Scope

As at 31 Aug 2026 · IST₹ · ₹ cr · BSE 500 TRI

NSE: INDGN· Info TechValue · Aug 26Small cap

Indegene

Pharma commercialisation outsourcing

Last close: ₹605.15; 29 Sept 2026 · reference
1D · 1M: −1.3% · +4.5%; price-only
Weight: 1.2%; 31 Jul 2026 · Aug rank 25
Thesis review: 8 Sep 2026; Why We Own, p48

Coverage owner: Research (per book); latest results Q Jun-26Screener ↗Tijori ↗NSE ↗

Analysis · industrial rules · FY21–FY26

What the numbers say

data to 30 Jun 2026

Growth

3.8

Profitability

2.8

Balance sheet

4.8

Cash conversion

4.4

Valuation

2.1

Sales3,511 cr FY26

Net Profit401 cr FY26

Operating margin17.6% FY26

ROCE16.3% FY26

Revenue CAGR 3y

15.0%

5y 29.4%

Net profit CAGR 3y

14.7%

5y 21.9%

Operating margin

17.6%

3y avg 18.5%

CFO / PAT, 3y

1.40x

FCF ₹1,516 cr cumulative

ROCE

16.3%

3y avg 21.5%

Debt / equity

0.00x

interest cover 28.2x

Cash conversion cycle

90 days

86 days three years earlier

P/E

35.7x

PEG 2.4 on 3y PAT growth

Growth. Revenue compounded 15.0% a year over FY23–FY26, net profit 14.7%; the latest year grew 23.7% (profit −1.5%). · Tijori P&L, annual
Margins. Operating margin 17.6% in FY26, −0.9 pp against the prior three-year average. · Tijori P&L (OPM)
Cash conversion. Operating cash flow was 1.40x reported profit across the last three years; free cash flow of ₹1,516 cr after capex. · Tijori cash flow vs P&L
Returns on capital. ROCE 16.3% and ROE 12.8% in FY26 (three-year average ROCE 21.5%). · Tijori ratios sheet
Balance sheet. Effectively debt-free. · Tijori ratios sheet
Valuation. 35.7x trailing earnings, 14.6x EV/EBITDA, 3.4x book — 2.4x the three-year profit growth rate; dividend yield 0.5%. · Tijori valuation ratios at the latest price
Latest quarter. Q Jun-26: revenue 39.7% YoY, net profit 0.0% YoY; 4 of the last 4 quarters grew revenue year on year. · Tijori quarterly results

Forensic flags · Tijori

Accounting & Shareholding

Depreciation Effect: Depreciation accounting is not leading to increase in profits
Other Income: Other income is not affecting ratios of the company
Pledge: Promoters have not pledged a significant portion of their holding
Contingent Liabilities: Unable to calculate due to limited data
Promoter Holding: Promoter has not sold any shares in the last 90 days
Retail Holding: Retail has been selling the stock which is usually a good time to buy
Revenue Recognition: Company is converting accounting profit to cash

Price & Performance

ROE: Asset turnover is responsible for roe increase over last 10 years
Share price: Share price has increased over last 10 years due to earnings
Working Capital: Working capital of the company seems to be under control
Capex vs ROCE: Company has made significant capex which might be affecting its roce
Current vs Historic Valuation: Company is trading at a discount to 3yr historic valuations
Debt: Company should not have issues servicing its debt
Sales Growth: Unable to calculate due to limited data
Margin Stability: Margins of the company are volatile
ROCE Strength: Roce of the company is consistently strong
Balance Sheet Strength: Balance sheet of the company is strong. but it might have issues paying it suppliers

Rules over the stated numbers only — CAGRs need positive start and end values, margins use the company's own OPM line, cash conversion is cumulative operating cash flow over cumulative profit for the last three fiscal years. Scores are 0–5 rule outputs, not a recommendation. Source: Tijori Finance normalised statements; Buoyant's own estimates are shown separately below and never blended in.

Cross-check

Same metric, every source · Indegene

Where the app shows the same metric in more than one place, this table lists each figure with its period and definition. No two sources disagree on the same period and definition; every difference below is a period or definition difference.

Metric	Source	Period	Definition	Value	Verdict
Return on equity	Tijori ratio table	FY26	net profit ÷ year-end equity (Tijori)	12.78%	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	TTM	trailing 12 months (Tijori)	12.78%
	House model (one-pager)	FY26	net profit ÷ average equity, standalone	14.40%
Net profit	Tijori P&L	FY26	consolidated, annual	₹401 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori P&L	TTM Jun-26	trailing 12 months	₹401 cr
	Tijori screener	TTM	trailing 12 months	₹400 cr
	House model (one-pager)	FY26	standalone, annual	₹401 cr
	Tijori quarterly table	Q Jun-26	single quarter	₹116 cr
P/E	Tijori screener	TTM at 2026-09-28	price ÷ trailing EPS	35.60x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori ratio table	FY26 year-end	year-end price ÷ that year's EPS	26.06x
	House model (one-pager)	FY27E	FY27E / FY28E P/E (Buoyant sheet)	30.20x
P/B	Tijori screener	at 2026-09-28	price ÷ book value per share	4.55x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
P/B	Tijori ratio table	FY26 year-end	year-end price ÷ book value	3.38x
Market cap	BSE master	2026-09-28	BSE full market cap	₹14,404 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	latest Tijori refresh	price × shares	₹14,280 cr
	House one-pager	31-Jul-26	as printed	₹12,402 cr

