Syngene International Ltd(SYNGENE)

NSE: SYNGENEBSE: 539268

₹ 359.5-2.02%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 14,512 crNext results: 27 Oct 2026Website: www.syngeneintl.comUpdated: 24 Oct 2026

About

Syngene International is an integrated contract research and manufacturing organisation (CRO/CDMO) headquartered in Bengaluru, India, serving global pharmaceutical and biotech clients across drug discovery, development, and commercial manufacturing. In FY26, revenue from operations was Rs 3,739 Cr (~USD 419 Mn), with a workforce of 8,373 including 5,778 scientists as of March 31, 2026.^[1][2]

Business segments

Research Services (CRO): 78% of revenue in Q1 FY27, covering drug discovery, biology, translational sciences, and clinical research across chemistry, biology, and clinical platforms.^[2]
CDMO: 22% of revenue in Q1 FY27, covering small-molecule API manufacturing (Mangalore), biologics manufacturing (Bengaluru Unit 3 and Bayview Baltimore), and formulations.^[2]
Revenue mix was approximately two-thirds research services and one-third CDMO through most of FY26 (Q3 FY26: ~65:35); the Q1 FY27 shift to 78:22 reflects the absence of Zoetis commercial offtake.^[3][2]

Operations and manufacturing sites

Bengaluru biologics Unit 3 (acquired from Emergent Manufacturing Operations, Baltimore) operationalised May 2025; first GMP clinical batch supplied to a US biotech in Q2 FY26.^[4]
Total single-use bioreactor capacity reached 50,000L following the Baltimore acquisition, supporting commercial-scale biologics manufacturing.^[1]
Bayview biologics facility, Baltimore USA, is fully functional as of Q4 FY26; operationalization for revenue-generating use targeted by end of FY27.^[1][2]
Mangalore campus houses small-molecule API manufacturing; capacity utilisation is ramping in FY27 following lock-ins for commercial and clinical molecules secured by Q1 FY27.^[2]
New commercial-scale liquid-filled hard gelatin capsule facility commissioned at Q3 FY26, enhancing the oral solid dosage platform.^[3]
Advanced chemistry capabilities at Hyderabad expanded in Q3 FY26 with new catalytic screening and flow chemistry laboratories.^[3]
End-to-end ADC capability established by Q4 FY26: ADC discovery laboratory commenced operations, complementing the GMP bioconjugation suite added in H2 FY26.^[1]

Key operating numbers

Active client base approximately 400 as of Q1 FY27; 85 client and regulator audits completed in FY26, with 6 USFDA GMP audits over the last five years.^[2]
Scientists headcount: 5,778 out of total 8,373 employees as of March 31, 2026.^[2][1]
Operating EBITDA margin: 12% in Q1 FY27 (down from 23.6% in Q1 FY26), 25% for full-year FY26 (down from 29% in FY25), impacted by Zoetis absence and a Rs 50 Cr forex hedge loss in Q1 FY27.^[2][1]
Renewable energy share: 95% of energy consumption in FY26.^[2]

Customers and concentration

Bristol Myers Squibb is a dedicated partnership customer; over 700 scientists support BMS, and the collaboration was extended through 2035 in Q3 FY26.^[3]
Zoetis was the largest large-molecule CDMO customer; absence of its Librela offtake drove a 16% YoY revenue decline in Q1 FY27 and was the primary headwind through FY26.^[2][3]
First global Phase III clinical trial awarded by a US-based biotech in Q2 FY26, spanning India and US sites; clinical footprint extended to Australia, New Zealand, UK and Eastern Europe via CRO partnerships.^[4]
Biotech (VC-funded) companies are an important client segment in research services; management noted VC funding into early-stage biotech was improving through FY26.^[4][3]

Expansion and capex

Bayview biologics facility (Baltimore, USA): Q1 FY27 capex ~Rs 70 Cr focused on this site; revenue contribution from Bayview expected from FY28.^[2]
GMP peptide facility planned for Mangalore to enable peptide partnering from discovery to commercial scale; construction in FY26, operations targeted FY27.^[4]
Unit 3 Bengaluru biologics and Bayview both target a 1x asset turnover within 3 to 5 years of commissioning.^[4]
Net cash balance Rs 1,541 Cr as of Q1 FY27; balance sheet is ungeared.^[2]

Technology and platforms

Syn.AI platform enhanced with gigascale virtual screening and AI-driven de novo molecule design capabilities as of Q1 FY27.^[2]
MoU signed with BRIC-THSTI (Translational Health Science and Technology Institute) in Q1 FY27 for early and late-phase clinical development, translational research, and bioanalytical sciences.^[2]

Recent developments

Kiran Mazumdar-Shaw transitioned to Executive Chairperson effective April 1, 2026, for a five-year term; Siddharth Mittal (ex-Biocon MD & CEO) appointed MD & CEO effective July 1, 2026.^[1]
Abhijit Zutshi (ex-Biocon Generics CCO) appointed Chief Commercial Officer effective May 1, 2026; Maninder Kapoor Puri appointed CHRO effective May 1, 2026, both from Biocon.^[1][2]
Strategic pivot announced Q1 FY27: exit from commoditized low-margin research services; CDMO reaffirmed as primary long-term growth engine.^[2]
Included in S&P Global Sustainability Yearbook 2026, ranking in the top 10 life sciences companies and top 9% globally; recognised as 'Industry Mover' for highest YoY improvement in Corporate Sustainability Assessment score.^[1]
US Biosecure Act and tariff environment generating incremental CDMO conversations on both human health and animal health sides as of Q1 FY27.^[2]

Market Cap

₹14,512 Cr

High / Low

₹678 / 345

Stock P/E

66.8

Price / Book

3.0

Book Value

₹120

EPS

₹7.9

No. of Shares

40.29 Cr

ROCE

10.2%

ROE

6.6%

OPM

14.1%

Debt / Equity

0.00

Sales

₹3,739 Cr

Net Profit

₹317 Cr

Promoter holding

52.6%

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