SEBI Reg. Investment Advisor

Download App

MoneyWorks4Me

Indegene Ltd (INDGN)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544172 NSE: INDGN Business Support | Small Cap | Indegene Share Price

₹505.45 -13.10 (-2.53%)

As on 11-Jun'26 15:07

Indegene Ltd (INDGN)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544172 NSE: INDGN Business Support | Small Cap | Indegene Share Price

₹505.45 -13.10 (-2.53%)

As on 11-Jun'26 15:07

Key Metrics
Valuation Multiples
Market Cap
₹12,492 Cr.
Current Price
₹505.5
52-Week Low / High
₹415 / 620
TTM EPS
₹16.7
TTM Sales
₹3,511 Cr.
Book Value per Share
₹130.3
P/E Ratio
31.14
Higher than its 5-year historical median
Industry PE
22.9
Price to Book (P/B)
3.98
In line with its 5-year historical median
Price to Sales (P/S)
3.56
Lower than its 5-year historical median
EV/EBITDA
17.53
In line with its 5-year historical median
Dividend Yield
0.35%
Profitability Efficiency
Return on Equity (ROE)
20.45%
Outperforms industry median
Return on Capital Employed (ROCE)
25.24%
Outperforms industry median
Return on Assets (ROA)
14.24%
Operating Profit Margin
18.8%
Net Profit Margin
14.32%
Gross Profit Margin
21.8%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
9.64%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
5.72%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
20.79%
Asset Quality
Promoter Holding
0.00%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹3,091 Cr.
Equity
₹48.2 Cr.
Face Value
₹2
All Time Low / High
₹414.90 / 736.60

Indegene stock performance

Key Ratios
mw4me loader

Check Before You Invest

Valuation

Overvalued

Price Trend

Semi Strong
Q.1 Is Indegene Ltd a good quality company?
Indegene Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Indegene Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Indegene Ltd vs industry peers?
Indegene Ltd revenue CAGR is 34.59%, compared to the industry median CAGR of 0.35%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Indegene Ltd?
Promoters hold 0.00% of the Indegene Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Indegene Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of -15.7% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Indegene Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 43.7%33.3%8.9%14.8%29.7%68.5%41.1%35.2%30.9%25.2%-
Value Creation
Index
2.21.5-0.30.11.24.12.01.51.20.9-

Growth Parameters

Sales 3444724755536439661,6652,3062,5902,8393,511
Sales YoY Gr.-37.3%0.7%16.5%16.2%50.3%72.3%38.5%12.3%9.6%-
Adj EPS 1.720.20.54.39.18.210.814.616.716.7
YoY Gr.-17.1%-92.5%253.3%713.2%110.7%-9.9%31.5%35.5%14.5%-
BVPS (₹) 0.62.62.83.6-5.616.234.347.263107.7130.3
Adj Net
Profit
33.139.1310.685.1179181238324400401
Cash Flow from Ops. 28.827.523.664.622.4172297130508442-
Debt/CF from Ops. 0.52.83.21.120.10.10.130.80-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 26.4%34.6%19.5%9.6%
Adj EPS 28.9%31.1%26.8%14.5%
BVPS79.7%NA46.5%71.1%
Share Price - - - -17.2%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
45.635.32.27.3357.5163.133.226.12619.814
Op. Profit
Mgn %
15.314.96.17.622.323.917.217.219.518.817.6
Net Profit
Mgn %
9.68.30.61.912.218.610.710.312.514.111.4
Debt to
Equity
0.20.60.60.5-4.10.100.40.300
Working Cap
Days
14013315412712311092101114111135
Cash Conv.
Cycle
3727413134596270737195

