Syngene International (SYNGENE) Q2 25/26 earnings summary

Executive summary

• Revenue from operations for Q2 FY26 was INR 911 crore (Rs 9,106 million), up 2% year-on-year, with H1 revenue up 6% year-on-year.

• Operating EBITDA for Q2 was INR 200 crore (Rs 2,000 million), margin at 22–23.2%, down from 27–28.8% last year; PAT was INR 67 crore (Rs 671 million), down 37% year-on-year.

• Research services maintained growth momentum, outpacing CDMO, while CDMO was impacted by inventory correction in biologics manufacturing.

• Secured first global phase III clinical trial from a U.S.-based biotech, expanding clinical trial footprint to Australia, New Zealand, UK, Sri Lanka, and Eastern Europe through partnerships.

• Achieved top-tier sustainability ratings, including My Green Lab certification and EcoVadis score of 74/100, and received multiple industry awards.

Financial highlights

• Q2 FY26 revenue from operations: INR 911 crore (Rs 9,106 million), up 2% YoY; H1 revenue up 6% YoY.

• Operating EBITDA: INR 200 crore (Rs 2,000 million), margin at 22–23.2% (vs 27–28.8% last year).

• PAT before exceptional items: INR 67 crore (Rs 671 million), down 37% YoY; PAT margin at 7.2%.

• Net cash balance as of 30 Sep 2025: INR 1,018 crore (Rs 10,183 million).

• Other comprehensive income was negative due to foreign exchange losses, impacting total comprehensive income.

Outlook and guidance

• Full-year guidance maintained: mid-single-digit revenue growth, mid-20s EBITDA margin, declining PAT.

• H2 expected to be stronger than H1, in line with historical trends.

• Bayview biologics manufacturing facility in the U.S. on track for operationalization in H2 FY26.

• Investments in new modalities (peptides, ADCs) and new facilities expected to drive future growth.

• Acquisition of a biologics site in the USA to enhance large molecule manufacturing capabilities.