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Model Note · INDEGENE LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INDEGENE LIMITED Discounted cash flow · base FY26
INDEGENE LIMITED
Value per share, this model₹312
CMP 2026-09-10₹580.40
Difference(46.2)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of INDEGENE LIMITED, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
23.5% a year
FY26 23.6% · 5-yr CAGR —%
EBITDA margin
17.1%
FY26 17.1% · 5-yr average 18.5%
Depreciation · capex, % of revenue
3.6% · 1.3%, fading to 1.2× depreciation
FY26 3.6% · 1.3%
Working capital, % of added revenue · tax
22.8% · 23.6%
83 working-capital days · effective 23.6%
Discount rate
11.00%
1-yr beta 0.81
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(301) · ₹0 · ₹0 cr
FY26 net debt ₹(301) cr
Shares
24.05 crore
24.05 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
3,511
4,335
5,354
6,613
8,167
10,086
growth %
23.6
23.5
23.5
23.5
23.5
23.5
EBITDA
599
741
916
1,131
1,396
1,725
Depreciation
(126)
(156)
(193)
(238)
(294)
(363)
NOPAT
361
447
552
682
842
1,040
less capex
(44)
(56)
(110)
(186)
(291)
(436)
less working-capital build
—
(188)
(232)
(287)
(354)
(438)
Free cash flow to firm
—
359
403
447
491
530
Present value
341
344
345
341
331
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · INDEGENE LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,702
PV of the terminal value (76% of EV)
5,505
Enterprise value
7,206
less net debt
301
less non-controlling interest
0
add non-operating investments
0
Equity value
7,507
÷ 24.05 crore shares
₹312
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
322
345
372
406
448
10.5%
298
317
339
366
399
11.0%
278
294
312
334
361
11.5%
260
273
289
307
329
12.0%
244
256
269
285
303
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
