Indegene Limited (IN:INDGN)
:INDGN
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Indegene Limited
(INDGN)
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Rating:72Outperform
Price Target:
₹555.00
▲(6.27% Upside)
Action:Upgraded
Date:05/01/26
The score is driven primarily by solid financial performance (growth, profitability, and conservative leverage), tempered by cash flow volatility and some margin-data inconsistencies. Technicals are moderately supportive (price above key short-term averages and positive MACD), while valuation is the main drag due to a relatively high P/E and low dividend yield.
Positive Factors
Consistent Revenue Growth
Sustained top-line growth demonstrates repeatable demand for Indegene’s life-sciences commercialization services and scalable delivery model. Durable revenue expansion supports reinvestment in digital platforms and talent, improving market share and long-term client stickiness across product lifecycles.
Negative Factors
Volatile Cash Conversion
Sharp swings in operating cash flow and intermittent negative free cash flow years undermine predictability of internally generated funds. This volatility complicates multi-year planning, could force external financing in weak years, and raises execution risk for sustained investment or payout strategies.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent Revenue Growth
Sustained top-line growth demonstrates repeatable demand for Indegene’s life-sciences commercialization services and scalable delivery model. Durable revenue expansion supports reinvestment in digital platforms and talent, improving market share and long-term client stickiness across product lifecycles.
Read all positive factors
Indegene Limited (INDGN) vs. iShares MSCI India ETF (INDA)
Market Cap
₹123.91B
Dividend Yield0.38%
Average Volume (3M)17.62K
Price to Earnings (P/E)32.7
Beta (1Y)0.49
Revenue Growth23.64%
EPS Growth-1.61%
CountryIN
Employees4,367
SectorTechnology
Sector Strength88
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)18.62
Shares Outstanding240,901,350
10 Day Avg. Volume12,460
30 Day Avg. Volume17,622
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
₹600.00Price Target Upside14.89% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)21.34
Revenue Forecast (FY)₹42.77B
Indegene Limited Business Overview & Revenue Model
Company Description
Indegene Limited operates as a life sciences commercialization company in India and internationally. It helps biopharmaceutical, emerging biotech, and medical device companies develop products, get to the market, and grow impact through the life c...
How the Company Makes Money
Indegene makes money primarily by delivering outsourced services and solutions to life sciences companies under client contracts. Key revenue streams typically include: (1) Commercial operations services—supporting brand marketing and sales effect...
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 | 30.41B | 35.10B | 28.39B | 25.90B | 23.06B | 16.65B |
| Gross Profit | 23.54B | 4.93B | 28.39B | 25.90B | 23.06B | 16.65B |
| EBITDA | 6.80B | 6.19B | 6.42B | 5.81B | 4.54B | 2.65B |
| Net Income | 4.46B | 4.01B | 4.07B | 3.37B | 2.66B | 1.65B |
Balance Sheet | ||||||
| Total Assets | 35.76B | 46.20B | 33.26B | 25.46B | 22.04B | 13.53B |
| Cash, Cash Equivalents and Short-Term Investments | 12.68B | 14.81B | 16.64B | 9.85B | 7.11B | 6.26B |
| Total Debt | 2.10B | 1.44B | 1.02B | 4.90B | 5.03B | 657.52M |
| Total Liabilities | 7.10B | 14.82B | 7.10B | 11.16B | 11.40B | 5.90B |
| Stockholders Equity | 28.66B | 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
Neutral
522.25
Price Trends
482.83
Positive
489.68
Positive
519.39
Negative
Market Momentum
8.51
Positive
53.74
Neutral
25.49
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:INDGN, the sentiment is Neutral. The current price of 522.25 is above the 20-day moving average (MA) of 515.33, above the 50-day MA of 482.83, and above the 200-day MA of 519.39, indicating a neutral trend. The MACD of 8.51 indicates Positive momentum. The RSI at 53.74 is Neutral, neither overbought nor oversold. The STOCH value of 25.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:INDGN.
Indegene Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | ₹68.51B | 9.27 | ― | 3.28% | 9.68% | 1.75% | |
73 Outperform | ₹111.61B | 14.48 | ― | 1.75% | 7.70% | 19.18% | |
72 Outperform | ₹123.91B | 32.73 | ― | 0.38% | 23.64% | -1.61% | |
71 Outperform | ₹65.75B | 26.19 | ― | ― | 25.05% | 13.49% | |
68 Neutral | ₹89.33B | 17.94 | ― | 1.42% | -1.21% | -0.57% | |
63 Neutral | ₹100.63B | 37.95 | ― | 2.62% | -1.25% | -30.62% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
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Indegene Limited Corporate Events
Indegene posts audio recording of FY26 earnings call for investors
Apr 30, 2026
Indegene Limited has notified the stock exchanges that the audio recording of its Q4 and full-year FY26 earnings call, held on April 30, 2026, is now available via an online link and on the company’s website. By making the earnings call reco...
Indegene to Acquire Two UK Consulting Subsidiaries, Expands Healthcare Services Footprint
Mar 1, 2026
Indegene Limited’s wholly owned unit, Indegene Healthcare UK Limited, has signed a share purchase agreement to acquire 100% of DT Associates Research and Consulting Services Limited, UK, from ILSL Holdings, Inc., and Trilogy Writing and Cons...
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.