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Syncom Formulation (India) Ltd.
(SYNCOMF)
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Rating:70Outperform
Price Target:
₹29.00
▲(82.62% Upside)
Action:Reiterated
Date:09/30/26
The score is driven primarily by improved financial strength—especially the sharply strengthened balance sheet and better FY2026 profitability—partly offset by weaker revenue/gross margin trends and historically uneven cash-flow conversion. Technicals are bullish but overbought, and valuation (P/E ~24.4 with ~0.45% yield) is a moderate headwind.
Positive Factors
Sharply De-levered Balance Sheet
The steep reduction in debt materially improves solvency and lowers financial pressure, giving Syncom greater flexibility to fund operations and growth. Expanded equity of about ₹4.15B further strengthens the balance sheet and makes the business more resilient to operating volatility.
Negative Factors
FY2026 Revenue Decline
The return to revenue contraction after two years of scale expansion raises questions about the consistency of demand, product volumes, or market execution. If the decline persists, it could limit operating leverage and make recent profitability improvements harder to sustain.
Read all positive and negative factors
Positive Factors
Negative Factors
Sharply De-levered Balance Sheet
The steep reduction in debt materially improves solvency and lowers financial pressure, giving Syncom greater flexibility to fund operations and growth. Expanded equity of about ₹4.15B further strengthens the balance sheet and makes the business more resilient to operating volatility.
Read all positive factors
Syncom Formulation (India) Ltd. (SYNCOMF) vs. iShares MSCI India ETF (INDA)
Market Cap
₹24.74B
Dividend Yield0.4%
Average Volume (3M)1.14M
Price to Earnings (P/E)27.6
Beta (1Y)1.53
Revenue Growth0.44%
EPS Growth48.60%
CountryIN
Employees998
SectorGeneral
Sector StrengthN/A
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)0.91
Shares Outstanding940,000,000
10 Day Avg. Volume1,004,930
30 Day Avg. Volume1,138,778
Financial Highlights & Ratios
PEG Ratio0.30
Price to Book (P/B)2.34
Price to Sales (P/S)1.99
P/FCF Ratio21.48
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Syncom Formulation (India) Ltd. Business Overview & Revenue Model
Company Description
Established in 1985 and based in Indore, India, Syncom Formulations (India) Limited specializes in the development, marketing, and sale of a wide array of finished pharmaceutical products. The company provides an extensive portfolio addressing num...
How the Company Makes Money
Syncom Formulations (India) Ltd. primarily makes money by selling pharmaceutical formulations and related healthcare products. Its revenue model is typically a mix of (1) sales of finished dosage forms marketed under its own brands through distrib...
Syncom Formulation (India) Ltd. Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
88
Very Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.98B | 4.89B | 4.65B | 2.63B | 2.24B | 2.18B |
| Gross Profit | 1.42B | 1.31B | 1.58B | 559.50M | 825.58M | 709.74M |
| EBITDA | 1.08B | 1.09B | 711.74M | 430.28M | 341.47M | 319.59M |
| Net Income | 855.30M | 764.38M | 494.35M | 253.14M | 200.71M | 197.90M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 5.34B | 4.13B | 4.05B | 3.78B | 3.08B |
| Cash, Cash Equivalents and Short-Term Investments | 1.13B | 1.13B | 899.28M | 1.32B | 708.97M | 402.47M |
| Total Debt | 0.00 | 14.94M | 45.84M | 724.87M | 831.82M | 577.91M |
| Total Liabilities | -4.15B | 1.19B | 711.23M | 1.17B | 1.22B | 860.17M |
| Stockholders Equity | 4.15B | 4.15B | 3.42B | 2.88B | 2.56B | 2.22B |
Cash Flow | ||||||
| Free Cash Flow | 461.83M | 452.54M | 134.77M | -140.95M | -101.05M | 50.16M |
| Operating Cash Flow | 560.11M | 569.24M | 234.36M | -59.58M | 105.29M | 163.29M |
| Investing Cash Flow | -524.72M | -506.23M | -182.04M | 830.20M | -449.53M | -270.73M |
| Financing Cash Flow | -39.76M | -18.66M | -679.03M | -145.58M | 350.01M | 82.94M |
Syncom Formulation (India) Ltd. Technical Analysis
Positive
15.88
Price Trends
17.00
Positive
15.58
Positive
14.39
Positive
Market Momentum
1.43
Negative
81.40
Negative
85.48
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SYNCOMF, the sentiment is Positive. The current price of 15.88 is below the 20-day moving average (MA) of 20.34, below the 50-day MA of 17.00, and above the 200-day MA of 14.39, indicating a bullish trend. The MACD of 1.43 indicates Negative momentum. The RSI at 81.40 is Negative, neither overbought nor oversold. The STOCH value of 85.48 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:SYNCOMF.
Syncom Formulation (India) Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ₹15.50B | 34.96 | ― | 1.65% | 3.87% | -25.38% | |
78 Outperform | ₹11.74B | 12.16 | ― | 0.31% | 10.20% | 11.70% | |
70 Outperform | ₹24.74B | 27.56 | ― | 0.40% | 0.44% | 48.60% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
49 Neutral | ₹7.59B | 11.54 | ― | 1.20% | 3.63% | 24.22% | |
48 Neutral | ₹11.26B | 60.71 | ― | 0.46% | 12.27% | -62.46% | |
47 Neutral | ₹24.83B | 902.31 | ― | 0.08% | 12.08% | ― |
* General Sector Average
IN:SYNCOMF
Syncom Formulation (India) Ltd.
25.22
8.86
54.17%
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326.25
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IN:INDOCO
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263.10
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IN:JAGSNPHARM
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237.10
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IN:LINCOLN
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585.25
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IN:WANBURY
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Syncom Formulation (India) Ltd. Corporate Events
Syncom Formulations Sets Dividend Record Date and Offers Waiver Option Ahead of Virtual AGM
Sep 18, 2026
Syncom Formulations (India) Ltd. has set 23 September 2026 as the record date to determine shareholder eligibility for a proposed final dividend of 10%, or Rs 0.10 per equity share of face value Rs 1, for the financial year 2025-26, subject to sha...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.