# Indegene (INDGN) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/indgn

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹610
- Change: -0.55%
- As of: 2026-11-06
- 1D return: -0.55%
- 5D return: +3.95%
- 1M return: +4.07%
- Latest complete quarter: fy27_q1

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

INDGN closed at ₹610.00 on 2026-11-06, trading in a narrow range following an extreme volume surge (+5.6% return, 5.51x volume ratio) on 2026-11-02. The daily technical structure is bullish, with price holding above all key moving averages and the Supertrend indicator. However, trend strength is weak (ADX 16.21), suggesting consolidation rather than aggressive momentum. This contrasts with a strong monthly trend (ADX 42.04) but a bearish monthly Supertrend, indicating a longer-term pullback within a broader uptrend. Price sits near the upper end of its 252-day range (+87.5%), approaching immediate resistance at ₹613.28 (0.54% away). A Doji formed on 2026-11-06 signals indecision after recent volatility. Upside requires a decisive break above ₹613.28 to confirm continuation; downside risk is supported by ₹604.53 (-0.90%).

- Trend Divergence: Daily indicators are bullish (price above MAs/Supertrend) with weak conviction (ADX 16.21), while the monthly trend remains strong (ADX 42.04) but structurally bearish (Supertrend below price).
- Price Positioning: Trading at ₹610.00, near the top of the 252-day range (+87.5%) and approaching tight resistance at ₹613.28 (0.54% above).
- Momentum & Volatility: Recent activity includes an extreme volume spike on 2026-11-02 (+5.6%, 5.51x volume) and a neutral Doji on 2026-11-06. Annualized volatility is high at +32.8%.
- Key Levels: Immediate support at ₹604.53 (-0.90%); next support at ₹595.72 (-2.34%). Resistance clusters at ₹613.28, ₹620.37, and ₹629.18.

- Doji
- Bearish Engulfing Reversal
- Outside Bar
- Inside Bar
- Shooting Star

### News Context

On November 2, 2026, Motilal Oswal issued a 'Buy' recommendation for Indegene (INDGN), setting a price target of ₹718. This analyst note suggests potential upside for investors based on the brokerage's internal valuation models. As an external opinion, this rating reflects the firm's current assessment of the company's prospects but does not constitute a guarantee of future performance or a factual corporate announcement from Indegene itself.

- Motilal Oswal assigned a 'Buy' rating to INDGN on November 2, 2026.
- The brokerage set a specific price target of ₹718 per share.
- This is an external analyst opinion and should be distinguished from verified corporate developments.

- [Buy Indegene; target of Rs 718: Motilal Oswal](https://www.moneycontrol.com/news/business/buy-indegene-target-of-rs-718-motilal-oswal-14066412.html)

### What Changed

Indegene (NSE: INDGN) has scheduled a one-on-one institutional investor meeting for November 13, 2026, in Bengaluru. The engagement with Mirabilis Investment Trust will focus on business updates and is confirmed to exclude unpublished price sensitive information. As of the observation date of November 6, 2026, the stock closed at ₹610.00, down from the previous close of ₹615.00.

- Scheduled Engagement: A one-on-one meeting with Mirabilis Investment Trust is set for November 13, 2026, at 14:30 IST in Bengaluru.
- Disclosure Scope: The company confirmed that no unpublished price sensitive information will be shared during the interaction.
- Price Movement: The share price declined by ₹5.00 (approximately 0.81%) to close at ₹610.00 on November 6, 2026, compared to the prior close of ₹615.00.

- [INDEGENE LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_21426_WebXMLFile_20261106_141402607.xml)
- [Indegene Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/INDEGENE_06112026141209_tofile13112026_Investormeet.pdf)

### Official Filings

Indegene Limited’s board approved unaudited financial results for the half-year ended September 30, 2026, reporting Q2 revenue of ₹11,223 million (US$117.5 million), a 39.5% year-on-year increase in INR terms. The company achieved an EBITDA of ₹1,873 million at a 16.7% margin and reported a profit after tax (PAT) of ₹1,123 million. Management maintained its outlook, targeting quarterly EBITDA margins of 19% or more by Q4 FY27. Governance changes include the resignation of director Mark Francis Dzialga effective October 29, 2026, and Company Secretary Srishti Ramesh Kaushik effective December 2, 2026. Additionally, the board allotted 52,194 shares under RSU and ESOP schemes. An institutional investor meeting with Mirabilis Investment Trust is scheduled for November 13, 2026, in Bengaluru.

