Indegene Limited (INDGN)

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Indegene Limited (INDGN) · mywealthgrid

About

Indegene operates in healthcare research, analytics, technology services with ₹13,400 Cr market cap, consolidated quarterly revenue ₹1,000 Cr. Subsidiary operations represent ₹730 Cr (68%) of quarterly consolidated revenue, indicating diversified healthcare research and analytics model.

Founded: 1998
Face value: ₹2

Market cap

₹14,303 Cr

P/E

35.7×

P/B

4.5×

Dividend yield

0.4%

ROE

13.9%

ROCE

17.9%

Debt / equity

OPM

17.6%

EPS (TTM)

₹16.7

Book value

₹130.5

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin volatility (13%-28% standalone) signals inconsistent execution or seasonality; verify root causes and earnings predictability

PE 33.41 premium to ROE 13.94%; negative 1y return (-3.47%) shows market skepticism on growth relative to valuation

Zero promoter stake (0%) with 81.35% public float raise governance continuity concerns; verify management incentives and board independence

Standalone revenue volatile (₹290–₹368 Cr quarterly) versus consolidated (₹804–₹1,063 Cr) suggests subsidiary dependency; verify parent-business health

Generated analysis · source review pending

Growth drivers

Consolidated revenue grew ₹804.2 to ₹1,063.1 Cr (Sep 2025–Jun 2026); verify if sustained expansion or contract-cycle driven

Zero debt (D/E = 0) provides unencumbered capital deployment for organic healthcare analytics investment or sector M&A

Subsidiaries represent ₹730 Cr (68%) of quarterly consolidated revenue; verify if higher-growth or margin-accretive versus parent

Generated analysis · source review pending

589 historical price candles were omitted because the exchange source has not been verified.

₹593.5-1.9%1Y

Quick read

rule-based

Pros

+Strong return on equity of 20.6% (3-yr avg)
+High return on capital employed of 23.2%
+Revenue CAGR of 15% over the last 3 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 29.3×

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

55/100

Business quality: 64
Growth: 56
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Syngene International LimitedSYNGENESYNGENE	₹14,586 Cr	₹14,595 Cr	₹3,600 Cr	₹803 Cr	24.6%	₹221 Cr	8.5%	9.8%	6.6%	-32
Indegene LimitedINDGNINDGN	₹14,303 Cr	₹14,303 Cr	₹3,813 Cr	₹638 Cr	17.6%	₹401 Cr	11.4%	17.9%	13.9%	79
Suven Life Sciences LimitedSUVENSUVEN	₹8,139 Cr	₹8,139 Cr	₹9 Cr	₹-366 Cr	—	₹-352 Cr	—	-78.4%	-78.8%	72
Vimta Labs LimitedVIMTALABSVIMTALABS	₹2,612 Cr	₹2,631 Cr	₹336 Cr	₹112 Cr	27.3%	₹61 Cr	12.9%	17.4%	13.6%	179
Bilcare LimitedBIBI	₹227 Cr	₹896 Cr	₹788 Cr	₹45 Cr	5.7%	₹-29 Cr	-7.1%	1.5%	-6%	78
Take Solutions LimitedTAKETAKE	₹187 Cr	₹187 Cr	₹85 Cr	₹-2 Cr	-3.5%	₹13 Cr	20%	18.5%	42.1%	-7
Jeevan Scientific Technology LtdJSTLJSTL	₹169 Cr	₹186 Cr	₹62 Cr	₹10 Cr	16%	₹0 Cr	1.7%	5.4%	1.7%	-109
Novelix Pharmaceuticals LtdNOVELIXNOVELIX	₹167 Cr	₹167 Cr	₹9 Cr	₹-3 Cr	-29.9%	₹-2 Cr	-23.6%	-28.1%	-28.5%	57
Globalspace Technologies LtdGSTLGSTL	₹103 Cr	—	₹25 Cr	₹11 Cr	5.9%	₹7 Cr	-1.4%	—	—	—
Adeshwar Meditex LtdADESHWARADESHWAR	₹23 Cr	—	₹56 Cr	₹3 Cr	4.9%	₹1 Cr	2.3%	—	—	—
Vanta Bioscience LtdVANTABIOVANTABIO	₹15 Cr	—	₹2 Cr	₹1 Cr	56.6%	₹0 Cr	6%	—	—	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,306	2,590	2,839	3,511
	1,910	2,084	2,305	2,892
	396	505	534	619
OPM %	17.2%	19.5%	18.8%	17.6%
Depreciation	60	76	80	126
Interest	31	49	22	19
	60	79	107	52
Profit before tax	363	459	539	525
Tax	97	122	133	124
Tax %	26.7%	26.6%	24.6%	23.6%
	266	337	407	401
PAT margin %	11.5%	13%	14.3%	11.4%
EPS (₹)	—	15.2	17.2	16.7
EPS adjusted (₹)	12	15.5	17	16.7
	—	0%	11.7%	13.5%
Annual report	—	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	44	44	48	48
Reserves	1,020	1,385	2,568	3,091
	464	403	0	0
	676	713	710	1,482
Total equity & liabilities	2,204	2,546	3,326	4,620
	559	646	678	1,812
CWIP	—	—	4	12
Investments	614	797	1,290	1,100
	1,031	1,103	1,355	1,697
Total assets	2,204	2,546	3,326	4,620