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales3444724755536439661,6652,3062,5902,839
Operating Expenses + 2914024475114997361,3781,9102,0842,305
Manufacturing Costs4447364657119214201168172
Material Costs0000000000
Employee Cost 1832683173673705361,0141,4651,6521,815
Other Costs 648794987281149245265318
Operating Profit 52702842144231287396505534
Operating Profit Margin (%) 15.3%14.9%5.9%7.6%22.3%23.9%17.2%17.2%19.5%18.8%
Other Income + 3137431265876107
Exceptional Items 0000-443-47020
Interest 21086976314922
Depreciation 15191217192633607680
Profit Before Tax 3842112675231226363459539
Tax 3371226466497122133
Profit After Tax 353941449186163266337407
PAT Margin (%) 10.3%8.3%0.8%2.6%7.7%19.2%9.8%11.5%13.0%14.3%
Adjusted EPS (₹)1.82.00.20.7-0.37.67.512.015.217.0
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%11.80%

Valuation of Indegene - Consolidated

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

mw4me loader

Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 89130134149-1093207581,0461,3982,580
Share Capital 79797979000444448
Reserves 10515570-1103207581,0021,3532,532
Debt +1166375343518113943430
Long Term Debt2231834118113943330
Short Term Debt942364595000100
Minority Interest00008990000
Trade Payables314738475550747311893
Others Liabilities 5968997892163441623616563
Total Liabilities 1903103083265625591,2842,1372,4753,236

Fixed Assets

Net Fixed Assets +33817510411986138664646678
Gross Block751411481942591912718639951,096
Accumulated Depreciation41607490140105134199349418
CWIP 49240000004
Investments 01001301206147971,290
Inventories0000000000
Trade Receivables7310511190175285444642648751
Cash Equivalents 101893718014051786191375
Others Assets 69968895734866131194139
Total Assets 1903103083265625591,2842,1372,4753,236

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 2927246522172297130508442
PBT 3842112615196226363459539
Adjustment 16292321941787917839
Changes in Working Capital -18-26-335-59954-2169624
Tax Paid -8-18-7-18-27-50-70-108-125-160
Cash Flow From Investing Activity + -17-77-21-19-19-24-160-893-327-683
Capex -17-20-21-17-6-21-25-19-11-30
Net Investments 2-5600-1-5-136-881-329-701
Others -2-0-0-2-121071349
Cash Flow From Financing Activity + -1857-12-21136-132233333-66288
Net Proceeds from Shares 00000026300733
Net Proceeds from Borrowing 000000-7383-61-333
Interest Paid -2-9-8-6-4-4-3-18-32-10
Dividend Paid 0000000000
Others -1665-4-15140-128-20-3326-102
Net Cash Flow -67-92514016370-43011447

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)0126.127.5522.54N/A176.3230.229.527.5620.45
ROCE (%)43.7433.328.9314.82N/A68.5441.0935.230.8825.24
Asset Turnover Ratio1.911.891.541.751.451.721.811.351.120.99
PAT to CFO Conversion(x)0.830.6964.640.450.921.820.491.511.09
Working Capital Days
Receivable Days66.3068.8083.1066.5075.50878085.9090.9090
Inventory Days0000000000
Payable Days0000000000

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Indegene Ltd FAQs

The current trading price of Indegene on 11-Jun-2026 15:07 is ₹505.4.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Jun-2026 the market cap of Indegene stood at ₹12,491.9 Cr

The latest P/E ratio of Indegene as of 10-Jun-2026 is 58.95.

The latest P/B ratio of Indegene as of 10-Jun-2026 is 6.00.

The 52-week high of Indegene is ₹620.0 and the 52-week low is ₹414.9.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Indegene is ₹1,221 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Indegene Ltd is a good quality company.

The key valuation ratios of Indegene Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Indegene Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Indegene Ltd

Indegene is a digital-first life sciences commercialization company, enabling biopharmaceutical, emerging biotech, and medical device companies to develop, launch, and scale the impact of their products with greater speed, precision, and efficiency. As a specialized company, it combines healthcare domain expertise, fit-for-purpose technology, and an agile operating model to solve the most complex problems in the healthcare industry. The company’s integrated portfolio spans commercial, medical, regulatory, and R&D / Clinical operations of life sciences companies. 

