Syncom Formulations (India) Limited (SYNCOMF.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-79.5%

₹3.96

vs ₹19.32 price

Levered DCF

₹2.08

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	12.72×	30.02×	43.33×	26.82×	33.75×	21.89×	45×	57.86×
P/B	2.34×	4.34×	3.82×	2.14×	2.98×	3.41×	4.34×	4.77×
P/S	1.99×	3.19×	4.18×	2.44×	3.04×	2.67×	3.16×	3.47×
EV / EBITDA	8.89×	20.79×	25.77×	18.45×	22.51×	15.53×	28.63×	37.45×
Gross margin	26.8%	33.9%	21.2%	36.8%	32.6%	30.2%	21.4%	22.5%
Operating margin	14.5%	10.5%	8.1%	6.8%	6.8%	12.0%	6.3%	4.3%
Net margin	15.6%	10.6%	9.6%	8.9%	9.1%	12.2%	7.1%	6.1%
Current ratio	3.18×	4.55×	2.58×	1.61×	1.79×	1.96×	3.12×	2.39×
Debt / equity	0×	0.01×	0.25×	0.32×	0.26×	0.33×	0.01×	0.07×
Interest coverage	61.38×	56.58×	4.91×	5.01×	8.07×	98.25×	27.53×	35.83×
Dividend yield	0.0%	0.0%	0.0%	0.5%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	14.1%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	18.4%	14.4%	8.8%	7.8%	8.9%	15.6%	9.8%	8.4%
Return on invested capital	12.4%	10.3%	4.3%	3.3%	3.9%	8.0%	6.7%	4.7%
Return on assets	14.3%	12.0%	6.3%	5.3%	6.4%	10.0%	7.9%	6.4%
Free cash flow yield	4.7%	0.9%	-1.3%	-1.8%	0.8%	-0.7%	-0.4%	0.7%
Earnings yield	7.9%	3.3%	2.3%	3.7%	3.0%	4.6%	2.3%	1.8%
Enterprise value	₹9.7B	₹14.9B	₹11.1B	₹6.3B	₹7.2B	₹7B	₹6.3B	₹6.3B
Net debt / EBITDA	-0.04×	0.05×	0.21×	2.41×	1.8×	1.32×	-0.27×	0.08×
Cash conversion cycle (days)	71	99	151	136	134	118	78	71