Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 8 Oct
Source: Bse
Indegene Limited (INDGN)
Large CapPharma stocks · Large cap · NSE
Indegene is a strategic operating partner for life sciences, built for the AI decade. It partners with top global pharma companies to accelerate the 'Lab to Market' chain, providing end-to-end capabilities across clinical development, medical affairs, PV & regulatory affairs, commercial operations, and patient engagement.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals17 Oct 2026 · screener
Latest result31 Jul, 12:26 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
74BullishSMA20 +1.7% / mo · MACD − · near 52W high · sector +3.8pp vs Nifty 500 (3M)
Stock trend: 58
Sector RS: 98
Sector 3M: -1.8% vs Nifty 500 -5.6%
Pharma FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
INDGND candles · FIT view+19.6%Latest close ₹588.30 on 2026-10-19
Bar
-1.7%
RSI
49
MACD hist
-1.55
52W pos
82%
2026-10-19O ₹598.25H ₹598.25L ₹585.00C ₹588.30Vol 1.9L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
INDGNNifty PharmaNifty 500
- INDGN
- +15.6%
- Nifty 500
- -5.6%
- Nifty Pharma
- -1.5%
- Vs Nifty 500
- +21.1 pp
Chart stats
19 Oct 2026- From 52W high
- -6.2%
- 52W range position
- 82%
- ATR (14)
- 3.2%
- Volume vs 20D
- 0.39x
- Avg traded value
- ₹28.4 Cr
- 20D price channel
- ₹567.6 - ₹627
₹627
₹414 - ₹627
₹18.7
Latest completed session
20-session average
25.4% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · WATCHLIST42
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent75
Revenue +33.2% · PAT +33.3% YoY
Technical
Bullish74
Price trend and sector-relative-strength timing.
Valuation
Legacy model+21.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence75
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 75/100Rev +33% YoY · PAT +33% YoY · margin expansion
Filed 30 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹341 Cr | +33.2% | -7.3% |
| EBITDA | ₹60 Cr | +62.2% | -41.7% |
| Operating margin | 18.0% | +400 bps | -1000 bps |
| PAT | ₹60 Cr | +33.3% | -16.7% |
| PAT margin | 17.6% | +2 bps | -197 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 34.60
- P/B
- 4.60
- EV/EBITDA
- 18.50
- Market Cap
- 14415.00Cr
Profitability
- ROE
- 14.40%
- ROCE
- 18.80%
- ROA
- 8.68%
- Dividend Y
- 0.38%
Growth (CAGR)
- Revenue 5Y
- 29.00%
- EPS 5Y
- 23.00%
- Revenue 3Y
- 15.00%
- EPS 3Y
- 16.00%
Balance Sheet
- Debt/Equity
- 0.05
- Interest Coverage
- 29.00×
- Altman Z
- 8.30
- Book Value
- 130.00
Cash Flow
- FCF Yield
- 0.99%
- FCF Positive Y
- 6/5
- OCF
- 651.00 Cr
- EPS TTM
- 16.66
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 86%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 3,510+23.6% vs prev
Net Profit
₹ CrLatest: 401-1.5% vs prev
Return on Equity
%Latest: 12.8-17.9% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 49.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~1.7% over last month) — short-term momentum positive.
- RSI(14) at 49 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 6% off 52W high · 42% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
80
RS percentile
Stage 2 UptrendEstablished S2
1M return
-2.0%
3M return
+15.6%
6M return
+18.0%
1Y return
+7.4%
RS 1D
-2
RS 20D
+11
Sector rank
#1
Industry rank
-
Stage evidence
- Price is 10.7% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.4%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
17 Aug 2026
S2 age
44 trading sessions
Sector
leading
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 105.92-0.65%
RS vs Nifty 500106
Valuation & peers
U-Score 42 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 42 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation5/30
Growth14/25
Quality7/20
Balance Sheet8/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
-1
Raw sum
42
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
42/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 21.5%.
- Growth contributes 14/25 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Valuation is weaker at 5/30; verify the latest quarterly trend.
- Quality is weaker at 7/20; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
34.6
PB
4.6
EV/EBITDA
18.5
ROE
14.4%
ROCE
18.8%
FCF Yield
1.0%
Debt/Equity
0.1
MoS
+21.5%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
42
Previous: 42
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+21.5%
Previous: +21.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
44
44
44
44
44
42
42
42
42
42
42
42
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹220.75
-166.5% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹749.7
+21.5% MoS
PEG
1.71
Comparable companies
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
CAPILLARY
Micro
Capillary Technologies India Limited
IT Services / Digital
match 104
33
87.5
3.0%
-210%
WATCHLIST
AAKAAR
SME
Aakaar Medical Technologies Ltd.
IT Services / Digital
match 101
55
15.2
17.1%
+55%
FAIR VALUE
HVAX
SME
HVAX Technologies Ltd.
IT Services / Digital
match 101
57
14.7
18.0%
+56%
FAIR VALUE
FABTECH
Small
Fabtech Technologies Limited
IT Services / Digital
match 101
61
12.9
12.5%
+69%
UNDERVALUED
IKS
Small
Inventurus Knowledge Solutions Limited
IT Services / Digital
match 100
58
38.9
31.4%
-18%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T17:44:14.439Z
Management commentary snapshot
Indegene reported FY26 revenue of INR 35.1Bn, achieving a 29.4% CAGR from FY21-FY26, with an adjusted EBITDA margin of 19.4%. Top-20 client revenue grew 3.0x over the same period, demonstrating strong client expansion and retention.
