Indegene Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Indegene Ltd trades at ₹515, building a base and 9 weeks into that stage. That is +0.2% against its own 200-day average. It sits at 55% of a 52-week range of ₹429 to ₹587. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (6 weeks and counting).

Today the stock is building a base — week 9 of stage 1, confirmed. At ₹515 it trades +0.2% versus its 200-day average and sits at 55% of its 52-week range (₹429–₹587).

Against the market, two honest reads. Cumulative: over the last 2.2 years the stock moved −7% while the NIFTY 500 moved +10% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (6 weeks and counting; last ahead the week of 2026-06-25) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Indegene Ltd trades at 29.8× P/E, near the bottom of its own range — cheaper only 30% of the time. Its long-run median P/E is 31.9×, measured across 2.2 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 29.8× is near the bottom of its own range — cheaper only 30% of the time, against a long-run median of 31.9× measured over 2.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved −1.8% against a −10.8% price move — earnings outran the price, pushing the multiple DOWN its own range.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: Deteriorating Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Indegene Ltd reads as deteriorating on its fundamental arc. Deteriorating — profit and EPS growth are shrinking (profit growth −8.0% latest against +34.5% at its 12-quarter best), ROCE slipping at 17.3%. The read is built from 11 quarters across 4 curves, on full evidence.

🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.

4-Factor Sector Score

47.5/100 — rank 5 of 8 in Services - Others · 93% evidence confidence

Indegene Ltd scores 47.5 out of 100 against the 8 companies it is compared with in Services - Others, ranking 5. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 13.7 + 15.2 + 8.3 + 10.3 = 47.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Indegene Ltd reported ₹1,063 Cr of revenue in the Jun 26 quarter, +39.7% year on year. That is the 10th straight quarter of year-on-year growth. Over 7 years it has compounded at 30.2% a year. The last full year, FY26, came in at ₹3,510 Cr. The last four reported quarters add to ₹3,812 Cr.

FY26 revenue came in at ₹3,510 Cr (+23.6% on the year), capping 7 years at 30.2% compound. The latest quarter (Jun 26) printed ₹1,063 Cr, +39.7% year on year — the 10th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +30.1% growth against the decade's 30.2% — the current year is running in line with its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +30.4% over the last 4 quarters against +19.8%/yr over the last 8 — accelerating; TTM profit −8.0% vs +6.0%/yr — rolling over.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Indegene Ltd's operating margin is 16.0% in the Jun 26 quarter, −4.0 percentage points against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged 8.0% to 24.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 16.0%, −4.0 pp against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged 8.0%–24.0%.

🚨 Why the margin moved: operating margin went −4.0 pp year on year while gross margin went +0.0 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Indegene Ltd earned ₹116 Cr of net profit in the Jun 26 quarter, +0.0% year on year. Full-year FY26 profit was ₹401 Cr. The 7-year compound rate is 61.5%. That is 10.9% of the quarter's revenue. The same quarter a year earlier earned ₹116 Cr.

Jun 26 profit was ₹116 Cr, +0.0% year on year. On the full year, FY26 printed ₹401 Cr (−1.5%), and the 7-year compound rate is 61.5%.

🚨 Why profit moved: revenue contributed +39.7% and the margin −4.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit −6.9% vs revenue +30.1%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 140% of Indegene Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹651 Cr of operating cash against ₹401 Cr of profit. After ₹1,268 Cr of capital spending, ₹−617 Cr was left as free cash.

FY26: operating cash of ₹651 Cr against reported profit of ₹401 Cr, leaving free cash of ₹−617 Cr after ₹1,268 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 140% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 140%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.

Router verdict: the bigger cash user is investment — capital spending ran 5.1× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Indegene Ltd's cash conversion cycle runs 102 days in FY26, down from 108 days in FY21. Capital spending ran ₹1,442 Cr over the last 3 years. At FY26 sales of ₹3,510 Cr each day of that cycle holds about ₹9.6 Cr, so roughly ₹981 Cr sits inside the business at any moment.

FY26: debtors at 102 days (an asset-light business — no inventory to speak of) — for a full cycle of 102 days, tighter than FY21's 108.

In money terms: at FY26 sales of ₹3,510 Cr, each day of the cycle holds about ₹9.6 Cr — so the 102-day loop keeps roughly ₹981 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹1,442 Cr over the last 3 fiscal years against ₹282 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹12.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Indegene Ltd earns a ROCE of 19% in FY26. Return on invested capital clears the cost of that capital by +8.7 percentage points, so growth here adds value rather than only size. The wiring behind it is 11.4% net margin on 0.76× asset turns.

FY26 ROCE is 19%.

Why the return is what it is — the wiring (FY26): 11.4% net margin × 0.76× asset turns × 1.47× balance-sheet leverage ≈ 12.7% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 20.7% − 12.0% = a +8.7 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Indegene Ltd carries total debt of ₹158 Cr against shareholder equity of ₹3,139 Cr as of Mar 26, a debt-to-equity of 0.05 — effectively unlevered. On the annual view that ratio went from 0.47 in FY23 to 0.05 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹158 Cr against shareholder equity of ₹3,139 Cr — a debt-to-equity of 0.05. On the annual view, debt-to-equity went from 0.47 (FY23) to 0.05 (FY26). The returns on this page are earned, not borrowed.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions added 6.1 points of Indegene Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 9.9% of the company. Domestic institutions moved +4.9 points over the same window, to 8.7%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: +6.1 points over 8 quarters to 9.9%; Domestic institutions: +4.9 points over 8 quarters to 8.7%.

Why the register moved: foreign institutions drove it (+6.1 points), alongside domestic institutions (+4.9 points) — steady accumulation by institutions reading the same numbers this page reads.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Indegene Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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