Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,748.00 last close on 23 Oct 2026 −0.57%
Research updated
Indegene Ltd.
NSE: INDGNHealthcareHealth Information Services
- Last close
- ₹571.90
- Day change
- −₹16.20 (−2.75%)vs
- Market cap
- ₹14,409 crIndian rupees
- Research updated
- 1 report
Follow Indegene
Create an account, then follow this company for weekday briefs. You will return to Indegene after signing in.
About Indegene
Indegene Ltd. is a global enterprise within the healthcare sector, specifically focused on providing technology-driven solutions and outsourcing services to pharmaceutical, biotech, and medical device companies. Its primary function is to enhance the commercialization of products and streamline operations for healthcare organizations, offering services that include digital marketing, regulatory compliance, and analytics. Indegene Ltd. stands out for its ability to integrate domain expertise with cutting-edge digital technology to deliver innovative healthcare solutions. The company impacts numerous sectors within the healthcare industry by driving efficiency, improving marketing effectiveness, and ensuring regulatory adherence. In the financial market, Indegene represents a niche participant within the broader healthcare services and technology segment, catering to both international markets and diverse healthcare sectors. Its role is significant in aiding life science companies to navigate complex healthcare landscapes amid technological disruptions and stringent regulations.
- Sector
- Healthcare
- Industry
- Health Information Services
- Listing
- NSE: INDGN
- Next results
- Chief executive
- Mr. Manish Gupta
- Employees
- 4,687
- Headquarters
- Bengaluru, India
- ISIN
- INE065X01017
- Website
- indegene.com
Public research · Report of
Business model & financial foundation
Indegene (NSE: INDGN), Life sciences commercialisation and medical services: revenue of ₹3,511 crore in FY26 (+23.6% on FY25), an EBITDA margin of 17.8%, net profit of ₹401.1 crore and net cash of ₹1,539 crore.
- Revenue, FY26 (₹ crore)
- 3,511
- consolidated
- Revenue growth, FY26
- +23.6%
- on FY25
- Net profit, FY26 (₹ crore)
- 401.1
- to owners
- Return on equity, FY26
- 13.9%
- on average equity
- Market capitalisation (₹ crore)
- 13,803
- at the close of 17 Oct 2026
Company profile
Indegene provides technology-enabled commercial, medical and regulatory services to biopharma and medical device companies. It earns from embedded enterprise workflows, content production, marketing and documentation, combining healthcare expertise with distributed delivery. Acquisitions expanded its client base and North American exposure; FY26 segment reporting absorbed Brand Activation into Enterprise Commercial Solutions.
| Item | Value |
|---|---|
| Legal name | Indegene Limited |
| Exchange and ticker | NSE: INDGN; BSE: 544172 |
| ISIN | INE065X01017 |
| Sector | Healthcare |
| Industry | Life sciences commercialisation and medical services |
| Headquarters | Bengaluru, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells (since 2025-06-26) |
| Market capitalisation | ₹13,803 crore (17 Oct 2026) |
| Shares outstanding | 23.99 crore shares (FY26) |
| Price | ₹598.3 (close, 17 Oct 2026) |
| 52-week range | ₹414.0 - ₹627.0 (to 17 Oct 2026) |
| Website | https://ir.indegene.com/ |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Indegene Inc | 100% | US commercial, medical, regulatory and safety services via ILSL Holdings |
| Cult Health LLC | 100% | Healthcare brand strategy and marketing |
| BioPharm Communications | 100% | Omnichannel marketing and advertising technology |
| DT Associates | 100% | Digital transformation consulting |
| Trilogy Writing & Consulting Germany | 100% | Medical writing and regulatory documentation |
| MJL Advertising | 100% | Healthcare brand communications |
| CAKE Healthcare | 100% | DACH healthcare communications |
Professionally managed; no identifiable promoter. Material subsidiary: Indegene Inc. Holdings are ultimate group ownership.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Foreign institutions | 11.48% | 10.27% | 9.92% | |
| Domestic institutions | 8.06% | 8.29% | 8.74% | |
| of which mutual funds | 4.40% | 4.70% | 5.28% | |
| Retail | 8.83% | 8.45% | 8.35% | |
