Indegene Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹14,145 Cr
- P/E
- 33.98
- ROE
- 14.41%
- PEG
- 2.14
- Price to sales
- 3.72
- Debt to equity
- 0.05
- 52W high / low
- ₹613 / ₹424
- Sales growth (5Y)
- 29.44%
- EBITDA margin
- 16.73%
- Net profit margin
- 11.81%
- Sales (last year)
- ₹3,813 Cr
Incorporated in 1998, Indegene Ltd provides solutions consisting of analytics, technology and commercial, medical, regulatory and safety services to life science and health care organizations[1]
Guidance scorecard · Q2 FY27 call
What Indegene Ltd's management guided
and where it ranks in Healthcare Services
Healthcare Services
RevenueQ1 FY27 call
10–20%- Indegene Limited expects organic growth in FY27 to be better than FY26, with an acceleration in the second half of FY27.
- Best first quarter sequential growth in 4 years with a broadening client base and strong pipeline.
- The outcome-based omnichannel engagement deal starting to contribute revenues from Q3 FY27, boosting growth and profitability.
- Expansion efforts focus on deepening relationships with existing clients and converting pipeline into signed deals.
- Continued investment in Gen AI platforms embedded across operations to drive efficiency, cost reduction, and enhanced customer outcomes.
- Growth driven by broadening customer base, with active customers rising to 105 and increased revenues from accounts beyond the top 20.
2 more points from Indegene Ltd's call on revenue
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MarginsQ1 FY27 call
Up 2%+See what Indegene Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Indegene continues to invest heavily in its proprietary tech stack, including building a robust data layer integrating various data sources (Indegene data universe).
- Investments in Cortex platform for knowledge engineering, separating SME layer from technical layer to iteratively use the right AI models per use case.
- Ongoing development of agent layers (e.g., Content Super App, Medical Writing platform) to automate and scale pharma commercial and medical activities.
- Workforce transformation investments aimed at long-term employee cost optimization and managing wage hikes.
- Strategic deals such as Tectonic and large omnichannel engagements require upfront costs with revenue recognition expected in Q3 FY27 and onwards.
2 more points from Indegene Ltd's call on capex
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FundraisingQ1 FY27 call
See what Indegene Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- Most engagements at Indegene are hybrid contracts with an early FTE component and revenue ramp-up over 3 to 4 quarters.
- A large omnichannel engagement deal (over $10 million ACV) is pure outcome-based with revenue recognition deferred by about 3 quarters, expected to start from Q3.
- Costs for this large outcome-based deal have been incurred since last quarter, implying future revenue will improve margins.
- Indegene is seeing encouraging revenue upticks shared by clients over the past 5 months.
2 more points from Indegene Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Healthcare Services
on management's own guidance
- Strong growth2
- Strong growth1
- Aster DM Quality Care LtdGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Healthcare Services companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹903 Cr | — | |
| 2 | 40%+ | Flat | ₹583 Cr | 22.2 | |
| 3 | Aster DM Quality Care Ltd | 20–40% | Up 2%+ | ₹58,782 Cr | 162.9 |
| 4 | 20–40% | Up 0–2% | ₹1,730 Cr | 17.5 | |
| 5 | 20–40% | Up 0–2% | ₹580 Cr | 11.9 | |
| 6 | 20–40% | Flat | ₹1.13L Cr | 53.9 |
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Pro shows every company guiding 40%+ revenue growth →Full Healthcare Services rankingFinancials of Indegene Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Indegene Ltd
Shareholding breakup across reporting periods.
| Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| FIIs + | 3.79% | 4.82% | 5.03% | 5.24% | 10.04% | 11.30% | 11.48% | 10.27% | 9.92% | 12.40% |
| DIIs + | 3.84% | 3.17% | 3.99% | 4.96% | 7.20% | 6.95% | 8.06% | 8.29% | 8.74% | 15.82% |
| Public + | 92.38% | 92.01% | 91.01% | 89.80% | 82.75% | 81.74% | 80.44% | 81.43% | 81.34% | 71.76% |
| No. of Shareholders | 2,03,599 | 1,51,440 | 1,53,789 | 1,44,708 | 1,51,997 | 1,51,809 | 1,47,182 | 1,42,119 | 1,38,533 | 1,32,280 |
Financials of Indegene Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 636 | 673 | 673 | 676 | 687 | 720 | 756 | 761 | 804 | 942 | 1,003 | 1,063 | 1,122 |
