Syngene Q2 Results Review - Play On Growth Catch Up; Raise To 'Buy': Yes Securities

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Yes Securities Report.Syngene International Ltd. built upon weak base of Q1 and highlighted positive signs of recovery in Discovery Services. These were largely driven by pilot projects with large and mid-sized pharma customers looking for alternatives to China to de-risk their supply chains. Biologics manufacturing does its bit amidst a robust back drop as alluded by other global, and much larger, peers. Management indicated a strong Q3 is underway that would provide visibility for H2 as it aims for what is an implied ~20% growth and 34- 35% margin if it has to reach ~9% growth for current fiscal. We stick to our forecast of strong rebound in FY26 aided by support from acquired facility which would continue in FY27 too. After two lackluster years where constant currency growth was likely in mid-single digit, we factor in a robust rebound over FY26-27 especially as biologic capacity increases sharply in an environment where global demand is likely to remain strong. Introduce FY27 forecast and roll over to FY27E EPS with revised target price Rs 1,060 (earlier Rs 900), based on a trimmed 40 times FY27E EPS (versus 45 times earlier on FY26E EPS). Continue to view Syngene as a recovery play with strong growth upsides that would drive rerating potential..Click on the attachment to read the full report:.Strides Pharma Q2 Results Review - U.S. Scaling To New Highs: ICICI Securities.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Syngene Q2 Results Review - Play On Growth Catch Up; Raise To 'Buy': Yes Securities

The brokerage continues to view the company as a recovery play with strong growth upsides that would drive rerating potential.

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