| Other | 71.63% | 72.99% | 72.99% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Indegene (NSE: INDGN, BSE 544172) sells technology-enabled commercial, medical and regulatory services to biopharma (91.6% of Q1FY27 revenue) and medical-device companies, billed mostly in US dollars (North America 75.1%, Europe 22.2%) and delivered largely from India. About 60% of enterprise-contract revenue is outcome-aligned. Segments since October 2025: Enterprise Commercial Solutions (content, omnichannel marketing; 750.2cr in Q1FY27, now including Brand Activation and BioPharm), Enterprise Medical Solutions (medical writing, regulatory, safety; 273.6cr) and Others (consulting; 39.3cr). Professionally managed with no promoter; founders hold about 21% between them. It controls domain talent and workflow embedding; it does not control client budgets, which are discretionary marketing and medical spend exposed to US drug-pricing policy.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Enterprise Commercial Solutions (BA merged from Q3FY26) | 2,461 | 70.1% | 449.2 | 68.1% |
| Enterprise Medical Solutions | 929.8 | 26.5% | 243.5 | 36.9% |
| Others (consultancy and clinical activities) | 120.2 | 3.4% | -32.7 | -5.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Sagility (SAGILITY) | Healthcare domain outsourcing, though payer-provider rather than pharma |
| Firstsource Solutions (FSL) | Technology-enabled business process outsourcing |
| Persistent Systems (PERSISTENT) | Digital engineering growth and productivity comparator |
| Coforge (COFORGE) | Acquisition-led specialist services comparator |
| Latent View Analytics (LATENTVIEW) | Data and analytics services |
| Tata Elxsi (TATAELXSI) | Domain-intensive engineering services |
| IQVIA | Direct global life-sciences outsourcing comparator, mixed CRO business |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 1,665 | 2,306 | 2,590 | 2,839 | 3,511 |
| Other operating costs (vendor classification) * | 341.6 | 531.0 | 432.6 | 392.2 | 664.8 |
| EBITDA (vendor classification) * | 307.0 | 454.1 | 581.7 | 593.5 | 657.6 |
| EBIT * | 231.2 | 394.3 | 508.0 | 558.7 | 541.0 |
| Finance costs | 4.67 | 31.3 | 49.4 | 22.0 | 19.3 |
| Profit before tax | 226.5 | 363.0 | 458.6 | 539.3 | 525.0 |
| Total tax expense current plus deferred | 63.7 | 96.9 | 121.9 | 132.6 | 123.9 |
| Profit for the year | 162.8 | 266.1 | 336.7 | 406.7 | 401.1 |
| Diluted EPS INR per share as reported | 6.89 | 11.12 | 15.07 | 17.02 | 16.62 |
| Employee benefits expense | 1,652 | 1,815 | 2,198 | ||
| Other operating expenses including subcontracting | 432.6 | 489.8 | 693.8 | ||
| Company-reported EBITDA (not adjusted) | 535.6 | 562.2 | 624.7 | ||
| Other income net including interest and investment income | 76.3 | 107.2 | 72.0 | ||
| Depreciation and amortisation expense | 76.1 | 80.2 | 126.4 | ||
| Exceptional items net signed gain positive | 2.40 | 0.00 | -20.3 | ||
| Profit attributable to owners of parent | 336.7 | 406.7 | 401.1 | ||
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity attributable to owners | 763.9 | 1,064 | 1,429 | 2,616 | 3,139 |
| Borrowings excluding lease liabilities | 65.8 | 502.6 | 403.1 | 0.00 | 0.00 |
| Cash equivalents plus other bank balances | 506.3 | 73.6 | 191.0 | 374.6 | 381.9 |
| Trade receivables billed net | 391.3 | 519.9 | 555.7 | 632.2 | 770.2 |
| Total trade payables including MSME | 74.2 | 73.3 | 118.1 | 93.4 | 180.7 |
| Net property, plant and equipment * | 0.00 | 0.00 | 114.4 | 134.9 | 194.0 |
| Capital work in progress * | 0.00 | 6.16 | 3.60 | 11.8 | |
| Total assets * | 1,353 | 2,204 | 2,546 | 3,326 | 4,620 |
| Unbilled trade receivables | 92.3 | 119.2 | 211.6 | ||
| Current investments plus liquidity bank deposits | 796.5 | 1,290 | 1,157 | ||
| Current plus non-current lease liabilities | 86.5 | 101.6 | 144.4 | ||
| Borrowings less cash and liquid investments | -584.4 | -1,664 | -1,539 | ||
| Goodwill net carrying amount | 333.0 | 356.5 | 1,134 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | 338.6 | 199.5 | 507.7 | 441.9 | 650.8 |
| Free cash flow (vendor definition) * | 272.3 | 111.4 | 497.0 | 411.9 | 606.4 |
| Cash dividends paid negative | n.r. | 0.00 | -48.0 | ||
| Cash purchases of PP&E and intangibles negative | -24.7 | -18.8 | -10.7 | -30.0 | -44.3 |