| Expenses + | 515 | 524 | 534 | 548 | 561 | 589 | 608 | 606 | 664 | 783 | 840 | 889 | 937 |
| Operating Profit | 121 | 149 | 139 | 129 | 126 | 132 | 148 | 155 | 141 | 160 | 164 | 174 | 186 |
| OPM % | 19% | 22% | 21% | 19% | 18% | 18% | 20% | 20% | 17% | 17% | 16% | 16% | 17% |
| Other Income + | 12 | 13 | 26 | 22 | 21 | 38 | 26 | 22 | 20 | 19 | -10 | 29 | 15 |
| Interest | 12 | 12 | 12 | 12 | 4 | 3 | 3 | 4 | 4 | 5 | 7 | 6 | 7 |
| Depreciation | 20 | 18 | 18 | 20 | 19 | 20 | 21 | 22 | 23 | 40 | 42 | 44 | 46 |
| Profit before tax | 101 | 132 | 134 | 120 | 124 | 146 | 149 | 152 | 133 | 135 | 105 | 153 | 147 |
| Tax % | 25% | 25% | 29% | 27% | 26% | 25% | 21% | 23% | 23% | 24% | 24% | 24% | 24% |
| Net Profit + | 75 | 99 | 95 | 88 | 92 | 110 | 118 | 116 | 102 | 103 | 80 | 116 | 112 |
| EPS in Rs | 3.38 | 4.45 | 4.26 | 3.67 | 3.83 | 4.58 | 4.90 | 4.85 | 4.25 | 4.28 | 3.31 | 4.82 | 4.66 |
Financials of Indegene Ltd
Profit & Loss
Annual income statement trend
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| Sales + | 553 | 643 | 966 | 1,665 | 2,306 | 2,590 | 2,839 | 3,510 | 4,131 |
| Expenses + | 511 | 499 | 736 | 1,378 | 1,910 | 2,084 | 2,292 | 2,892 | 3,448 |
| Operating Profit | 42 | 144 | 230 | 287 | 396 | 505 | 548 | 619 | 683 |
| OPM % | 8% | 22% | 24% | 17% | 17% | 20% | 19% | 18% | 17% |
| Other Income + | 7 | -102 | -3 | -21 | 58 | 79 | 94 | 52 | 54 |
| Interest | 6 | 9 | 7 | 6 | 31 | 49 | 22 | 19 | 25 |
| Depreciation | 17 | 19 | 26 | 33 | 60 | 76 | 80 | 126 | 172 |
| Profit before tax | 26 | 14 | 195 | 226 | 363 | 459 | 539 | 525 | 540 |
| Tax % | 45% | 191% | 23% | 28% | 27% | 27% | 25% | 24% | |
| Net Profit + | 14 | -12 | 149 | 163 | 266 | 337 | 407 | 401 | 411 |
| EPS in Rs | 0.71 | -0.32 | 7.55 | 7.44 | 11.99 | 15.14 | 16.95 | 16.65 | 17.07 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 12% | 13% |
Financials of Indegene Ltd
Balance Sheet
Capital structure and asset base
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.31 | 0.31 | 0.31 | 0.35 | 44 | 44 | 48 | 48 | 48 |
| Reserves | 73 | -105 | 324 | 764 | 1,020 | 1,385 | 2,568 | 3,091 | 3,310 |
| Borrowings + | 147 | 483 | 51 | 66 | 502 | 490 | 102 | 144 | 157 |
| Other Liabilities + | 108 | 222 | 220 | 524 | 638 | 627 | 609 | 1,337 | 1,178 |
| Total Liabilities | 329 | 600 | 596 | 1,353 | 2,204 | 2,546 | 3,326 | 4,620 | 4,693 |
| Fixed Assets + | 104 | 119 | 86 | 138 | 664 | 646 | 678 | 1,812 | 1,830 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 12 | 0 |
| Investments | 0 | 13 | 0 | 120 | 614 | 796 | 1,290 | 1,100 | 1,019 |
| Other Assets + | 225 | 468 | 510 | 1,096 | 926 | 1,103 | 1,355 | 1,697 | 1,844 |
| Total Assets | 329 | 600 | 596 | 1,353 | 2,204 | 2,546 | 3,326 | 4,620 | 4,693 |
Financials of Indegene Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 65 | 22 | 172 | 297 | 130 | 508 | 442 | 651 |
| Cash from Investing Activity + | -18 | -16 | -81 | -158 | -896 | -326 | -677 | -508 |
| Cash from Financing Activity + | -21 | 136 | -132 | 233 | 333 | -66 | 288 | -83 |
| Net Cash Flow | 25 | 143 | -40 | 373 | -433 | 115 | 52 | 60 |
| Free Cash Flow | 48 | 16 | 151 | 272 | 111 | 497 | 412 | 606 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 196% | 34% | 96% | 128% | 60% | 125% | 110% | 129% |
Financials of Indegene Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 60 | 127 | 108 | 97 | 102 | 91 | 97 | 102 |
| Inventory Days | ||||||||
| Days Payable | ||||||||
| Cash Conversion Cycle | 60 | 127 | 108 | 97 | 102 | 91 | 97 | 102 |
| Working Capital Days | -7 | -5 | 45 | 11 | 41 | 27 | 39 | 5 |
| ROCE % | 37% | 55% | 46% | 33% | 29% | 25% | 19% |
Guidance history
How Indegene Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Up 2%+ | Planned | — | Rising |
| Q4 FY26 call → | 10–20% | Flat | Planned | — | Rising |
| Q3 FY26 call → | 10–20% | Flat | Planned | — | Rising |
| Q2 FY26 call → | 10–20% | Up 0–2% | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
73 out of 100 — Strengthening
Over the past year its share price has done better than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +6.3% | 67% |
| Last 6 months | +17.4% | 74% |
| Last 3 months | +13.9% | 85% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Indegene Ltd: 0.4 × 67 + 0.4 × 74 + 0.2 × 85 = 73.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Indegene Ltd's management said in earlier quarters
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