Indegene Limited (INDGN) AI Stock Analysis

• Market Cap: ₹132.81B
• Dividend Yield: 0.36%
• Average Volume (3M): 18.24K
• Price to Earnings (P/E): 30.4
• Beta (1Y): 0.35
• 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): 4.80
• Shares Outstanding: 240,139,630
• 10 Day Avg. Volume: 14,892
• 30 Day Avg. Volume: 18,239
• 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: ₹579.00
• Price Target Upside: 4.71% Upside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 3

• Rating: 66 Neutral
• Price Target: ₹597.00 ▲(7.97% Upside)

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.

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. The company benefits from high margins and a stable equity position. However, potential risks include volatility in cash flow activities and occasional inconsistencies in net income growth.

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: 552.95
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 552.95 is below the 20-day moving average (MA) of 571.45, below the 50-day MA of 567.00, and below the 200-day MA of 575.61, indicating a bearish trend. The MACD of -2.42 indicates Positive momentum. The RSI at 41.81 is Neutral, neither overbought nor oversold. The STOCH value of 18.54 is Positive, 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
MPHASIS	71 Outperform	₹535.65B	30.71	―	2.04%	8.11%	10.73%
KPITTECH	66 Neutral	₹320.86B	39.38	―	0.73%	17.09%	21.20%
INDGN	66 Neutral	₹132.81B	30.40	―	0.36%	―	―
TATAELXSI	65 Neutral	₹335.65B	45.03	―	1.35%	-1.19%	-17.92%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
TECHM	55 Neutral	₹1.41T	28.02	―	3.09%	2.88%	79.99%
ITI	51 Neutral	₹311.76B	―	―	―	120.98%	66.43%

Indegene Limited Corporate Events

Indegene Limited Publishes Q2 2025 Financial Results

Indegene Limited has announced the publication of its financial results for the quarter ending June 30, 2025, in prominent newspapers. This move aligns with regulatory requirements and aims to ensure transparency and accessibility of financial information for stakeholders, potentially impacting investor confidence and market positioning.