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	130	508	442	651
	-893	-327	-683	-512
	333	-66	288	-83
Net cash flow	-430	114	47	56
Free cash flow	111	497	412	607
CFO / Operating profit %	32.9%	100.5%	82.7%	105.1%

Compounded sales growth

7 years: —
5 years: —
3 years: 15%
1 year: 24%

Compounded profit growth

7 years: —
5 years: —
3 years: 15%
1 year: -1%

Return on equity

7 years: —
5 years: —
3 years: 17%
Last year: 13%

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities
Enterprise Commercial Solutions	2,460.5	449.2	0	0
Enterprise Medical Solutions	929.8	243.5	0	0
Others	120.2

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—
EBITDA margin %	17.2%	19.5%	18.8%	17.6%
EBIT margin %	14.6%	16.6%	16%	14%
PAT margin %	11.5%	13%	14.3%	11.4%
Working capital
Receivable days	—	91	97	102
Inventory days	—	0	0	0
Payable days	0	21	15	23
NWC days	—	71	82	79
Leverage
Current ratio	2.96	2.93	4.48	2.41
Debt to EBITDA	1.17	0.8	0	0
Debt to equity	0.44	0.28	0	0
Interest coverage	12.6	10.2	25.5	29.3
Asset turnover	1.05	1.02	0.85	0.76
Return ratios
Return on assets %	12.1%	13.2%	12.2%	8.7%
Return on capital employed %	23%	27.7%	23.9%	17.9%
Return on equity %	25%	23.6%	15.5%	12.8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoter	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	3.56%	3.79%	4.82%	5.03%	5.24%	10.05%	11.3%	11.48%	10.27%	9.91%
	5.33%	3.84%	3.17%	3.98%	4.96%	7.2%	6.96%	8.07%	8.3%	8.74%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	90.95%	92.37%	92.01%	90.99%	89.8%	82.75%	81.74%	80.45%	81.43%	81.35%
No. of shareholders	—	—	—	—	—	—	1,51,809	1,47,182	1,42,119	1,38,533

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 10 fund houses

Held by these funds

5.35%

of the company's equity

All mutual funds

5.28%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

39 schemes · 10 fund houses

		Shares
Healthcare FundNEW	ICICI Prudential Mutual Fund	21.91 L	134.03	1.92%	0.909%	—
Technology Fund	ICICI Prudential Mutual Fund	18.65 L	114.07	0.84%	0.774%	-0
Small Cap FundNEW	ICICI Prudential Mutual Fund	18.63 L	113.96	1.16%	0.773%	—
Innovative Opportunities Fund	SBI Mutual Fund	15 L	91.75	1.67%	0.622%	-96,490
Innovation FundNEW	ICICI Prudential Mutual Fund	14.35 L	87.78	1.1%	0.595%	—
Flexi Cap Fund	Helios Mutual Fund	9.06 L	55.4	0.63%	0.376%	-0
Technology Opportunities Fund	SBI Mutual Fund	8.93 L	54.61	1.22%	0.37%	-0
Quality FundNEW	ICICI Prudential Mutual Fund	3.61 L	22.08	1.03%	0.15%	—

1–8 of 39

1 / 5

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results29 Oct 2026 · in 28 daysresults

2

Final dividend31 Jul 2026 · ex-date₹2.25
Final dividend13 Jun 2025 · ex-date₹2

2

Board meeting to consider results29 Oct 2026
Board meeting to consider results30 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

