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Swing Capital

Syncom Formulations (India) Ltd

NSE: SYNCOMF BSE: 524470Pharma

Established in the year 1995, Syncom Formulations is a global pharmaceutical company that manufactures and markets a broad range of healthcare products. The company is a generic pharmaceutical player operating in more than 15 countries worldwide having more than 400 products registered.[1]

₹13.9
52W: ₹10.2 — ₹23.5
PE 18.9 · Book ₹4 · +248% vs book
Market Cap₹1,303 Cr
Stock P/E18.9Price to Earnings
ROCE18.6%Return on Capital
ROE15.5%Return on Equity
Div. Yield0%Face Value ₹1

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has delivered good profit growth of 27.7% CAGR over last 5 years
  • +Debtor days have improved from 114 to 84.8 days.

Weaknesses

  • −Stock is trading at 3.53 times its book value
  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has a low return on equity of 11.1% over last 3 years.
  • −Working capital days have increased from 47.4 days to 94.8 days

Shareholding Pattern

Promoters50.57%
FIIs0.21%
DIIs0%
Public49.23%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters50.57%50.57%50.57%50.57%50.57%50.57%50.57%50.57%
FIIs0.09%0.1%▲0.00.13%▲0.00.11%▼0.00.41%▲0.30.1%▼0.30.26%▲0.20.21%▼0.1
DIIs0%0%0%0%0%0%0%0%
Public49.34%49.34%49.3%▼0.049.32%▲0.049.02%▼0.349.33%▲0.349.17%▼0.249.23%▲0.1

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales62637387101127148117121115
Expenses565764769011213110110393
Operating Profit67910121517161921
OPM %10%11%12%12%12%11%12%14%15%18%
Net Profit6678111318161719
EPS ₹0.070.070.070.080.120.140.190.170.180.2

AI Insights

Revenue Trend

TTM revenue at ₹501Cr, up 8.7% YoY. OPM at 15%.

Debt Position

Borrowings at ₹0Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹8Cr (6% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0% (+0.00pp change). FIIs: 0.21% (+0.21pp change). Promoters hold 50.57%.

Margin & Efficiency

ROCE improving from 15% (Mar 2014) to 19% (Mar 2025). Working capital days: 95.

Valuation

PE 18.9x with 18.6% ROCE. Price is 248% above book value of ₹4. Dividend yield: 0%.

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