Indegene Ltd logo

Indegene Ltd

INDGN NSE

Incorporated in 1998, Indegene Ltd provides solutions consisting of analytics, technology and commercial, medical, regulatory and safety services to life science and health care organizations[1]

AI Verdict: HOLD Confidence: 5%

Indegene Ltd trades at a PE of 32.5x with strong 5-year sales CAGR of 29% but faces margin pressure with TTM profit growth at 0% despite 24% revenue growth. The stock is almost debt-free and enjoys 67% buy ratings from analysts, but deteriorating working capital and declining ROE from 21% (5-year) to 14% (last year) warrant caution at current valuations.

Key Fundamentals

MicrocapHealthcare TechnologyHealthcare
Market Cap
₹12,587 Cr
Volatility
Moderate
P/E Ratio
31.04
EBITDA
₹599 Cr
Return on Equity
23.56%
Debt to Equity
0.15
Book Value
₹130.29
EPS
₹14.81
52W High
₹596.8
52W Low
₹414

Technical Indicators

Key Insights

Strengths

1
  • Company is almost debt free.

Weaknesses

1
  • Working capital days have increased from 61.8 days to 120 days

Growth Rate

Revenue Growth
19.14% ↗
Net Income Growth
-14.26% ↗
Cash Flow Change
-12.96% ↘
ROE
-34.00% ↘
ROCE
-22.58% ↘
EBITDA Margin (Avg.)
-23.24% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 1d ago
HOLD
Risk medium

Indegene Ltd trades at a PE of 32.5x with strong 5-year sales CAGR of 29% but faces margin pressure with TTM profit growth at 0% despite 24% revenue growth. The stock is almost debt-free and enjoys 67% buy ratings from analysts, but deteriorating working capital and declining ROE from 21% (5-year) to 14% (last year) warrant caution at current valuations.

Bull Case 7
  • Strong 5-year compounded sales growth of 29% CAGR demonstrates consistent revenue scaling in the healthcare IT services space
  • Company is almost debt-free, providing financial flexibility and lower risk during rate tightening cycles
  • 67% of analysts rate the stock a Buy with zero Sell ratings out of 6 total coverage initiations
  • TTM revenue growth of 24% indicates continued strong top-line momentum even at Rs 13,090 Cr market cap scale
  • 3-year ROE of 19% and 5-year ROE of 21% reflect a fundamentally high-return business model in healthcare technology
  • 5-year compounded profit CAGR of 23% shows the company has historically converted revenue growth into earnings growth
  • Price-to-book of 4.15x is reasonable for a capital-light healthcare IT services company with 19-21% historical ROE
Bear Case 8
  • TTM compounded profit growth has collapsed to 0% despite 24% revenue growth, signaling severe margin compression
  • ROE has deteriorated sharply from 21% (5-year average) to 14% in the last year, a 33% decline in return on equity
  • Working capital days have nearly doubled from 61.8 days to 120 days, indicating cash conversion cycle deterioration and potential collection issues
  • PE of 32.5x is expensive for a company delivering 0% profit growth on a TTM basis
  • Stock has delivered negative 1-year CAGR of -5%, underperforming broader markets despite being in a growth sector
  • Dividend yield of only 0.37% offers minimal income protection during a period of no earnings growth
  • 33% of analysts rate the stock only a Hold, suggesting limited near-term upside conviction even among bulls
  • 3-year sales CAGR of 15% is significantly lower than 5-year CAGR of 29%, suggesting growth rate deceleration at scale

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Positives 1
  • AI-led multi-billion growth strategy May 27

    Indegene held an analyst meet May 27–29, 2026, presenting FY26 financials, AI-embedded life sciences strategy, and a client growth roadmap targeting multi-billion enterprise scale.

Neutral 2
  • No identifiable promoter in FY26 Jun 13

    Indegene disclosed it has no identifiable promoter during FY2025-26, operating as a professionally managed company under SEBI regulations.

  • Multiple investor meetings scheduled Jun 11

    Indegene scheduled meetings with Dalton Investments, Bay Capital, and Wasatch Global on June 18, 19, and 22, 2026, and separately met investors at the Investec Healthcare Roadtrip in New Jersey on June 3, 2026. No unpublished price sensitive information will be shared.

TL;DR: Indegene is actively engaging institutional investors and articulating an ambitious AI-led growth strategy targeting multi-billion scale in life sciences. No material headwinds emerged in recent news flow. The professionally managed structure (no promoter) is standard but worth monitoring for governance. The trend is constructive, with management visibility and investor outreach suggesting confidence in forward execution.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
632
608
636
673
673
676
687
720
756
761
804
942
1,003
Expenses
535
511
515
524
534
548
561
589
608
606
664
783
840
Operating Profit
97
97
121
149
139
129
126
132
148
155
141
160
164
OPM %
15%
16%
19%
22%
21%
19%
18%
18%
20%
20%
17%
17%
16%
Other Income
13
28
12
13
26
22
21
38
26
22
20
19
-10
Interest
12
13
12
12
12
12
4
3
3
4
4
5
7
Depreciation
20
20
20
18
18
20
19
20
21
22
23
40
42
PBT
79
92
101
132
134
120
124
146
149
152
133
135
105
Tax %
38%
26%
25%
25%
29%
27%
26%
25%
21%
23%
23%
24%
24%
Net Profit
49
68
75
99
95
88
92
110
118
116
102
103
80
EPS in Rs
2.2
3.08
3.38
4.45
4.26
3.67
3.83
4.58
4.9
4.85
4.25
4.28
3.31
Figures in ₹ Crores

