INDGN
Indegene share price & financials
- Price
- ₹532.4
- Market cap
- ₹13.4k Cr
- Sector
- Healthcare
- Calls analysed
- 7
Indegene Q1 FY27
What went well
- Revenue of ₹10,631 million, up 39.7% YoY and 6% QoQ in INR terms, marking the strongest first-quarter sequential growth in four years.
- Total revenue grew 57% from Q1 FY25, demonstrating sustained growth since listing.
- Active client base expanded to 105, and the $10 million to $25 million client cohort increased to 9, indicating broadening client relationships.
What to watch
- EBITDA margin of 16.9% declined sequentially after adjusting for prior quarter's mark-to-market impact.
- Margins were impacted by one-time workforce transformation costs and slow revenue recognition from certain Gen AI engagements.
What Indegene does
Indegene provides outsourced, technology- and AI-enabled services to biopharmaceutical and life sciences companies across the drug commercialization lifecycle, from clinical trial support and regulatory/pharmacovigilance operations to sales & marketing, medical communications and patient engagement. It earns revenue under two delivery models -- enterprise-wide, technology-enabled Centers of Excellence staffed with domain experts and GenAI agents delivering multi-year global engagements, and dedicated omnichannel activation teams -- billed either on a resource-utilization/fixed-price basis or on outcome-based pricing for select engagements. Services are delivered through proprietary AI/GenAI platforms including the NEXT suite (covering MLR review automation, adverse event management, content collaboration, forecasting and channel optimization) and Invisage(TM), its omnichannel sales and marketing platform. The company has grown its client base and technology capability partly through acquisitions.
Segments
- Enterprise Commercial Solutions
- Enterprise Medical Solutions
- Omnichannel Activation Solutions
- Others
- Active client relationships
- 91 (FY26), up from 44 in FY21
- Clients contributing $1M+ in annual revenue
- 53 (FY26)
- Top global biopharma companies served
- Partner to 20 of the Top 20 and 80 of the Top 100 global life sciences companies
- Global offices
- 19
- Employee footprint
- 5,000+ employees globally -- 4,153 in India, 588 in North America, 185 in Europe, 79 in other regions (as of 31 Mar 2025)
- Delivery employees with healthcare qualifications
- 23.8% hold healthcare-related degrees (MD, MBBS, PhD, BDS, MPharm, BPharm)
Guidance record · Q1 FY27
what the last two calls moved 17 tracked 6 delivered 3 missed 8 open- EBITDA Margin delivered said Q4 FY25 Promised: Fairly stable Q1 FY27: The promise pertained to FY26 and was achieved. No further updates applicable.
- New Deal Contribution went quiet said Q3 FY25 Promised: $2 million to $4 million ACV each for five key deals Q1 FY27: No mention of these specific deals from FY25. The promise remains unaddressed and is now six quarters old.
- EPS Accretion (BioPharm) on track said Q1 FY26 Promised: Accretive beyond 5-6 quarters Q1 FY27: The target period of 5-6 quarters from Q1 FY26 is approaching (ends Q2-Q3 FY27). No specific update on EPS accretion was provided, but overall business integration is proceeding.
All 17 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 33.2%, net profit up 33.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 282 | 287 | 267 | 256 | 307 +9% | 290 +1% | 368 +38% | 341 +33% |
| EBITDA | 46 | 52 | 40 | 37 | 71 +54% | 38 −27% | 103 +158% | 60 +62% |
| Net profit | 45 | 50 | 54 | 45 | 60 +33% | 35 −30% | 72 +33% | 60 +33% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +3.7% 1Y
1Y: ₹557.6 on 10 Sept 2025 → ₹578.35. High ₹611.65 (31 Aug 2026), low ₹423.5 (23 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +0.1%
- 31 Jul
- Q4 FY26
- +0.9%
- 30 Apr
- Q3 FY26
- +2.8%
- 30 Jan
- Q2 FY26
- −2.3%
- 31 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 8.1% a year over 2 years, FY24 to FY26. Operating margin widened to 20.4%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹1.0k Cr | ₹1.1k Cr | ₹1.2k Cr |
| Operating profit | ₹164 Cr | ₹178 Cr | ₹249 Cr |
| Operating margin | 15.7% | 16.3% | 20.4% |
| Interest | ₹8 Cr | ₹8 Cr | ₹9 Cr |
| Depreciation | ₹31 Cr | ₹26 Cr | ₹37 Cr |
| Net profit | ₹138 Cr | ₹182 Cr | ₹212 Cr |
| Net margin | 13.2% | 16.6% | 17.4% |
| ROCE | 18.0% | 17.0% | 14.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹44 Cr | ₹44 Cr | ₹48 Cr | ₹48 Cr |
| Reserves | ₹254 Cr | ₹650 Cr | ₹751 Cr | ₹909 Cr | ₹2.8k Cr | ₹2.0k Cr |
| Borrowings | ₹23 Cr | ₹44 Cr | ₹51 Cr | ₹38 Cr | ₹122 Cr | ₹70 Cr |
| Other liabilities | ₹96 Cr | ₹156 Cr | ₹191 Cr | ₹228 Cr | ₹588 Cr | ₹332 Cr |
| Total liabilities | ₹373 Cr | ₹850 Cr | ₹1.0k Cr | ₹1.2k Cr | ₹3.6k Cr | ₹2.5k Cr |
| Fixed assets | ₹41 Cr | ₹72 Cr | ₹78 Cr | ₹56 Cr | ₹719 Cr | ₹113 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹12 Cr |
| Investments | ₹83 Cr | ₹203 Cr | ₹400 Cr | ₹624 Cr | ₹778 Cr | ₹1.3k Cr |
| Other assets | ₹249 Cr | ₹575 Cr | ₹559 Cr | ₹540 Cr | ₹2.1k Cr | ₹1.0k Cr |
| Total assets | ₹373 Cr | ₹850 Cr | ₹1.0k Cr | ₹1.2k Cr | ₹3.6k Cr | ₹2.5k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +1.54 pp while the public trimmed −1.41 pp. The shareholder count shrank 9% to 1,38,533.
