Indegene Limited (INDGN) AI Stock Analysis

• Market Cap: ₹115.95B
• Dividend Yield: 0.38%
• Average Volume (3M): 17.62K
• Price to Earnings (P/E): 26.3
• Beta (1Y): 0.36
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: IN
• Employees: 4,367
• Sector: Technology
• Sector Strength: 88
• Industry: Medical - Healthcare Information Services
• EPS (TTM): 4.30
• Shares Outstanding: 240,466,750
• 10 Day Avg. Volume: 12,460
• 30 Day Avg. Volume: 17,622
• PEG Ratio: 1.56
• Price to Book (P/B): 5.26
• Price to Sales (P/S): 4.85
• P/FCF Ratio: 33.40
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: ₹521.00 ▼(-0.24% Downside)

Indegene Limited's strong financial performance is the primary driver of its overall score, supported by robust revenue growth and a solid balance sheet. However, technical indicators suggest a bearish trend, and the stock appears overvalued with a high P/E ratio and low dividend yield, which weigh down the overall score.

Positive Factors

Revenue growth and margin profile

Sustained revenue expansion alongside consistently high gross margins indicates a scalable, higher-value service mix and pricing power in life sciences commercialization. Over the next 2–6 months this supports durable revenue visibility and the ability to fund investment in platforms and talent.

Balance sheet strength

A substantial equity base and low leverage provide financial flexibility to invest in technology, absorb client-specific working capital swings, and pursue strategic tuck-ins. This positional strength reduces refinancing risk and supports continued investment in durable competitive capabilities.

Operating cash generation

Consistent conversion of profits into operating and free cash flow demonstrates underlying cash-generative operations and effective working capital management. Reliable cash generation supports reinvestment in platforms, reduces dependence on external finance, and enhances long-term resilience.

Negative Factors

Cash flow volatility in investing/financing

Irregular investing and financing flows suggest episodic capital deployment or financing events that can stress liquidity during downturns. Persistent volatility can complicate planning for platform development and weaken the durability of free cash flow generation over multiple quarters.

Sharp EBITDA decline in 2025

A notable EBITDA drop in 2025 raises questions about cost structure leverage, contract mix, or one-time charges. If such margin deterioration reflects structural issues, it could impair reinvestment capacity, weaken competitive positioning, and reduce long-term margin sustainability.

Client/contract revenue concentration risk

Revenue tied to multi-year contracts and large client relationships creates concentration and renewal risk; loss or downsizing of key clients would materially affect revenue and utilization. This structural dependency can amplify cyclicality and hinder predictable long-term growth.

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 cycle. The company offers enterprise commercial solutions, enterprise medical solutions, enterprise clinical solutions, omnichannel activation solutions, and NEXT technology platforms. The company was incorporated in 1998 and is based in Bengaluru, India.

How the Company Makes Money

Indegene makes money primarily through its service-based and product-based revenue models. The company's key revenue streams include providing strategic advisory services, technology platforms, and managed services to pharmaceutical companies, biotech firms, medical device manufacturers, and healthcare payers. Indegene partners with its clients to deliver customized solutions that optimize clinical development, accelerate time-to-market for new therapies, and enhance patient engagement. Additionally, strategic partnerships and collaborations with leading healthcare organizations contribute significantly to its earnings by expanding its reach and enhancing its service offerings.

Indegene Limited Financial Statement Overview

Summary

Indegene Limited demonstrates strong financial health with consistent revenue growth and profitability, supported by a solid balance sheet structure and effective cash flow management. High margins and a stable equity position are positives, though there are potential risks from cash flow volatility and net income inconsistencies.

Income Statement

Indegene Limited has demonstrated robust revenue growth over the years, with a notable increase in total revenue from 2021 to 2025. The company's EBIT and EBITDA margins have shown strong performance, reflecting efficient cost management. However, the sharp decline in EBITDA in 2025 warrants attention. The gross profit margin remains consistently high, indicating a solid business model. Net profit margin is healthy, although net income growth has varied, suggesting some volatility.

Balance Sheet

The company maintains a strong equity base, as indicated by the high stockholders' equity and a low debt-to-equity ratio in recent years, reflecting financial stability. The equity ratio is substantial, implying significant ownership of assets financed by equity. The reduction in total debt and the increase in assets over the years are positive indicators. However, fluctuations in liabilities and equity suggest some balance sheet instability that requires monitoring.

