Shares of Syngene International Ltd fell as much as 8.9% to a 52-week low of Rs 376.90 after the firm posted a weak Q1 with a net loss.

The Bengaluru-based contract research and manufacturing firm swung to a consolidated net loss of Rs 9 crore for the quarter ended June 30, 2026, against a profit of Rs 86.7 crore in the same period last year.

Revenue from operations fell to Rs 736 crore, down nearly 16% from Rs 874.5 crore a year earlier and almost 29% lower than the March quarter.

Operating profit slipped to Rs 90.8 crore from Rs 206.4 crore, and margins nearly halved to 12.3% from 23.6%.

Two factors weighed on the numbers. Orders from one of Syngene’s large biologics clients slowed sharply, cutting into volumes.

The company also took a hit from its foreign exchange hedges, and booked Rs 13.5 crore as a one-off cost towards employee termination benefits during the quarter.

Looking ahead, management said the first half of FY27 is likely to stay soft, with revenue expected to shrink further before conditions improve in the second half.

Syngene has now guided for a low single digit revenue decline in constant currency terms for the full year, a step down from the flat growth it had projected back in March.

It has, however, held on to its earlier operating margin target of the mid-20% range. The quarter also brought a change at the top.

Siddharth Mittal took charge as Managing Director and CEO from July 1, taking over from Peter Bains, while Kiran Mazumdar-Shaw moved into the role of Executive Chairperson.

On the board, independent director Kush Parmar stepped down, with Vijaya Chandru and Arun Chandavarkar named in his place.

By 10:05 am on Thursday, the stock had pared some of its losses and was trading at Rs 381.75 on the BSE, down 7.71% from Wednesday’s close of Rs 413.65, a session in which it had ended 1.1% higher.

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