The company enjoys a differentiated positioning as a digital-first commercialization and transformation partner to the life sciences industry. This stems from a combination of strong attributes cultivated over the years - deep domain expertise, a technology-first mindset, trusted customer relationships, and an agile operating model. As the industry evolves, the company continues to bolster its strengths, infusing AI into its solutions and driving operational excellence to create sustained value for stakeholders.

Solutions and Business Models

  • Enterprise Commercial Solutions: It caters to the digital marketing operations of the life sciences companies, a significant cost item.
  • Omnichannel Activation: It augments the promotion of biopharmaceutical products and medical devices to HCPs for life sciences companies across channels.
  • Enterprise Medical Solutions: It aims to consolidate large-scale regulatory and medical operations for life sciences companies through its Centers of Excellence (CoEs), comprising multi-disciplinary teams that work on one or more client engagements.
  • Others: It also offers Enterprise Clinical Solutions and Consultancy Services. 

Business area of the company

The company offers solutions straddling the different stages of the commercialization lifecycle of drugs and medical devices. It caters to the commercial function needs of life sciences companies through its Enterprise Commercial Solutions and its Omnichannel Activation Solutions. For the medical and R&D function needs, it operates through its Enterprise Medical Solutions and Enterprise Clinical Solutions.

Key Awards, accreditations and recognition

  • 2016: Ranked 88th among ‘India’s Best Companies to Work for’ by Great Place to Work, India and the Economic Times.
  • 2016: Received the Business World HR Excellence Award for ‘Best Implementation of HR Technology’.
  • 2017: Ranked 86th among ‘India’s Best Companies to Work for’ by Great Place to Work, India and the Economic Times.
  • 2017: Recognised as one of the ‘100 Best Companies for Women in India’ by Working Mother Media and Avtar Group.
  • 2017: Recognised as one of the ‘Healthy Workplaces in India’ by Arogya World.
  • 2018: Ranked 60th among ‘India’s Best Companies to Work for’ by Great Place to Work, India and the Economic Times.
  • 2018: Recognised as one of the ‘100 Best Companies for Women in India’ by Working Mother Media and Avtar Group.
  • 2019: Recognised as one of the ‘100 Best Companies for Women in India’ by Working Mother Media and Avtar Group.
  • 2019: Recognised as one of the ‘Platinum Healthy Workplaces in India’ by Arogya World India Trust.
  • 2020: Ranked in the ‘Top 50’ category of ‘India’s Best Workplaces for Women’ by Great Place to Work, India.
  • 2020: Ranked 96th among ‘India’s Best Companies to Work for’ by Great Place to Work, India.
  • 2020: Recognised as one of the ‘100 Best Companies for Women in India’ by Working Mother Media and Avtar Group.
  • 2020: Recognised as one of ‘India’s Best Workplaces in Health and Wellness’ by Great Place to Work, India.
  • 2021: Ranked 100th among ‘India’s Best Companies to Work for’ by Great Place to Work, India and the Economic Times.
  • 2021: Ranked in the ‘Top 100’ category of ‘India’s Best Workplaces for Women’ (large organisations) by Great Place to Work, India.
  • 2021: Recognised as one of the ‘100 Best Companies for Women in India’ by Seramount (formerly Working Mother Media) and Avtar Group.
  • 2021: Recognised as one of ‘India’s Best Workplaces in Health and Wellness’ by Great Place to Work, India.
  • 2022: Ranked 438th among ‘Asia-Pacific High-Growth Companies’ by Financial Times.
  • 2022: Recognised as a leader by Everest Group, in its ‘Life Sciences Commercial Services Specialists PEAK Matrix Assessment 2022’. 
  • 2022: Recognised for its ‘Commitment to being a Great Place to Work’ by Great Place to Work, India.
  • 2022: Recognised as ‘India’s Best Workplaces in Health and Wellness’ by Great Place to Work, India.
  • 2023: Recognised as one of ‘India’s Best Workplaces in Professional Services’ by Great Place to Work, India.
  • 2023: Awarded under the ‘Data Engineering for Good’ category at the Data Engineering Awards, 2023 by Analytics India Magazine.
  • 2023: Awarded the ‘Best Overall AI-based Analytics Solution’ at the AI Breakthrough Awards, 2023.
  • 2023: Recognised as a life sciences specialist with deep domain pockets and outcomes to match by HFS Horizons in the Life Sciences Service Providers, 2023.
  • 2023: Awarded the Platinum level by Arogya World at the Healthy Workplace Conference and Awards, 2023.
  • 2023: Certified as a great workplace by Great Place to Work Institute, India.
  • 2024: Recognised as a leader by Everest Group, in its ‘Life Sciences Digital Services Specialists PEAK Matrix Assessment 2024’.
  • 2024: Certified as a great workplace by Great Place to Work Institute, India. 