| Acquisition payments net of cash acquired negative | -172.1 | -111.3 | -723.5 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 23.93 | 23.93 | 22.21 | 23.71 | 23.99 |
| Weighted average diluted shares (EPS denominator) | 22.34 | 23.89 | 24.14 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 686.8 | 720.4 | 755.6 | 760.8 | 804.2 | 942.1 | 1,003 | 1,063 |
| Other operating costs (vendor classification) * | 118.7 | 144.8 | 123.0 | 124.0 | 214.6 | 207.4 | 229.8 | |
| EBITDA (vendor classification) * | 147.5 | 169.5 | 173.1 | 177.4 | 178.9 | 174.4 | 203.2 | |
| EBIT * | 128.1 | 149.5 | 152.4 | 155.8 | 139.3 | 112.3 | 159.1 | |
| Finance costs | 4.00 | 3.20 | 3.10 | 3.70 | 3.80 | 4.60 | 7.20 | 6.40 |
| Profit before tax | 124.1 | 146.3 | 149.3 | 152.1 | 133.1 | 134.7 | 105.1 | 152.7 |
| Total tax expense current plus deferred | 32.4 | 36.6 | 31.7 | 35.7 | 31.0 | 31.8 | 25.4 | 36.5 |
| Profit for the period | 91.7 | 109.7 | 117.6 | 116.4 | 102.1 | 102.9 | 79.7 | 116.2 |
| Diluted EPS INR per share as reported | 3.80 | 4.55 | 4.88 | 4.82 | 4.23 | 4.26 | 3.30 | 4.81 |
| Employee benefits expense | 442.0 | 443.8 | 485.1 | 481.5 | 515.8 | 568.0 | 632.4 | 659.1 |
| Other operating expenses including subcontracting | 118.7 | 144.8 | 123.0 | 124.0 | 147.8 | 214.6 | 207.4 | 229.8 |
| Company-reported EBITDA (not adjusted) | 126.7 | 150.1 | 152.6 | 153.6 | 141.9 | 164.4 | 164.8 | 179.5 |
| Other income net including interest and investment income | 21.4 | 37.7 | 25.6 | 22.1 | 19.7 | 19.4 | 10.8 | 29.0 |
| Depreciation and amortisation expense | 19.4 | 20.0 | 20.7 | 21.6 | 23.4 | 39.6 | 41.8 | 44.1 |
| Exceptional items net signed gain positive | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -20.3 | 0.00 |
| Profit attributable to owners of parent | 91.7 | 109.7 | 117.6 | 116.4 | 102.1 | 102.9 | 79.7 | 116.2 |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 72.3% | 38.5% | 12.3% | 9.6% | 23.6% |
| EBITDA margin | 20.7% | 19.8% | 17.8% | ||
| Net margin | 13.0% | 14.3% | 11.4% | ||
| Return on equity | 27.0% | 20.1% | 13.9% | ||
| Return on capital employed | 38.1% | 32.9% | 29.9% | 25.1% | 18.8% |
| Return on assets | 14.2% | 13.9% | 10.1% | ||
| Net debt (₹ crore) | -584.4 | -1,664 | -1,539 | ||
| Net debt / EBITDA | -1.09x | -2.96x | -2.46x | ||
| Interest cover | 49.5x | 12.6x | 10.3x | 25.4x | 28.0x |
| Asset turnover | 1.71x | 1.30x | 1.09x | 0.97x | 0.88x |
| Receivable days | 86 | 82 | 78 | 81 | 80 |
| Payable days (on revenue) | 16 | 12 | 17 | 12 | 19 |
| Cash conversion | 1.51x | 1.09x | 1.62x | ||
| Capex intensity | 1.5% | 0.8% | 0.4% | 1.1% | 1.3% |
| Free cash flow (₹ crore) | 313.9 | 180.7 | 497.0 | 411.9 | 606.5 |
| Dividend payout | 0.0% | 12.0% | |||
| EPS, diluted (₹) | 6.89 | 11.12 | 15.07 | 17.02 | 16.62 |
| Book value per share (₹) | 31.93 | 44.46 | 64.36 | 110.3 | 130.8 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Company-reported EBITDA (not adjusted)) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Borrowings less cash and liquid investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Company-reported EBITDA (not adjusted)).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS INR per share as reported).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
With Individual or above
What the full research on Indegene includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on Indegene
- Research reportLatest
Same sector
More research in Healthcare
Divi's Laboratories Ltd.
NSE: DIVISLAB
Healthcare · Drug Manufacturers - Specialty & Generic
₹8,950.00 last close on 23 Oct 2026 −2.31%Research updated
Torrent Pharmaceuticals Ltd.
NSE: TORNTPHARM
Healthcare · Drug Manufacturers - Specialty & Generic
₹4,524.40 last close on 23 Oct 2026 −1.97%Research updated
Apollo Hospitals Enterprise Ltd.
NSE: APOLLOHOSP
Healthcare · Medical Care Facilities
₹7,730.00 last close on 23 Oct 2026 +1.65%Research updated
Lenskart Solutions Limited
NSE: LENSKART
Healthcare · Medical Instruments & Supplies
₹626.45 last close on 23 Oct 2026 −1.23%Research updated
Zydus Lifesciences Ltd.
NSE: ZYDUSLIFE
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,129.40 last close on 23 Oct 2026 −0.49%Research updated
Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 26 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.