Syngene International

OP down 11.7%

On consolidated basis

Quarter ended March 2026 compared with Quarter ended March 2025.

Net sales (including other operating income) of Syngene International has increased 1.82% to Rs 1036.5 crore.  Operating profit margin has declined from 33.75% to 29.27%, leading to 11.70% decline in operating profit to Rs 303.40 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 22.56% to 21.75%.   Employee cost increased from 25.02% to 29.30%.   Other expenses rose from 18.44% to 19.40%.   

Other income rose 17.46% to Rs 22.2 crore.  PBIDT fell 10.18% to Rs 325.6 crore.  Provision for interest fell 23.90% to Rs 12.1 crore.  Loan funds declined from Rs 577.90 crore as of 31 March 2025 to Rs 458.40 crore as of 31 March 2026.  Inventories declined from Rs 155.50 crore as of 31 March 2025 to Rs 141.30 crore as of 31 March 2026.  Sundry debtors were lower at Rs 508.80 crore as of 31 March 2026 compared to Rs 526.70 crore as of 31 March 2025.  Cash and bank balance rose to Rs 833.00 crore as of 31 March 2026 from Rs 787.00 crore as of 31 March 2025.  Investments rose to Rs 741.10 crore as of 31 March 2026 from Rs 646.70 crore as of 31 March 2025 .  

PBDT fell 9.55% to Rs 313.5 crore.  Provision for depreciation rose 5.09% to Rs 111.5 crore.  Fixed assets declined from Rs 4,037.50 crore as of 31 March 2025 to Rs 4,001.80 crore as of 31 March 2026.  Intangible assets increased from Rs 30.30 crore to Rs 43.90 crore.  

Profit before tax down 16.01% to Rs 202.00 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 48.1 crore, compared to Rs 57.2 crore.  Effective tax rate was 24.54% compared to 23.78%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company decreased 19.31% to Rs 147.90 crore.  

Equity capital increased from Rs 402.50 crore as of 31 March 2025 to Rs 402.90 crore as of 31 March 2026.  Per share face Value remained same at Rs 10.00.  

Promoters? stake was 52.68% as of 31 March 2026 ,compared to 52.74% as of 31 March 2025 .  

Full year results analysis.

Net sales (including other operating income) of Syngene International has increased 2.64% to Rs 3738.7 crore.  Operating profit margin has declined from 28.60% to 24.57%, leading to 11.84% decline in operating profit to Rs 918.50 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 25.53% to 24.42%.   Employee cost increased from 27.14% to 29.61%.   Other expenses rose from 18.60% to 21.35%.   

Other income fell 1.53% to Rs 70.7 crore.  PBIDT fell 11.17% to Rs 989.2 crore.  Provision for interest fell 8.10% to Rs 48.8 crore.  Loan funds declined from Rs 577.90 crore as of 31 March 2025 to Rs 458.40 crore as of 31 March 2026.  Inventories declined from Rs 155.50 crore as of 31 March 2025 to Rs 141.30 crore as of 31 March 2026.  Sundry debtors were lower at Rs 508.80 crore as of 31 March 2026 compared to Rs 526.70 crore as of 31 March 2025.  Cash and bank balance rose to Rs 833.00 crore as of 31 March 2026 from Rs 787.00 crore as of 31 March 2025.  Investments rose to Rs 741.10 crore as of 31 March 2026 from Rs 646.70 crore as of 31 March 2025 .  

PBDT fell 11.32% to Rs 940.4 crore.  Provision for depreciation rose 4.69% to Rs 452.9 crore.  Fixed assets declined from Rs 4,037.50 crore as of 31 March 2025 to Rs 4,001.80 crore as of 31 March 2026.  Intangible assets increased from Rs 30.30 crore to Rs 43.90 crore.  

Profit before tax down 22.36% to Rs 487.50 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 94.2 crore, compared to Rs 163.7 crore.  Effective tax rate was 22.93% compared to 24.81%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company decreased 36.17% to Rs 316.70 crore.  

Equity capital increased from Rs 402.50 crore as of 31 March 2025 to Rs 402.90 crore as of 31 March 2026.  Per share face Value remained same at Rs 10.00.  