Cash Flow

Operating cash flow has remained strong, aligning well with net income, indicating good cash conversion efficiency. Free cash flow has grown, reflecting improved operational efficiency, although the growth rate in free cash flow has been inconsistent. The company has managed its capital expenditures efficiently, but the volatility in investing and financing cash flows suggests potential risks in cash flow management.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	29.24B	28.39B	25.90B	23.06B	16.65B	9.66B
Gross Profit	23.43B	7.72B	25.31B	5.81B	6.10B	9.66B
EBITDA	6.41B	5.34B	5.84B	4.54B	2.66B	2.64B
Net Income	4.35B	4.07B	3.37B	2.66B	1.65B	1.49B
Balance Sheet
Total Assets	0.00	33.26B	25.46B	22.04B	13.53B	5.96B
Cash, Cash Equivalents and Short-Term Investments	16.64B	16.64B	9.85B	7.11B	6.26B	1.33B
Total Debt	0.00	1.02B	4.90B	5.03B	657.52M	513.88M
Total Liabilities	-26.16B	7.10B	11.16B	11.40B	5.90B	2.63B
Stockholders Equity	26.16B	26.16B	14.29B	10.64B	7.64B	3.25B
Cash Flow
Free Cash Flow	0.00	4.12B	4.97B	1.11B	2.72B	1.51B
Operating Cash Flow	0.00	4.42B	5.08B	1.30B	2.97B	1.72B
Investing Cash Flow	0.00	-6.83B	-3.27B	-8.93B	-1.60B	-242.49M
Financing Cash Flow	0.00	2.88B	-662.00M	3.33B	2.33B	-1.32B

Indegene Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 522.25
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:INDGN, the sentiment is Negative. The current price of 522.25 is above the 20-day moving average (MA) of 493.74, above the 50-day MA of 513.15, and below the 200-day MA of 551.99, indicating a bearish trend. The MACD of -13.00 indicates Positive momentum. The RSI at 40.49 is Neutral, neither overbought nor oversold. The STOCH value of 46.27 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:INDGN.

Indegene Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TATAELXSI	74 Outperform	₹331.48B	57.10	―	1.38%	-1.19%	-17.92%
MPHASIS	73 Outperform	₹526.00B	29.18	―	1.94%	8.73%	11.33%
KPITTECH	69 Neutral	₹285.79B	39.42	―	0.69%	13.34%	5.98%
INDGN	66 Neutral	₹115.95B	26.33	―	0.38%	―	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
TECHM	55 Neutral	₹1.71T	33.37	―	2.76%	3.30%	36.78%
ITI	49 Neutral	₹277.70B	-162.18	―	―	30.27%	65.87%

Indegene Limited Corporate Events

Indegene Shareholders Approve Appointment of Neeraj Bharadwaj as Independent Director via Postal Ballot

Indegene Limited has announced that its shareholders have approved, via a postal ballot conducted through remote e-voting, a special resolution appointing Mr. Neeraj Bharadwaj as an Independent Director of the company. The voting process, carried out in compliance with SEBI listing regulations and the Companies Act, reflects the company’s ongoing efforts to strengthen its board with independent oversight, a move that may enhance corporate governance standards and support strategic decision-making as Indegene continues to scale its operations in the healthcare and life sciences services market.

Indegene Consolidates Canadian Subsidiaries Into Indegene Healthcare Canada Inc.

Indegene Limited has announced the amalgamation of its two Canadian step-down subsidiaries, Indegene Aptilon Services, Inc. and Trilogy Writing & Consulting Inc., into a single entity named Indegene Healthcare Canada Inc., effective January 1, 2026. The internal restructuring, which is a related-party transaction with no cash consideration or change in the listed entity’s shareholding pattern, consolidates projected FY25-26 revenues of CAD 1.375 million and CAD 5.4 million from the respective businesses, streamlining Indegene’s Canadian operations and aligning its medical writing, regulatory documentation, and commercialization capabilities under one corporate structure.

Indegene Appoints Neeraj Bharadwaj as Independent Director, Allots Shares Under ESOP and RSU Plans

Indegene Limited’s board has approved the appointment of Neeraj Bharadwaj as a Non-Executive Independent Director for a five-year term starting January 25, 2026, subject to shareholder approval via postal ballot. Bharadwaj, a seasoned investment and private equity professional with degrees from the University of Pennsylvania and Harvard University, brings substantial expertise in finance, strategy, and corporate governance, which is expected to strengthen Indegene’s board oversight and strategic direction as it scales its healthcare and life sciences services business. The board also cleared the allotment of 149,635 shares under the company’s ESOP 2020 and RSU 2020 plans, signaling continued use of equity-based incentives to attract and retain key talent.

Indegene Limited Opens Trading Window Post Financial Results

Indegene Limited has announced the opening of its trading window starting November 2, 2025, in accordance with SEBI regulations and the company’s insider trading code. This move follows the approval and declaration of the company’s financial results for the quarter ending September 30, 2025, allowing designated persons and insiders to trade in the company’s equity shares until further notice.