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Indegene

INDGN NSE
₹617.10 No trade today
P/E
37.04
View as Markdown
MCP
Close 4 Nov 2026 ₹617.10 +86.95 +16.4% 1Y
Start ₹530.15

Key Fundamentals

SmallcapHealthcare ServicesHealthcare

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
18.80%
Debt to Equity
0.05
EPS (TTM)
₹16.66
Book Value
₹139.36
Market Cap
—
P/E (TTM)
37.04
P/B
4.43
ROE
14.40%
Dividend Yield
0.37%
EBITDA
₹691 Cr
52W High
₹638.00
52W Low
₹414.00
Volume
0

Peer Comparison

Healthcare › Healthcare Technology › Healthcare Research, Analytics & Technology

Indegene peer comparison
Syngene International
₹417.5076.05₹16,536 Cr3.470.31%7.78%9.99%₹3,600 Cr₹221 Cr
Indegene (this company)
₹617.1037.04₹14,947 Cr4.430.37%14.40%18.80%₹3,813 Cr₹401 Cr
Suven Life Sciences
₹276.10—₹7,549 Cr11.390.00%−81.50%−79.50%₹9 Cr−₹353 Cr
Vimta Labs
₹497.8527.89₹2,195 Cr4.530.41%18.90%25.20%₹419 Cr₹80 Cr
Fabtech Technologies
₹132.309.94₹589 Cr1.340.46%12.50%13.60%₹418 Cr₹49 Cr
Take
₹11.4213.13₹161 Cr5.440.00%16.50%18.50%₹85 Cr₹13 Cr
Median 6 companies₹346.8027.89₹4,872 Cr4.480.34%13.45%16.05%₹419 Cr₹64 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company. 1 company is not shown because they are not listed on an exchange we cover.

Tapetide Score

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

Overall score

67 Strong

Data confidence 100/100

Category scores

Quality
60
Good
Returns, margins, earnings quality 22% weight
Valuation
64
Good
Cheap vs sector & own history 24% weight
Growth
80
Strong
Sales & profit trajectory 9% weight
Financial Health
66
Strong
Solvency, leverage, coverage 9% weight
Momentum
54
Average
Trend strength, vol-adjusted 12% weight
Ownership
83
Strong
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

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

No weaknesses listed

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish1612
OscillatorsBullish162
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
58.74
Neutral
MACD (12,26,9)
5.56
Bullish
SMA (50)
592.09
Bullish
SMA (200)
523.74
Bullish

As of

Analyst Rating

Based on 7 analysts
BUY86%

6 of 7 analysts rate Buy, 1 Hold, 0 Sell.

As of

BUY
6
86%
HOLD
1
14%
SELL
0
0%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+29.44%
3Y+15.03%
1Y+23.64%
TTM+30.37%

Net profit

Net profit growth by window
5Y+21.90%
3Y+14.66%
1Y−1.47%
TTM−8.03%

Operating cash flow

Operating cash flow growth by window
5Y+30.50%
3Y+71.09%
1Y+47.29%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y−6.17 pp
3Y+0.47 pp
1Y−1.66 pp
TTM−2.43 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2019₹553 Cr
Mar 2020₹643 Cr
Mar 2021₹966 Cr
Mar 2022₹1,665 Cr
Mar 2023₹2,306 Cr
Mar 2024₹2,590 Cr
Mar 2025₹2,839 Cr
Mar 2026₹3,510 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2019₹14.00 Cr
Mar 2020−₹12.00 Cr
Mar 2021₹149 Cr
Mar 2022₹163 Cr
Mar 2023₹266 Cr
Mar 2024₹337 Cr
Mar 2025₹407 Cr
Mar 2026₹401 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹218 Cr +8.5% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk medium

Indegene Ltd trades at ₹619.4 as of 2026-11-02 with a market cap of ₹15,143.56 crore and a PE of 37.18x. The company is virtually debt-free with a debt-to-equity of 0.05, and has delivered 5-year compounded sales growth of 29%, though TTM profit growth has turned negative at -4%.

Bull Case 8
  • Near-zero leverage with a debt-to-equity ratio of just 0.05, providing significant financial flexibility and resilience through economic cycles.
  • Robust 5-year compounded sales growth of 29%, indicating strong secular demand for the company's healthcare and life sciences solutions.
  • TTM revenue growth remains elevated at 30%, suggesting continued momentum in top-line expansion.
  • Healthy ROCE of 15.4% reflects efficient deployment of capital in the business.
  • 5-year compounded profit growth of 23% demonstrates the company's ability to scale earnings alongside revenue over a longer horizon.
  • Stock is trading near its 52-week high of ₹638 (currently at ₹619.4), up significantly from the 52-week low of ₹414, reflecting sustained investor confidence.
  • 3-year average ROE of 19% indicates consistent above-average returns on shareholder equity over a medium-term period.
  • The company is expected to deliver a good upcoming quarter, which could act as a near-term positive catalyst.
Bear Case 7
  • TTM profit growth has turned negative at -4%, contrasting sharply with 30% TTM sales growth and signaling margin compression or rising costs.
  • PE ratio of 37.18x is elevated, demanding sustained high growth to justify the premium valuation and leaving limited room for execution misses.
  • Last year's ROE declined to 14% from a 3-year average of 19% and a 5-year average of 21%, pointing to deteriorating return efficiency.
  • Price-to-book ratio of 4.44x is rich, implying the market is pricing in substantial intangible value and future growth that may not fully materialise.
  • Dividend yield of just 0.38% offers negligible income return, making the stock almost entirely dependent on capital appreciation.
  • The widening gap between 30% TTM sales growth and -4% TTM profit growth suggests operating leverage is working against the company in the near term.
  • 3-year compounded profit growth of 16% lags 3-year compounded sales growth of 15% only marginally, and the recent TTM profit decline suggests this trend may worsen.

