Indegene Ltd logo

Indegene Ltd

INDGN NSE

Key Fundamentals

MicrocapHealthcare TechnologyHealthcare
Market Cap
₹13,492 Cr
Volatility
Moderate
P/E Ratio
34.08
EBITDA
₹691 Cr
Return on Equity
12.78%
Debt to Equity
0.05
Book Value
₹130.27
EPS
₹14.81
52W High
₹596.8
52W Low
₹414

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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38 extracted metrics + investor summaries across FY19–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

2
  • Company is almost debt free.
  • Company is expected to give good quarter

Growth Rate

Revenue Growth
21.58% ↗
Net Income Growth
-1.38% ↘
Cash Flow Change
47.27% ↗
ROE
-17.81% ↘
ROCE
-24.25% ↘
EBITDA Margin (Avg.)
-11.39% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 6d ago
AI opinion · based on fundamentals
Risk medium

Indegene Ltd is a debt-free, niche healthcare IT services company with a market cap of ~₹13,955 Cr trading at a PE of 34.2x. FY26 revenue grew 23.6% YoY to ₹3,511 Cr crossing the ₹3,500 Cr milestone, but reported PAT declined 1.4% to ₹401 Cr due to one-time costs, while adjusted PAT grew 12.7% YoY. The company serves 20 of the top 20 global pharma companies but faces margin pressure and high valuation relative to near-term earnings growth.

Bull Case 8
  • FY26 revenue grew 23.6% YoY to ₹35,105 million (₹3,511 Cr), crossing the ₹3,500 Cr annual and ₹1,000 Cr quarterly milestone in Q4
  • Company is almost debt-free, providing financial flexibility and low interest cost burden in a rising rate environment
  • 5-year compounded sales CAGR of 29% demonstrates sustained top-line momentum over a long period
  • Revenue per employee crossed $70K annualized in Q3 FY26 — described as highest in the industry — reflecting AI and technology-driven productivity gains
  • Serves 20 of the top 20 and 80 of the top 100 global life sciences companies, providing revenue diversification and sticky client relationships
  • FY26 adjusted EBITDA rose 20.8% YoY to ₹6,793 million, showing underlying operating leverage when one-time items are excluded
  • 3-year ROE average of 19% and 5-year ROE average of 21% indicate consistently strong return on shareholder capital
  • Differentiated workforce with 27%+ comprising doctors, PhDs, and regulatory specialists creates a difficult-to-replicate moat against generic IT services competitors
Bear Case 8
  • Q4 FY26 reported PAT plummeted 32.3% YoY to ₹79.7 Cr from ₹117 Cr, and full-year reported PAT declined 1.4% despite 23.6% revenue growth — indicating margin compression
  • PE of 34.2x is elevated given TTM profit declined 4% and 1-year stock CAGR is -1%, suggesting the market is pricing in growth that has not yet materialized in bottom-line
  • Last year ROE dropped to 14% from a 3-year average of 19%, indicating deteriorating capital efficiency in the most recent period
  • Top-20 pharma clients account for 64% of revenue, creating meaningful client concentration risk if any single large client reduces spending
  • Dividend yield of just 0.4% offers minimal income return to shareholders relative to the premium valuation being paid
  • The US Inflation Reduction Act allowing Medicare drug price negotiations from 2026 could compress pharma client margins and lead to reduced outsourcing budgets
  • Price-to-book of 4.36x is premium for a services business, leaving limited margin of safety if growth decelerates
  • FY25 revenue growth slowed to 9.6% YoY before re-accelerating in FY26, demonstrating potential lumpiness in growth trajectory

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2d ago
Headwinds 1
  • Major PE fund exits entire stake Aug 10

    BPC Genesis Fund I SPV Limited sold its entire 5.757% stake in Indegene via open market sale on NSE on August 6, 2026, reducing holding to zero. Large block exits can create near-term supply pressure on the stock.

