Syngene International Ltd
539268Syngene International Ltd is cheap for a reason. The P/E sits at the 31st percentile of its own range, and the quarters are still getting worse.
The sharpest disagreement: the P/E sits at the 31st percentile of its own range, but the engine is deteriorating — cheap for a reason until the quarters turn.
The price is in a downtrend (76 weeks in) while the P/E sits at the 31st percentile of its own 10-year range. Underneath, the last four quarters read deteriorating — profit −19.1% year on year, and 236% of the last 3 years' profit arrived as cash. What settles it: whether the quarters turn before the discount closes.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Syngene International Ltd trades at ₹414, in a downtrend and 76 weeks into that stage. That is −17.5% against its own 200-day average. It sits at 5% of a 52-week range of ₹400 to ₹703. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (15 weeks and counting).
Today the stock is in a downtrend — week 76 of stage 4, confirmed. At ₹414 it trades −17.5% versus its 200-day average and sits at 5% of its 52-week range (₹400–₹703).
Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +107% while the NIFTY 500 moved +267% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (15 weeks and counting; last ahead the week of 2026-01-16) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 31st percentile of its own range.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Syngene International Ltd trades at 44.9× P/E, near the bottom of its own range — cheaper only 31% of the time. Its long-run median P/E is 54.6×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 44.9× is near the bottom of its own range — cheaper only 31% of the time, against a long-run median of 54.6× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved −36.3% against a −39.2% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the −8.3%/yr price move, ~−1.3%/yr came from earnings growth and ~−7.0 pp from the multiple (compressing); over 10y, of the +7.1%/yr price move, ~+3.8%/yr came from earnings growth and ~+3.3 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: Turning around Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Syngene International Ltd reads as turning around on its fundamental arc. Turning around — profit growth swung from −36.8% at the trough to −19.1% off a 1-quarter-old trough (single-quarter readings), ROCE slipping at 10.0%. The read is built from 10 quarters across 3 curves, on partial evidence.
Why it matters: growth inflections are where re-ratings start — the curves say a turn is forming, so the question becomes whether the next quarters confirm it.
One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.
Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.
A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +2.7% | +5.4% | +11.4% | +12.9% |
| Profit | −36.1% | −11.9% | −4.8% | +2.8% |
| EPS | −36.3% | −12.1% | −4.9% | +2.7% |
| Share price | −39.2% | −20.5% | −8.3% | +7.1% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
39.3/100 — rank 16 of 24 in Pharma - API & CRAMS · 73% evidence confidence
Syngene International Ltd scores 39.3 out of 100 against the 24 companies it is compared with in Pharma - API & CRAMS, ranking 16. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 9.5 + 13.4 + 12.2 + 4.2 = 39.3. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Syngene International Ltd reported ₹1,036 Cr of revenue in the Mar 26 quarter, +1.8% year on year. Over 10 years it has compounded at 12.9% a year. The last full year, FY26, came in at ₹3,739 Cr. The last four reported quarters add to ₹3,738 Cr.
Syngene International Ltd reported ₹1,036 Cr of revenue in the Mar 26 quarter, +1.8% year on year. Over 10 years it has compounded at 12.9% a year. The last full year, FY26, came in at ₹3,739 Cr. The last four reported quarters add to ₹3,738 Cr.
FY26 revenue came in at ₹3,739 Cr (+2.7% on the year), capping 10 years at 12.9% compound. The latest quarter (Mar 26) printed ₹1,036 Cr, +1.8% year on year.
Pace check: the last four quarters averaged +2.9% growth against the decade's 12.9% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +2.6% over the last 4 quarters against +3.5%/yr over the last 8 — stabilising; TTM profit −36.1% vs −21.2%/yr — rolling over.
→ Revenue grew — did margins hold as it scaled? Next: 29.0% this quarter (−5.0 pp YoY).
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Syngene International Ltd's operating margin is 29.0% in the Mar 26 quarter, −5.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 25.0% to 34.0%. The current quarter sits inside that band.
Syngene International Ltd's operating margin is 29.0% in the Mar 26 quarter, −5.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 25.0% to 34.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 29.0%, −5.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 25.0%–34.0%.
