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Swing Capital

Indegene Ltd

NSE: INDGN BSE: 544172

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]

₹509
52W: ₹414 — ₹633
PE 57.8 · Book ₹86.4 · +489% vs book
Market Cap₹12,254 Cr
Stock P/E57.8Price to Earnings
ROCE14.3%Return on Capital
ROE10.7%Return on Equity
Div. Yield0.4%Face Value ₹2

Strengths

  • +Company is almost debt free.
  • +Company has been maintaining a healthy dividend payout of 17.3%
  • +Debtor days have improved from 119 to 84.8 days.

Weaknesses

  • −Company has a low return on equity of 12.0% over last 3 years.
  • −Working capital days have increased from 162 days to 261 days

Shareholding Pattern

Promoters0%
FIIs10.27%
DIIs8.29%
Public81.43%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters0%0%0%0%0%0%0%0%
FIIs3.79%4.82%▲1.05.03%▲0.25.24%▲0.210.04%▲4.811.3%▲1.311.48%▲0.210.27%▼1.2
DIIs3.84%3.17%▼0.73.99%▲0.84.96%▲1.07.2%▲2.26.95%▼0.38.06%▲1.18.29%▲0.2
Public92.38%92.01%▼0.491.01%▼1.089.8%▼1.282.75%▼7.081.74%▼1.080.44%▼1.381.43%▲1.0

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales260272259282287267256307290368
Expenses223226219235235227219236252265
Operating Profit374640465240377138103
OPM %14%17%15%16%18%15%14%23%13%28%
Net Profit30493345505445603572
EPS ₹1.332.21.361.872.082.261.882.491.452.99

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,221Cr, up 11.6% YoY. OPM at 20%.

Debt Position

Borrowings at ₹70Cr. Debt-to-equity ratio: 0.03x. Healthy balance sheet.

Capex Cycle

CWIP at ₹12Cr (11% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 8.29% (+4.45pp change). FIIs: 10.27% (+6.48pp change). Promoters hold 0%.

Margin & Efficiency

ROCE improving from 0% (Mar 2019) to 14% (Mar 2026). Working capital days: 261.

Valuation

PE 57.8x with 14.3% ROCE. Price is 489% above book value of ₹86.4. Dividend yield: 0.4%.

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