INDGN
Large CapIndegene Limited
Pharma
Indegene is a strategic operating partner for life sciences, built for the AI decade. It partners with top global pharma companies to accelerate the 'Lab to Market' chain, providing end-to-end capabilities across clinical development, medical affairs, PV & regulatory affairs, commercial operations, and patient engagement.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 2/100PAT -32% YoY · margin compression · Rev +33% YoY · +6% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,003 Cr | +32.7% | +6.5% |
| EBITDA | ₹164 Cr | +10.8% | +2.5% |
| Operating margin | 16.0% | -400 bps | -100 bps |
| PAT | ₹80 Cr | -32.2% | -22.3% |
| PAT margin | 8.0% | -763 bps | -295 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Indegene reported FY26 revenue of INR 35.1Bn, achieving a 29.4% CAGR from FY21-FY26, with an adjusted EBITDA margin of 19.4%. Top-20 client revenue grew 3.0x over the same period, demonstrating strong client expansion and retention.
Indegene exhibits robust financial performance and client growth, driven by its AI-embedded, domain-deep operating model. The company is well-positioned to capitalize on the structural shift towards centralization in pharma's sales & marketing, displacing traditional agencies and CROs, which supports its long-term growth thesis.
AI-Embedded Operating Partner
Indegene is the AI-embedded, domain-deep operating partner for life sciences, offering strategy, content, compliance, data, and AI on one accountable stack.
S&M Centralization Catalyst
AI forces full Sales & Marketing centralization, requiring central infrastructure for training data, MLR governance, and model economics, a shift Indegene is built for.
Displacing Incumbents
Indegene displaces traditional agencies and CROs, capturing share from a ~$50B agency budget that is migrating to integrated platform partners.
New Solutions & M&A
New solutions like Tectonic and Medical Writing are gaining traction, complemented by M&A (Cult, Trilogy, Biopharm, Warn, Cake Communications) for expanded capabilities.
Active Client Relationships
Active Clients Relationships grew from 44 in FY21 to 91 in FY26 (2.0x growth).
$1M+ Clients
Clients with over $1M in revenue increased from 22 in FY21 to 53 in FY26 (2.4x growth).
Top-20 Client Revenue
Revenue from Top-20 clients grew 3.0x from FY21 to FY26.
Global Pharma Industry Growth
Global pharma industry size is projected to grow from $1.4Tn to over $2Tn by 2030, with a consistent 5%-7% CAGR above GDP.
Pharma AI Adoption
The industry is strong and actively adopting AI, which Indegene views as a structural tailwind compounding its moat.
Biotech Sector Recovery
Management notes that the biotech sector is 'coming back', indicating potential for increased client activity.
S&M Centralization Trend
AI is catalyzing the centralization of Sales & Marketing functions in pharma, a structural shift that favors Indegene's integrated platform model.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The document primarily presents annual financial results (FY21-FY26 CAGR, FY26 figures) and strategic growth initiatives, making year-over-year comparison most relevant for assessing long-term trends and strategic execution.
Revenue CAGR (FY21-FY26)
29.4% Revenue CAGR FY21-FY26 (INR)
Adjusted EBITDA Margin (FY26)
19.4% adj. EBITDA Margin FY26
Net Revenue Retention
100%+ Net Revenue Retention every year
FY27 Pipeline Growth
Pipeline entering FY27 is 17% higher than at this point last year
Strong FY27 Pipeline
Pipeline entering FY27 is 17% higher than last year, with balanced strength across Top-20 and Outside-Top-20 client cohorts.
Commercial Ambition
The company aims to extend from running pharma's content factory to owning the brand layer above it, capturing the agency wallet upstream.
Medical Ambition
Indegene plans to append the strategic medical layer onto its regulatory-grade operations, moving from compliance ops to owning strategic medical communications.
Client Migration Strategy
The strategy is to move every client 'one tier up', with Tier 1 clients acting as a compounding flywheel, targeting 9 Tier 1 clients and one crossing $100M.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue CAGR | 29.4% (FY21-FY26) | Sustained growth above the broader pharma sector CAGR and management's stated targets. |
| Adjusted EBITDA Margin | 19.4% (FY26) | Maintenance or expansion of margins, indicating efficiency gains from AI integration and scale. |
| Net Revenue Retention | >100% every year | Continued high NRR, signaling deepening client relationships and increased wallet share capture. |
| Tier 1 Client Growth | 3 Tier 1 clients (24.2% revenue) | Progress towards the stated goal of 9 Tier 1 clients and one client crossing $100M in revenue. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
54NeutralSMA20 +4.0% / mo
Technical chart
INDGNdaily · 6M-1.3%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 56.
- SMA20 rising (~1.6% over last month) — short-term momentum positive.
- RSI(14) at 56 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 6% off 52W high · 26% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 24.9%.
- Growth contributes 15/25 to the score.
Main drags
- Valuation is weaker at 6/30; verify the latest quarterly trend.
- Quality is weaker at 6/20; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 82nd percentile of the scored universe and 74th percentile within Pharma. Main check: financial discipline is weak at 58/100.
High Trust Lite: Promoter pledge is zero. Key concern: ROCE trend is -5.5%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 74th pctile, median 70 · Large: 63rd pctile, median 74
56 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.1%.
- ▸6 years of positive FCF.
- ▸Debt/equity is 0.05.
Trust risks
- ▸ROCE trend is -5.5%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 29.80
- P/B
- 3.94
- EV/EBITDA
- 16.76
- Market Cap
- 12343.00Cr
Profitability
- ROE
- 14.40%
- ROCE
- 18.80%
- ROA
- 8.68%
- Dividend Y
- 0.39%
Growth (CAGR)
- Revenue 5Y
- 29.00%
- EPS 5Y
- 23.00%
- Revenue 3Y
- 15.00%
- EPS 3Y
- 16.00%
Balance Sheet
- Debt/Equity
- 0.05
- Interest Coverage
- 32.58×
- Altman Z
- 7.38
- Book Value
- 130.00
Cash Flow
- FCF Yield
- 1.13%
- FCF Positive Y
- 6/5
- OCF
- 651.00 Cr
- EPS TTM
- 16.65
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 48%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.