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.

• Operating EBITDA margin for both Q3 and nine months stood at 23%; profit after tax before exceptional items was INR 73 crore for Q3 and INR 227 crore for nine months.

• Strategic partnership with Bristol-Myers Squibb extended through 2035, expanding integrated services and reinforcing long-term collaboration.

• New commercial-scale facility for liquid-filled capsules commissioned and advanced chemistry labs added in Hyderabad.

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

Financial highlights

• Q3 revenue from operations down 3% year-on-year (7% decline in constant currency); nine-month revenue up 3% year-on-year.

• Q3 operating EBITDA at INR 209 crore (23% margin), down from 30% margin last year; nine-month EBITDA at INR 615 crore (23% margin).

• Q3 profit after tax before exceptional items at INR 73 crore, down 44% year-on-year; reported PAT at INR 15 crore, down 89% year-on-year.

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

• Net cash balance as of December 31, 2025: INR 902 crore.

Outlook and guidance

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

• CapEx for the year estimated at $45 million.

• 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.

• Impact from the single large molecule product expected to continue into Q4 and subsequent quarters.