Major events and milestones

  • 1998: Indegene founded.
  • 2000: Introduced medical education services to Indian pharmaceutical companies Launched Indegene Mobile Health System (IMHS) for medical doctors to easily access licensed medical content via PalmPilots.
  • 2001: Recognized by Lancet as the most credible source of specialized medical information in India.
  • 2001: Selected by WHO as their partner to implement a nationwide healthcare information project.
  • 2003: Made a successful entry into sales training through launch of e-learning platform in diabetes across S.E. Asia.
  • 2004: Incorporated 100% subsidiaries in the United States and Singapore.
  • 2005: Nadathur Investments invested in Indegene.
  • 2005: Set up operations in the United States.
  • 2005: Acquired Medsn, a pharma sales training company in the United States.
  • 2006: Ramped up operations in Southeast Asia.
  • 2006: Acquired MedCases, a medical e-learning solutions company in the United States.
  • 2007: Kicked off operations in Europe.
  • 2007: Received ISO 9001 and ISO 27001 certifications.
  • 2007: Launched Medical Affairs services.
  • 2010: Built China Operation Center at Shanghai and Dalian.
  • 2011: Launched Analytics services.
  • 2012: Introduced Regulatory Affairs and Safety services.
  • 2012: Acquired Aptilon, a customer engagement technology company.
  • 2013: Acquired Total Therapeutic Management (TTM), a healthcare quality improvement and clinician engagement company.
  • 2015: Acquired SmartCare, a population health analytics platform.
  • 2016: Acquired Skura Technologies to expand omnichannel and commercial solutions.
  • 2016: Acquired Encima to strengthen omnichannel analytics capabilities.
  • 2016: Introduced next-generation, fully integrated product commercialization solutions.
  • 2016: Acquired Wincere to strengthen footprint in R&D and Medical offerings for life sciences.
  • 2017: Introduced Clinical services.
  • 2019: Acquired DT Associates, a digital transformation and customer experience consulting firm in the UK.
  • 2019: Launched Indegene Digital Summit, a flagship thought leadership event.
  • 2020: Set up operations in Japan.
  • 2021: The Carlyle Group and Brighton Park Capital invested $200 million in Indegene.
  • 2021: Indegene refreshed its brand to align with its purpose - To enable healthcare organizations be future-ready.
  • 2021: Strengthened pricing, reimbursement and market access capabilities with MME acquisition.
  • 2022: Acquired CultHealth, a full-service healthcare marketing agency to elevate brand experience.
  • 2023: Opened strategic center in Germany.
  • 2024: Set up a new global delivery center in Hyderabad.
  • 2024: Acquired Trilogy Writing & Consulting GmbH, a medical writing consultancy.
  • 2024: Indegene listed on NSE and BSE.
  • 2025: Acquired MJL Life Sciences to expand healthcare communications in the UK.
  • 2025: Launched a new entity in Spain.
  • 2025: Opened a new center in London.

You have 1 views remaining as a Guest User. To get DeciZen Rating of 3,500+ Stocks based on their Quality, Valuation and Price Trend Login Now

About MoneyWorks4Me

MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

Our Vision

To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.

What Makes MoneyWorks4Me Different

Our Approach: Ensuring compounding work its magic on client portfolio.

MoneyWorks4Me ensures this through: