{"id":182144,"date":"2026-04-30T05:33:10","date_gmt":"2026-04-30T09:33:10","guid":{"rendered":"https:\/\/alphastreet.com\/india\/syngene-international-ltd-syngene-q4-2026-earnings-call-transcript\/"},"modified":"2026-04-30T05:33:10","modified_gmt":"2026-04-30T09:33:10","slug":"syngene-international-ltd-syngene-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/syngene-international-ltd-syngene-q4-2026-earnings-call-transcript\/","title":{"rendered":"Syngene International Ltd (SYNGENE) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Syngene International Ltd (NSE: SYNGENE) Q4 2026 Earnings Call dated Apr. 30, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Nandini Agarwal<\/strong> \u2014 Deputy General Manager, Investor Relations<\/em><\/p>\n

Peter Bains<\/strong> \u2014 Managing Director and CEO<\/em><\/p>\n

Kiran Majumdar Shaw<\/strong> \u2014 Executive Chairperson<\/em><\/p>\n

Deepak Jain<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Kunal Dhamesha<\/strong> \u2014 Analyst<\/em><\/p>\n

Surya Narayan Patra<\/strong> \u2014 Analyst<\/em><\/p>\n

Shyam Srinivasan<\/strong> \u2014 Analyst<\/em><\/p>\n

Harith Ahamed<\/strong> \u2014 Analyst<\/em><\/p>\n

Alankar Garude<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to Singhen International’s fourth quarter and FY 2026 financial results conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms.<\/p>\n

Nandini Agarwal. Thank you. And over to you.<\/p>\n

Nandini Agarwal<\/strong> \u2014 Deputy General Manager, Investor Relations<\/em><\/p>\n

Good afternoon to everyone. Thank you for joining us on this call to discuss Syngene’s fourth quarter and full year results for financial year 2026 to discuss the financial and business performance for the period we have on this call today, Ms. Kiran Majumdar Shaw, Sanjeev’s Executive Chairperson Mr. Peter Baines, Managing Director and Chief Executive Officer and Mr. Deepak Jain, Chief Financial Officer. After the opening remarks they will be happy to answer any questions you may have. Before we begin, I would like to caution that comments made during this conference call today will contain certain forward looking statements and must be viewed in relation to the risks pertaining to the business.<\/p>\n

The safe harbor clause indicated in the investor presentation also applies to this conference call. The replay of this call will be available for the next few days and the transcript will be made available with this. I would now turn the call over to our managing director and CEO Mr. Bates.<\/p>\n

Peter Bains<\/strong> \u2014 Managing Director and CEO<\/em><\/p>\n

Thank you Nandini. Good afternoon everyone and thank you all for joining us on the call today. Before I begin my remarks, I would like to introduce and welcome Kiran to this call in her new role as the Executive Chairperson of Syngei. We are very pleased to have Kiran’s leadership and guidance at the executive level as the company transitions into its next phase of growth. Kiran, may I invite you to share your opening remarks?<\/p>\n

Kiran Majumdar Shaw<\/strong> \u2014 Executive Chairperson<\/em><\/p>\n

Thank you Peter. I’m pleased to be back as Executive Chairperson of Syngene International at such a pivotal point in its journey. One that presents both near term challenges and significant long term growth opportunities. FY26 closed with a muted top line growth of 3% year on year. However, it is important to note that Q4 delivered a strong 13% sequential growth which reinforces our confidence that the underlying momentum of the business remains intact. The impact of Librella on our FY26 performance has been significant and and it is likely to continue to influence growth in FY27 as well.<\/p>\n

At the same time, FY27 will be a transition year for Syngene with important leadership changes already underway. To position, as Peter said, this company for its next phase of growth, particularly in cdmo, biologics and emerging AI enabled service lines. We at Syngene are consciously building new capabilities that move us beyond a traditional services model towards a more value added technology led partnership model. Our investments in AI and digital technologies are aimed at improving speed, productivity, predictability and scale across discovery, development and manufacturing and these capabilities will not only drive operational efficiencies but will also help us create differentiated offerings for our global customers.<\/p>\n

Given the current geopolitical uncertainties and the near term impact of Librela, we expect a broadly flat performance for FY27 while maintaining EBITDA margins in the mid 20s through disciplined cost management and sharper operational execution. We also expect to start FY27 on a muted note with H2 of FY27 to be meaningfully stronger than H1 with growth weighted toward the second half as new contracts ramp up and business momentum improves. We believe that FY27 will be a year of strategic reset and execution with a healthy pipeline of these flows that will translate into stronger growth from FY28 onwards.<\/p>\n

Now with those initial comments, let me hand it back to Peter for a more detailed commentary on the business performance for the year gone by. Over to you Peter.<\/p>\n

Peter Bains<\/strong> \u2014 Managing Director and CEO<\/em><\/p>\n

Thank you Kieran and good afternoon again and thank you all for joining us on the call today. Let me start with the fourth quarter where revenue from operations was 1,037 crore reflecting year on year growth of 2% and sequential growth of 13%. Operating EBITDA for the quarter stood at 303 craw with a margin of 29%, while reported profit after tax before exceptional items was 153. Cringene’s full year revenue from operations grew 3% and overall performance was in line with our revised guidance. While the overall numbers reflect the continuing impact from a single large molecule biologics client, our underlying business continued to show steady momentum.<\/p>\n

Deepak will provide more details on the financials, but I would like to highlight that Syngene generated a healthy 521 crore in free cash during the year with a closing net cash balance of 1,800 crore reflecting the ongoing robustness of our operating model. Disciplined execution Globally, pharmaceutical and biotechnology pipelines are increasingly shifting towards novel modalities such as peptides, antibody drug conjugates and oligonucleotides. Industry estimates indicate that these advanced modalities now account for over 40% of clinical pipeline and are growing at a materially faster pace than traditional small molecules, reflecting their ability to address complex disease targets.<\/p>\n

This is driving demand for partners who can offer integrated end to end capabilities across these platforms. Anticipating this shift and building on our existing capabilities in biology and biotherapeutics discovery, we have invested ahead of the curve in strengthening our capabilities in these modalities. During the quarter we commenced operations at our state of the art antibody drug Conjugate Discovery Laboratory which is designed to support early stage research. This facility complements and integrates with our existing antibody drug conjugate development and manufacturing capabilities, enabling a seamless pathway from discovery through to scale up and production.<\/p>\n

Turning now to our CDMO business, we are encouraged by the acceleration we are seeing in our pipeline buildup. In our unit 3 biologics facility in Bengaluru, we have seen increased client interactions from large pharma and emerging biotechnology companies during the quarter. Commercial manufacturing in biologics is inherently a long cycle business where client engagement typically begins with process research and development followed by development work, clinical batch production and ultimately commercial supply.<\/p>\n

Within this framework, we are seeing encouraging interest in our integrated capabilities supporting a healthy pipeline across different stages of the value chain. At our Bayview Biologics facility in the United States, preparations are progressing well and we are actively engaging with prospective customers as we move toward operationalization of the site this year. Stepping back to reflect on the full year, I will emphasize again the key structural balance we are addressing between the headwind related to labrell, the steady growth of the underlying business.<\/p>\n

Over the course of the year we have taken several important steps to strengthen our mid and long term positioning. A key highlight was the extension of our long standing partnership with Bristol Myers Squib, now extending through to 2035. This expanded agreement broadens the scope of our collaboration across the drug development life cycle spanning discovery, translational sciences, pharmaceutical development, manufacturing and clinical research and reflects the depth and confidence built up over many years in this collaboration.<\/p>\n

We have also continued to invest in enhancing our manufacturing capabilities in our small molecule platform. We commissioned a new commercial scale facility for liquid filled hard gelatin capsules, strengthening our oral solid dosage capability and enabling us to support increasingly complex formulations with much greater precision and reliability in our large molecule biologics platform. And as I have touched on earlier, we’ve expanded our Bengaluru facility with the addition of a GMP bioconjugation suite enabling fully integrated end to end manufacturing of antibody drug conjugates.<\/p>\n

This capability brings monoclonal antibody production and GMP bioconjugation into a single site, helping accelerate development timelines while complementing our existing strengths in payload and linker manufacturing. Turning to our commitments towards Syngene’s ESG and sustainability framework. This continues to be an important area of focus for Syngene and I’m very pleased to advise that we are included in the S and P Global Sustainability Yearbook 2026, placing us amongst a select group of leading companies globally and Amongst the top 10 in the life sciences sector.<\/p>\n

We were also recognized by Time Magazine and Statista as one of the world’s most sustainable companies, ranking number one in India’s pharma and biotechnology sector and amongst the top 20 globally. In summary, our diversified and integrated business model across research, services and contract manufacturing continues to provide resilience, balance and opportunity, supported by strong client relationships, investments in emerging modalities and expanding global capabilities. We believe we are well positioned to meet evolving customer requirements and capture opportunities across the value chain going forward.<\/p>\n

Looking ahead to the next year and as Kiran has outlined, while we are guiding towards a broadly flat performance for the full year, we do expect Q1 to have a more pronounced adverse impact of Librella destocking. Thank you and I will now hand over to Deepak to go through the financials in a little bit more detail.<\/p>\n

Deepak Jain<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Thank you Peter A very good afternoon to everyone. Let me begin by discussing the fourth quarter’s performance and then I will cover the full year results first looking at revenue. Revenue from operations for the fourth quarter was 1037 crores, a 2% increase year on year in reported terms. Revenue growth, however, was impacted by the ongoing destocking issue related to Librella. As spoken earlier as well. Turning to costs, raw material costs were at 22% of revenue in this quarter compared to 23% in the same quarter of the previous year.<\/p>\n

