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 | ₹274.0k Cr | 92.4× | 12.8% | 32.6% | 21.5% | 0.9× | 0.0× | 49.9% | |
| 2 | ₹126.3k Cr | 94.4× | 22.7% | 26.2% | 17.8% | 2.1× | 0.4× | 138.8% | |
| 3 | ₹52.2k Cr | 45.6× | 14.5% | 25.3% | 14.9% | 1.2× | 0.0× | 66.9% | |
| 4 | ₹51.4k Cr | 87.0× | 15.2% | 39.3% | 29.6% | 0.9× | 0.0× | 31.4% | |
| 5 | ₹37.8k Cr | 103.1× | 29.4% | 28.8% | 19.2% | 1.8× | 0.1× | 93.5% | |
| 6 | ₹31.8k Cr | — | -3.1% | 10.4% | 1.2% | — | 0.7× | 20.1% | |
| 7 | ₹25.2k Cr | 50.8× | 37.0% | 28.7% | 26.6% | 1.0× | 0.2× | 12.3% | |
| 8 | ₹18.4k Cr | 64.8× | 19.9% | 28.3% | 11.4% | 1.7× | 0.3× | 155.6% | |
| vs | 9Syngene | ₹16.8k Cr | 63.3× | 2.6% | 24.6% | 10.0% | 2.4× | 0.1× | -32.8% |
| 10 | ₹16.6k Cr | 154.2× | -13.0% | 18.8% | 5.8% | 1.4× | 0.1× | -40.1% | |
| 11 | ₹9.6k Cr | 73.3× | -8.0% | 31.0% | 26.5% | 0.9× | 0.0× | -1.4% |
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 pay6 Nov 2026 | ||
| Share price | ₹417.30 | ₹1,785.10 |
| Market cap | ₹16,813 Cr | ₹37,808 Cr |
| P/E | 63.33× | 103.12× |
| P/B | 3.47× | 15.22× |
| P/S | 4.50× | 17.24× |
| 12-month return | -32.8% | 93.5% |
| 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 | 10.0% | 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 | 0.10× | 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 | 39.4% | 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 science for hire: drug companies pay it to discover and develop new medicines and to make them once they work, both chemical drugs and biologics. Research (Discovery Services) was 65% of Jul–Sep 2026 sales and CDMO 35%, up from 22% a quarter earlier. About 400 clients, including 16 of the world's top 20 drug makers, almost all of them in the US and Europe. Sales fell 9% on a year ago because its biggest manufacturing customer, Zoetis, took nothing.
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.
₹3,000 crore of plant in use at March 2026 and ₹1,046 crore more still being built or readied. Its newer biologics sites were bought: Unit 3 in Bengaluru from Stelis Biopharma, and Bayview in Baltimore, USA, which signed its first manufacturing contract in Jul–Sep 2026 and is scheduled to produce from FY28. The plant that made Librela for Zoetis cannot take another customer until FY28. About ₹200 crore was spent in Apr–Sep 2026, leaving ₹1,392 crore of net cash.
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.
Biocon owns 52.59% and runs it directly. Kiran Mazumdar-Shaw, executive chairperson of Biocon, became Syngene's executive chairperson on 1 April 2026, and Siddharth Mittal, previously Biocon's managing director and CEO, took over as MD and CEO on 1 July 2026. The finance head, Deepak Jain, is leaving, and since 1 October 2026 all research has sat under one head, Dr Jayashree Aiyar.
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.
On the Jul–Sep quarter — “However, we do recognize that these are green shoots.”
Kiran Mazumdar-Shaw · Q2 FY27 earnings call
On research priced per scientist — “whatever you quote, a competitor will quote lower and get the business because it is a commodity offering.”
Kiran Mazumdar-Shaw · Q2 FY27 earnings call
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 6 Nov 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.