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Syschem (India) Ltd

SYSCHEM

BSE

₹35.12+1.01%19 Oct 2026

Reports

Pharma API

Syschem (India) Ltd

SYSCHEM

BSE

₹35.12

+1.01%

19 Oct 2026

SOICxStockScans Reports

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Pharma API

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.

Syschem (India) Ltd is an Indian manufacturer of antibiotic ingredients - the chemical building blocks that other pharmaceutical companies turn into finished medicines like capsules and syrups. The company began life in 1993 as a pesticide maker called Anil Pesticides Limited, pivoted to pharmaceuticals in 2001, and after years of financial strain and contract manufacturing, was recapitalised in mid-2022 when a group of six experienced promoters took control and cleared its debts. Everything the company does today flows from a single integrated factory in Haryana, where it makes a focused range of penicillin-based antibiotics, sells them directly to formulators and traders across India and a dozen export markets, and reinvests in capacity and quality certifications to climb the value chain.

Business segments

A single-engine pharmaceutical manufacturer - one integrated facility producing seven-plus antibiotic APIs and intermediates for domestic and export markets, with a small solvents by-product stream.

1. Antibiotic API manufacturing: the company's sole engine

Syschem makes the active chemical ingredients for common penicillin-class antibiotics at one factory, then sells those ingredients in bulk to other drug companies that turn them into finished medicines.

Seven-plus antibiotic molecules, one chemical family - the portfolio covers Amoxicillin Trihydrate, Ampicillin Trihydrate, Cloxacillin Sodium, Dicloxacillin Sodium, Flucloxacillin Sodium (made only for export), Cephalexin, and Cefadroxil, all produced via the same chemical-route manufacturing process at the Bargodam site.
A single integrated plant with growing capacity - the 6-plus-acre facility in Panchkula, Haryana, had an installed capacity of roughly 4,200 tonnes per annum as of early 2026, up from just 720 tonnes before a board-approved expansion in mid-2023. Two new production units - named Ganga and SARU - began commercial output in January 2026, adding dedicated lines for Cloxacillin, Dicloxacillin, Flucloxacillin, and Amoxicillin.
Sold to formulators, not patients - the company operates business-to-business, supplying pharmaceutical formulators and traders who convert its APIs into finished dosage forms (tablets, capsules, injectables) for human use. Amoxicillin and its preparations have historically dominated, contributing 74% of turnover in FY22 and 96% by FY20.
Lean manufacturing as the margin defence - management runs lean production practices to protect margins against both volatile raw-material prices and price competition from rivals, a discipline it describes as providing a cushion when input costs rise.
A location that puts customers next door - the plant sits near Baddi, a pharmaceutical manufacturing hub with over 720 formulation units, giving Syschem a ready local market for its output.

2. Solvents recovery: a by-product stream from the main process

The company distils and sells specialist solvents that are used in its own manufacturing and then recovered - a small, internally-fed revenue line rather than a standalone business.

Four solvents from in-house distillation - methonel, acetonitrile, ethyl acetate, and THF (tetrahydrofuran) are distilled at the Bargodam facility, either for reuse in production or for external sale.
A modest contributor to the mix - in FY22, mixed solvents and a related compound together accounted for about 15% of total turnover, making this a secondary output stream that rides on the main API operation.

Group structure and partners

Syschem is a standalone listed company with no subsidiaries, and the majority of its raw-material purchasing and finished-goods sales flows through a partnership firm controlled by its own promoters.

No subsidiaries or joint ventures - the company operates as a single entity with its factory and registered office in Bargodam, Panchkula, and a head office in Chandigarh.
Pharmacare International is the dominant counterparty - most purchases of raw materials and sales of finished products are executed with Pharmacare International, a partnership whose partners include promoters Bhavesh Virendra Shah and Bimal Virendra Shah. Shareholders have approved annual transactions of up to Rs 1,000 crore with this entity, and Syschem has also provided a Rs 50 crore corporate guarantee to HDFC Bank on Pharmacare's behalf, secured against the company's plant and machinery.
Additional promoter-linked trading entities - the company also buys from, sells to, and does job work for JBK Khokhani & Co and Indosol Export, both partnership concerns where promoters hold significant stakes, with annual shareholder approvals of Rs 100 crore each.
Promoters hold just over 60% - as of March 2026, the promoter and promoter group owned 60.86% of the company, a stake built up through the 2022 change-of-control preferential allotment, an open offer, and a warrant conversion in early 2025.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Mkt Cap

