1. At a Glance – Business Flying, Stock Crying
Indegene Ltd, incorporated in 1998, currently commands a market capitalisation of ₹11,290 crore with a share price of ₹469. Despite delivering 30.8% YoY quarterly revenue growth, the stock is down ~13% over 3 months and ~25% over 1 year — classic case of fundamentals doing bhangra while the stock sits cross-legged.
Q3 FY26 numbers (consolidated):
- Revenue: ₹942 crore
- PAT: ₹103 crore
- ROCE: 24.8%
- ROE: 20.6%
- Debt: ₹122 crore (Debt/Equity 0.04 – practically monk-level)
P/E stands at ~25.7x, comfortably below the industry average of ~35.9x, yet the market behaves like Indegene committed some personal crime. Welcome to post-IPO India.
2. Introduction – A Global Pharma Enabler Nobody Brags About
Indegene is not a pharma company. It doesn’t make drugs. It doesn’t run factories. It doesn’t even pretend to be exciting.
Instead, it helps biopharma, biotech, and medical device companies do everything around the drug:
- develop it
- get it approved
- market it
- monitor safety
- stay compliant
Think of Indegene as the operating system behind global pharma launches.
The company earns ~97% of its revenue outside India, with:
- North America ~66%
- Europe ~31%
- India + RoW ~3%
So yes, this is a dollar-earning Indian company that Indian retail still treats like an outsider.
3. Business Model – WTF Do They Actually Sell?
Indegene monetises complexity + compliance. That’s a lethal combo in healthcare.
a)
Enterprise Commercial Solutions (~59% of FY24 revenue)
Digital marketing, analytics, pricing strategy, patient services, omnichannel campaigns — but under pharma regulations. Sticky, high-value, recurring work.
b) Omnichannel Activation (~12%)
Digital engagement of doctors (HCPs): virtual reps, email journeys, analytics-driven nudges. Basically killing the old MR model politely.
c) Enterprise Medical Solutions (~23%)
Regulatory submissions, medical content, labelling, health economics. Boring but impossible to replace once embedded.
d) Clinical & Consulting (~6%)
Patient recruitment, clinical data management, trial support. Early-cycle but high strategic value.
Key insight:
Indegene doesn’t depend on any single drug, molecule, or therapy. It sells process muscle.
4. Financials Overview – Quarterly Numbers That Matter
📊 Quarterly Comparison (₹ crore, Consolidated)
| Metric | Q3 FY26 | Q3 FY25 | Q2 FY26 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 942 | 720 | 804 | 30.8% | 17.2% |
| EBITDA | 160 | 132 | 141 | 21.2% | 13.5% |
| PAT | 103 | 110 | 102 | -6.2% | 1.0% |
| EPS (₹) | 4.28 | 4.58 | 4.25 | -6.6% | 0.7% |
EPS Logic
- Q3 result → Average of Q1, Q2, Q3 EPS × 4
- Annualised EPS ≈ ₹18.3
The EPS dip is not business decay — it’s acquisition-led depreciation + tax