🚨 Why the margin moved: operating margin went −4.5 pp year on year while gross margin went +0.6 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
→ Margins slipped — did that reach the bottom line? Next: profit −19.1% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Syngene International Ltd earned ₹148 Cr of net profit in the Mar 26 quarter, −19.1% year on year. Full-year FY26 profit was ₹317 Cr. The 10-year compound rate is 2.8%. That is 14.3% of the quarter's revenue. The same quarter a year earlier earned ₹183 Cr.
Syngene International Ltd earned ₹148 Cr of net profit in the Mar 26 quarter, −19.1% year on year. Full-year FY26 profit was ₹317 Cr. The 10-year compound rate is 2.8%. That is 14.3% of the quarter's revenue. The same quarter a year earlier earned ₹183 Cr.
Mar 26 profit was ₹148 Cr, −19.1% year on year. On the full year, FY26 printed ₹317 Cr (−36.1%), and the 10-year compound rate is 2.8%.
🚨 Why profit moved: revenue contributed +1.8% and the margin −5.0 pp — the quarter was revenue-led despite a thinner margin.
Pace comparison, last four quarters: profit −32.5% vs revenue +2.9%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.
→ Profit rose — but did the cash follow? Next: 236% of the last 3 years' profit arrived as cash.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 236% of Syngene International Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹915 Cr of operating cash against ₹317 Cr of profit. After ₹431 Cr of capital spending, ₹484 Cr was left as free cash.
FY26: operating cash of ₹915 Cr against reported profit of ₹317 Cr, leaving free cash of ₹484 Cr after ₹431 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 236% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 236%: the cash cycle stretched 15 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.
Router verdict: the bigger cash user is investment — capital spending ran 1.9× depreciation over three years, so the next section's job is to check what that build-out is buying.
→ So follow the cash to where it goes. Next: ₹2,514 Cr of building over 3 years.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Syngene International Ltd's cash conversion cycle runs −32 days in FY26, up from −47 days in FY21. Capital spending ran ₹2,514 Cr over the last 3 years. At FY26 sales of ₹3,739 Cr each day of that cycle holds about ₹10.2 Cr, so roughly ₹−328 Cr sits inside the business at any moment.
FY26: debtors at 50 days, inventory at 56 days — roughly 1.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −32 days, looser than FY21's −47.
The full loop: cash goes out to suppliers and production on day 0; stock waits 56 days to sell; customers pay about 50 days after that; and suppliers themselves are paid at 138 days — netting out to the −32-day cycle.
In money terms: at FY26 sales of ₹3,739 Cr, each day of the cycle holds about ₹10.2 Cr — so the −32-day loop keeps roughly ₹−328 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹2,514 Cr over the last 3 fiscal years against ₹1,312 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹1,046 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
→ Does all this activity actually earn its cost of capital? Next: ROCE is 10%.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Syngene International Ltd earns a ROCE of 10% in FY26. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 8.5% net margin on 0.53× asset turns.
FY26 ROCE is 10%.
Why the return is what it is — the wiring (FY26): 8.5% net margin × 0.53× asset turns × 1.46× balance-sheet leverage ≈ 6.6% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.09.
Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.
Syngene International Ltd carries ₹458 Cr of borrowings against ₹4,839 Cr of equity in FY26, a debt-to-equity of 0.09. Operating profit covers the interest bill 19×. Over 5 years borrowings went from ₹893 Cr to ₹458 Cr. Capital spending ran ₹2,514 Cr across the last 3 of those years.
FY26: borrowings of ₹458 Cr against equity of ₹4,839 Cr — a debt-to-equity of 0.09. Operating profit covers the interest bill 19×. Over 5 years borrowings went from ₹893 Cr to ₹458 Cr while capital spending ran ₹2,514 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.
→ Who owns this, and are they adding or leaving? Next: Domestic institutions added 11.2 points over 8 quarters.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Domestic institutions added 11.2 points of Syngene International Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 28.0% of the company. Foreign institutions moved −8.8 points over the same window, to 11.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: +11.2 points over 8 quarters to 28.0%; Foreign institutions: −8.8 points over 8 quarters to 11.8%; Promoters: −2.1 points over 8 quarters to 52.6%.
