SYNCOM FORMULATIONS (INDIA) LT (SYNCOMF): Financials & Fundamentals History

Share Price

₹19.24

P/E

21.1x

ROCE

25.0%

Market Cap

₹1813 cr

Revenue (TTM)

₹498 cr

P/S

3.6x

P/B

4.4x

ROE

20.7%

Operating Margin

21.0%

Debt / Equity

0.0x

Promoter Holding

50.6%

12M Momentum

17.0%

P/E vs its own history19th percentilesince Nov '22

P/E vs Health Technology0.6xthe sector median

52-week range

₹10.21₹27.49

52% of the way from its 52-week low to its high

Price risk

1Y volatility

47.9%

Beta vs sector

1-year daily

1.39

Balance sheet & cash

Debt service

no meaningful debt

Cash from profit, 3Y

operating cash flow ÷ net profit

0.50x

Share count, 1Y

unchanged

Was the rally earned?

1 year3 years

+17%share price, 1 yearLower P/E held it back

Mostly yes, with a catch.

Per-share earnings added 42 points, but investors now pay less per rupee of profit (P/E 26.5x to 21.1x), which took 24 points back.
The share count barely moved.

Net profit growth+42 ptsNet profit rose about 48%, which lifts the price.

P/E change-24 ptsThe P/E fell from 26.5x to 21.1x, which lowers the price.

Share count change-1 ptsShare count was little changed. More shares would count against the price.

+129%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

Per-share earnings added 228 points, but investors now pay less per rupee of profit (P/E 40.0x to 21.1x), which took 99 points back.
The share count barely moved.

Net profit growth+227 ptsNet profit rose about 329%, which lifts the price.

P/E change-99 ptsThe P/E fell from 40.0x to 21.1x, which lowers the price.

Share count change+2 ptsShare count was little changed. More shares would count against the price.

What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with SUN PHARMACEUTICAL INDUSTRIES

Is it expensive against its own past and its peers?

21.1xP/E todayNear its historic low

Against its own history19th percentileMedian 37.0x; usual range 19.0x to 68.0x since 2022-11.

Against Health Technology21.1x vs 35.4xBelow the Health Technology median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianHealth Technology median

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P/B (this company)10th to 90th percentile of its own historyIts medianHealth Technology median

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P/S (this company)10th to 90th percentile of its own historyIts medianHealth Technology median

How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dashed line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Health Technology is valued

What is the price implying?

~26%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 47.8x, a holder earning 12%/yr needs earnings to grow about 25.8%/yr for 10 years, then trade at 15x.

Delivered15.8%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg

Gap+10.0 ptsimplied minus delivered

Rank306thmost demanding of 843

Over time

Implied growth by month (solid) and delivered growth (dashed).

Change the assumptions

Exit P/E / return	11%	12%	13%
12x	27.5%	28.6%	29.8%
15x	24.7%	25.8%	26.9%
20x	21.1%	22.2%	23.3%

Required return 12.0% Years 10 Exit P/E 15x Implied: 25.8%/yr

“Implied growth” is what the current price would require under our stated assumptions, not what we expect. How this is calculated and the market-wide lists.

What prices imply across Health Technology The market-wide Expectations lists

What changed?

Oct '26Volume reached 7.1x its 50-day median on 2026-10-01; price -4.5% that day.
Sep '26Moved into the 2nd quartile of Health Technology on operating margin (from the 3rd quartile).
Sep '26Volume reached 41.6x its 50-day median on 2026-09-29; price +17.9% that day.
Jun '26Moved into the top quartile of Health Technology on ROCE (from the 2nd quartile).
Jun '26Started paying a dividend (payout 12% of profit).
May '26Volume reached 14.6x its 50-day median on 2026-05-25; price +10.5% that day.
Mar '26Fell 62% from the Sep 2024 peak to the Mar 2026 low.
Sep '25P/E fell below the 10th percentile of its own history to date (26.0x).

Show 17 earlier events

Jun '25Moved into the 2nd quartile of Health Technology on ROCE (from the 3rd quartile).
May '25Volume reached 10.1x its 50-day median on 2025-05-20; price +4.3% that day.
Dec '24Moved into the top quartile of Health Technology on EPS growth (from the 2nd quartile).
Aug '24Regained the 2024-01 peak, 5 months after the low.
Aug '24Volume reached 16.1x its 50-day median on 2024-08-21; price +17.1% that day.
Jun '24Year-on-year EPS growth turned positive.
Mar '24Fell 38% from the Jan 2024 peak to the Mar 2024 low.
Jan '24Volume reached 7.1x its 50-day median on 2024-01-08; price +13.4% that day.
Dec '23Volume reached 18.3x its 50-day median on 2023-12-27; price +7.1% that day.
Nov '23Regained the 2022-12 peak, 8 months after the low.
Nov '23Share count is up 9.3% over 12 months.
Aug '23Volume reached 14.3x its 50-day median on 2023-08-04; price +15.6% that day.
Jun '23Dividend payout cut from 13% to 0% of profit.
May '23Volume reached 6.0x its 50-day median on 2023-05-12; price +8.9% that day.
Mar '23Fell 49% from the Dec 2022 peak to the Mar 2023 low.
Jan '23Volume reached 13.3x its 50-day median on 2023-01-04; price +5.8% that day.
Dec '22Volume reached 38.2x its 50-day median on 2022-12-26; price +1.5% that day.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Are profits backed by cash?