34 announcementsExport CSV

30 Sept 2026, 8:54 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

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Ratio	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—
EBITDA margin %	17.2%	19.5%	18.8%	17.6%
EBIT margin %	14.6%	16.6%	16%	14%
PAT margin %	11.5%	13%	14.3%	11.4%
Working capital
Receivable days	—	91	97	102
Inventory days	—	0	0	0
Payable days	0	21	15	23
NWC days	—	71	82	79
Leverage
Current ratio	2.96	2.93	4.48	2.41
Debt to EBITDA	1.17	0.8	0	0
Debt to equity	0.44	0.28	0	0
Interest coverage	12.6	10.2	25.5	29.3
Asset turnover	1.05	1.02	0.85	0.76
Return ratios
Return on assets %	12.1%	13.2%	12.2%	8.7%
Return on capital employed %	23%	27.7%	23.9%	17.9%
Return on equity %	25%	23.6%	15.5%	12.8%

1 disclosure

Person	Deal	Shares	Value	Holding	Filed
Rajesh Bhaskaran NairDirector	BuyMarket Purchase	9,150	₹49.98 L	7.16% → 7.16%	8 Sept 20257(2)

Disclosed under SEBI’s insider-trading regulations, which require a filing only above ₹10 lakh in a quarter — smaller dealings are in no disclosure. Holdings are the filer’s own percentages, not recomputed.

35 deals · 13 May 2024 – 6 Aug 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
6 Aug 2026	BPC GENESIS FUND I SPV LIMITED	Block	NSE	Sell	1,38,62,223	₹525.00	₹727.77 Cr
6 Aug 2026	BPC GENESIS FUND I SPV LIMITED	Bulk	NSE	Sell	1,38,62,223	₹525.00	₹727.77 Cr
6 Aug 2026	QUANT MUTUAL FUND	Block	NSE	Buy	95,23,810	₹525.00	₹500.00 Cr
6 Aug 2026	QUANT MUTUAL FUND	Bulk	NSE	Buy	95,23,810	₹525.00	₹500.00 Cr
6 Aug 2026	BPC GENESIS FUND I-A SPV LIMITED	Block	NSE	Sell	71,90,255	₹525.00	₹377.49 Cr
6 Aug 2026	BPC GENESIS FUND I-A SPV LIMITED	Bulk	NSE	Sell	71,90,255	₹525.00	₹377.49 Cr
6 Aug 2026	ICICI PRUDENTIAL MUTUAL FUND	Block	NSE	Buy	67,67,239	₹525.00	₹355.28 Cr
6 Aug 2026	ICICI PRUDENTIAL MUTUAL FUND	Bulk	NSE	Buy	67,67,239	₹525.00	₹355.28 Cr
6 Aug 2026	BAJAJ LIFE INSURANCE LIMITED	Block	NSE	Buy	9,52,381	₹525.00	₹50.00 Cr
6 Aug 2026	AADI FINANCIAL ADVISORS LLP	Block	NSE	Buy	7,50,000	₹525.00	₹39.38 Cr

1–10 of 35

1 / 4

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Date	Category	Subject	Filing
30 Sept 2026, 8:54 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
30 Sept 2026, 8:46 pm	Board Meeting	Board Meeting Intimation for Consideration Of The Unaudited Standalone And Consolidated Financial Results For The Quarter And Half Year Ended September 30, 2026 Along With The Limited Review Report Of The Auditors Thereon.	PDF
28 Sept 2026, 5:53 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
10 Sept 2026, 7:50 pm	Company Update Restructuring	Announcement under Regulation 30 (LODR)-Restructuring	PDF
8 Sept 2026, 12:02 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
31 Aug 2026, 6:03 pm	Company Update General	Announcement Under Regulation 30 (LODR) - Update On Material Litigation	PDF
19 Aug 2026, 3:46 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
19 Aug 2026, 12:13 pm	Company Update General	Announcement Under Regulation 30 (LODR) - Update On Material Litigation	PDF

Indegene Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Upcoming and recent1

Dividends2

Board meetings2

Announcements

Ratio timeline

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Upcoming and recent1

Dividends2

Board meetings2

Announcements

Annual reports

Investor Presentation and earnings call

Not in the F&O segment

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Segment results

Enterprise Commercial Solutions · revenue

1

2

2

1

2

2