Market Capitalization

₹188Cr

Close Price

₹35.12

Industry

Pharma API

Price To Earnings

23.57

Price To Sales

0.33

Revenue

₹574Cr

Rev Gr TTM

Revenue Growth TTM

62.29%

PAT Gr TTM

PAT Growth TTM

208.54%

Upcoming Results on

26 Oct 2026

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	37	44	75	88	48	78	119	109	104	142	219	109
Growth YoY Revenue Growth YoY%	85.4	48.2	52.8	103.1	28.1	77.8	59.1	24.9	118.0	82.0	84.5	-0.1
Expenses ExpensesCr	35	43	73	87	47	77	117	107	100	136	210	109
Operating Profit Operating ProfitCr	2	1	2	1	0	1	2	2	3	6	9	1
OPM OPM%	5.0	2.5	2.2	0.9	0.1	1.5	1.6	2.3	3.2	4.2	4.3	0.5
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	2	0
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	2	2
PBT PBTCr	1	0	1	0	-1	1	1	2	3	5	6	-1
Tax TaxCr	0	0	1	0	0	0	1	0	1	1	4	0
PAT PATCr	1	0	0	0	-1	1	0	2	2	4	2	-2
Growth YoY PAT Growth YoY%	-16.4	-88.9	-166.7	-91.7	-157.1	117.4	276.9	1,092.9	396.9	734.0	278.3	-200.0
NPM NPM%	3.0	0.5	-0.3	0.2	-1.4	0.6	0.4	1.5	1.8	3.0	0.8	-1.5
EPS EPS₹	0.3	0.1	-0.1	0.0	-0.2	0.1	0.1	0.4	0.4	1.0	0.4	-0.3

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	37	44	75	88	48	78	119	109	104	142	219	109
Growth YoY Revenue Growth YoY%	85.4	48.2	52.8	103.1	28.1	77.8	59.1	24.9	118.0	82.0	84.5	-0.1
Expenses ExpensesCr	35	43	73	87	47	77	117	107	100	136	210	109
Operating Profit Operating ProfitCr	2	1	2	1	0	1	2	2	3	6	9	1
OPM OPM%	5.0	2.5	2.2	0.9	0.1	1.5	1.6	2.3	3.2	4.2	4.3	0.5
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	2	0
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	2	2
PBT PBTCr	1	0	1	0	-1	1	1	2	3	5	6	-1
Tax TaxCr	0	0	1	0	0	0	1	0	1	1	4	0
PAT PATCr	1	0	0	0	-1	1	0	2	2	4	2	-2
Growth YoY PAT Growth YoY%	-16.4	-88.9	-166.7	-91.7	-157.1	117.4	276.9	1,092.9	396.9	734.0	278.3	-200.0
NPM NPM%	3.0	0.5	-0.3	0.2	-1.4	0.6	0.4	1.5	1.8	3.0	0.8	-1.5
EPS EPS₹	0.3	0.1	-0.1	0.0	-0.2	0.1	0.1	0.4	0.4	1.0	0.4	-0.3

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	4	13	67	93	77	74	66	130	233	386	655	574
Growth Revenue Growth%	-67.9	244.0	430.7	40.0	-17.4	-3.3	-11.8	98.7	79.1	65.4	69.5	62.3
Expenses ExpensesCr	5	13	63	90	77	80	65	122	226	382	634	554
Operating Profit Operating ProfitCr	-1	0	3	4	0	-5	1	9	7	4	21	19
OPM OPM%	-24.3	-0.4	4.5	3.8	-0.2	-6.9	0.9	6.6	3.0	1.0	3.2	3.3
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	2	3
Depreciation DepreciationCr	2	2	2	2	2	2	3	3	3	3	4	5
PBT PBTCr	-3	-2	1	2	-2	-7	-2	6	4	1	15	12
Tax TaxCr	-1	-1	0	1	0	-2	0	2	1	1	4	6
PAT PATCr	-2	-1	0	1	-2	-6	-2	5	3	0	11	6
Growth PAT Growth%	42.2	33.6	122.7	123.1	-346.3	-200.4	69.3	364.4	-38.8	-83.3	2,275.3	208.5
NPM NPM%	-61.4	-11.9	0.5	0.8	-2.4	-7.5	-2.6	3.5	1.2	0.1	1.7	1.1
EPS EPS₹	-1.3	-0.1	0.2	0.4	-0.9	-2.4	-0.7	1.3	0.8	0.1	2.5	1.5

