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Syngene International Ltd

| Audited Standalone Financial Results for the Quarter and Year Ended March 31, 2026

Report Source

⬤29th Apr 26

Summary : Syngene reported mixed FY26 results with revenue growth, significant capex, and a recommended dividend, while navigating new labor codes and foreign exchange impacts.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Standalone Employee benefits expense: Rs. 2,485 million (Q4 FY26), Rs. 9,045 million (FY26).
  2. Consolidated Employee benefits expense: Rs. 3,008 million (Q4 FY26), Rs. 11,049 million (FY26).
  3. Standalone Other expenses: Rs. 1,925 million (Q4 FY26), Rs. 8,087 million (FY26).
  4. Consolidated Other expenses: Rs. 1,781 million (Q4 FY26), Rs. 7,358 million (FY26).
  5. Standalone Revenue from operations: Rs. 9,600 million (Q4 FY26), Rs. 33,733 million (FY26).
  6. Consolidated Revenue from operations: Rs. 10,365 million (Q4 FY26), Rs. 37,387 million (FY26).
  7. Standalone Net cash from operating activities: Rs. 8,310 million (FY26) vs Rs. 11,138 million (FY25).
  8. Consolidated Net cash from operating activities: Rs. 9,152 million (FY26) vs Rs. 11,676 million (FY25).
  9. Standalone Net cash used in investing activities: (Rs. 7,838) million (FY26) vs (Rs. 8,104) million (FY25).
  10. Consolidated Net cash used in investing activities: (Rs. 8,604) million (FY26) vs (Rs. 7,447) million (FY25).
  11. Standalone Cash and cash equivalents: Rs. 1,205 million (Mar 2026) vs Rs. 2,335 million (Mar 2025).
  12. Consolidated Cash and cash equivalents: Rs. 2,286 million (Mar 2026) vs Rs. 3,671 million (Mar 2025).
  13. Standalone Total Assets: Rs. 65,628 million (Mar 2026) vs Rs. 64,069 million (Mar 2025).
  14. Consolidated Total Assets: Rs. 70,547 million (Mar 2026) vs Rs. 67,959 million (Mar 2025).
  15. Standalone Total Equity: Rs. 47,038 million (Mar 2026) vs Rs. 46,389 million (Mar 2025).
  16. Consolidated Total Equity: Rs. 48,391 million (Mar 2026) vs Rs. 47,268 million (Mar 2025).
  17. Both standalone and consolidated financial results are provided.
  18. Consolidated results include Syngene International Limited and its subsidiaries (Syngene USA Inc., Syngene Scientific Solutions Limited, Syngene Manufacturing Solutions Limited) and Syngene Employee Welfare Trust.

Corporate Overview

  1. Operations in India (Bangalore) and USA.
  2. Serves global customers through a global network.
  3. Monitoring finalization of new Labour Codes and their accounting effects.
  4. Managing unrecoverable receivables due to foreign exchange fluctuations.
  5. Operates in a single segment providing Contract Research and Manufacturing Services.
  6. Offers large molecule discovery, development, and manufacturing services.
  7. Provides commercial scale biologics manufacturing capabilities globally.
  8. Factual and compliant, reporting board meeting outcomes and financial results.
  9. Serves global customers.
  10. Single segment: Contract Research and Manufacturing Services.
  11. Total single-use bioreactor capacity increased to 50,000L.
  12. Acquired a biologics site in the USA to expand large molecule services.
  13. Increased single-use bioreactor capacity to 50,000L.
  14. Granted license for a drug substance production line and bonded warehouse in Bangalore, India.
  15. Accumulating pre-operating costs for capitalisation under capital work in progress.

Risk Factors

  1. Impact of new Labour Codes.
  2. Unrecoverable receivables from foreign exchange.
  3. Fluctuations in operating cash flow.
  4. Increased depreciation from capitalisation.

Key Drivers

  1. Acquired US biologics site for expansion.
  2. Increased bioreactor capacity to 50,000L.
  3. New drug substance production license.
  4. Recommended final dividend of Re.1.25.

Auditor’s Report

  1. Unmodified opinion on standalone and consolidated financial results.

Board Commentary

  1. Approved appointment of M/s S. R. Batliboi & Associates LLP as statutory auditors for 5 years.
  2. Approved payment of managerial remuneration to Ms. Kiran Mazumdar-Shaw, Executive Chairperson.
  3. Recommended a final dividend of Re.1.25 per equity share for FY 2025-26.
  4. Dividend record date: Friday, June 26, 2026.
  5. Dividend to be paid within 30 days of shareholders' approval.
  6. Received final claim of Rs 320 million from insurance for 2016 fire incident.
  7. Opted for 'Vivad se Vishwas Scheme, 2024' settling pending TDS assessments.
  8. Monitoring finalization of new Labour Codes and their financial impact.
  9. Acquired biologics site in USA, accumulating Rs. 2,981 million as Capital Work in Progress.
  10. Capitalized Rs. 3,438 million as property, plant and equipment from drug substance production line.
  11. Accumulating additional pre-operating costs of Rs. 786 million for capitalisation.

Corporate Governance

  1. Audit Committee reviewed financial results.

Management Discussion & Analysis

Future Strategy

  1. Expanding global network for commercial scale biologics manufacturing.
  2. Monitoring and adapting to new labor code regulations.

Operational Focus Areas

  1. Integrating acquired US biologics site.
  2. Capitalizing on new drug substance production license.

Performance Drivers

  1. Strategic acquisition of US biologics site for growth.
  2. Expansion of manufacturing capabilities and capacity.

Risk Control Measures

  1. Monitoring and taking necessary steps for Labour Code compliance.
  2. Re-assessing and re-measuring gratuity obligations based on revised remuneration structure.

Critical Risks

  1. Regulatory changes from new Labour Codes.
  2. Foreign exchange fluctuations impacting receivables.
  3. Potential impact of re-measured gratuity obligations.