Tolerance for a conflict: 1.5% on the same period and definition (3% for market cap, which moves with the price date). Tijori's ratio table uses its own definitions; the quarterly table and operating metrics carry the company's reported figures; the house model is standalone and dated.

Trend

Sales and net profit, FY

₹ crore. Actuals only; the last column is a TTM where labelled. Estimates are shown separately below with an "E" and never blended into this series.

Buoyant estimates

Model table from the research book

Buoyant estimates
₹ crore / %	FY24	FY25	FY26
Revenue (₹ cr)	2,590	2,839	3,510
EBITDA (₹ cr)	505	548	619
Net profit (₹ cr)	337	407	401
ROE (%)	n.a.	n.a.	14.4

Estimate columns (E) are in green italics.

Consolidated where reported · standalone not separately available in this source

Income statement (annual)
₹ crore unless %	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	TTM Jun-26
Sales	475	553	643	966	1,665	2,306	2,590	2,839	3,511	3,813
Operating Expenses	447	511	499	736	1,378	1,910	2,084	2,305	2,892	3,175
Raw Material	—	—	—	—	—	—	—	—	—	0
Material Cost (%)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Employee Cost	317	367	370	536	1,014	1,465	1,652	1,815	2,198	2,375
Power & Fuel Cost	2	2	—	—	—	—	—	—	—	—
Operating Profit	28	42	144	231	287	396	505	534	619	638
Other Income	3	7	4	31	26	58	76	107	72	79
OPM (%)	5.93	7.56	22.34	23.86	17.24	17.17	19.52	18.82	17.63	16.73
Depreciation and Amortisation	12	17	19	26	33	60	76	80	126	149
Interest	8	6	9	7	6	31	49	22	19	22
Profit Before Tax	11	26	75	231	226	363	459	539	525	526
Tax	7	12	26	46	64	97	122	133	124	125
Net Profit	4	14	-6	149	165	266	337	407	401	401
Number of shares(Crs)	—	—	—	—	—	—	24	24	24	—
Dividend Payout Ratio(%)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	11.78	13.49	—

Consolidated where the company reports consolidated; Tijori Finance normalisation of company filings. Fiscal years end 31 March; "TTM" columns are trailing twelve months to the stated quarter. Quarterly growth is year-on-year (same quarter, prior year). Quarterly balance-sheet and cash-flow data are not disclosed and are not implied. General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA.

Ratios

Sector-appropriate ratios

Ratio	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Interest Coverage Ratio	5.38	2.37	5.11	9.56	34.27	38.98	12.60	10.28	25.51	28.20
Cash Conversion Cycle	68.79	83.08	66.52	75.45	87.03	79.96	85.94	90.91	89.95	90.10
Inventory Days	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Receivable	68.79	83.08	66.52	75.45	87.03	79.96	85.94	90.91	89.95	90.10
Debt to Equity Ratio	0.58	0.55	0.45	-4.31	0.08	0.02	0.37	0.28	0.00	0.00
Free Cash Flow/Sales (%)	1.51	0.60	8.68	2.54	15.67	16.36	4.83	19.19	14.51	17.28
Free Cash Flow(est) (Crs)	7.12	2.84	48.02	16.30	151.00	272.00	111.00	497.00	412.00	607.00
Gross Margin (%)	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
Op Profit Margin (%)	14.87	5.93	7.56	22.34	23.86	17.24	17.17	19.52	18.82	17.63
Net Profit Margin (%)	8.28	0.84	2.55	-0.98	15.46	9.90	11.54	13.00	14.32	11.43
ROCE (%)	32.13	12.99	19.03	40.57	65.48	33.10	23.93	27.13	21.01	16.33
ROIC (%)	44.12	6.00	14.66	73.82	79.85	95.79	26.56	37.46	34.77	19.45
ROE (%)	29.76	2.95	9.25	6.02	46.04	21.57	25.01	23.56	15.55	12.78
Net Profit Margin (%)	8.28	0.84	2.55	-0.98	15.46	9.90	11.54	13.00	14.32	11.43
P/E	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.	34.05	26.06
Price to Book	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.37	3.38
EV/EBITDA	1.93	4.68	2.28	1.84	-0.44	-1.59	0.78	0.44	21.00	14.57
Dividend Yield (%)	—	—	—	—	—	—	—	—	0.35	0.52

General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA. Suppressed for this preset: none.