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

AI News Digest

9h ago

TL;DR: Indegene is firing on all cylinders with Q2 FY27 results beating estimates on both revenue (₹11.2B, +39.5% YoY) and margins (16.5% EBITDA margin). The Enterprise Commercial Solutions segment drives 71.3% of revenue and underpins strong growth projections of 30%+ PAT growth in FY27. Brighton Park Capital's full exit is a watch item for near-term supply overhang but appears absorbed. The growth trajectory and margin expansion trend remain firmly positive heading into H2 FY27.

Positives 2
  • Strong Q2 beats estimates Nov 2

    Q2 FY27 revenue of ₹11.2B grew 39.5% YoY and 5.6% QoQ, beating the estimated ₹10.9B. EBITDA margin of 16.5% also exceeded the 15.5% estimate, with PAT at ₹1.1B.

  • AI-focused Digital Summit 2026 Oct 6

    Indegene held its Digital Summit 2026 at the National Constitution Center, Philadelphia, focused on operationalizing AI for life sciences, signaling continued investment in AI capabilities.

Neutral 1
  • Director exits after PE sale Oct 15

    Mark Francis Dzialga resigned as Non-Executive Director effective Oct 29, 2026, following Brighton Park Capital's complete exit from its shareholding in the company.

Quarterly Results

₹ Cr
INDGN quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
608
636
673
673
676
687
720
756
761
804
942
1,003
1,063
1,122
Expenses
511
515
524
534
548
561
589
608
606
664
783
840
889
937
Operating Profit
97
121
149
139
129
126
132
148
155
141
160
164
174
186
OPM %
16%
19%
22%
21%
19%
18%
18%
20%
20%
17%
17%
16%
16%
17%
Other Income
28
12
13
23.2
22
21
38
26
22
20
19
−10
29
15
Interest
13
12
12
12
12
4
3
3
4
4
5
7
6
7
Depreciation
20
20
18
18
20
19
20
21
22
23
40
42
44
46
PBT
92
101
132
134
120
124
146
149
152
133
135
105
153
147
Tax %
26%
25%
25%
29%
27%
26%
25%
21%
23%
23%
24%
24%
24%
24%
Net Profit
68
75
99
95
88
92
110
118
116
102
103
80
116
112
EPS (₹)
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
—

Sep 2026: from the results filed on 29 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
INDGN profit and loss, annual, ₹ crore
Particulars 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 (₹)
0.71
−0.32
7.55
7.44
11.99
15.14
16.95
16.65
16.66
Div. Payout %
0%
0%
0%
0%
0%
0%
12%
13%
—

Balance Sheet

₹ Cr
INDGN balance sheet, annual, ₹ crore
Particulars 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

Cash Flow

₹ Cr
INDGN cash flow, annual, ₹ crore
Particulars 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/EBITDA
196
34
96
128
60
125
110
129

Ratios

INDGN financial ratios, annual
Particulars 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%

Insights

Beta

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

Log in to view Indegene insights

57 extracted metrics across FY19–FY27.

Shareholding Pattern

As of Sep 2026

  • Others 60.16%
  • DIIs 15.82%
  • FIIs 12.40%
  • Public 11.61%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Documents

Frequently Asked Questions about Indegene

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
Where is Indegene Ltd (INDGN) listed?
Indegene Ltd trades as INDGN on the NSE and under code 544172 on the BSE.
Which sector does Indegene Ltd belong to?
Indegene Ltd is classified under the Healthcare sector, in the Healthcare Technology industry.
What is the PE ratio of Indegene Ltd?
Indegene Ltd trades at a PE ratio of 37.04 as of 4 Nov 2026, on earnings per share of ₹16.66, against a book value of ₹139.36 per share.
What is the 52-week high and low of Indegene Ltd?
Over the last 52 weeks Indegene Ltd has traded between ₹414 and ₹638 as of 4 Nov 2026.
Does Indegene Ltd pay dividends?
Indegene Ltd has a dividend yield of 0.37%.
What is the Return on Equity (ROE) of Indegene Ltd?
Indegene Ltd reported a return on equity of 14.40%. Its debt-to-equity ratio is 0.05.

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

Website indegene.com
CEO Mr. Manish Gupta
Employees 4,158
Listed 13 May 2024
Face Value ₹2

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