- FIIs
- 9.9%
- DIIs
- 8.7%
- Public
- 81.3%
Since Jun 2025
- DIIs +1.54 pp
- Public −1.41 pp
- FIIs −0.12 pp
How it drifted, 9 quarters
Over this window the public fell from 92.4% to 81.3% — −11.0 pp.
Ownership split by quarter, oldest first. Jun '24: FIIs 3.8%, DIIs 3.8%, Public 92.4%.Sep '24: FIIs 4.8%, DIIs 3.2%, Public 92.0%.Dec '24: FIIs 5.0%, DIIs 4.0%, Public 91.0%.Mar '25: FIIs 5.2%, DIIs 5.0%, Public 89.8%.Jun '25: FIIs 10.0%, DIIs 7.2%, Public 82.8%.Sep '25: FIIs 11.3%, DIIs 7.0%, Public 81.7%.Dec '25: FIIs 11.5%, DIIs 8.1%, Public 80.4%.Mar '26: FIIs 10.3%, DIIs 8.3%, Public 81.4%.Jun '26: FIIs 9.9%, DIIs 8.7%, Public 81.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- ICICI Prudential Technology Fund Mutual fund newly disclosed 1.19% held
- Sundaram Mutual Fund A/C Sundaram Multi Cap Fund Mutual fund +0.20 pp 1.90% held
The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Indegene above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Nadathur Fareast Pte Ltd | 21.87% | unchanged |
| Manish Gupta | 8.91% | unchanged |
| Rajesh Bhaskaran Nair | 7.14% | unchanged |
| Bpc Genesis Fund I Spv Ltd | 5.75% | unchanged |
| Sanjay S Parikh | 4.98% | unchanged |
| Bpc Genesis Fund I A Spv Ltd | 2.98% | unchanged |
| Gaurav Kapoor | 2.60% | unchanged |
| Government Pension Fund Global Sovereign | 2.57% | unchanged |
| Vida Trustees Private Limited | 2.32% | unchanged |
| Anand Kiran | 2.16% | unchanged |
| Aarabhi Partners Consultants Llp | 2.09% | unchanged |
| Sundaram Mutual Fund A/C Sundaram Multi Cap Fund Mutual fund | 1.90% | +0.20 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in INDGN
Filings to Aug 2026
0 new, 4 added, 2 trimmed, 0 sold out — net −0.94 L shares (−3.1%).
- Held by funds
- ₹178 Cr
- 8 schemes
- Biggest holder
- SBI Innovative Opportunities Fund
- ₹92 Cr · 1.7% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Innovative Opportunities Fund SBI Mutual Fund | ₹92 Cr | −0.96 L | Aug '24 |
| SBI Technology Opportunities Fund SBI Mutual Fund | ₹55 Cr | held | May '24 |
| Nippon India Retirement Fund - Wealth Creation Scheme Nippon India Mutual Fund | ₹15 Cr | held | Jul '26 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹10 Cr | +0.02 L | Sep '24 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹5 Cr | +0.01 L | Sep '24 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Sep '24 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹0 Cr | −0.00 L | Sep '24 |
| SBI Nifty Small Cap 250 ETF SBI Mutual Fund | ₹0 Cr | +0.00 L | May '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
4 added, 2 trimmed — net −93,530 shares (−3.1%)
- Funds are sitting on
- -5%
- vs est. average cost
- Held by funds
- ₹178 Cr
- 8 schemes · ≈ 1.2% of the company
- Biggest holder
- SBI Innovative Opportunities Fund
- ₹92 Cr · 1.7% of that fund
- Longest holder
- SBI Technology Opportunities Fund
- 2y 4m · since May '24
Shares held by these funds +408%
May '24 30.12 L shares Jul '26
What the price assumes
Growth trapTo justify its price of ₹578, this stock must grow earnings at 38% every year for 7 years. Our analysis caps realistic growth at ~19%. At that growth it is worth ₹229 — downside of 60%.
- Growth the price implies
- 38.2% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 23.9% a year
- net profit, FY24–FY26 · EPS 19.4%
- The gap
- 0.2 pp
- -60% downside if it only repeats history
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Indegene
Guides on how to read this kind of business and the numbers that matter.