | 72 | 79 | 71 | 61 | 46 | 53 |
| Inventory Days | 82 | 30 | 18 | 41 | 87 | 141 | 94 | 60 |
| Days Payable | 195 | 154 | 156 | 167 | 113 | 109 | 100 | 136 |
| Cash Conversion Cycle | -44 | -56 | -66 | -47 | 45 | 92 | 40 | -23 |
| Working Capital Days | -48 | -103 | -172 | -66 | -43 | -14 | -27 | -51 |
| ROCE % | 17% | 17% | 14% | 13% | 15% | 15% | 14% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Change in Management
2d - Alex Del Priore leaves effective Nov 18, 2025; Dr. Rohtash Kumar appointed Head of CDMO effective Dec 1, 2025.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
17 Nov - Details of the meeting to be held with the Analyst/Institutional Investor.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
14 Nov - One-to-one meeting with SBI Mutual Fund on 20 Nov 2025 in Bengaluru.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
13 Nov - Details of the meeting to be held with the Analyst/Institutional Investor.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
12 Nov - Q2 FY2026 earnings call transcript uploaded; call held November 6, 2025, on company website.
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Concalls
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Nov 2025Transcript PPT REC
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Sep 2025TranscriptNotesPPT
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Jul 2025Transcript PPT
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Apr 2025TranscriptPPTREC
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Mar 2025TranscriptNotesPPT
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Jan 2025Transcript PPT REC
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Oct 2024Transcript PPT
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Jul 2024Transcript PPT REC
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Jul 2024TranscriptNotesPPT
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Apr 2024TranscriptPPT
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Jan 2024Transcript PPT
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Jan 2024TranscriptNotesPPT
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Oct 2023Transcript PPT
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Jul 2023Transcript PPT
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May 2023Transcript PPT
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Jan 2023Transcript PPT
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Oct 2022TranscriptNotesPPT
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Jul 2022TranscriptNotesPPT
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Apr 2022TranscriptNotesPPT
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Jan 2022Transcript PPT
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Oct 2021Transcript PPT
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Jul 2021Transcript PPT
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Apr 2021TranscriptNotesPPT
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Mar 2021TranscriptPPT
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Jan 2021TranscriptNotesPPT
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Oct 2020Transcript PPT
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Jul 2020Transcript PPT
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May 2020Transcript PPT
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Feb 2020TranscriptPPT
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Jan 2020TranscriptNotesPPT
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Dec 2019TranscriptPPT
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Oct 2019Transcript PPT
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Jul 2019Transcript PPT
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Apr 2019Transcript PPT
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Feb 2019Transcript PPT
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Oct 2018Transcript PPT
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Jul 2018TranscriptNotesPPT
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May 2018TranscriptPPT
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Apr 2018Transcript PPT
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Jan 2018TranscriptNotesPPT
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Nov 2017Transcript PPT
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Aug 2017Transcript PPT
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May 2017Transcript PPT
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Jan 2017TranscriptNotesPPT
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Oct 2016TranscriptNotesPPT
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Jul 2016TranscriptNotesPPT
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Feb 2016TranscriptNotesPPT
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Oct 2015TranscriptPPT
Business Footprint:[1]
The company caters to diverse end-user industries like Pharmaceuticals, Animal Health, Agrochemicals, Consumer Packaged Goods, Chemicals/Polymers.
It has 400+ active customers with engagements with 13 out of the top 15 global pharma companies. The company holds 400+ patents jointly with clients and has a base of 6000+ scientists.