Indegene exhibits robust financial performance and client growth, driven by its AI-embedded, domain-deep operating model. The company is well-positioned to capitalize on the structural shift towards centralization in pharma's sales & marketing, displacing traditional agencies and CROs, which supports its long-term growth thesis.
Growth engines
AI-Embedded Operating Partner
Indegene is the AI-embedded, domain-deep operating partner for life sciences, offering strategy, content, compliance, data, and AI on one accountable stack.
S&M Centralization Catalyst
AI forces full Sales & Marketing centralization, requiring central infrastructure for training data, MLR governance, and model economics, a shift Indegene is built for.
Displacing Incumbents
Indegene displaces traditional agencies and CROs, capturing share from a ~$50B agency budget that is migrating to integrated platform partners.
New Solutions & M&A
New solutions like Tectonic and Medical Writing are gaining traction, complemented by M&A (Cult, Trilogy, Biopharm, Warn, Cake Communications) for expanded capabilities.
Capacity and execution
Active Client Relationships
Active Clients Relationships grew from 44 in FY21 to 91 in FY26 (2.0x growth).
$1M+ Clients
Clients with over $1M in revenue increased from 22 in FY21 to 53 in FY26 (2.4x growth).
Top-20 Client Revenue
Revenue from Top-20 clients grew 3.0x from FY21 to FY26.
Tailwinds
Global Pharma Industry Growth
Global pharma industry size is projected to grow from $1.4Tn to over $2Tn by 2030, with a consistent 5%-7% CAGR above GDP.
Pharma AI Adoption
The industry is strong and actively adopting AI, which Indegene views as a structural tailwind compounding its moat.
Biotech Sector Recovery
Management notes that the biotech sector is 'coming back', indicating potential for increased client activity.
S&M Centralization Trend
AI is catalyzing the centralization of Sales & Marketing functions in pharma, a structural shift that favors Indegene's integrated platform model.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The document primarily presents annual financial results (FY21-FY26 CAGR, FY26 figures) and strategic growth initiatives, making year-over-year comparison most relevant for assessing long-term trends and strategic execution.
Sector KPIs management disclosed
Revenue CAGR (FY21-FY26)
29.4% Revenue CAGR FY21-FY26 (INR)
Adjusted EBITDA Margin (FY26)
19.4% adj. EBITDA Margin FY26
Net Revenue Retention
100%+ Net Revenue Retention every year
FY27 Pipeline Growth
Pipeline entering FY27 is 17% higher than at this point last year
Management forward view
Strong FY27 Pipeline
Pipeline entering FY27 is 17% higher than last year, with balanced strength across Top-20 and Outside-Top-20 client cohorts.
Commercial Ambition
The company aims to extend from running pharma's content factory to owning the brand layer above it, capturing the agency wallet upstream.
Medical Ambition
Indegene plans to append the strategic medical layer onto its regulatory-grade operations, moving from compliance ops to owning strategic medical communications.
Client Migration Strategy
The strategy is to move every client 'one tier up', with Tier 1 clients acting as a compounding flywheel, targeting 9 Tier 1 clients and one crossing $100M.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue CAGR | 29.4% (FY21-FY26) | Sustained growth above the broader pharma sector CAGR and management's stated targets. |
| Adjusted EBITDA Margin | 19.4% (FY26) | Maintenance or expansion of margins, indicating efficiency gains from AI integration and scale. |
| Net Revenue Retention | >100% every year | Continued high NRR, signaling deepening client relationships and increased wallet share capture. |
| Tier 1 Client Growth | 3 Tier 1 clients (24.2% revenue) | Progress towards the stated goal of 9 Tier 1 clients and one client crossing $100M in revenue. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
75Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 78th percentile of the scored universe and 69th percentile within Pharma. Main check: financial discipline is weak at 58/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
61 docs text-extracted · 20 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
78th percentile
overall median 67 · Pharma: 69th pctile, median 70 · Large: 59th pctile, median 73
Evidence depth
Financial-only
61 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
58
watch · capital discipline
Results
62
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1%.
- ▸6 years of positive FCF.
- ▸Debt/equity is 0.05.
Trust risks
- ▸ROCE trend is -5.5%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
- ▸OPM spread across recent quarters is 15%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Indegene Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 6 Oct - Indegene issued a press release on its Digital Summit 2026 in Philadelphia, highlighting AI and client engagement themes.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 23 Sep - Indegene hosted Digital Summit 2026 on Sept. 22 and VITAL Awards recognizing life sciences leaders.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 8 Sep
Source: Bse
Announcement
Announcement Under Regulation 30 (LODR) - Update On Material Litigation 19 Aug - Indegene subsidiary nearing TCPA class-action settlement; maximum fund about USD 4.72 million, subject to court approval.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 14 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 12 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 12 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 18 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 11 Jun - Indegene schedules investor meetings with Dalton Investments, Bay Capital and Wasatch Global from June 18-22, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 20 May - Indegene schedules investor meetings with Sundaram Mutual Fund and Trinity India 2026 from May 26-29, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 5 May - Income tax department raised ₹43.69 crore demand for AY 2023-24 over transfer pricing adjustments.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.