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Syngene Q2 Review — Yes Securities Upgrades The Stock To 'Neutral', Revises Target Price
Notwithstanding a wash-out year, Yes Securities reckons downgrades may come to a halt which would preclude large downside; hence upgrade to Neutral stance.
07 Nov 2025, 10:29 AM IST 
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Syngene's margin at 23.2% was in line with expectation of 23% and down 379 bps YoY despite 36bps YoY higher gross margin as fixed costs – staff and other expenses jumped 9-14% YoY.
(Photo image Company website)
Syngene reported revenue growth of 2% YoY vs estimated decline of 2.5% YoY. Business was driven by underlying revenue growth from CRO which offset the expected inventory correction in biologics manufacturing (Q2 saw a heightened impact after a relative low burden in Q1).