Promoters? stake was 52.68% as of 31 March 2026 ,compared to 52.74% as of 31 March 2025 .  

Cash flow from operating activities decreased to Rs 915.20 crore for year ended March 2026 from Rs 1,167.60 crore for year ended March 2025.  Cash flow used in acquiring fixed assets during the year ended March 2026 stood at Rs 368.20 crore, compared to Rs 770.10 crore during the year ended March 2025.  

Business Highlights

The board recommended a final dividend of Rs 1.25 per Equity Share of Rs 10 for the financial year 2025-26. The record date is fixed as Friday, June 26, 2026.

Management Comments :
Syngene International Executive Chairperson, Kiran Mazumdar-Shaw, said, ?I am pleased to take on the role of Executive Chairperson at Syngene at a pivotal moment in its growth journey. I look forward to working with the new leadership team to shape our next phase of expansion, as we continue to benefit from the rising global demand for outsourcing across the life sciences sector. While biotech funding remains discerning and largely concentrated on late-stage assets, Syngene?s diversified end-to-end business model?from discovery and development to manufacturing gives us both resilience and strategic agility in navigating these market realities. We are also focused on building new business lines, strengthening our differentiated service offerings, and investing in AI and digital capabilities that will enhance speed, productivity, and value creation for our clients.?

Peter Bains, Managing Director and CEO, Syngene International, said, ?Syngene?s full year revenue from operations grew 3%, and with an EBITDA margin of 25%, performance was in line with our revised full-year guidance. The overall numbers reflect the specific impact from a single large-molecule biologics client, with the underlying business showing steady momentum. During the year, we continued to invest in new capabilities and emerging modalities such as peptides and ADCs, further strengthening our integrated offering and positioning us for long-term growth.?

Deepak Jain, Chief Financial Officer, Syngene International, said, ?Q4 reported growth at 2% and 13% sequentially reflects the ongoing product impact in our largest biologics customer, resulting in full year growth of 3%. Operating EBITDA margin at 25% for the year reflects this impact and additional operating costs as we bring the new biologics manufacturing facility in India into operations. We generated Rs. 521 Cr of cash during the year, post capex investment, strengthening our balance sheet.?

Syngene International : Consolidated Results

Quarter ended Year ended Particulars 202603 202503 Var.(%) 202603 202503 Var.(%) Net Sales (including other operating income) 1,036.50 1,018.00 1.82 3,738.70 3,642.40 2.64 OPM (%) 29.27 33.75 -448 bps 24.57 28.60 -403 bps OP 303.40 343.60 -11.70 918.50 1,041.80 -11.84 Other Inc. 22.20 18.90 17.46 70.70 71.80 -1.53 PBIDT 325.60 362.50 -10.18 989.20 1,113.60 -11.17 Interest 12.10 15.90 -23.90 48.80 53.10 -8.10 PBDT 313.50 346.60 -9.55 940.40 1,060.50 -11.32 Depreciation 111.5 106.1 5.09 452.9 432.6 4.69 PBT 202.00 240.50 -16.01 487.5 627.9 -22.36 Share of Profit/(Loss) from Associates 0 0 - 0 0 - PBT before EO 202 240.5 -16.01 487.5 627.9 -22.36 EO Income -6 0 - -76.6 32 PL PBT after EO 196 240.5 -18.50 410.9 659.9 -37.73 Taxation 48.1 57.2 -15.91 94.2 163.7 -42.46 PAT 147.9 183.3 -19.31 316.7 496.2 -36.17 Minority Interest (MI) 0 0 - 0 0 - Net profit 147.9 183.3 -19.31 316.7 496.2 -36.17 P/(L) from discontinued operations net of tax 0 0 - 0 0 - Net profit after discontinued operations 147.9 183.3 -19.31 316.7 496.2 -36.17 EPS (Rs)* 3.78 4.55 -16.84 9.33 11.72 -20.42 * EPS is on current equity of Rs 402.94 crore, Face value of Rs 10, Excluding extraordinary items. # EPS is not annualised bps : Basis points EO : Extraordinary items Figures in Rs crore Source: Capitaline Corporate Database

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