Driven by business mix changes. Staff cost increased by about 19% year on year. Other direct costs, primarily comprising of power utility expenses, increased 17% year on year due to new facilities at Bayview in the US and the Biologics facility in Bangalore. Other expenses decreased by 9% year on year due to our cost optimization initiatives. The company saw a hedge loss of about 21 crores against a hedge loss of 4.6 crores in the same quarter of the previous year due to the difference between average and spot hedge rates.<\/p>\n

The movement in revenue and cost resulted in operating EBITDA of 303 crores with a margin of 29% for the quarter versus 34% in the same quarter last year. Depreciation increased by 5% year on year in line with our plans and due to the addition of capacities at the Biologics manufacturing sites in Bangalore which came operational this year. Interest expense declined by 24% as borrowing reduced in Q4 26 compared to the same quarter last year. Other income increased by 18% compared to Q4 last year primarily due to higher cash and equivalent balances.<\/p>\n

Overall profit after tax but before exceptional Items stood at 153 crores down 16% year on year. As you know, Government of India has recently notified the 4 Labor Code Consolidation Consolidating the 29 existing labor laws during the quarter, we reassessed the impact of the new labor codes which resulted in a gratuity remeasurement credit of 20 crores net of tax. Moreover, expenses of about 25 crores net of tax were recognized under exceptional items related to termination benefits extended to employees in accordance with an approved policy.<\/p>\n

Adjusted for these exception items, reported profit after tax was 148 crores down 19% year on year. The normalized effective tax rate for the quarter was 24.2% as compared to 23.7 in the same quarter last year due to change in profit mix across the units. Now moving to CapEx, we continue to invest in building capabilities and technologies that enable us to become an integrated solution provider for our clients. During the fourth quarter we invested $10 million around 50% in research services privately across capability builds and contractual obligations in dedicated centers along with regular maintenance CapEx.<\/p>\n

Nearly 40% of the CapEx was in CDMO business. The remaining CAPEX was towards digitization, automation and common infrastructure. We continue to maintain a strong balance sheet after meeting our cap expense for the quarter. We have a net cash balance of 1800 crores as of 31st of March 2026. Turning to the full year performance, reported revenue from operations increased by 3% year on year. Raw material cost was at 25% of revenue in FY26 compared to 26% last year. Driven by business mix changes, staff cost increased by 14%, our direct cost family comprising of power and utilities increased by 6% and other operating costs increased by 6%.<\/p>\n

Operating EBITDA margin stood at 25% for FY26 and profit after tax before exceptional items worth 380 crores down 20% year on year. As we look ahead, we will continue to invest in technology platforms and enhancements, digitization and automation and strengthen our presence in new modalities like peptides ADCs to build on our strengths. With that, I suggest we open up for questions.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now begin the question and answer session. Anyone who wishes to Ask a question may press star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We’ll take a first question from the line of Kunal Dhaesha from my query. Please go ahead.<\/p>\n

Kunal Dhamesha<\/strong><\/p>\n

Hi. Thank you for the opportunity and congratulations on a good set of numbers. The first question is on the impact from Librella. If you could quantify, let’s say if we remove Librella both from FY25 and FY26 then how would have FY26 growth and profitability look like?<\/p>\n

Deepak Jain<\/strong><\/p>\n

Let me take that. If we remove Librella from both the years we have growth as we’ve always called out. Underlying growth is in single digits though. And the impact of Liberla is a culmination of what you see in the numbers.<\/p>\n

Kunal Dhamesha<\/strong><\/p>\n

So with Librela also we have grown 3% right. Librela impact. Right. And then. And the single digit will be mid single digit or high single digit?<\/p>\n

Deepak Jain<\/strong><\/p>\n

It’ll be a little high single digits please. Yes, we don’t break that down right now.<\/p>\n

Kunal Dhamesha<\/strong><\/p>\n

Okay. And in terms of profitability, would it have improved between FY25 and 26 without Librela?<\/p>\n

Deepak Jain<\/strong><\/p>\n

I mean the overall profitability has declined and the impact of Librella is a factor into that as well. Plus the business mix changes. That’s one. Secondly, our facilities have come online as well, right? The Bangalore facilities come online. That has impacted the. Impacted the profitability as well this year.<\/p>\n

Kunal Dhamesha<\/strong><\/p>\n

And. And let’s say from the FY27 guidance perspective of flight revenue, what is being built for Librela supplies? Are we expecting it to move to zero in that guidance or we expecting a gradual decline?<\/p>\n

Deepak Jain<\/strong><\/p>\n

We expect as Peter alluded a little bit that the coming quarters quarter one and quarter two will have almost no Librella. There is some minor Librella volumes towards the end of the year but that’s about it. Most of the Librella impact will be done in this first two quarters and Librela as of now we have no incremental revenue plans for devrella beyond one small amount in the last quarter.<\/p>\n