Positives 2
  • IPO proceeds fully deployed Jul 30

    Indegene fully utilized its IPO proceeds and proposed a ₹2.25 per share dividend for Q1FY27, signaling capital discipline and shareholder return focus.

  • Strong ESG and emission reduction Jul 17

    Indegene achieved a 20.63% reduction in Scope 1 and 2 emissions with SBTi-validated targets, and reported 98.47% export turnover in its FY26 BRSR filing.

Neutral 2
  • Q1FY27 profit flat YoY Jul 30

    Indegene reported ₹1,162 million consolidated net profit for Q1FY27, stable year-on-year with no meaningful growth or decline.

  • Investor meetings scheduled in Mumbai Aug 12

    Indegene scheduled one-on-one investor and analyst meetings in Mumbai for July 17 and August 17, 2026, with no unpublished price-sensitive information to be disclosed.

TL;DR: Indegene is in a steady-state phase with flat Q1FY27 profits and no major growth catalysts visible in recent news. The full deployment of IPO funds and dividend initiation show capital maturity, while the BPC Genesis Fund exit represents a near-term overhang risk. The company's strong ESG credentials support long-term positioning, but investors should watch for revenue acceleration signals in coming quarters.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
608
636
673
673
676
687
720
756
761
804
942
1,003
1,063
Expenses
511
515
524
534
548
561
589
608
606
664
783
840
889
Operating Profit
97
121
149
139
129
126
132
148
155
141
160
164
174
OPM %
16%
19%
22%
21%
19%
18%
18%
20%
20%
17%
17%
16%
16%
Other Income
28
12
13
26
22
21
38
26
22
20
19
-10
29
Interest
13
12
12
12
12
4
3
3
4
4
5
7
6
Depreciation
20
20
18
18
20
19
20
21
22
23
40
42
44
PBT
92
101
132
134
120
124
146
149
152
133
135
105
153
Tax %
26%
25%
25%
29%
27%
26%
25%
21%
23%
23%
24%
24%
24%
Net Profit
68
75
99
95
88
92
110
118
116
102
103
80
116
EPS in Rs
3.08
3.38
4.45
4.26
3.67
3.83
4.58
4.9
4.85
4.25
4.28
3.31
4.82
Figures in ₹ Crores

Profit & Loss

  Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
553
643
966
1,665
2,306
2,590
2,839
3,510
3,813
Expenses
511
499
736
1,378
1,910
2,084
2,292
2,892
3,175
Operating Profit
42
144
230
287
396
505
548
619
638
OPM %
8%
22%
24%
17%
17%
20%
19%
18%
17%
Other Income
7
-102
-3
-21
58
79
94
52
59
Interest
6
9
7
6
31
49
22
19
22
Depreciation
17
19
26
33
60
76
80
126
149
PBT
26
14
195
226
363
459
539
525
526
Tax %
45%
191%
23%
28%
27%
27%
25%
24%
—
Net Profit
14
-12
149
163
266
337
407
401
401
EPS in Rs
89.98
-40.2
952
938
11.99
15.14
16.95
16.65
16.66
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
1,020
1,385
2,568
3,091
Borrowings
147
483
51
66
502
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
-508
Financing
-21
136
-132
233
333
-66
288
-83
Net Cash Flow
25
143
-40
373
-433
115
52
60
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
102
Cash Conversion Cycle
60
127
108
97
102
91
97
102
Working Capital Days
-7
-5
45
11
41
27
39
5
ROCE %
—
37%
55%
46%
33%
29%
25%
19%

Shareholding Pattern

As of Jun 2026
Others 68.86%
Public 12.49%
FIIs 9.91%
DIIs 8.74%
Total 100.00%
  Dec 2022Mar 2024Apr 2024May 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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%
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%
9.91%
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%
8.74%
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%
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%
12.49%
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%
68.86%
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
1,38,533

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 Technology 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 ₹13492.24 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 34.08. 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 0.40%. 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 12.78%. 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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