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
anthropic claude-opus-4.6 5d agoIndegene Ltd operates in the healthcare technology and life sciences commercialization space with a market cap of ₹14,421 Cr and trades at a PE of 36x. The company has delivered strong TTM sales growth of 30% and a 5-year compounded sales CAGR of 29%, though TTM profit growth has turned negative at -4% and ROE has declined from a 5-year average of 21% to 14% in the last year.
- Strong TTM revenue growth of 30% indicates robust demand for healthcare technology and commercialization services
- Impressive 5-year compounded sales CAGR of 29% demonstrates a sustained long-term growth trajectory
- Company is almost debt free, providing financial flexibility and low balance sheet risk in a rising interest rate environment
- 5-year compounded profit CAGR of 23% shows the company has historically been able to convert revenue growth into earnings
- Price-to-book ratio of 4.6x is reasonable for an asset-light healthcare IT services business with 5-year ROE averaging 21%
- 3-year compounded sales CAGR of 15% even through pandemic disruptions suggests resilience in the business model
- Dividend yield of 0.38% signals management willingness to return capital to shareholders despite being in a growth phase
- 3-year compounded profit CAGR of 16% alongside 15% sales CAGR suggests the company maintained margins over the medium term
- TTM compounded profit growth has turned negative at -4% despite 30% revenue growth, signaling significant margin compression
- ROE has declined sharply from 21% (5-year average) to 14% in the last year, indicating deteriorating return on capital efficiency
- PE of 36x is elevated, especially given the negative TTM profit growth of -4%, leaving limited margin of safety
- The widening gap between TTM sales growth (30%) and profit growth (-4%) suggests rising costs or pricing pressure that may persist
- Last year ROE of 14% is a 5-percentage-point drop from the 3-year average of 19%, representing a meaningful downward trend
- Stock has returned only 8% over the past 1 year despite 30% TTM revenue growth, suggesting the market is pricing in earnings concerns
- Limited long-term track record — 10-year data for sales, profit, and ROE are unavailable, making it difficult to assess through-cycle durability
- At ₹14,421 Cr market cap with a 36x PE multiple, the stock needs sustained high earnings growth to justify current valuation, which recent profit trends do not support
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 5d ago- TCPA settlement up to $4.72M Aug 19
Indegene authorized a class-action settlement against its US subsidiary capped at USD 4.72 million covering ~18,851 unique fax numbers, plus ~USD 42,559 in admin costs. Actual payout depends on validated claims and awaits final US District Court approval.
- BPC Genesis exits full stake Aug 10
BPC Genesis Fund I SPV Limited sold its entire 5.757% stake in Indegene via open market on NSE on August 6, 2026, reducing its holding to zero. Large block exits can create near-term supply pressure on the stock.
- AGM resolutions passed smoothly Aug 17
Shareholders approved all five resolutions at Indegene's 28th AGM, including appointment of Jill Mary De Simone as independent director and adoption of FY26 financial statements. Clean governance signals with no contested items.
- Active investor engagement calendar Aug 19
Indegene scheduled multiple rounds of one-on-one investor and analyst meetings across July 17, August 17, August 24-25, and September 11, 2026 in Mumbai and Bengaluru. No unpublished price-sensitive information to be shared at any session.
TL;DR: Indegene's news flow is largely procedural, dominated by routine investor meetings and AGM approvals. The two notable items are the USD 4.72M TCPA settlement cap, which is manageable but flags US litigation risk, and BPC Genesis Fund's full 5.757% stake exit, which may weigh on near-term sentiment. On the positive side, clean AGM outcomes and an active investor engagement schedule suggest steady governance. The trend is neutral with no fundamental deterioration, though investors should watch for settlement finalization and any further institutional exits.
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.
Documents
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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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