Kunal Dhamesha<\/strong><\/p>\n

Sure. And in terms of the current quarter the cost related to Bayview facility fully baked in. In terms of. Because we last time we had suggested that the hiring is ongoing. Is it fully baked in Q4 or there is more cost which income and if you could also highlight the total drag from Both these Facility Unit 3 and Bayview on the current PNL on a quarterly basis. That would be helpful.<\/p>\n

Deepak Jain<\/strong><\/p>\n

So Prunal, we are on the, on the unit three. We’ve capitalized it as we said in the beginning of the first quarter of FY26. And the impact of therefore is of the people, et cetera and all the costs are definitely coming into the P and L. The impact of Bayview is only partially coming into the P and L. To the extent that’s not capitalized, we have not yet fully capitalized the facility. So we will come and update you about Bayview’s capitalization and the plans forward.<\/p>\n

Kunal Dhamesha<\/strong><\/p>\n

But it would be baked into that mid-20s EBITDA margin guidance, right? For FY27.<\/p>\n

Deepak Jain<\/strong><\/p>\n

Yes, yes, yes,<\/p>\n

Kunal Dhamesha<\/strong><\/p>\n

Sure. I have more question. I’ll run back with you. All the best.<\/p>\n

Deepak Jain<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Surya Patra from Philip Capital India. Please go ahead.<\/p>\n

Surya Narayan Patra<\/strong><\/p>\n

Thanks for the opportunity and congrats for the positive surprise number what you delivered in the fourth quarter. Sir, you just wanted to understand compared to the guidance what we had given in the third quarter where we have been saying that there would be kind of underperformance both in terms of revenue as well as on the margin front. But this quarter turns to be a kind of a strongly positive quarter to that guidance. What really caused this positive surprise in terms of operating performance?<\/p>\n

Deepak Jain<\/strong><\/p>\n

Surya, we did guide towards a full year number. Obviously that had an implication of what the quarter looks like. We were able to churn out improved revenue for the quarter but by only a marginal amount. Right? Not a major change in terms of profit because our full year numbers have come more or less in line with what we had said in terms of our constant currency forecast or guidance that we’d given. If you look at margins for sure, you know we continue to, to be more efficient and, and and be more frugal on our costs.<\/p>\n

That’s what’s led to an improved margin versus what we wanted it to be, what we guided it to be. And therefore margins have shown an improvement and we’ll continue to hold the margins as we guided.<\/p>\n

Surya Narayan Patra<\/strong><\/p>\n

Okay. Okay. That is helpful. Sir. I just wanted to also understand whether any revenue booking from the clinical trial activities or services, whether that is visible in this quarter if not any outlook that we are separately giving for the clinical trial activities that we have added as a new article for FY27<\/p>\n

Deepak Jain<\/strong><\/p>\n

And clinical trials. Surya, if you remember we said we were always been present in clinical trials, right? What we guided in quarter two was a win that we had on a global trial. Right? Now the global trial was going to pan out a few years as what we had said as well. And therefore what you do see in this quarter and coming years as well, that there will be clinical trial revenue that will bake into the numbers. It’s an ongoing business. We definitely focusing more on that business. But the revenue continues to float this quarter and in the coming year.<\/p>\n

Surya Narayan Patra<\/strong><\/p>\n

Okay, so as regards since it is the fourth quarter and closure of the year. So can you share what is the split between revenue split between the CDMO and CRO and if you can also give some color that the way that you are looking this these two businesses for next year while the slack is for concrete. But since that since you have mentioned also the environment in the CDMO space is improving. So what outlook that you should be baking in for CRO as well as CDMO security?<\/p>\n

Deepak Jain<\/strong><\/p>\n

Yes. So in terms of this year we had about as I said typically 2 3rd, 1 3rd, 2 3rd towards the CRO business, 1 3rd towards the CDMO business. That mix as what we had seen until quarter three continues to be the mix that we’re seeing in quarter four as well. So broadly 2 third, 1 third we are anticipating that to be directionally in line for even the next year. So you would continue the split to be almost similar. There will be minor changes as we as we continue to evolve through the year. But broadly 2 3rd, 1 3rd is what you can take for your modeling purposes for the moment we will keep updating as we evolve through.<\/p>\n

Kiran Majumdar Shaw<\/strong><\/p>\n

I would like to add to what Deepak just said. In the Q4<\/p>\n

Surya Narayan Patra<\/strong><\/p>\n

There<\/p>\n

Kiran Majumdar Shaw<\/strong><\/p>\n

Was a slide that said that 41% came from CDMO and 59% came from the research services business. So that’s an indication.<\/p>\n

Surya Narayan Patra<\/strong><\/p>\n

Okay, well that is really helpful. Just one more thing. See the capabilities that we have been building either in terms of the peptide, ADC or hard gelatin capsules, along with the capacities also that we are, we have acquired or built up. So is there any gestation period that we should consider Ma’, am, about or so like is there any gestation period then only we will see start seeing kind of a revenue or earning implication out of those.<\/p>\n