Why the register moved: rotation — foreign institutions −8.8 points against domestic institutions +11.2 points over 8 quarters, with promoters −2.1 points — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Syngene International Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| Syngene International Ltd this page | 44.9× | ₹16,708 Cr | Turning around | |||
| Divis Laboratories Ltd | 73.4× | ₹1.9L Cr | Mixed | |||
| Laurus Labs Ltd | 79.1× | ₹86,505 Cr | Mixed | |||
| Anthem Biosciences Ltd | 73.1× | ₹43,360 Cr | No read | |||
| Gland Pharma Ltd | 37.6× | ₹39,257 Cr | Improving | |||
| Acutaas Chemicals Ltd | 75.2× | ₹26,785 Cr | Improving | |||
| Acutaas Chemicals Ltd | 69.1× | ₹26,686 Cr | Mixed | |||
| Sai Life Sciences Ltd | 73.8× | ₹26,174 Cr | No read | |||
| Piramal Pharma Ltd | — | ₹24,133 Cr | No read | |||
| Neuland Laboratories Ltd | 65.9× | ₹23,794 Cr | Turning around | |||
| Granules India Ltd | 31.8× | ₹20,655 Cr | Consistent | |||
| OneSource Specialty Pharma Ltd | — | ₹18,961 Cr | No read | |||
| Syngene International Ltd | 44.1× | ₹16,415 Cr | Turning around | |||
| Cohance Lifesciences Ltd | 80.9× | ₹15,957 Cr | Deteriorating | |||
| Jubilant Pharmova Ltd | 35.2× | ₹15,378 Cr | No read | |||
| Concord Biotech Ltd | 54.8× | ₹13,061 Cr | Deteriorating | |||
| Shilpa Medicare Ltd | 50.8× | ₹11,856 Cr | No read | |||
| Blue Jet Healthcare Ltd | 43.3× | ₹10,730 Cr | Deteriorating | |||
| Supriya Lifescience Ltd | 32.3× | ₹6,765 Cr | Consistent | |||
| IOL Chemicals & Pharmaceuticals Ltd | 30.0× | ₹4,380 Cr | Improving | |||
| SMS Pharmaceuticals Ltd | 35.0× | ₹3,569 Cr | Mixed | |||
| Morepen Laboratories Ltd | 39.6× | ₹2,948 Cr | Mixed | |||
| Dishman Carbogen Amcis Ltd | 29.0× | ₹2,878 Cr | No read | |||
| Hikal Ltd | 73.8× | ₹2,681 Cr | Deteriorating | |||
| Solara Active Pharma Sciences Ltd | 551.0× | ₹2,351 Cr | No read | |||
| Windlas Biotech Ltd | 26.6× | ₹1,770 Cr | Mixed |
Frequently asked questions
What is Syngene International Ltd's share price today?
Syngene International Ltd trades at ₹414, −39.2% over the past year. The company is valued at ₹16,708 Cr. The stock sits at 5% of its 52-week range of ₹400–₹703, −17.5% versus its 200-day average. On the tape, the price is in a downtrend, 76 weeks in. — as of 27 July 2026.
What were Syngene International Ltd's latest quarterly results?
Syngene International Ltd reported revenue of ₹1,036 Cr and net profit of ₹148 Cr for the Mar 26 quarter. Revenue rose 1.8% and profit fell 19.1% year on year. Earnings per share were ₹3.67. The operating margin was 29.0%, 5.0 pp lower than a year earlier. — as of 27 July 2026.
What is Syngene International Ltd's revenue?
Syngene International Ltd reported revenue of ₹1,036 Cr in the Mar 26 quarter, +1.8% year on year. For the full FY26 fiscal year, revenue was ₹3,739 Cr (+2.7%). Over the last 10 years revenue compounded at 12.9% a year. — as of 27 July 2026.
What is Syngene International Ltd's profit?
Syngene International Ltd earned ₹148 Cr of net profit in the Mar 26 quarter, −19.1% year on year. Full-year FY26 profit was ₹317 Cr. The operating margin ran 29.0% in the latest quarter. — as of 27 July 2026.
