Indegene Limited (INDGN.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-10.0%

₹553.82

vs ₹615.60 price

Levered DCF

₹928.80

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

8.4

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
P/E	25.99×	33.57×	40.52×	51.34×	82.86×	91.49×	-1,784.06×
P/B	3.32×	5.26×	9.54×	12.84×	17.88×	42.09×	-107.66×
P/S	2.97×	4.85×	5.27×	5.92×	8.21×	14.14×	17.51×
EV / EBITDA	16.46×	21.02×	23.99×	31.03×	49.96×	44.49×	80.22×
Gross margin	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	98.3%
Operating margin	14.0%	16.0%	16.8%	14.6%	15.3%	22.7%	19.4%
Net margin	11.4%	14.3%	13.0%	11.5%	9.9%	15.5%	-1.0%
Current ratio	2.41×	4.48×	2.93×	2.96×	2.57×	2.3×	1.69×
Debt / equity	0.05×	0.04×	0.34×	0.47×	0.09×	0.16×	-4.61×
Interest coverage	25.52×	20.64×	8.8×	10.73×	42.59×	31.52×	14.15×
Dividend yield	0.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	12.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	12.8%	15.5%	23.6%	25.0%	21.6%	46.0%	6.0%
Return on invested capital	10.5%	12.3%	15.8%	14.2%	19.5%	42.2%	17.2%
Return on assets	8.7%	12.2%	13.2%	12.1%	12.2%	25.1%	-1.0%
Free cash flow yield	5.9%	3.0%	3.6%	0.8%	2.0%	1.1%	0.1%
Earnings yield	3.8%	3.0%	2.5%	1.9%	1.2%	1.1%	-0.1%
Enterprise value	₹101.9B	₹134.9B	₹139.4B	₹140.9B	₹132.2B	₹135.8B	₹115.8B
Net debt / EBITDA	-0.38×	-0.43×	0.52×	0.94×	-1.66×	-0.27×	2.14×
Cash conversion cycle (days)	102	97	91	105	97	108	-899