Deepak Jain<\/strong><\/p>\n

So Surya, I’ll start and probably I’ll, I’ll draw in Peter’s views as well on this. Typically when we have these capacities that we build up on, on the CDMO space specifically. Right. And you saw that but in unit three as well, you know, before we take the site we got to get it into qualification stages. We got to do some, some trial batches runs and Then we get into regulatory approval structures. Right. Typically they do take, you know, 12, 18, 24 months depending upon the nature of the nature of the site, the state of readiness of the site itself and we take spot it as well.<\/p>\n

So you would expect, you know, you did see what happened in unit three. It took us almost 18 odd months to get it operational and capitalize the site. We would expect the initial trial runs etc on Bayview to also go through. And then you know, in the coming year we should start seeing some engineering batches etc. Come through and capitalizations once we get the regulatory approvals which we can’t really comment on the timeline right now.<\/p>\n

Peter Bains<\/strong><\/p>\n

Surya, let me add to Deepak’s comments and speak a little bit about the capability enhancements in the areas like Sagel capsules and antibody drug conjugates and peptides where we are building new capabilities and we’re building capabilities that strengthen existing capabilities. And we would expect here to to look for this to contribute towards the pipeline build that Kiran referred to in her opening remarks and contribute toward the exit in 27 on a growth trajectory and then looking to 28 to see more sustained growth as we clear the Nobela impact at the end of 27.<\/p>\n

Surya Narayan Patra<\/strong><\/p>\n

Sure, sure. Yeah. Thank you. Thank you for this comment. Wish you all the best for future quarters.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Kunal Dunderia from Access Capital. Please go ahead.<\/p>\n

Kunal Dhamesha<\/strong><\/p>\n

Good afternoon sir. So the question is on section 232 tariffs where around 100% levy will be on patented pharma products and the ingredients. So don’t you think this can slow down future order contracts of CDMO players?<\/p>\n

Peter Bains<\/strong><\/p>\n

Kunal, our assessment of the tariff impact on Syngene is it will be negligible. You know, as both a service industry and in the product supplies that we make and supply to our customers. So we are not anticipating any material effect of tariffs on Xinjian’s business.<\/p>\n

Kunal Dhamesha<\/strong><\/p>\n

Great sir. So you say even after this announcement you are still getting RFPs from your prospective customers.<\/p>\n

Peter Bains<\/strong><\/p>\n

Yes, we are.<\/p>\n

Kunal Dhamesha<\/strong><\/p>\n

Great, Great. Okay. The second question is on your contract with Crystal Myers that was extended in 2035. It seems to be a bit more expansive, a bit more extensive than last time. So is the wallet size bigger?<\/p>\n

Peter Bains<\/strong><\/p>\n

So I mean again this is a very important component of our business. It’s our largest collaborator and a unique construct. 28 years now in terms of legacy and looking forward now, a ten year future horizon. I think it’s really the time horizon enables strategic thinking and of course if we look at the market outside and developments in these new modalities that we’ve discussed. And of course the implications and evolution of AI into discovery and development. It really allows the parties Bristlemeyer, Squib and Sinjin to think strategically and that includes some of the expansions that we discussed in opening remarks in areas that we will look to collaborate.<\/p>\n

But it really provides that strategic framework so that we can plan in the mid and the longer term to support Bristol Myers Squibb, you know, as they evolve their pipelines and portfolios. So that is really the real strength of the extension of the collaboration is providing that now decade horizon going forward so that Gene, you know, can really look to support Bristol’s strategic outlook as it builds its pipeline and its portfolio going forward.<\/p>\n

Kunal Dhamesha<\/strong><\/p>\n

Right. So that obviously should translate into higher revenues than what you have received from Bristol in the past. I mean, putting in so many adjacent. I<\/p>\n

Peter Bains<\/strong><\/p>\n

Mean we’re not. Yes. I mean, I don’t think we can comment in any short term horizon there. Obviously if we look at the history of this relationship, over the course of years it has grown, but this is already a substantial business in scale and growth will not be linear in that sense. I think it will grow around us inflation at some level, you know, but its expansion going forward will be determined by the nature of, you know, these, the strategic outlook and the new areas of expansion and opportunity.<\/p>\n

Kunal Dhamesha<\/strong><\/p>\n

Right, right. Thank you and all the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Avnish Berman from Vicaria Change llp. Please go ahead.<\/p>\n

Kunal Dhamesha<\/strong><\/p>\n

Hi, good afternoon. Thanks for taking my question. I had a question around the cost increases that you might be witnessing because of the Middle east conflict. Could be raw material, could be a utility pricing. I just wanted some qualitative color on how your contracts are structured both on the CRO side and on the PDMO side. How easy is it to pass on these cost increases to the customers or how difficult it is as a case manager?<\/p>\n

