Syngene International (SYNGENE) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 revenue from operations 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, margin at 22-23.2%, with PAT before exceptional items at INR 67 crore (Rs 671 million), down 37% year-on-year.

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

• Secured first global phase III clinical trial contract, expanding clinical trial footprint to Australia, New Zealand, UK, Sri Lanka, and Eastern Europe.

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

Financial highlights

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

• Operating EBITDA: INR 200 crore, margin at 22-23.2% (down from 27-28.8% last year).

• PAT before exceptional items: INR 67 crore (Rs 671 million), down 37% YoY; H1 PAT at INR 154 crore (Rs 1,538 million), down 4% YoY.

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

• Operating cash flow for H1 FY26 was negative at Rs (451) million (consolidated), reflecting working capital changes.

Outlook and guidance

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

• Bayview biologics manufacturing facility in the US on track for H2 operations; continued expansion in clinical trials and biologics manufacturing.

• Investments continue in new modalities (peptides, ADCs) and facility expansions.