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	4	13	67	93	77	74	66	130	233	386	655	574
Growth Revenue Growth%	-67.9	244.0	430.7	40.0	-17.4	-3.3	-11.8	98.7	79.1	65.4	69.5	62.3
Expenses ExpensesCr	5	13	63	90	77	80	65	122	226	382	634	554
Operating Profit Operating ProfitCr	-1	0	3	4	0	-5	1	9	7	4	21	19
OPM OPM%	-24.3	-0.4	4.5	3.8	-0.2	-6.9	0.9	6.6	3.0	1.0	3.2	3.3
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	2	3
Depreciation DepreciationCr	2	2	2	2	2	2	3	3	3	3	4	5
PBT PBTCr	-3	-2	1	2	-2	-7	-2	6	4	1	15	12
Tax TaxCr	-1	-1	0	1	0	-2	0	2	1	1	4	6
PAT PATCr	-2	-1	0	1	-2	-6	-2	5	3	0	11	6
Growth PAT Growth%	42.2	33.6	122.7	123.1	-346.3	-200.4	69.3	364.4	-38.8	-83.3	2,275.3	208.5
NPM NPM%	-61.4	-11.9	0.5	0.8	-2.4	-7.5	-2.6	3.5	1.2	0.1	1.7	1.1
EPS EPS₹	-1.3	-0.1	0.2	0.4	-0.9	-2.4	-0.7	1.3	0.8	0.1	2.5	1.5

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	16	16	16	19	19	22	23	32	40	44	49
Reserves ReservesCr	-8	-9	-9	-8	-10	-16	-17	-10	17	48	73
Current Liabilities Current LiabilitiesCr	18	22	34	37	39	41	26	43	97	124	163
Non Current Liabilities Non Current LiabilitiesCr	20	15	14	13	14	29	27	27	10	2	6
Total Liabilities Total LiabilitiesCr	47	44	58	62	62	77	60	93	164	217	292
Current Assets Current AssetsCr	13	11	26	32	31	42	24	59	126	161	219
Non Current Assets Non Current AssetsCr	35	33	32	30	31	35	36	34	38	56	73
Total Assets Total AssetsCr	47	44	58	62	62	77	60	93	164	217	292

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	16	16	16	19	19	22	23	32	40	44	49
Reserves ReservesCr	-8	-9	-9	-8	-10	-16	-17	-10	17	48	73
Current Liabilities Current LiabilitiesCr	18	22	34	37	39	41	26	43	97	124	163
Non Current Liabilities Non Current LiabilitiesCr	20	15	14	13	14	29	27	27	10	2	6
Total Liabilities Total LiabilitiesCr	47	44	58	62	62	77	60	93	164	217	292
Current Assets Current AssetsCr	13	11	26	32	31	42	24	59	126	161	219
Non Current Assets Non Current AssetsCr	35	33	32	30	31	35	36	34	38	56	73
Total Assets Total AssetsCr	47	44	58	62	62	77	60	93	164	217	292

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	6	0	-2	3	4	1	-8	-26	-10	8
Investing Cash Flow Investing Cash FlowCr	0	0	0	2	-4	-4	-1	-2	-6	-22	-20
Financing Cash Flow Financing Cash FlowCr	-1	-7	0	0	0	0	0	11	32	34	18
Net Cash Flow Net Cash FlowCr	0	0	0	0	0	0	0	1	0	2	6
Free Cash Flow Free Cash FlowCr	0	6	-1	-2	0	-1	-2	-10	-32	-32	-11
CFO To PAT CFO To PAT%	-21.1	-429.0	2.5	-227.0	-186.4	-66.8	-62.7	-188.2	-928.8	-2,193.8	69.5
CFO To EBITDA CFO To EBITDA%	-53.3	-12,146.5	0.3	-47.7	-2,815.9	-72.1	189.3	-98.2	-367.2	-253.5	36.0

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	6	0	-2	3	4	1	-8	-26	-10	8
Investing Cash Flow Investing Cash FlowCr	0	0	0	2	-4	-4	-1	-2	-6	-22	-20
Financing Cash Flow Financing Cash FlowCr	-1	-7	0	0	0	0	0	11	32	34	18
Net Cash Flow Net Cash FlowCr	0	0	0	0	0	0	0	1	0	2	6
Free Cash Flow Free Cash FlowCr	0	6	-1	-2	0	-1	-2	-10	-32	-32	-11
CFO To PAT CFO To PAT%	-21.1	-429.0	2.5	-227.0	-186.4	-66.8	-62.7	-188.2	-928.8	-2,193.8	69.5
CFO To EBITDA CFO To EBITDA%	-53.3	-12,146.5	0.3	-47.7	-2,815.9	-72.1	189.3	-98.2	-367.2	-253.5	36.0

