Deepak Jain, Chief Financial Officer of Syngene International, a leading biopharmaceutical solutions provider, has flagged macroeconomic uncertainty as a key risk heading into FY26. Speaking to ETCFO, Jain said the unpredictable global environment continues to pose challenges for forward planning.
“It’s difficult to understand the macro environment and its implications in the fluid context we are operating in,” said Jain. “That is a risk we are closely monitoring.”
Despite this caution, Jain remained optimistic about the company’s growth readiness.
We believe we are well-positioned to leverage any tailwinds as the macroeconomic environment evolves. We’ve made the right investments and created ample headroom for growthDeepak Jain, CFO, Syngene International
CFO Priorities: Prudent Capital Allocation and Scalable Capacity
Asked about his key priorities for FY26, Jain outlined two main themes: managing capital wisely in a volatile environment and building scalable capacity in Syngene’s high-growth areas.
In FY26, my focus is on prudent capital allocation while operating in a volatile macroeconomic backdrop. We will also continue investing in scalable capacity to capture emerging opportunities in the CRDMO spaceThe CFO said.
Jain added that the next 5–7 years will be pivotal for India’s biopharma industry, with Syngene aiming to be at the forefront.“India is strongly positioned to benefit from global diversification trends, and we want to be the strategic partner of choice as those opportunities scale up,” he said.
Geopolitical Uncertainty and Trade Tariff Risk
On the potential impact of global trade tensions, particularly US tariff policies, Jain stressed the lack of clarity and reiterated the need for a measured approach.
It’s hard to comment definitively without seeing the policy fine print. With the 90-day review period ongoing, our approach remains ‘wait and watch’The CFO said.
Forward Guidance: Growth, Margins, and Strategic CapexLooking ahead, Jain reaffirmed Syngene’s guidance of mid-single-digit reported revenue growth for FY26. However, he clarified that underlying growth—excluding a one-off inventory correction—is expected in the early teens.
“This correction stems from a client’s product that went through a pipeline fill-up post-launch and is now stabilizing,” Jain explained.
On margins, Jain signalled some short-term moderation due to higher depreciation and integration costs related to the company’s two newly acquired biologics facilities—one in Baltimore and the other in Bangalore.
“Our EBITDA margins, which were in the high 20s, are expected to moderate to the mid-20s in FY26. This will naturally have an impact on PAT,” he said.
Syngene has guided for a $55 million capex in FY26, largely earmarked for commissioning and scaling up these facilities.
“We are open to further acquisitions, but only where they align with our long-term strategy, especially in large molecule manufacturing,” Jain said.
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FY25 Performance and Q1FY26 OutlookReflecting on FY25, Jain noted the company delivered in line with guidance—a softer first half followed by a stronger second half. Q4 revenue rose 11%, benefiting from the seasonal trend.
“Let’s step back. Historically, Q4 is our strongest quarter, and this year was no different,” Jain said.
For Q1FY26, Jain expects a soft start, followed by a stable growth trajectory over the rest of the year.
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