- Q2FY27 Revenue: ₹11,223 million (+39.5% YoY in INR; +27.5% in USD)
- Q2FY27 Profitability: EBITDA ₹1,873 million (16.7% margin); PAT ₹1,123 million
- Management Outlook: Unchanged target of ≥19% quarterly EBITDA margin by Q4 FY27
- Governance & Equity: Director Mark Francis Dzialga resigned Oct 29, 2026; CS Srishti Ramesh Kaushik resigns Dec 2, 2026; 52,194 shares allotted under RSU/ESOP

- [INDEGENE LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_21426_WebXMLFile_20261106_141402607.xml)
- [Indegene Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/INDEGENE_06112026141209_tofile13112026_Investormeet.pdf)
- [INDEGENE LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_21426_WebXMLFile_20261103_213932457.xml)
- [Indegene Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/INDEGENE_03112026213615_03112026tofileearningcalltranscript.pdf)
- [Indegene Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/INDEGENE_31102026115639_31102026tofilenewspaperpublication.pdf)
- [Indegene Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/INDEGENE_30102026121718_tofileoutcomeofearningcall.pdf)
- [INDEGENE LIMITED has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_21426_WebXMLFile_20261030_121845618.xml)
- [Indegene Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/INDEGENE_29102026193826_29102026tofilebmoutcome.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1749327_29102026074925_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1749326_29102026074919_WEB.xml)

### Fundamentals

Indegene’s operating trajectory has accelerated significantly, with TTM sales reaching ₹4,131 crore and a 36% compounded growth rate. The most recent quarter (Q1 FY2026-27) showed sequential revenue growth to ₹1,063.10 crore and a sharp rise in Profit Before Tax to ₹152.70 crore, driven by a substantial reduction in 'Other Unallocable Expenditure' from ₹59.90 crore to ₹20.70 crore. While operating profit expanded to ₹683 crore on a TTM basis, net profit remained flat at approximately ₹411 crore compared to the prior year, indicating that higher interest costs (₹25 crore TTM vs ₹19 crore last year) and depreciation are absorbing some of the operational gains.

Earnings quality remains robust, evidenced by strong cash conversion: CFO/EBITDA reached 129% in Mar 2026, and Cash from Operating Activity surged to ₹651 crore. However, balance-sheet leverage is rising; borrowings increased to ₹157 crore as of Sep 2026, coinciding with a decline in ROCE from 29% (Mar 2024) to 19% (Mar 2026). Fixed assets have grown substantially to ₹1,830 crore, suggesting ongoing capital deployment. Institutional ownership has shifted, with DIIs increasing their stake to 15.82% while total shareholders decreased to 132,280.

- Revenue momentum is strong: TTM sales grew 36%, with Q1 FY2026-27 revenue up sequentially to ₹1,063.10 crore.
- Profitability mix is shifting: PBT rose sharply to ₹152.70 crore in Q1 due to lower unallocable expenses, but net profit stagnated near ₹411 crore due to higher interest and depreciation.
- Cash generation is high: CFO/EBITDA ratio improved to 129% in Mar 2026, with operating cash flow at ₹651 crore.
- Capital efficiency is declining: ROCE fell to 19% (Mar 2026) as borrowings rose to ₹157 crore and fixed assets expanded to ₹1,830 crore.

### Bull Case

Indegene presents a conditional upside case anchored by improving short-term technical momentum and recent analyst validation, despite a bearish monthly trend. On the daily timeframe, the stock closed at ₹610 on November 6, 2026, with the Supertrend indicator signaling a bullish direction. This short-term strength is supported by positive slope readings for both the 20-day EMA (9.02) and SMA (4.56), alongside a Plus DI (23.95) significantly higher than the Minus DI (17.41), suggesting buying pressure has outweighed selling pressure in the near term. The weekly chart reinforces this constructive view, also showing a bullish Supertrend and strong positive slopes for moving averages. Furthermore, Motilal Oswal issued a 'Buy' recommendation with a price target of ₹718, providing an external benchmark for potential appreciation from current levels. However, investors should note that the monthly trend remains bearish, indicating that the broader medium-term trajectory has not yet confirmed a sustained reversal.

- Daily technicals are bullish: Supertrend is up, and the Plus DI (23.95) exceeds the Minus DI (17.41) as of November 6, 2026.
- Weekly trend confirms short-term strength with a bullish Supertrend and positive slopes for the 20-day EMA (14.39) and SMA (17.56).
- Motilal Oswal assigned a 'Buy' rating with a specific price target of ₹718, highlighting perceived upside from the closing price of ₹610.
- Monthly trend remains bearish, serving as a key condition to monitor for confirmation of a longer-term trend reversal.

