Every listed Indian CDMO company covered here — Sai Life Sciences, Anthem, Blue Jet, Cohance, Divi's, Gland, Laurus, Neuland, Piramal Pharma, Shilpa — against Syngene, on the same numbers from the same filings. Click a column to rank by it. Tick up to three and press Compare for the full side-by-side.
| Company | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1 | ₹248.3k Cr | 96.7× | 12.8% | 32.6% | 21.5% | 0.9× | 0.0× | 53.5% | |
| 2 | ₹108.3k Cr | 121.9× | 22.7% | 26.2% | 18.0% | 2.1× | 0.5× | 122.0% | |
| 3 | ₹50.1k Cr | 84.6× | 15.2% | 39.3% | 29.6% | 0.9× | 0.0× | 7.3% | |
| 4 | ₹48.1k Cr | 46.8× | 14.5% | 25.3% | 14.9% | 1.2× | 0.0× | 44.8% | |
| 5 | ₹33.9k Cr | 97.2× | 29.4% | 28.8% | 19.2% | 1.8× | 0.1× | 83.1% | |
| 6 | ₹28.9k Cr | 79.3× | 37.0% | 28.7% | 26.6% | 1.0× | 0.2× | 47.3% | |
| 7 | ₹27.9k Cr | n/m | -3.1% | 10.4% | 1.2% | n/m | 0.7× | 3.7% | |
| 8 | ₹20.2k Cr | 83.0× | 19.9% | 28.3% | 11.4% | 1.7× | 0.3× | 152.5% | |
| 9 | ₹17.3k Cr | 96.6× | -13.0% | 18.8% | 5.8% | 1.4× | 0.1× | -49.8% | |
| vs | 10Syngene | ₹15.2k Cr | 48.0× | 2.6% | 24.6% | 8.7% | 2.4× | 0.1× | -42.4% |
| 11 | ₹10.2k Cr | 41.1× | -8.0% | 31.0% | 26.5% | 0.9× | 0.0× | -12.2% |
Market cap, P/E and the 12-month return move with the market and are dated to the last close. Every other column is the last full financial year. n/m — loss-making, so the multiple means nothing. A dash means not recorded, which is not the same as nil.
| Metric | SYNGENE | SAILIFE |
|---|---|---|
| What you pay22 Sept 2026 | ||
| Share price | ₹377.50 | ₹1,600.50 |
| Market cap | ₹15,209 Cr | ₹33,899 Cr |
| P/E | 48.02× | 97.16× |
| P/B | 3.14× | 13.65× |
| P/S | 4.07× | 15.46× |
| 12-month return | -42.4% | 83.1% |
| SizeFY26 | ||
| Revenue | ₹3,739 Cr | ₹2,192 Cr |
| PAT | ₹317 Cr | ₹349 Cr |
| Net worth | ₹4,839 Cr | ₹2,484 Cr |
| Gross block | ₹3,000 Cr | ₹1,815 Cr |
| GrowthFY26 | ||
| Revenue growth | 2.6% | 29.4% |
| Revenue CAGR (3y) | 5.4% | 21.7% |
| PAT CAGR (3y) | -12.0% | 226.9% |
| What it keepsFY26 | ||
| EBITDA margin | 24.6% | 28.8% |
| PAT margin | 8.5% | 15.9% |
| ROCE | 8.7% | 19.2% |
| ROE | 6.5% | 14.0% |
| CFO / PAT (3y) | 2.36× | 1.80× |
| What it owesFY26 | ||
| Net debt | ₹-375 Cr | ₹178 Cr |
| Debt / equity | 0.09× | 0.12× |
| CWIP | ₹1,046 Cr | ₹270 Cr |
| Debtor days | 50 days | 62 days |
| Who owns itFY26 | ||
| Promoter holding | 52.6% | 34.5% |
| Institutional holding | 39.8% | 52.4% |
Every figure comes from the same filings the company pages are built from. A dash means the figure is not recorded, which is not the same as nil.
Syngene does drug research and manufacturing to order — discovery, development, and both small molecules and biologics — from Bengaluru, Mangaluru, Hyderabad and Baltimore. Research services were 78% of June-quarter revenue and contract manufacturing 22%, on 8,300 staff including 5,700 scientists, 400 customers, and biologics depth no listed Indian rival matches. It is the one company here going backwards: revenue fell 16% in the June quarter and it lost ₹9 crore.
Sai Life takes a molecule from idea to shipment. Research run for other companies' discovery programmes is 40% of revenue and manufacturing the other 60%, and few rivals do both — the pitch is that a molecule never has to change hands. Nineteen of the twenty-five largest drug companies are customers, across 300 active accounts.
Gross block rose 7.1% to ₹3,000 crore with a further ₹1,046 crore still in construction, most of the June quarter's ₹70 crore going to the Bayview biologics plant in Baltimore, which is not yet operational and will not be capitalised this year. The capacity was added in anticipation of diversifying away from one customer — and the customer left before the diversification arrived. Syngene publishes no utilisation figure.
There are 155 programmes in development, 33 molecules in commercial supply and 14 in late phase — the late-phase count is what becomes revenue three or four years out. It spent ₹395 crore last year and lifted the plant base 22% to ₹1,815 crore, with another ₹263 crore in the June quarter. Every regulatory inspection to date has been cleared.
Syngene is a Biocon company, and Biocon's founder has taken direct control of it. Kiran Mazumdar-Shaw became executive chairperson in April 2026 and Siddharth Mittal, latterly Biocon's chief executive, became managing director and CEO on 1 July 2026 — the third chief executive in eighteen months. The board is ten strong with six independents, but the chairperson of Syngene is the founder of its parent and the new chief executive came straight from running it.
Krishnam Raju Kanumuri is managing director and chief executive, with Dr K Ranga Raju Kanumuri a whole-time director. The independent side of the board is barely a year old: four directors left between June 2024 and March 2025, including the two nominees of TPG, and three independents arrived in their place. There is not much record yet to judge it on.
Mangalore “had a very low utilization in the past years”, and the Stelis biologics units hold clinical-stage work but no large-volume commercial molecule from Unit 3.
Q1 FY27
The chairperson's own diagnosis: the company “drifted towards the larger share of commoditized research services where differentiation is limited.”
Kiran Mazumdar-Shaw · Q1 FY27
Operating margin guided at 28–30% for the full year. The June quarter came in at 27%, against 31% in March.
Q1 FY27 investor presentation
Capacity is 65% utilised, across 700 kilolitres and eighty production trains — built ahead of the pipeline rather than in answer to it.
Q1 FY27 investor presentation
Closing prices to 22 Sept 2026, adjusted for bonuses and splits. Dividends are not counted. This is what happened, not what will.
A sector, read end to end, and the companies as they are published. Roughly monthly. Nothing else, and one click to stop.