Profit & Loss

  Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
553
643
966
1,665
2,306
2,590
2,839
3,510
Expenses
511
499
736
1,378
1,910
2,084
2,292
2,892
Operating Profit
42
144
230
287
396
505
548
619
OPM %
8%
22%
24%
17%
17%
20%
19%
18%
Other Income
7
-102
-3
-21
58
79
94
52
Interest
6
9
7
6
31
49
22
19
Depreciation
17
19
26
33
60
76
80
126
PBT
26
14
195
226
363
459
539
525
Tax %
45%
191%
23%
28%
27%
27%
25%
24%
Net Profit
14
-12
149
163
266
337
407
401
EPS in Rs
89.98
-40.2
952
938
11.99
15.14
16.95
16.65
Div. Payout %
0%
0%
0%
0%
0%
0%
12%
13%
Figures in ₹ Crores

Balance Sheet

  Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
0.31
0.31
0.31
0.35
44
44
48
48
Reserves
73
-105
324
764
1,019
1,385
2,568
3,091
Borrowings
147
483
51
66
503
490
102
144
Other Liabilities
108
222
220
524
638
627
609
1,337
Total Liabilities
329
600
596
1,353
2,204
2,546
3,326
4,620
Fixed Assets
104
119
86
138
664
646
678
1,812
CWIP
0
0
0
0
0
0
4
12
Investments
0
13
0
120
614
796
1,290
1,100
Other Assets
225
468
510
1,096
926
1,103
1,355
1,697
Total Assets
329
600
596
1,353
2,204
2,546
3,326
4,620
Figures in ₹ Crores

Cash Flow

  Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
65
22
172
297
130
508
442
651
Investing
-18
-16
-81
-158
-896
-326
-677
-512
Financing
-21
136
-132
233
333
-66
288
-83
Net Cash Flow
25
143
-40
373
-433
115
52
56
Free Cash Flow
48
16
151
272
111
497
412
606
CFO/OP
196
34
96
128
60
125
110
129
Figures in ₹ Crores

Ratios

  Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
60
127
108
97
102
91
97
80
Cash Conversion Cycle
60
127
108
97
102
91
97
80
Working Capital Days
-7
-5
45
11
41
27
39
120
ROCE %
—
37%
55%
46%
33%
29%
25%
19%

Shareholding Pattern

As of Mar 2026
Others 68.87%
Public 12.57%
FIIs 10.27%
DIIs 8.30%
Total 100.01%
  Dec 2022Mar 2024Apr 2024May 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
FIIs
0.00%
3.56%
0.00%
0.00%
3.79%
4.82%
5.03%
5.24%
10.05%
11.30%
11.48%
10.27%
DIIs
0.00%
5.33%
0.00%
0.00%
3.84%
3.17%
3.98%
4.96%
7.20%
6.96%
8.07%
8.30%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
0.00%
11.38%
0.00%
0.00%
24.67%
24.32%
26.41%
11.34%
13.51%
13.28%
12.45%
12.57%
Others
100.00%
79.73%
100.00%
100.00%
67.70%
67.69%
64.58%
78.45%
69.24%
68.46%
68.00%
68.87%
No. of Shareholders
44
4,43,785
82
82
2,03,599
1,51,440
1,53,789
1,44,708
1,51,997
1,51,809
1,47,182
1,42,119

Documents

Frequently Asked Questions about Indegene Ltd

What does Indegene Ltd do?
Incorporated in 1998, Indegene Ltd provides solutions consisting of analytics, technology and commercial, medical, regulatory and safety services to life science and health care organizations[1]
Where is Indegene Ltd (INDGN) listed?
Indegene Ltd is listed on the Indian stock exchanges. It is listed on NSE: INDGN and BSE: 544172. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Indegene Ltd belong to?
Indegene Ltd operates in the Healthcare sector within the Healthcare Services industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Indegene Ltd?
Indegene Ltd has a market capitalisation of approximately ₹12587.03 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Indegene Ltd?
The Price-to-Earnings (PE) ratio of Indegene Ltd is 31.04. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Indegene Ltd?
Over the past 52 weeks, Indegene Ltd has traded between a low of ₹414 and a high of ₹596.8. This range helps investors understand the stock's price volatility and recent trading levels.
Does Indegene Ltd pay dividends?
Yes, Indegene Ltd has a dividend yield of 0.38%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Indegene Ltd?
Indegene Ltd has a Return on Equity (ROE) of 23.56%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Indegene Ltd on Tapetide?
On Tapetide, you can view Indegene Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Incorporated in 1998, Indegene Ltd provides solutions consisting of analytics, technology and commercial, medical, regulatory and safety services to life science and health care organizations[1]

Website indegene.com
CEO Mr. Manish Gupta
Employees 4,158
Listed 2024-05-13
Face Value ₹ 2
Issued Size 24,03,17,117

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