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	10	16	18	17	14	16	27	153	240	159	203	188
Price To Earnings Price To Earnings			54.1	23.3				33.7	87.1	332.4	18.5	23.6
Price To Sales Price To Sales	2.8	1.3	0.3	0.2	0.2	0.2	0.4	1.2	1.0	0.4	0.3	0.3
Price To Book Price To Book	13.1	2.5	2.6	1.6	1.6	2.7	4.4	6.8	4.2	1.7	1.6	1.3
EV To EBITDA EV To EBITDA	-41.2	-675.5	12.3	8.9	-248.8	-5.8	49.8	17.8	34.3	39.4	9.2	9.3
Profitability Ratios Profitability Ratios
GPM GPM%	-11.7	7.8	9.4	8.7	7.3	10.4	20.9	24.3	21.7	18.4	18.4	18.4
OPM OPM%	-24.3	-0.4	4.5	3.8	-0.2	-6.9	0.9	6.6	3.0	1.0	3.2	3.3
NPM NPM%	-61.4	-11.9	0.5	0.8	-2.4	-7.5	-2.6	3.5	1.2	0.1	1.7	1.1
ROCE ROCE%	-8.9	-7.8	2.9	6.0	-8.6	-34.2	-24.2	25.9	7.6	1.2	13.9	13.9
ROE ROE%	-28.8	-20.4	4.8	7.0	-21.0	-92.7	-28.2	20.2	4.8	0.5	8.9	8.9
ROA ROA%	-4.7	-3.4	0.6	1.2	-3.0	-7.2	-2.9	4.9	1.7	0.2	3.8	3.8
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	10	16	18	17	14	16	27	153	240	159	203	188
Price To Earnings Price To Earnings			54.1	23.3				33.7	87.1	332.4	18.5	23.6
Price To Sales Price To Sales	2.8	1.3	0.3	0.2	0.2	0.2	0.4	1.2	1.0	0.4	0.3	0.3
Price To Book Price To Book	13.1	2.5	2.6	1.6	1.6	2.7	4.4	6.8	4.2	1.7	1.6	1.3
EV To EBITDA EV To EBITDA	-41.2	-675.5	12.3	8.9	-248.8	-5.8	49.8	17.8	34.3	39.4	9.2	9.3
Profitability Ratios Profitability Ratios
GPM GPM%	-11.7	7.8	9.4	8.7	7.3	10.4	20.9	24.3	21.7	18.4	18.4	18.4
OPM OPM%	-24.3	-0.4	4.5	3.8	-0.2	-6.9	0.9	6.6	3.0	1.0	3.2	3.3
NPM NPM%	-61.4	-11.9	0.5	0.8	-2.4	-7.5	-2.6	3.5	1.2	0.1	1.7	1.1
ROCE ROCE%	-8.9	-7.8	2.9	6.0	-8.6	-34.2	-24.2	25.9	7.6	1.2	13.9	13.9
ROE ROE%	-28.8	-20.4	4.8	7.0	-21.0	-92.7	-28.2	20.2	4.8	0.5	8.9	8.9
ROA ROA%	-4.7	-3.4	0.6	1.2	-3.0	-7.2	-2.9	4.9	1.7	0.2	3.8	3.8
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	HALEOSLABS	ASTALLTD	NECLIFE	SYSCHEM	MANGALAM	VRL	LASA
Market CapitalizationMkt CapCr	466	289	215	188	48	43	25
Close PriceClose₹	1,540.00	66.05	11.06	35.12	30.50	135.00	4.91
IndustryIndustry	Pharma API	Pharma API	Pharma API	Pharma API	Pharma API	Pharma API	Pharma API
Price To EarningsPE	29.46	19.66		23.57		7.27
Price To SalesPS	1.44	1.16	88.05	0.33	0.21	1.22	3.87
RevenueRevenueCr	324	250	2	574	232	35	6
Revenue Growth TTMRev Gr TTM%	-3.1%		-77.8%	62.3%	-22.2%	3.5%	-95.2%
PAT Growth TTMPAT Gr TTM%	-4.7%		-36.2%	208.5%	-291.9%	50.0%	50.1%

	HALEOSLABS	ASTALLTD	NECLIFE	SYSCHEM	MANGALAM	VRL	LASA
Market CapitalizationMkt CapCr	466	289	215	188	48	43	25
Close PriceClose₹	1,540.00	66.05	11.06	35.12	30.50	135.00	4.91
IndustryIndustry	Pharma API	Pharma API	Pharma API	Pharma API	Pharma API	Pharma API	Pharma API
Price To EarningsPE	29.46	19.66		23.57		7.27
Price To SalesPS	1.44	1.16	88.05	0.33	0.21	1.22	3.87
RevenueRevenueCr	324	250	2	574	232	35	6
Revenue Growth TTMRev Gr TTM%	-3.1%		-77.8%	62.3%	-22.2%	3.5%	-95.2%
PAT Growth TTMPAT Gr TTM%	-4.7%		-36.2%	208.5%	-291.9%	50.0%	50.1%

FY2026

FY2025

FY2024

FY2022

FY2021

FY2020

FY2026

Jun 26

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Mar 26

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Summary

Dec 25

Result PPT

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Summary

Sep 25