Syngene International Limited (SYNGENE.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

+18.0%

₹483.40

vs ₹409.50 price

Levered DCF

₹745.45

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

6.39

Safe zone

Rating

Overall 3 / 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	49.54×	58.15×	55.74×	51.29×	60.86×	53.38×	23.2×	35.03×
P/B	3.24×	6.1×	6.68×	6.63×	7.3×	7.71×	4.39×	5.91×
P/S	4.2×	7.91×	8.15×	7.51×	9.25×	9.96×	4.75×	6.38×
EV / EBITDA	16.78×	27.74×	26.94×	25.12×	33.42×	33.81×	16.81×	22.82×
Gross margin	33.8%	67.0%	67.4%	67.5%	65.7%	69.9%	69.0%	66.2%
Operating margin	14.1%	38.3%	40.0%	39.2%	36.7%	38.5%	38.8%	38.1%
Net margin	8.5%	13.6%	14.6%	14.5%	15.2%	18.5%	20.5%	18.2%
Current ratio	1.38×	1.64×	1.71×	2.04×	1.8×	1.59×	1.05×	1.56×
Debt / equity	0.09×	0.12×	0.13×	0.23×	0.31×	0.32×	0.36×	0.41×
Interest coverage	10.79×	28.32×	29.56×	36.3×	54.67×	30.32×	22.55×	21.54×
Dividend yield	0.3%	0.2%	0.2%	0.2%	0.0%	0.0%	0.3%	0.2%
Payout ratio	15.9%	10.1%	9.9%	8.6%	0.0%	0.0%	5.8%	7.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	6.5%	10.5%	12.0%	12.8%	12.0%	14.4%	18.9%	16.8%
Return on invested capital	7.3%	18.8%	22.5%	20.6%	16.9%	18.0%	18.8%	18.3%
Return on assets	4.5%	7.3%	8.3%	8.0%	7.1%	8.3%	9.9%	9.0%
Free cash flow yield	3.9%	1.4%	1.9%	1.3%	0.4%	1.2%	0.4%	0.4%
Earnings yield	2.0%	1.7%	1.8%	1.9%	1.6%	1.9%	4.3%	2.8%
Enterprise value	₹153.2B	₹290.4B	₹288.9B	₹247.1B	₹248.4B	₹223.4B	₹101.4B	₹122.9B
Net debt / EBITDA	-0.41×	0.2×	0.44×	0.74×	1.02×	0.86×	0.96×	1.2×
Cash conversion cycle (days)	19	-4	43	93	56	-9	-23	-12