3 of 7 checks are within range, 4 near a threshold.
Tap a check to see how it is measured.

Other income reliance30%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 30.1%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate25%Within range

Median quarterly effective tax rate over about 2.5 years: 25.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.50xNear threshold

Operating cash flow divided by net profit over the last three fiscal years: 0.50x (cash from operations ₹75 cr, net profit ₹150 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow3 of 5 yrsNear threshold

Fiscal years with positive free cash flow in the last 5: 3. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history-41 daysWithin range

Debtor days are below the median of the previous three fiscal years by 41 days (83 vs 124). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress0% of fixed assetsWithin range

Capital work-in-progress is 0% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+40 days / 2 yrsNear threshold

Days payable changed by +40 over two years. Bands: rise of up to 30 days; more than 30 days.

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 2 years, institutional and promoter holdings were broadly unchanged.
The number of shareholders rose from 2.9 lakh to 4.2 lakh (+46%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change

Promoters50.6%50.6%0.0 pts

FIIs0.0%0.3%+0.3 pts

DIIs———

Public and others49.4%49.1%-0.4 pts

Number of shareholders

4.2 lakhshareholders+46% since Dec '23

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

How rough has the ride been?

Maximum drawdown-61.5%not yet recovered

1-year volatility47.9%annualised

Beta vs sector index1.233-year daily, correlation 0.35

Volume spikes18last 90 sessions, 5x the 50-day median

Monthly share price

Last 90 trading days

Drawdown from peak

Largest drawdowns

-61.5% (2024-09 peak to 2026-03 low, not yet recovered)

-49.2% (2022-12 peak to 2023-03 low, recovered 2023-11)

-37.7% (2024-01 peak to 2024-03 low, recovered 2024-08)

Most recent volume spikes

2026-10-07: 5.2x the 50-day median, price +7.4% that day

2026-10-01: 7.1x the 50-day median, price -4.5% that day

2026-09-30: 16.3x the 50-day median, price -4.2% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Where does it rank among Health Technology peers?

Each cell is the company's percentile rank among its Health Technology peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

ROCE

Op. margin

Revenue growth

EPS growth

Debt/equity ↓

Cash cycle ↓

P/E ↓

12M momentum

Nov '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Oct '26

Lower rank Higher rank

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Health Technology sector page Watch it move against Health Technology in the Observatory

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

Company	Sector	Similarity	Closest on
MONARCH NETWORTH CAPITAL (MONARCH)	Finance	68%	revenue growth, EPS growth
SAHANA SYSTEM (SAHANA)	Technology Services	66%	volatility, EPS growth
GOLDIAM INTERNATIONAL (GOLDIAM)	Consumer Durables	63%	P/E, ROCE
ARROW GREENTECH (ARROWGREEN)	Process Industries	60%	revenue growth, EPS growth
EMUDHRA (EMUDHRA)	Technology Services	59%	revenue growth, revenue
ACCENT MICROCELL (ACCENTMIC)	Health Technology	63%	ROCE, debt/equity
SUPRIYA LIFESCIENCE (SUPRIYA)	Health Technology	45%	ROCE, debt/equity
LAXMI DENTAL (LAXMIDENTL)	Health Technology	43%	operating margin, revenue

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What happened next to similar setups

+4.6%typical 12-month return vs the marketNot meaningfully different from the base rate

We found 50 past situations where a non-financial company looked like SYNCOM FORMULATIONS (INDIA) LT today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −28% to +46% vs the market, against −2% for all non-financial companies in the same months.
The gap against the base rate (+6.6%, 80% range −11.7% to +10.6%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 6 beyond the range shown, drawn at the edge

