NSE: INDGN · BSE: 544172
INDEGENE LIMITED
Provides AI-embedded commercial and medical outsourcing services to global life sciences companies, particularly large pharmaceutical firms. Enterprise Commercial Solutions, which contributed 70.1% of segment revenue at ₹2,460.5 crore in FY26, handles sales, marketing and omnichannel engagement work for pharma clients. Enterprise Medical Solutions, contributing 26.5% at ₹929.8 crore, covers medical affairs, scientific content and clinical communications. The company serves 20 of the Top 20 global pharma companies and 80 of the Top 100 life sciences firms, with an active client base that grew from 73 to 91 in FY26 and reached 105 by Q1 FY27. Employee costs are the dominant input at 62.6% of revenue, reflecting a delivery model built on specialised healthcare and technology talent rather than physical inputs. The company reports 98.47% export revenue, operates across 58 countries and runs 5,167 employees, with revenue per employee at approximately $77,000. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Enterprise Commercial Solutions (70%), Enterprise Medical Solutions (27%), Others (3%). People-heavy, asset-light technology and services business serving global pharma
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 2,590 | 2,839 | 3,511 |
| EBITDA (ex other income) | 508 | 534 | 599 |
| margin % | 19.6 | 18.8 | 17.1 |
| Owners' profit | 345 | 407 | 401 |
| EPS, as reported (₹) | 15.19 | 17.15 | 16.72 |
| ROE % · ROCE % | 23.6 · 26.3 | 15.5 · 20.3 | 12.8 · 15.4 |
| Debt / equity (x) | 0.28 | 0.00 | 0.00 |
| Cash from operations | 508 | 442 | 651 |
| Capex | (11) | (30) | (44) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 687 | 720 | 756 | 761 | 804 | 942 | 1,003 | 1,063 |
| Profit before tax | 124 | 146 | 149 | 152 | 133 | 135 | 105 | 153 |
| Net profit | 92 | 110 | 118 | 116 | 102 | 103 | 80 | 116 |
| EPS (₹) | 3.84 | 4.59 | 4.91 | 4.86 | 4.26 | 4.29 | 3.32 | 4.84 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Enterprise Medical Solutions | 930 | 26.5 |
| Enterprise Commercial Solutions | 2,321 | 66.1 |
| Others | 120 | 3.4 |
| Brand Activation | 140 | 4.0 |
| Total, before eliminations | 3,510 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SYNGENE INTERNATIONAL LTD | 14,876 | 67.0 | 3.07 | 16.1 | 6.5 | 7.5 | 11.3 | 13.9 |
| INDEGENE LIMITED ◆ | 14,358 | 35.7 | 4.57 | 21.0 | 12.8 | 14.9 | — | 19.1 |
| SUVEN LIFE SCIENCES LTD | 6,922 | — | 11.70 | — | (46.7) | (46.6) | (12.0) | (3504.9) |
| VIMTA LABS LIMITED | 2,284 | 18.5 | 6.66 | 25.2 | 8.0 | 11.0 | 8.4 | 38.2 |
| BILCARE LTD. | 195 | — | 2.63 | 11.5 | (23.3) | (3.9) | 3.3 | 15.7 |
| TAKE LIMITED | 147 | 11.6 | 4.75 | 30.8 | 35.0 | 14.2 | (41.2) | 3.5 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 35.7 | 35.6 | 33 of 63 | 48% |
| P/B | 4.6 | 4.7 | 28 of 57 | 52% |
| ROCE | 14.9 | 8.0 | 12 of 69 | 84% |
| ROE | 12.8 | 9.1 | 20 of 57 | 66% |
| Debt / Equity | 0.0 | 0.1 | 1 of 56 | 80% |
| EBITDA margin | 19.1 | 21.5 | 34 of 57 | 41% |
| Revenue growth | 39.7 | 20.2 | 13 of 57 | 79% |
| Profit growth | (0.2) | 11.4 | 37 of 55 | 33% |
| Market cap | 14358 | 246 | 12 of 71 | 84% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Indegene incorporates wholly owned Portugal subsidiary | strategic transactions | high | — | — |
| 22 Oct 2026 · Indegene earns global recognition for AI-powered pharma commercialization | compliance | low | — | — |
| 15 Oct 2026 · Non-Executive Director Mark Dzialga resigns effective October 29, 2026 | management changes | medium | — | — |
| 8 Oct 2026 · Routine compliance certificate for quarter ended September 30, 2026 | compliance | minimal | — | — |
| 8 Oct 2026 · Indegene allots 16,110 equity shares under ESOP Scheme 2020 | capital market events | low | — | — |
| 6 Oct 2026 · Indegene Digital Summit 2026 draws 120 plus pharma leaders in Philadelphia | investor communications | medium | — | — |
| 30 Sept 2026 · Indegene Q2 FY27 Earnings Call scheduled for 30 October 2026 | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Indegene board to meet Oct 29 to approve Q2 and H1 FY27 results | results | low | — | — |
| 28 Sept 2026 · Trading Window Closure for Q2 FY26 Financial Results | compliance | minimal | — | — |
| 23 Sept 2026 · Indegene Digital Summit 2026 focuses on operationalizing AI in life sciences | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.