- [Buy Indegene; target of Rs 718: Motilal Oswal](https://www.moneycontrol.com/news/business/buy-indegene-target-of-rs-718-motilal-oswal-14066412.html)
- [INDEGENE LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_21426_WebXMLFile_20261106_141402607.xml)
- [Indegene Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/INDEGENE_06112026141209_tofile13112026_Investormeet.pdf)
- [INDEGENE LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_21426_WebXMLFile_20261103_213932457.xml)
- [Indegene Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/INDEGENE_03112026213615_03112026tofileearningcalltranscript.pdf)
- [Indegene Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/INDEGENE_31102026115639_31102026tofilenewspaperpublication.pdf)
- [Indegene Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/INDEGENE_30102026121718_tofileoutcomeofearningcall.pdf)
- [INDEGENE LIMITED has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_21426_WebXMLFile_20261030_121845618.xml)
- [Indegene Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/INDEGENE_29102026193826_29102026tofilebmoutcome.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1749327_29102026074925_WEB.xml)

### Bear Case

As of 6 November 2026, Indegene (NSE: INDGN) presents a mixed technical setup that warrants caution despite short-term bullish signals. The stock closed at ₹610.00, down from the previous close of ₹613.35, with a market capitalization of approximately ₹14,780 crore. While the daily and weekly trends show bullish momentum—indicated by Supertrend directions and positive slope metrics—the monthly trend is bearish, suggesting underlying medium-term weakness. The stock is currently trading just below immediate resistance levels, specifically the high of ₹613.28 (0.54% above current price) and the pivot at ₹620.37 (1.70% above). A failure to break these near-term hurdles could expose the stock to downside support levels at ₹604.53 and ₹595.72. Furthermore, volatility remains elevated, with an annualized volatility of +32.8% and an Average True Range (ATR) of 3.34%, indicating significant price fluctuation risk. The stock has experienced a maximum drawdown of -37.1% historically, though the current drawdown stands at -9.5%. Investors should monitor the ability to sustain prices above the ₹600 psychological level and the ₹613 resistance zone for confirmation of trend stability.

- Monthly trend is bearish as of 6 Nov 2026, contrasting with daily/weekly bullish signals, indicating potential medium-term headwinds.
- Stock closed at ₹610.00, facing immediate resistance at ₹613.28 (high) and ₹620.37 (pivot), limiting near-term upside.
- High volatility persists with annualized volatility at +32.8% and current drawdown at -9.5%, reflecting price instability.
- Downside support levels identified at ₹604.53 and ₹595.72; breach of these levels could accelerate losses toward ₹580.

- [Buy Indegene; target of Rs 718: Motilal Oswal](https://www.moneycontrol.com/news/business/buy-indegene-target-of-rs-718-motilal-oswal-14066412.html)
- [INDEGENE LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_21426_WebXMLFile_20261106_141402607.xml)
- [Indegene Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/INDEGENE_06112026141209_tofile13112026_Investormeet.pdf)
- [INDEGENE LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_21426_WebXMLFile_20261103_213932457.xml)
- [Indegene Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/INDEGENE_03112026213615_03112026tofileearningcalltranscript.pdf)
- [Indegene Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/INDEGENE_31102026115639_31102026tofilenewspaperpublication.pdf)
- [Indegene Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/INDEGENE_30102026121718_tofileoutcomeofearningcall.pdf)
- [INDEGENE LIMITED has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_21426_WebXMLFile_20261030_121845618.xml)
- [Indegene Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/INDEGENE_29102026193826_29102026tofilebmoutcome.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1749327_29102026074925_WEB.xml)

### FAQs

**What were Indegene's key financial results for Q2 FY27, and what is the management's margin outlook?**

For the quarter ended September 30, 2026, Indegene reported revenue of INR 11,223 million (up 39.5% year-on-year in INR) and EBITDA of INR 1,873 million at a 16.7% margin. Management has maintained its outlook, targeting quarterly EBITDA margins of 19% or more by Q4 FY27.

**Is there an upcoming investor engagement scheduled for Indegene?**

Yes. Indegene Limited has intimated the NSE and BSE regarding a one-on-one in-person meeting with Mirabilis Investment Trust on November 13, 2026, at 14:30 IST in Bengaluru. The company confirmed that no unpublished price sensitive information will be shared during this interaction.