Similar setups' median

+4.6%

All companies' median

−2.0%

Beat the market

52% vs 48%

50 past situations · 50 companies · 36 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
MPSLTD Consumer Services	Dec 2022	15x	31%	+34%	−18%	+67%
SASKEN Technology Services	Apr 2021	18x	19%	+128%	−8%	−28%
DHANUKA Process Industries	Jul 2024	33x	27%	+129%	−3%	+17%
STYLAMIND Non-Energy Minerals	Jan 2025	25x	34%	+19%	−27%	+7%
RITES Commercial Services	Jul 2023	21x	30%	+77%	−7%	+4%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
ADOR Producer Manufacturing	Jun 2023	33x	20%	+65%	−11%	−12%
AVTNPL Consumer Non-Durables	Nov 2022	23x	27%	+45%	−18%	−28%
CONTROLPR Electronic Technology	Jan 2024	31x	23%	+124%	−5%	−38%

How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: P/S, P/E and drawdown from 12-month high. Not used (unavailable for this company): interest cover. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to SYNCOM FORMULATIONS (INDIA) LT. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-10-30. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 97,430 company-months from 2000 companies; financial: 5,632 company-months from 106 companies. 2240 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Monthly history (48 months)

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-10	21.1x	₹498 cr	20.7%	25.0%	0.0x
2026-09	27.6x	₹498 cr	20.7%	25.0%	0.0x
2026-08	23.8x	₹489 cr	18.6%	25.0%	0.0x
2026-07	16.0x	₹489 cr	18.6%	25.0%	0.0x
2026-06	17.4x	₹489 cr	18.6%	25.0%	0.0x
2026-05	20.3x	₹503 cr	20.5%	19.0%	0.0x
2026-04	18.6x	₹503 cr	20.5%	19.0%	0.0x
2026-03	13.9x	₹503 cr	20.5%	19.0%	0.0x
2026-02	18.8x	₹516 cr	18.7%	19.0%	0.0x
2026-01	19.1x	₹516 cr	18.7%	19.0%	0.0x
2025-12	21.0x	₹516 cr	18.7%	19.0%	0.0x
2025-11	25.2x	₹496 cr	17.0%	19.0%	0.0x
2025-10	26.5x	₹496 cr	17.0%	19.0%	0.0x
2025-09	26.0x	₹496 cr	17.0%	19.0%	0.0x
2025-08	31.6x	₹466 cr	14.6%	19.0%	0.0x
2025-07	34.3x	₹466 cr	14.6%	19.0%	0.0x
2025-06	36.3x	₹466 cr	14.6%	19.0%	0.0x
2025-05	52.6x	₹392 cr	13.5%	11.0%	0.3x
2025-04	38.9x	₹392 cr	13.5%	11.0%	0.3x
2025-03	39.2x	₹392 cr	13.5%	11.0%	0.3x
2025-02	43.8x	₹329 cr	11.5%	11.0%	0.3x
2025-01	52.1x	₹329 cr	11.5%	11.0%	0.3x
2024-12	57.1x	₹329 cr	11.5%	11.0%	0.3x
2024-11	67.0x	₹291 cr	10.1%	11.0%	0.3x
2024-10	67.3x	₹291 cr	10.1%	11.0%	0.3x
2024-09	72.7x	₹291 cr	10.1%	11.0%	0.3x
2024-08	76.4x	₹264 cr	8.7%	11.0%	0.3x
2024-07	58.2x	₹264 cr	8.7%	11.0%	0.3x
2024-06	46.2x	₹264 cr	8.7%	11.0%	0.3x
2024-05	56.9x	₹222 cr	7.8%	10.0%	0.3x
2024-04	65.0x	₹222 cr	7.8%	10.0%	0.3x
2024-03	53.1x	₹222 cr	7.8%	10.0%	0.3x
2024-02	69.5x	₹222 cr	7.8%	10.0%	0.3x
2024-01	76.9x	₹222 cr	7.8%	10.0%	0.3x
2023-12	71.7x	₹222 cr	7.8%	10.0%	0.3x
2023-11	56.0x	₹222 cr	7.8%	10.0%	0.3x
2023-10	40.0x	₹222 cr	7.8%	10.0%	0.3x
2023-09	40.0x	₹222 cr	7.8%	10.0%	0.3x
2023-08	41.0x	₹222 cr	7.8%	10.0%	0.3x
2023-07	37.6x	₹222 cr	7.8%	10.0%	0.3x
2023-06	36.0x	₹222 cr	7.8%	10.0%	0.3x
2023-05	29.8x	₹216 cr	9.0%	—	0.3x
2023-04	26.5x	₹216 cr	9.0%	—	0.3x
2023-03	25.7x	₹216 cr	9.0%	—	0.3x
2023-02	27.0x	₹216 cr	9.0%	—	0.3x
2023-01	33.9x	₹216 cr	9.0%	—	0.3x
2022-12	38.5x	₹216 cr	9.0%	—	0.3x
2022-11	33.9x	₹216 cr	9.0%	—	0.3x

Methodology and data notes