Syngene International (SYNGENE) Q3 25/26 earnings summary

Executive summary

• Q3 revenue from operations declined 3% year-on-year to INR 917 crore, mainly due to ongoing impact from a single large molecule biologics product.

• Nine-month revenue grew 3% year-on-year to INR 2,702 crore, with steady underlying business performance outside the single product impact.

• Research services and CDMO segments showed steady growth, with research services securing new contracts and CDMO increasing capacity utilization.

• Strategic partnership with Bristol-Myers Squibb extended to 2035, expanding integrated services and supporting over 700 scientists.

• Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025.

Financial highlights

• Q3 operating EBITDA was INR 209 crore (23% margin), PAT before exceptional items at INR 73 crore, down 44% year-on-year.

• Reported PAT for Q3 was INR 15 crore, down 89% year-on-year, impacted by an exceptional item related to labor code changes.

• Nine-month operating EBITDA was INR 615 crore (23% margin), PAT before exceptional items at INR 227 crore, down 22% year-on-year.

• Consolidated revenue from operations for Q3 FY26 was Rs. 9,171 million, up from Rs. 9,106 million in the previous quarter and Rs. 9,437 million in Q3 FY25.

• Exceptional items in Q3 FY26 included a non-recurring expense of Rs. 706 million (consolidated) due to changes in labour laws.

Outlook and guidance

• Full-year revenue expected to decline 3%-5% in constant currency, with operating EBITDA margin in the 22%-23% range.

• Impact from the single large molecule product expected to continue into FY 2027.

• CapEx for the year estimated at $45 million, focused on capability and capacity expansion.

• Continued investment in new technologies, AI, and advanced processes to drive future growth.

• The company continues to monitor regulatory changes and will adjust compliance and accounting as new labour codes are finalized.