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
Where the price sits
52-week range, house target and street targets
52w low ₹42452w high ₹613
- Reference close₹605
- ICICI Securities · BUY₹620
Range from reference closes; street targets from the PDFs on file (Research & documents). Internal target is never shown to prospects.
Investment case and valuation
Approved model, 8 Sep 2026 review
₹592
Price (2026-09-08)
30.2x / 24.0x
FY27E / FY28E P/E (Buoyant sheet)
15.6%
FY27E ROE (Buoyant sheet)
34.3x
Trailing P/E
4.5x
Price / book
29%
EPS CAGR FY26–28E
TTM PE 34.3x on a margin-trough year (FY26 EBITDA margin 17.6% vs ~19.5% in FY24); stock ~19% below its 52-week high at end-Jul-2026. Listed only since May-2024, so no 5-yr history. EV/EBITDA computed on mcap less Rs 1,316 cr net cash over FY26 EBITDA. EV/EBITDA 20.9x; dividend yield 0.4%.
- Model date
- 8 Sep 2026 (prices 7–8 Sep 2026)
- Horizon
- 12 months (bank pages: Sep-2027 roll-forward)
- Audience
- Internal — the book's guardrail: do not quote a target to a client; quote the thesis and the risk
- Reviewer · version
- Investment Committee framework · v1 (book)
Current vs history
Trailing multiples, FY-end
| Ratio | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. | 34.1x | 26.1x |
| Price to Book | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. | n.m. | 5.4x | 3.4x |
Tijori FY-end multiples on reported earnings/book; compatible definitions across years, but not the same basis as Buoyant's forward P/E on internal EPS.
UnavailableScenario lab disabled. Needs an approved forward EPS and forward P/E for Indegene plus a reference price. Missing inputs are not substituted.