What is Syngene International Ltd's market cap?
Syngene International Ltd's market capitalisation is ₹16,708 Cr at a share price of ₹414. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 27 July 2026.
What is Syngene International Ltd's P/E ratio?
Syngene International Ltd trades at a P/E of 44.9×, at the 31st percentile of its own 10-year range, against a long-run median of 54.6×. This is a comparison with the stock's own history, not a value call — as of 27 July 2026.
Is Syngene International Ltd overvalued?
On its own history, Syngene International Ltd looks cheap against its own history: its P/E of 44.9× has been cheaper only 31% of the time in 10 years (long-run median 54.6×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 27 July 2026.
Is Syngene International Ltd growing?
Not right now — Syngene International Ltd's latest numbers are shrinking: latest-quarter revenue +1.8% year on year, profit −19.1%, and the margin −5.0 pp at 29.0%. The 10-year compound rates are 12.9% (revenue) and 2.8% (profit). The earnings engine currently reads: deteriorating — as of 27 July 2026.
How is Syngene International Ltd performing?
Syngene International Ltd is in a downtrend, 76 weeks in. Its latest quarter's revenue rose 1.8% and profit fell 19.1% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 15 weeks. This describes what the data did, not a rating. — as of 27 July 2026.
What stage is Syngene International Ltd in?
Turning around — profit growth swung from −36.8% at the trough to −19.1% off a 1-quarter-old trough (single-quarter readings), ROCE slipping at 10.0%. The read comes from the last 12 quarters of growth (revenue growth +1.8% latest, profit growth −19.1% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 27 July 2026.
Is Syngene International Ltd in an uptrend?
No — the price is in a downtrend (week 76 of stage 4), trading −17.5% versus its 200-day average and at 5% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 27 July 2026.
Is Syngene International Ltd beating the market?
Not lately — on a trailing-13-week view Syngene International Ltd is currently behind the NIFTY 500 (15 weeks and counting; last ahead the week of 2026-01-16), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +107% against the NIFTY 500's +267% — behind the index over the full window. — as of 27 July 2026.
Will Syngene International Ltd's share price go up?
This page publishes no price forecast for Syngene International Ltd. What it measures instead: the share price is ₹414, the price is in a downtrend 76 weeks in. Its P/E of 44.9× sits at the 31st percentile of its own 10-year range. — as of 27 July 2026.
Who owns Syngene International Ltd?
Promoters hold 52.6% of Syngene International Ltd, foreign institutions 11.8%, domestic institutions 28.0% and the public 7.2% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 11.2 points over 8 quarters. — as of 27 July 2026.
Does Syngene International Ltd have too much debt?
No — Syngene International Ltd's debt-to-equity is 0.09, and operating profit covers the interest bill 19×. FY26 borrowings were ₹458 Cr against equity of ₹4,839 Cr. The returns on this page are earned, not borrowed — as of 27 July 2026.
What is Syngene International Ltd's capex?
Syngene International Ltd spent ₹2,514 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹431 Cr, with ₹1,046 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 27 July 2026.
What is Syngene International Ltd's cash flow?
Syngene International Ltd generated ₹915 Cr of operating cash flow in FY26 and ₹484 Cr of free cash flow after ₹431 Cr of capital spending. Reported profit that year was ₹317 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 27 July 2026.
Is Syngene International Ltd's profit real cash?
Yes — over the last 3 fiscal years, 236% of Syngene International Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹915 Cr against reported profit of ₹317 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 27 July 2026.
Where is Syngene International Ltd in its business cycle?
Syngene International Ltd's FY26 operating margin was 25.0%, against a 13-year band of 25.0%–34.0%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran 29.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 27 July 2026.
What could break the Syngene International Ltd story?
The sharpest disagreement: the P/E sits at the 31st percentile of its own range, but the engine is deteriorating — cheap for a reason until the quarters turn. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 27 July 2026.
Is Syngene International Ltd a stock worth studying right now?
This is not investment advice. The machine read: Syngene International Ltd is cheap for a reason. The P/E sits at the 31st percentile of its own range, and the quarters are still getting worse. The sharpest open question: whether the quarters turn before the discount closes. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 27 July 2026.