Syncom Formulations is a generic-pharmaceutical manufacturer that has turned a single plant in central India into an export engine shipping medicines to more than 25 countries - it started in 1988 as a small domestic player and grew by betting on the same idea again and again: own the factory, make the medicine yourself, and sell it where the demand is. The recurring approach is vertical integration - converting raw active ingredients into finished tablets, capsules and injectables under its own roof - which the company calls its critical differentiator for winning international supply contracts and launching products that competitors who outsource manufacturing cannot easily match.
Business segments
Two engines, one factory - a pharmaceutical manufacturing business that exports most of what it makes, and a small merchant-trading sidecar that deals in the same raw materials and intermediates the main business consumes.
1. Pharmaceutical drugs and formulations: the factory that exports to the world
A single WHO-GMP-certified plant in Pithampur makes tablets, capsules, injectables, ointments and liquids - and nearly seven out of every ten rupees of sales come from outside India.
- One plant, many forms - the manufacturing hub in Pithampur, Madhya Pradesh, produces tablets, capsules, injectables (dry powder, liquid ampules and liquid vials), sprays, ointments, creams and liquids, covering both acute and chronic conditions. The plant runs on a Zero Liquid Discharge system with water recycling, rainwater harvesting and a recently installed 435 KWp solar rooftop that generates about 5.65 lakh units a year for captive consumption.
- Capacity built ahead of demand - as of December 2020 the plant could make 38,000 lakh tablets and capsules, 180 metric tonnes of ointment and dry powder, 5.5 lakh litres of liquid orals and 200 lakh injections per year. A modernisation project completed in August 2023 added a dry injection line, a liquid ampule line, a liquid vial line and an effervescent tablet block, lifting injectable capacity from 200 lakh to 300 lakh units annually.
- Exports are the main event - the company sells in more than 25 countries, with Africa as the historical anchor market, and exports accounted for 69.1% of standalone sales in FY24. The international business grows by securing product registrations in new geographies and supplying global generic companies under long-term contracts - a model that rewards having your own factory rather than relying on third-party manufacturers.
- Domestic shift from commission to control - the company’s domestic retail business was previously run by third parties who manufactured and marketed products under the Syncom brand, with Syncom earning a commission; the company has decided to commence manufacturing and marketing those products itself, effective tentatively 1st September 2024, to capture more volume and deepen its presence in semi-urban and rural India.
- Newer plays in nutrition and critical care - the portfolio has expanded beyond plain generics into nutraceuticals, veterinary products and a dedicated critical-care division called ICURA, launched in July 2024 with injectable products like Fungilock and Aminocrat. A direct-to-consumer website, cratuscart.com, went live in September 2024 to sell the nutritional line online.
2. Trading of commodities: dealing in the inputs the factory needs
A merchant-trading desk that buys and sells pharmaceutical raw materials, active ingredients and other goods - often with related parties - and operates as a separate segment alongside the manufacturing core.
- Sidecar to the main engine - the trading business deals in products, goods, raw materials and active pharmaceutical ingredients, essentially the same inputs that flow into the company’s own formulation plant. It is classified under NIC Code 46207, the wholesale-trade category, and contributed 10.67% of total turnover in FY23.
- Related-party relationships - transactions in this segment involve Synmex Pharma, Vincit International and Suvir Industries, entities connected to the promoter family: the first two are partnership firms where the then Whole-time Director and CFO were partners, and the third is a proprietorship of the Managing Director’s son.
Group structure and partners
A family-promoted, debt-free generics house with three wholly owned subsidiaries - all incorporated on the same day in 2022 - and a leadership team drawn entirely from the founding family’s next generation.
- The Bankda family held 44.01% of the equity as of FY21, with founder Kedarmal Shankarlal Bankda (over 45 years in pharmaceuticals) serving as Whole-time Director and his son Vijay Shankarlal Bankda (over 39 years) as Managing Director.
- In August 2025, leadership passed to the third generation: Ankit Kedarmal Bankda moved from CFO to Executive Chairman and Whole-time Director, while Rahul Vijay Bankda became CFO - both are post-graduates in commerce and members of the promoter group.
- Three wholly owned subsidiaries - Synmex Pharma Private Limited, Vincit Biotech International Private Limited and Sante Biotech Private Limited - were incorporated on 1 August 2022; the company has no holding, associate or joint-venture entities.
- The company describes itself as debt-free, with borrowings limited to loans against the lien on fixed-deposit receipts, and employs more than 1,000 people.