**How has Indegene's stock performed technically over different timeframes as of November 6, 2026?**

As of November 6, 2026, the daily and weekly trends are bullish, while the monthly trend is bearish. The stock closed at ₹610.00, with resistance levels near ₹613.28 and ₹620.37, and support levels around ₹604.53 and ₹595.72. Year-to-date returns stand at +17.3%.

- [Buy Indegene; target of Rs 718: Motilal Oswal](https://www.moneycontrol.com/news/business/buy-indegene-target-of-rs-718-motilal-oswal-14066412.html)
- [INDEGENE LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_21426_WebXMLFile_20261106_141402607.xml)
- [Indegene Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/INDEGENE_06112026141209_tofile13112026_Investormeet.pdf)
- [INDEGENE LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_21426_WebXMLFile_20261103_213932457.xml)
- [Indegene Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/INDEGENE_03112026213615_03112026tofileearningcalltranscript.pdf)
- [Indegene Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/INDEGENE_31102026115639_31102026tofilenewspaperpublication.pdf)
- [Indegene Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/INDEGENE_30102026121718_tofileoutcomeofearningcall.pdf)
- [INDEGENE LIMITED has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_21426_WebXMLFile_20261030_121845618.xml)
- [Indegene Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/INDEGENE_29102026193826_29102026tofilebmoutcome.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1749327_29102026074925_WEB.xml)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Strong Uptrend
- Weekly trend: Moderate Uptrend
- Pivot point: ₹620.37
- Risk regime: Price Risk Requires Attention

### Support levels
- 580.2574192047119
- 558.7207092285156
- 536.9397705078125

### Resistance levels
- 613.28125
- 634.80625
- 681.7

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -0.55% |
| return_10 | +6.66% |
| return_1m | +2.30% |
| return_1y | +15.06% |
| return_20 | +4.07% |
| return_3m | +10.87% |
| return_5 | +3.95% |
| return_6m | +14.45% |
| return_since_start | +0.53% |
| return_ytd | +17.30% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -37.14% |
| annualized_volatility | +32.83% |

## Quarterly financials

- Latest complete quarter: fy27_q1

# Revenue Jumps Nearly 40%, but Profit Stagnates as Costs Surge

Indegene Limited reported a 39.7% rise in revenue for the quarter ended 30 June 2026 compared with the same period last year. However, profit before tax was nearly unchanged, as sharp increases in other expenses, finance costs, and unallocable expenditure absorbed the revenue gains. Sequentially, profit rebounded from the previous quarter, helped by the absence of a one-time exceptional charge and lower unallocable costs.

## Revenue Growth

Revenue from operations reached ₹1,063.10 crore in the quarter. This was 5.95% higher than the previous quarter (₹1,003.40 crore) and 39.73% higher than the year-ago quarter (₹760.80 crore). The sequential growth rate was similar to the 6.5% pace recorded in the preceding quarter.

## Profitability

Profit before tax (PBT) was ₹152.70 crore. This represents a 45.3% increase from the previous quarter’s ₹105.10 crore, but only a 0.4% rise from ₹152.10 crore in the same quarter last year.

The large sequential improvement partly reflects the absence of an exceptional item that weighed on the prior quarter. In Q4 of the previous fiscal year, an exceptional charge of ₹20.30 crore reduced reported PBT to ₹105.10 crore. Excluding that charge, underlying PBT in the prior quarter was ₹125.40 crore. On that underlying basis, PBT still grew 21.8% sequentially, outpacing the 5.95% revenue growth.

Year-over-year, however, PBT was virtually flat despite the ₹302.30 crore increase in revenue.

## Cost Pressures

The year-over-year profit stagnation coincided with significant increases in several expense lines.

- Other expenses rose 85.3% to ₹229.80 crore, from ₹124.00 crore a year earlier.
- Finance costs increased 73.0% to ₹6.40 crore, from ₹3.70 crore.
- Other unallocable expenditure (net of unallocable income) climbed to ₹20.70 crore, up from ₹6.70 crore, a 209.0% jump.

Together, these three items increased by ₹122.50 crore, absorbing a large portion of the ₹302.30 crore revenue gain. Employee benefit expense, the largest cost component, was ₹659.10 crore, representing 62.0% of revenue. The combination of these cost movements left pre-tax profit nearly unchanged from the prior year.