Deepak Jain<\/strong><\/p>\n

So typically these are different contracts with different clients. The nature of the contracts depends on the need of what we are trying to service and also depends on the nature of the nature of the molecule in conversation or the support that this required. Right, so it’s not one size fits all. It also depends upon the conversation of the long term horizon of the contract that we get into. So it’s not a straightforward answer saying are all contracts which have elements of cost that we pass through or not?<\/p>\n

I think it depends upon the nature of the conversation and the services that we are providing. I don’t think there’s A straight answer to your question.<\/p>\n

Kunal Dhamesha<\/strong><\/p>\n

Okay, again, I mean, if you just bifurcate your business into CRO and cdmo, is your answer true for both these businesses or is there one business where it’s relatively easy to have those kind of conversations with the client?<\/p>\n

Peter Bains<\/strong><\/p>\n

Let me maybe also add in here. I mean, the implications of what’s happened are evident as everyone can see. I’ll start by saying that there have been no disruptions to the continuity of service and supplies on Syngene’s ongoing business. That has been navigated by the team very, very successfully and obviously in conjunction with our partners. Of course there have been some cost increases that we’ve seen in some areas and some of them, as you will know, that there’s been little bits of spikes in some of the prices.<\/p>\n

There are two things here. We don’t know how long this will go on and to what extent it will, it may continue. We are obviously re engineering distribution and logistics and we’re obviously looking at costs and we’re of course talking to our customers and collaborators. But as Deepak said, you know, I think there is not a one size fits all answer to this. And it will be customer by customer and contract by contract. And they are also looking at, you know, how we re engineer the logistics and the supply chains and they are of course also aware of some of the cost implications there.<\/p>\n

But I don’t think there’s any material impact that we’re considering at this point in time. But, you know, and we’ll have to wait and see how this resolves going forward.<\/p>\n

Kunal Dhamesha<\/strong><\/p>\n

Okay, thanks. I’ll get back in the queue.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Sham Srinivasan from Goldman Sachs. Please go ahead.<\/p>\n

Shyam Srinivasan<\/strong><\/p>\n

Yeah, good afternoon. Thank you for taking my question. Just between January and now, you’re reporting in April, you know, we had cut our EBITDA margin guidance for the full year to 22, 23% and we delivered 25. Right. And now when we look at our guidance for next year, it seems to suggest flat margins. So I’m just a little confused with respect to the EBITDA margin guidance. I think on revenue we have probably met full year guidance for fiscal 2526, but just the push and pulls because we just cut guidance and then now we actually beat our guidance.<\/p>\n

So is there something that was supposed to happen that got postponed into say fiscal 27 that has led to this cost change or was there a mix issue? If you could explain just what happened in two months.<\/p>\n

Deepak Jain<\/strong><\/p>\n

There are two parts to it, Shyam. One for sure. You know, the product mix is a big factor of what made the big swing, you know, into our margin structures. Right. There was an assumption of what our product mix would be and the cost structures related to that product mix in terms of raw materials, the people that get engaged and so on and so forth. That went through a bit of a shift and that was a positive shift in that direction. Obviously there’s some bit of also cost that’s gone into the exceptional items as well that’s also led to that change.<\/p>\n

So two major contributors right now, one is the product mix change or the services that we had anticipated or the revenue mix that we had anticipated went through a change and then some bit of the cost went into exception items as well.<\/p>\n

Shyam Srinivasan<\/strong><\/p>\n

Got it. So Deepak, just from a forward looking perspective, is it getting difficult for you to estimate corporate margins? Has something changed? You know, do we still have the aspiration to go towards the high 20s, maybe 30% margins? Do you think that overall, you know, I’m not asking for a specific year, but is there a path to going back or you think we are now moved to a slightly lower trajectory of what margins can be?<\/p>\n

Deepak Jain<\/strong><\/p>\n

So two things. One for sure we’ve guided you towards the mid twenties even for the next year as Kiran mentioned. That’s definitely taking into consideration how we expect the utilization curve on our sites that we have bought in the recent parts that’s going to come up. But more importantly, we’ve always mentioned, and we’ve said this in the past as well, as the utilization curves on the sites improve, we do expect the margin profile to improve as well as spiritually. For sure we definitely want to improve the margins.<\/p>\n

But as of now we’re guiding only for the year and we’re guiding it towards the mid-20s as called out earlier.<\/p>\n

Shyam Srinivasan<\/strong><\/p>\n

Got it. And my last question, just going back now on revenue. So when we look at fiscal 24, revenue was 418 million, fiscal 25 was 430. Now we are 419 in 26 and we are guiding for a flat. So 419. Right. Just making that number up, last one. But I’m just saying when does it get higher? Right. Is there, you know, what needs to kind of get us back on a growth path on revenue? I know we have done a lot of investments ahead of time, but you know, what could be the major triggers for a revenue growth to also restart?<\/p>\n

