Syncom Healthcare Ltd

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.

Syncom Healthcare Ltd trades at ₹4.2, in a confirmed uptrend and 28 weeks into that stage. That is +51.6% against its own 200-day average. It sits at 73% of a 52-week range of ₹1 to ₹5. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 8 straight weeks.

Today the stock is in a confirmed uptrend — week 28 of stage 2, confirmed. At ₹4.2 it trades +51.6% versus its 200-day average and sits at 73% of its 52-week range (₹1–₹5).

Against the market, two honest reads. Cumulative: over the last 5.2 years the stock moved −38% while the NIFTY 500 moved +114% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 8 straight weeks — 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: how the P/E reads against its own history.

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.

P/E does not price Syncom Healthcare Ltd — earnings are negative, so there is no multiple to rank against its own history. The revenue and margin lines below are where a turn, when it comes, would show first. On sales the market values Syncom Healthcare Ltd at 5.6× its FY23 revenue of ₹3.0 Cr.

With earnings negative, P/E does not price — there is no multiple to rank against its own history. The revenue and margin lines below are where the turn, when it comes, will show first.

Put together: the multiple is unremarkable 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: No read 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).

Syncom Healthcare Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 9 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

The latest quarter’s profit carries a one-off item larger than the operating base, so the profit curve is shown but does not vote in the stage call.

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.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

49.7/100 — rank 42 of 43 in Pharma - Formulators · 33% evidence confidence · provisional, ranked below fully-evidenced peers

Syncom Healthcare Ltd scores 49.7 out of 100 against the 43 companies it is compared with in Pharma - Formulators, ranking 42. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 17.2 + 6.2 + 10 + 16.3 = 49.7. 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.

Syncom Healthcare Ltd reported ₹0.3 Cr of revenue in the Jun 21 quarter, +9.4% year on year. That is the 2nd straight quarter of year-on-year growth. Over 10 years it has compounded at −29.1% a year. The last full year, FY23, came in at ₹3.0 Cr. The last four reported quarters add to ₹1.9 Cr.

Syncom Healthcare Ltd reported ₹0.3 Cr of revenue in the Jun 21 quarter, +9.4% year on year. That is the 2nd straight quarter of year-on-year growth. Over 10 years it has compounded at −29.1% a year. The last full year, FY23, came in at ₹3.0 Cr. The last four reported quarters add to ₹1.9 Cr.

FY23 revenue came in at ₹3.0 Cr (+172.1% on the year), capping 10 years at −29.1% compound. The latest quarter (Jun 21) printed ₹0.3 Cr, +9.4% year on year — the 2nd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +17.3% growth against the decade's −29.1% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −69.4% over the last 4 quarters against −82.2%/yr over the last 8 — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: −225.7% this quarter (+86.8 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.

Syncom Healthcare Ltd's operating margin is −225.7% in the Jun 21 quarter, +86.8 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −179.8% to 4.0%. The current quarter is running below every full year in that window.

Syncom Healthcare Ltd's operating margin is −225.7% in the Jun 21 quarter, +86.8 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −179.8% to 4.0%. The current quarter is running below every full year in that window.

The latest quarter's operating margin is −225.7%, +86.8 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −179.8%–4.0%.

Why the margin moved: operating margin went +86.8 pp year on year while gross margin went +124.7 pp — the gain came mostly from the gross line: input costs and pricing.

→ Margins held — did that reach the bottom line? Next: profit null 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.

Syncom Healthcare Ltd posted a net loss of ₹1.1 Cr in the Jun 21 quarter. That quarter carries a one-off item larger than its own revenue, so the year-on-year figure is an artefact rather than a trading result. The full FY23 year was a loss of ₹5.4 Cr. That loss is 317.1% of the quarter's revenue.

Syncom Healthcare Ltd posted a net loss of ₹1.1 Cr in the Jun 21 quarter. That quarter carries a one-off item larger than its own revenue, so the year-on-year figure is an artefact rather than a trading result. The full FY23 year was a loss of ₹5.4 Cr. That loss is 317.1% of the quarter's revenue.