## Tax and Comprehensive Income

Tax expense for the quarter was ₹36.50 crore, resulting in an effective tax rate of 23.9% on the ₹152.70 crore pre-tax profit. This compares with a tax expense of ₹35.70 crore in the year-ago quarter.

Net profit was ₹116.20 crore, up 45.8% from the previous quarter (₹79.70 crore) but down 0.2% from ₹116.40 crore a year earlier.

Comprehensive income was ₹128.00 crore, a 5.0% decline from the previous quarter’s ₹134.70 crore. The drop occurred despite higher net profit, as other comprehensive income fell sharply to ₹11.80 crore from ₹55.00 crore in the prior quarter.

## Key Takeaway

Revenue grew nearly 40% year-over-year, but profit before tax was essentially flat as other expenses, finance costs, and unallocable expenditure surged. Sequentially, profit recovered strongly, aided by the absence of the prior quarter’s exceptional charge and a reduction in unallocable costs. The year-over-year profit stagnation highlights a quarter in which cost increases outpaced revenue growth.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +0.00%
- FII holding: +9.92%
- DII holding: +8.74%
- Mutual fund holding: +5.28%
- Retail holding: +8.35%
- Promoter pledged: +0.00%

### Major reported shareholders

- Nadathur Fareast Pte Ltd — +21.87%
- Manish Gupta — +8.91%
- Rajesh Bhaskaran Nair — +7.14%
- Bpc Genesis Fund I Spv Ltd — +5.75%
- Sanjay S Parikh — +4.98%
- Bpc Genesis Fund I A Spv Ltd — +2.98%
- Gaurav Kapoor — +2.60%
- Government Pension Fund Global — +2.57%
- Vida Trustees Private Limited — +2.32%
- Anand Kiran — +2.16%

## Official filings

- 2026-11-06 — Generic Announcement: Indegene Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_21426_WebXMLFile_20261106_141402607.xml)
- 2026-11-06 — Generic Announcement: Indegene Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/INDEGENE_06112026141209_tofile13112026_Investormeet.pdf)
- 2026-11-03 — Generic Announcement: Indegene Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_21426_WebXMLFile_20261103_213932457.xml)
- 2026-11-03 — Generic Announcement: Indegene Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/INDEGENE_03112026213615_03112026tofileearningcalltranscript.pdf)
- 2026-10-31 — Generic Announcement: Indegene Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/INDEGENE_31102026115639_31102026tofilenewspaperpublication.pdf)
- 2026-10-30 — Generic Announcement: Indegene Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/INDEGENE_30102026121718_tofileoutcomeofearningcall.pdf)
- 2026-10-30 — Generic Announcement: Indegene Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_21426_WebXMLFile_20261030_121845618.xml)
- 2026-10-29 — Generic Announcement: Indegene Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/INDEGENE_29102026193826_29102026tofilebmoutcome.pdf)
- 2026-10-29 — Financial Results Filing: Indegene Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1749327_29102026074925_WEB.xml)
- 2026-10-29 — Financial Results Filing: Indegene Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1749326_29102026074919_WEB.xml)
- 2026-10-29 — Generic Announcement: Indegene Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/INDEGENE_29102026195317_29102026tofilebmoutcome.pdf)
- 2026-10-29 — Management Change: Indegene Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/INDEGENE_29102026195837_29102026tofilebmoutcome.pdf)
- 2026-10-29 — Press Release: Indegene Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/INDEGENE_29102026200534_29102026tofilePressRelease.pdf)
- 2026-10-29 — Earnings Presentation: Indegene Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/INDEGENE_29102026200854_29102026tofileInvestorPresentationandFactsheet.pdf)
- 2026-10-29 — Generic Announcement: Indegene Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/ALTERATION_OF_CAPITAL_AND_FUND_RAISING_21426_WebXMLFile_20261029_201352535.xml)
- 2026-10-29 — Generic Announcement: Indegene Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_21426_WebXMLFile_20261029_201431279.xml)
- 2026-10-29 — Management Change: Indegene Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/INDGN_ROID_102482_KMP_Doc.zip)
- 2026-10-26 — Generic Announcement: Indegene Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_Restructuring_21426_WebXMLFile_20261026_162954753.xml)
- 2026-10-26 — Generic Announcement: Indegene Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/INDEGENE_26102026163302_26102026_Indegene_Portugal_Incorporation.pdf)
- 2026-10-26 — Generic Announcement: Indegene Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_Restructuring_21426_WebXMLFile_20261026_163711156.xml)
- 2026-10-22 — Press Release: Indegene Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/INDEGENE_22102026103459_Press_Release_22102026.pdf)
- 2026-10-19 — Shareholding Disclosure: Indegene Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1741231_19102026123743_WEB.xml)
- 2026-10-15 — Management Change: Indegene Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/INDEGENE_15102026130141_15102026tofileresignationmark.pdf)
- 2026-10-15 — Management Change: Indegene Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/INDGN_ROID_100510_KMP_Doc.zip)
- 2026-10-15 — Generic Announcement: Indegene Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_21426_WebXMLFile_20261015_130721186.xml)