Thank you,<\/p>\n

Peter Bains<\/strong><\/p>\n

Sean. Let me respond first and then Deepak can come in. Getting back to more sustainable growth and to higher growth levels is clearly the direction that we’re looking to build Syngene, the Labrella headwinds have clearly had material impacts last year, 26 and as we’ve outlined, will continue to have effects through 27 and those are now absorbed in the guidance framework that Kieran outlined. And we would expect to end 27, you know, on a growth trajectory and the Labrella effect will then have washed out.<\/p>\n

And In a way, 27 represents a sort of resetting of the baseline. And then the investments that we’ve made in the modalities and the capabilities that we’re building, and with the maturation of the pipelines that we’re developing on the commercial side, we would expect to see those begin to play through and look beyond 27 for a more sustainable and higher growth trajectory.<\/p>\n

Shyam Srinivasan<\/strong><\/p>\n

Great, thank you. All the best. Shyam,<\/p>\n

Kiran Majumdar Shaw<\/strong><\/p>\n

Maybe I should add to what Peter and Deepak have just said. We are really focusing also on our CDMO business, which we think will give us more aggressive and sustainable growth.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We’ll take the next question from the line of Harit Ahmed from Aventus Park. Please go ahead.<\/p>\n

Harith Ahamed<\/strong><\/p>\n

Hi, good afternoon. Thanks for the opportunity. So my first question is on the partnership with Zoetis. Zoetis has a follow on molecule to Dubrilla. It’s called Lamidia. And I was just wondering if Syngene has any role in the supply chain for that product, given Zoyeta already has a European approval and they’re expecting a US approval shortly.<\/p>\n

Peter Bains<\/strong><\/p>\n

So let me take that. And at this point, we do not have any participation in the follow on molecule going forward.<\/p>\n

Deepak Jain<\/strong><\/p>\n

And just to add on to that is we did do some bit of clinical work for them on the other molecule, but in terms of ongoing commercial production, we’re in conversation, but nothing beyond that right now.<\/p>\n

Harith Ahamed<\/strong><\/p>\n

Understood. So my second question is on the research services side of the business. So firstly, if you could give some color on the mix within research services today. So you talked about in one of your slides about discovery services, translation services and clinical trials and just trying to understand the mix as well as some of the macro headwinds that you called out in terms of biotech funding, how we should think about the impact of these challenges on each of these verticals.<\/p>\n

Peter Bains<\/strong><\/p>\n

Harris, we don’t call out quantitatively the split, but of course chemistry, which is the legacy foundation of Syngene, is the biggest part of the business biology. And now biotherapeutics, where we believe Syngene is very well placed in India as a lead player, you know, supports that. And as we’ve said you know, our translation and clinical services are at a lower starting point, but, you know, we are seeing some encouraging opportunities here for growth. So it is, I think the balance, the large balance is chemistry and supported biology and biotherapeutics with translation and clinical research, you know, a smaller part.<\/p>\n

But, you know, going forward we would expect all three legs of that stool and discovery services, you know, to look to growth, you know, and where I think we can see growth in all three cylinders or three legs of that stool, you know, I think in biotherapeutics there’s, you know, very clear opportunity of differentiated capability, differentiated services playing into a high growth part of the contract research market. And of course, as we’ve discussed in previous calls, the translation and clinical research business is looking at significant expansion going forward over the coming years as clinical trials pick up in India and as the translational capability plays into discovery capabilities more broadly.<\/p>\n

Kunal Dhamesha<\/strong><\/p>\n

Thanks, Peter. I’ll get back with you. Thanks.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Alankar Garudi from Kotak Institutional Equities. Please go ahead.<\/p>\n

Alankar Garude<\/strong><\/p>\n

Hi, good afternoon, everyone. Peter, in your discussions with clients, how are they assessing the impact of AI on drug discovery and how are you gearing up for any shifts in the business model as well as activity levels?<\/p>\n

Peter Bains<\/strong><\/p>\n

Sure, Alenka, obviously a very important question. I mean, I think it is very clear to everybody that the implications of AI in discovery, in development and in manufacturing will be profound. I’m not sure what the timeline is and how it will land, but already, you know, we are seeing rapid changes in the evolution and I think Kiran touched on this in her opening remarks. The application of AI to improve timelines, which are obviously critical, of critical importance to all our clients and collaborators, you know, to improving predictability through modeling, you know, to reduce risk through enhanced predictability and fundamentally to enhance innovation, you know, with AI applications that can look to find new targets, you know, and to look to enhance validation of these targets.<\/p>\n

You know, in development and in clinical development, we’re already seeing applications of AI that will help, you know, all the aspects of the clinical side in patient recruitment, in data management and so forth in translational sciences. As these elements enhance the predictability of drug discovery, we’ll see applications of AI in there. And of course in manufacturing, we’re already working with digital twins to enable us to enhance our ability to manage and optimize manufacturing. So, Alanka, I think it is clear that, that there will be profound implications of AI.<\/p>\n

