Indegene
Indegene
HealthcareKey Fundamentals
MicrocapHealthcare TechnologyHealthcareTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
2- Company is almost debt free.
- Company is expected to give good quarter
Growth Rate
AI Analysis — Bull vs Bear
Indegene Ltd is a healthcare-focused digital services company with a market capitalisation of about ₹14,721 Cr. It trades at a P/E of 36.3x and a P/B of 4.64x, with a dividend yield of 0.37%. TTM sales grew 30%, but TTM profit fell 4%, and last year's ROE of 14% is below the 3-year average of 19% and the 5-year average of 21%. The balance sheet is described as almost debt free, and the stock has returned 8% over the past year.
- Revenue growth is speeding up. TTM sales growth of 30% is about double the 3-year sales CAGR of 15%, which suggests demand for its services picked up recently.
- The long-term growth record is solid. Sales compounded at 29% and profit at 23% over 5 years, so the business has grown well across multiple years.
- The company is described as almost debt free, so with a market cap of about ₹14,721 Cr it has little interest burden and room to fund growth or acquisitions.
- Historical returns on equity are healthy. The 5-year average ROE is 21% and the 3-year average is 19%, which shows the business has earned strong returns on capital in the past.
- Profits have grown steadily over the medium term, with a 3-year profit CAGR of 16%, roughly in line with the 3-year sales CAGR of 15%. That suggests margins held up over that period.
- The company is expected to report a good quarter. If that happens, it could help reverse the -4% TTM profit trend while sales keep growing at 30%.
- It pays a dividend yield of 0.37% while still investing for growth, which shows some commitment to returning cash to shareholders.
- Profit is not keeping up with sales. TTM profit fell 4% while TTM sales grew 30%, which points to margin pressure, possibly from acquisitions, higher costs or pricing.
- Returns on equity are falling. Last year's ROE of 14% is below the 3-year average of 19% and the 5-year average of 21%. Book value implied by a P/B of 4.64x (about ₹3,172 Cr) and earnings implied by a P/E of 36.3x (about ₹406 Cr) work out to an ROE of roughly 12.8%.
- The valuation is high. A P/E of 36.3x against falling TTM profit (-4%) means the price already assumes a strong earnings recovery.
- A P/B of 4.64x paired with an ROE of about 14% means investors pay a large premium to book value for returns that are falling.
- The stock has returned only 8% over 1 year, well below the 30% TTM sales growth. The market has not fully rewarded the revenue growth, likely because profits have not followed.
- A dividend yield of 0.37% gives little income support, so returns depend almost entirely on earnings growth and the valuation holding up.
- The listed history is short. There is no 3-, 5- or 10-year stock CAGR in the data, which limits the ability to judge how the stock behaves across market cycles.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- EBITDA margins still recovering Sep 24
Axis Direct expects EBITDA margin to recover to 19-20% only by Q4 FY27, which suggests margins are currently compressed by investment-related costs. That recovery depends on operating leverage and those costs normalising.
- Pharma client budgets tightening Sep 24
Motilal Oswal notes that regulatory and affordability pressures are tightening life sciences budgets and timelines. This could slow discretionary spending even as it pushes more outsourcing.
- Weak broader market sentiment Sep 24
The stock's 17% YTD gain came despite weak overall market sentiment. A further market-wide risk-off move could cap the rerating after the run to a 52-week high.
- 52-week high on Axis Buy Sep 24
Shares rose up to 5% to a 52-week high of ₹621.90 on BSE, from a previous close of ₹593.45, after Axis Direct initiated coverage with a 'Buy' rating implying 18% upside. The stock is up 17% YTD and 32% over six months.
- Motilal upgrade, ₹708 target Sep 24
Motilal Oswal upgraded the stock to 'Buy' from 'Neutral' with a ₹708 target. It estimates revenue, EBIT and PAT CAGRs of about 19%, 29% and 27% over FY26-28 in INR terms.
- Strong FY26-29 growth estimates Sep 24
Axis Direct projects revenue, EBIT and PAT CAGRs of 25%, 26% and 26% over FY26-29E. It cites client wallet-share expansion, deal conversion, new wins and AI-led offerings as drivers.
- Outsourcing tailwinds, beyond top-20 Sep 24
Expanding drug pipelines, more clinical trial activity and new disease areas are pushing pharma to outsource non-core functions. Indegene is growing with clients beyond the top 20 across clinical, medical, regulatory, pharmacovigilance and commercial functions.
- Top-quartile efficiency, AI differentiation Sep 24
Revenue per employee is above IT services peers and nearly 3x healthcare BPO peers. Axis highlights its AI analytics offering, stable cash flows and lower operational leverage.
- Q2 results on Oct 29 Sep 30
The board meets on October 29 to review Q2 financial results. No financial metrics or other agenda items have been disclosed.
- Premji Invest one-on-one meeting Sep 8
Indegene held an in-person one-on-one investor meeting with Premji Invest in Bengaluru on September 11, disclosed under SEBI LODR regulations.
- German subsidiaries merged Sep 10
Indegene Healthcare Germany GmbH and Trilogy Writing & Consulting GmbH merged effective September 9 as an internal reorganisation. The company says there is no material impact on operations or finances.
- Eighth Digital Summit on AI Sep 23
Indegene brought together 200+ life sciences leaders at its eighth Digital Summit, focused on operationalising AI for enterprise outcomes.
TL;DR: Indegene has strong momentum: it hit a 52-week high of ₹621.90, is up 17% YTD and 32% over six months, and has Buy ratings from both Axis Direct (18% upside) and Motilal Oswal (₹708 target), backed by forecasts of 19-29% earnings CAGRs. The main risks are compressed EBITDA margins, which aren't expected to return to 19-20% until Q4 FY27, tighter pharma budgets, and a valuation that has rallied while the broader market was weak. The trend is improving, and the Oct 29 Q2 results will test whether margin recovery and growth outside the top-20 clients are on track.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 |
Profit & Loss
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| 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% | — |
Balance Sheet
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Cash Flow
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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57 extracted metrics + investor summaries across FY19–FY27.
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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]
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