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Indegene Limited
(INDGN)
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Rating:74Outperform
Price Target:
₹687.00
▲(20.60% Upside)
Action:Reiterated
Date:08/04/26
The score is driven primarily by solid financial performance—strong growth, healthy profitability, and a low-leverage balance sheet—tempered by volatile cash-flow conversion. Technicals add support with a clear positive trend and bullish momentum indicators. Valuation is the main offset, with a relatively high P/E and low dividend yield.
Positive Factors
Consistent Revenue Growth
Consistent revenue expansion indicates sustained demand for Indegene’s healthcare and life-sciences services. Continued growth supports operating scale, creates opportunities to deepen client relationships, and provides a durable base for reinvestment across digital, medical, analytics, and commercialization offerings.
Negative Factors
Volatile Cash Conversion
Although recent free cash flow is supportive, the history of weak operating cash flow and sharp year-to-year swings makes cash conversion less predictable. Volatility can complicate budgeting, reduce confidence in recurring funding capacity, and constrain the timing of strategic investment.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent Revenue Growth
Consistent revenue expansion indicates sustained demand for Indegene’s healthcare and life-sciences services. Continued growth supports operating scale, creates opportunities to deepen client relationships, and provides a durable base for reinvestment across digital, medical, analytics, and commercialization offerings.
Read all positive factors
Indegene Limited (INDGN) vs. iShares MSCI India ETF (INDA)
Market Cap
₹144.57B
Dividend Yield0.37%
Average Volume (3M)75.08K
Price to Earnings (P/E)35.9
Beta (1Y)0.64
Revenue Growth30.41%
EPS Growth-8.20%
CountryIN
Employees4,687
SectorGeneral
Sector StrengthN/A
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)16.70
Shares Outstanding240,982,860
10 Day Avg. Volume95,385
30 Day Avg. Volume75,085
Financial Highlights & Ratios
PEG Ratio-10.37
Price to Book (P/B)3.32
Price to Sales (P/S)2.97
P/FCF Ratio16.84
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹679.00Price Target Upside19.20% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)21.95
Revenue Forecast (FY)₹44.64B
Indegene Limited Business Overview & Revenue Model
Company Description
Operating globally with a strong presence in India, Indegene Limited functions as a specialized commercialization partner for the life sciences industry. It provides comprehensive support to biopharmaceutical, emerging biotech, and medical device ...
How the Company Makes Money
Indegene makes money primarily by delivering contract-based services to life sciences and healthcare clients, generating revenue from fees for professional services and managed services engagements. Key revenue streams typically include: (1) Comme...
Indegene Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
86
Very Positive
Cash Flow
73
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 38.13B | 35.10B | 28.39B | 25.90B | 23.06B | 16.65B |
| Gross Profit | 13.11B | 35.10B | 28.39B | 25.90B | 23.06B | 16.65B |
| EBITDA | 6.96B | 6.19B | 6.42B | 5.81B | 4.54B | 2.65B |
| Net Income | 4.01B | 4.01B | 4.07B | 3.37B | 2.66B | 1.65B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 46.20B | 33.26B | 25.46B | 22.04B | 13.53B |
| Cash, Cash Equivalents and Short-Term Investments | 14.81B | 14.81B | 16.64B | 9.85B | 7.11B | 6.26B |
| Total Debt | 0.00 | 1.44B | 1.02B | 4.90B | 5.03B | 657.52M |
| Total Liabilities | -31.39B | 14.82B | 7.10B | 11.16B | 11.40B | 5.90B |
| Stockholders Equity | 31.39B | 31.39B | 26.16B | 14.29B | 10.64B | 7.64B |
Cash Flow | ||||||
| Free Cash Flow | 1.87B | 6.19B | 4.12B | 4.97B | 1.11B | 2.72B |
| Operating Cash Flow | 2.03B | 6.63B | 4.42B | 5.08B | 1.30B | 2.97B |
| Investing Cash Flow | 32.00M | -5.25B | -6.83B | -3.27B | -8.93B | -1.60B |
| Financing Cash Flow | -636.00M | -826.00M | 2.88B | -662.00M | 3.33B | 2.33B |
Indegene Limited Technical Analysis
Positive
569.65
Price Trends
586.99
Positive
552.82
Positive
519.74
Positive
Market Momentum
1.25
Positive
54.47
Neutral
62.01
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:INDGN, the sentiment is Positive. The current price of 569.65 is below the 20-day moving average (MA) of 592.52, below the 50-day MA of 586.99, and above the 200-day MA of 519.74, indicating a bullish trend. The MACD of 1.25 indicates Positive momentum. The RSI at 54.47 is Neutral, neither overbought nor oversold. The STOCH value of 62.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:INDGN.
Indegene Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ₹76.83B | 14.36 | ― | 2.07% | 13.21% | 12.05% | |
77 Outperform | ₹115.57B | 14.84 | ― | 2.96% | 8.06% | 15.25% | |
74 Outperform | ₹144.57B | 35.93 | ― | 0.37% | 30.41% | -8.20% | |
71 Outperform | ₹123.85B | 36.41 | ― | 1.01% | 10.34% | -34.28% | |
70 Outperform | ₹86.77B | 15.23 | ― | 2.09% | 1.35% | 20.25% | |
67 Neutral | ₹46.01B | 23.51 | ― | ― | 22.77% | 4.77% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:INDGN
Indegene Limited
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Indegene Limited Corporate Events
Indegene Schedules Investor Meetings to Deepen Market Engagement
Aug 19, 2026
Indegene Limited, a Bengaluru-headquartered provider of technology-enabled solutions for life sciences and healthcare companies, is listed on Indian stock exchanges and maintains active communication with institutional investors. The company focus...
Indegene posts 39.7% YoY revenue surge and stronger margins in Q1 FY27
Jul 30, 2026
Indegene reported a strong start to FY27, with revenue from operations rising 39.7% year-on-year to ₹10,631 million (US$112.5 million) and 6.0% sequentially, marking its strongest first-quarter QoQ revenue growth in four years. The company&#...
Indegene Publishes Q1 FY27 Analyst Presentation and Fact Sheet
Jul 30, 2026
Indegene Limited has released an analyst presentation and fact sheet covering its financial results for the quarter ended June 30, 2026, in line with disclosure requirements under SEBI Listing Regulations. The materials, intended for investors and...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.