And from singing side again, we’ve been investing in, you know, new capabilities. There we have a team, you know, of AI scientists who are looking at the application of algorithms and so forth to enhance our service offerings and to create value to our customers. And of course, with our customer base. We’re working in this, in this arena with many companies. So I think the shorter answer is it is going to change and profoundly discovery, development and manufacturing, and that Syngene is moving and accelerating its capabilities to enhance differentiated service value creation to our customers in that field.<\/p>\n

Karen, you may want to add something in on this.<\/p>\n

Kiran Majumdar Shaw<\/strong><\/p>\n

No, I think what you said is adequate because I think these are important times and points of inflection. But I think what you have said is fairly well covered.<\/p>\n

Alankar Garude<\/strong><\/p>\n

Got it. That’s very helpful. Peter Kiran, the second question for you. You have now come into an executive role at Syngene after a long time. There is also a new team led by Siddharth Abhijeet coming in from biocon Generics. Can you take us through what prompted these decisions and did you at any point in time evaluate an external candidate?<\/p>\n

Kiran Majumdar Shaw<\/strong><\/p>\n

So first and foremost, I think this plan has been in place for some time. In fact, Peter has also been part of taking this decision because I think it was very clear that after Jonathan departed, you know, Peter played a very important role to play the role of an interim CEO till Siddharth could join. And as you know, we did believe that we needed a very, there was a strong rationale that we needed a full time, you know, the full time presence of a CEO in India because I think it’s very important to getting into cdmo.<\/p>\n

Operational excellence was very important where the CEO has to have a very close oversight on these kind of businesses. And because Siddharth is someone who has played a very important role at biocon, who understands the CDMO business because biocon is very much involved in that kind of manufacturing operations. It was something that we felt was the right thing to do. Abhijit, of course, also comes with a very strong experience of commercial and business development capabilities where he has actually built a number of partnerships, a number of collaborations.<\/p>\n

And as you know, both Abhijit and Siddharth have played a very important role in building various partnerships. Whether it is the Viatris partnership, whether it was the, you know, the Pfizer partnership, whether it was the Cuban partnership and many others, you know, so I think we are very, very comfortable. They are both very, very experienced and comfortable with building partnerships and collaborations. And we believe that this is really a services business, is about building these partnerships and relationships.<\/p>\n

And we didn’t have a Very formal commercial structure which we felt would actually help the business going forward. So I’m someone who has worked with them very closely for over many, many years. Obviously, I’m happy to be back to take Sinjin through this very exciting time. And this is a team I’m very familiar with. And I’m very confident that we will rebuild and reset and rebuild the Syngene model in all the particular areas that we spoke about. And Peter has done an excellent job of being that interim CEO.<\/p>\n

And I think we now believe that Syngene is in very good hands.<\/p>\n

Alankar Garude<\/strong><\/p>\n

Sure. That’s a very helpful Kiran ma’. Am. And with your permission, one final question. Deepak, you spoke about the cost efficiency measures, helping margins. There is also a termination charge. Can you just take us through some of these cost rationalization initiatives and where are we in this journey?<\/p>\n

Deepak Jain<\/strong><\/p>\n

So, as followed in the notes as well, this is termination benefits of rebalancing the organization. Right. If you see the people cost, you will see the cost going up. But that was the investments that we made in the people at the beginning of the year. And then there was some rebalancing in some parts of the organizations that we needed to do. So. It is is. It is impact that we’ve taken into the financials as termination benefits and that’s what you see as the cost implication. Right? I really won’t comment beyond that right now in terms of how it’s going to play out in the future.<\/p>\n

But the margin structure is what we’ve commented upon and we’re going to probably hold on to the margin guidance that we’ve given.<\/p>\n

Alankar Garude<\/strong><\/p>\n

Fair enough. That’s it from my side. Thank you.<\/p>\n

Deepak Jain<\/strong><\/p>\n

Thank you,<\/p>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen. That was the last question for today. You can get in touch with Syngene team for any further questions. On behalf of Singhen International, that concludes this conference. Thank you for joining us. And you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Syngene International Ltd (NSE: SYNGENE) Q4 2026 Earnings Call dated Apr. 30, 2026 Corporate Participants: Nandini Agarwal \u2014 Deputy General Manager, Investor Relations Peter Bains \u2014 Managing Director and CEO Kiran Majumdar Shaw \u2014 Executive […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-182144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":177373,"url":"https:\/\/alphastreet.com\/india\/syngene-international-reports-marginal-revenue-growth-and-sharp-profit-decline-in-q3-fy26-results\/","url_meta":{"origin":182144,"position":0},"title":"Syngene International reports marginal revenue growth and sharp profit decline in Q3 FY26 results","author":"Staff Correspondent","date":"January 23, 2026","format":false,"excerpt":"Current Status Overview Syngene International Ltd is an India-based contract research, development, and manufacturing services company serving pharmaceutical and biotechnology clients. 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