Revenue and Profit Growth
Syngene International’s net sales have shown consistent expansion, rising from ₹1,825.60 crores in March 2019 to ₹3,642.40 crores by March 2025. This represents a compound growth trend reflecting the company’s ability to scale its operations effectively. Correspondingly, total operating income mirrored this upward movement, with no other operating income reported during this period, indicating a primary reliance on core business activities.
Operating profit before depreciation and interest (PBDIT) excluding other income increased from ₹536.80 crores in 2019 to ₹1,041.80 crores in 2025, underscoring improved operational efficiency. Including other income, operating profit rose to ₹1,113.60 crores in the latest fiscal year. Profit before tax also advanced from ₹415.40 crores to ₹659.90 crores over the same period, despite fluctuations in interest and exceptional items.
Profit after tax (PAT) exhibited a positive trend, growing from ₹331.60 crores in 2019 to ₹496.20 crores in 2025. Earnings per share (EPS) followed suit, increasing from ₹8.29 to ₹12.33, reflecting enhanced shareholder returns. However, PAT margin showed a slight decline from 18.16% in 2019 to 13.62% in 2025, suggesting margin pressures possibly due to rising costs or competitive factors.
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Cost Structure and Margins
The company’s expenditure profile reveals a steady increase in raw material costs, rising from ₹505.30 crores in 2019 to ₹925.40 crores in 2025, in line with revenue growth. Employee costs also escalated significantly, reflecting workforce expansion and wage inflation, reaching ₹983.90 crores in 2025 from ₹472.70 crores in 2019. Other expenses nearly doubled over the period, indicating increased operational activities and possibly higher overheads.
Operating profit margins excluding other income remained relatively stable, hovering around 28.6% to 30.7% across the years, demonstrating consistent operational control despite rising costs. Gross profit margins showed a gradual decline from 36.59% in 2020 to just under 30% in 2025, signalling some margin compression.
Balance Sheet and Financial Position
Syngene International’s balance sheet reflects a strengthening financial position. Shareholder’s funds increased from ₹2,175.80 crores in 2020 to ₹4,726.80 crores in 2025, supported by rising reserves which nearly doubled from ₹1,775.80 crores to ₹4,324.30 crores. The company’s book value per share improved substantially from ₹54.40 in 2020 to ₹117.44 in 2025, indicating enhanced net asset value per share.
Total liabilities grew in tandem with assets, reaching ₹6,766.50 crores in 2025 from ₹4,040.20 crores in 2020. Notably, long-term borrowings were eliminated by 2025 after peaking in prior years, signalling debt reduction efforts. Current liabilities increased moderately, while current assets expanded, maintaining a healthy net current asset position.
Capital expenditure is evident from the rise in gross block and capital work in progress, reflecting ongoing investments in infrastructure and capacity expansion. Non-current assets also increased steadily, supporting the company’s growth strategy.
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Cash Flow and Liquidity
Cash flow from operating activities has shown a marked improvement, rising from ₹677 crores in 2020 to ₹1,167 crores in 2025. This reflects stronger core business cash generation. Investing activities consistently recorded outflows, indicative of sustained capital investments, with ₹744 crores spent in 2025 alone.
Financing activities have fluctuated, with a net outflow of ₹141 crores in 2025, contrasting with larger outflows in previous years. The company’s net cash inflow in 2025 was ₹281 crores, a significant turnaround from prior years’ negative or marginal cash flows. Closing cash and cash equivalents surged to ₹367 crores in 2025 from ₹193 crores in 2020, enhancing liquidity buffers.
Summary of Historical Performance
Overall, Syngene International has exhibited a strong and steady growth pattern over the past six years. Revenue and profits have nearly doubled, supported by disciplined cost management and strategic investments. The company has improved its equity base and reduced long-term debt, strengthening its financial stability. While margins have experienced some compression, cash flow generation and liquidity have improved markedly, positioning Syngene well for future expansion and resilience in a competitive market environment.
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