Jun 21 profit was ₹−1.1 Cr, null year on year. On the full year, FY23 printed ₹−5.4 Cr (null).

🚨 Read this profit with care: at ₹−1.1 Cr it is larger than the whole quarter's revenue of ₹0.3 Cr — no operating business earns more than it sells, so this is a one-off item (a debt-to-equity conversion, a tax write-back or an asset sale), not money the business earned. The underlying operations are running at −225.7% operating margin; the year-on-year jump and any P/E built on this number are artefacts of the one-off, not a real earnings turn.

→ Profit rose — but did the cash follow? Next: 760% of the last 2 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 2 fiscal years 760% of Syncom Healthcare Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY23 that was ₹−2.1 Cr of operating cash against ₹−5.4 Cr of profit. After ₹2.0 Cr of capital spending, ₹−4.0 Cr was left as free cash.

FY23: operating cash of ₹−2.1 Cr against reported profit of ₹−5.4 Cr, leaving free cash of ₹−4.0 Cr after ₹2.0 Cr of capital spending. Across the last 2 fiscal years the conversion rate is 760% 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 760%: the cash cycle held roughly steady between FY18 and FY23 — so conversion tracks profitability rather than the cycle.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

→ So follow the cash to where it goes. Next: a −23-day cycle and ₹7.0 Cr of building.

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).

Syncom Healthcare Ltd's cash conversion cycle runs −23 days in FY23, up from −30 days in FY18. Capital spending ran ₹7.0 Cr over the last 3 years. At FY23 sales of ₹3.0 Cr each day of that cycle holds about ₹0.0 Cr, so roughly ₹0.0 Cr sits inside the business at any moment.

FY23: debtors at 204 days, inventory at 252 days — roughly 8.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −23 days, looser than FY18's −30.

The full loop: cash goes out to suppliers and production on day 0; stock waits 252 days to sell; customers pay about 204 days after that; and suppliers themselves are paid at 479 days — netting out to the −23-day cycle.

In money terms: at FY23 sales of ₹3.0 Cr, each day of the cycle holds about ₹0.0 Cr — so the −23-day loop keeps roughly ₹0.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹7.0 Cr over the last 3 fiscal years against ₹5.0 Cr of depreciation — building somewhat ahead of wear-and-tear. Capital work-in-progress stands at ₹0.0 Cr (FY23) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

→ Does all this activity actually earn its cost of capital? Next: ROCE is −20%.

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.

Syncom Healthcare Ltd earns a ROCE of −20% in FY23. That is up from a trough of −54% in FY21. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is −178.5% net margin on 0.11× asset turns.

FY23 ROCE is −20%, recovered from a FY21 trough of −54% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY23): −178.5% net margin × 0.11× asset turns × 7.85× balance-sheet leverage ≈ −154.1% on equity. Margin does its share; leverage is a meaningful part of the equation.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 5.41.

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.

Syncom Healthcare Ltd carries ₹19.2 Cr of borrowings against ₹3.5 Cr of equity in FY23, a debt-to-equity of 5.41. Operating profit covers the interest bill −2×. Over 5 years borrowings went from ₹24.9 Cr to ₹19.2 Cr. Capital spending ran ₹7.0 Cr across the last 3 of those years.

FY23: borrowings of ₹19.2 Cr against equity of ₹3.5 Cr — a debt-to-equity of 5.41. Operating profit covers the interest bill −2×. Over 5 years borrowings went from ₹24.9 Cr to ₹19.2 Cr while capital spending ran ₹7.0 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: Promoters cut 24.9 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.

Promoters cut 24.9 points of Syncom Healthcare Ltd over 8 quarters, the biggest move on the register. That takes promoters to 0.1% of the company. Domestic institutions moved +0.0 points over the same window, to 0.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −24.9 points over 8 quarters to 0.1%; Domestic institutions: +0.0 points over 8 quarters to 0.0%. Note the structure: promoters hold under 20% — this is a widely-held company where institutions, not a family, set the direction.

🚨 Why the register moved: promoters drove it (−24.9 points) — distribution into the market’s bid.

→ 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.

Syncom Healthcare 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.

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