## News and market events

- 2026-11-02 — MONEYCONTROL: **Buy Indegene; target of Rs 718: Motilal Oswal** — Motilal Oswal has issued a 'Buy' recommendation for Indegene, setting a price target of Rs 718. The brokerage's note suggests potential upside for investors in the company's stock. — [Source](https://www.moneycontrol.com/news/business/buy-indegene-target-of-rs-718-motilal-oswal-14066412.html)
- 2026-10-30 — BUSINESSTODAY: **Stocks in news today: RIL, Suzlon Energy, Trent, Deepak Nitrite and more** — Multiple listed companies including Reliance Industries, Vedanta Power, InterGlobe Aviation, Suzlon Energy, Vedanta Oil and Gas, Blue Star, Trent, Indegene, and Deepak Nitrite reported or are set to report their Q2 FY27 financial results, showing mixed performance across sectors. — [Source](https://www.businesstoday.in/markets/stocks/story/stocks-in-news-today-ril-suzlon-energy-trent-deepak-nitrite-and-more-564679-2026-10-30)
- 2026-10-17 — The Hindu: **Movers & Shakers: Stocks that will see action this week** — Stock picks for the week: Axis Bank, Indegene, and FSN E-Commerce Ventures poised for potential breakouts and actionable trading levels. — [Source](https://www.thehindubusinessline.com/portfolio/technical-analysis/movers-amp-shakers-stocks-that-will-see-action-this-week/article71593492.ece)
- 2026-10-05 — The Hindu: **IT stocks: Accenture Q4 results, FY27 outlook lifts sentiment as Indian IT Q2 earnings near** — Accenture’s strong Q4 and upbeat FY27 outlook boost Indian IT sentiment ahead of Q2 earnings season. — [Source](https://www.thehindubusinessline.com/markets/it-stocks-accenture-q4-results-fy27-outlook-lifts-sentiment-as-indian-it-q2-earnings-near/article71545936.ece)
- 2026-09-30 — BUSINESSTODAY: **ICICI Securities sees recovery in ER&D stocks in Q2; Tata Tech, Netweb, IKS, Cyient among top picks** — Indian ER&D stocks, engineering research and development stocks, ER&D stocks, ER&D Q2FY27, Indian engineering stocks, ICICI Securities Q2FY27 preview, Tata Technologies Q2FY27, Cyient Q2FY27, L&T Technology Services Q2FY27, Tata Elxsi Q2FY27, KPIT Technologies Q2FY27, Tata Technologies stock, Cyient stock, LTTS stock, aerospace defence stocks India, semiconductor stocks India, best ER&D stocks to watch in Q2FY27, ICICI Securities top ER&D stock picks, Tata Technologies Cyient top picks, Indian ER&D stocks Q2FY27 expectations, engineering research and development sector outlook FY27 — [Source](https://www.businesstoday.in/markets/trending-stocks/story/icici-securities-sees-recovery-in-erd-stocks-in-q2-tata-tech-netweb-iks-cyient-among-top-picks-558802-2026-09-30)
- 2026-09-29 — BUSINESSTODAY: **'This is carnage': SC questions Rs 27,000 MRP on Rs 2,700 cancer drug at corporate hospital** — Supreme Court cancer drug markup, Rs 2700 cancer drug, Rs 27000 MRP, Supreme Court corporate hospitals, cancer medicine prices India, DPCO 2013, 16 per cent medicine margin, Supreme Court drug pricing, generic medicines India, corporate hospital pharmacy rules — [Source](https://www.businesstoday.in/india/story/this-is-carnage-sc-questions-rs-27000-mrp-on-rs-2700-cancer-drug-at-corporate-hospital-558585-2026-09-29)
- 2026-09-29 — BUSINESSTODAY: **Infosys, KPIT Tech, Wipro, Tata Elxsi: IT stocks hit 52-week lows; here are fresh price targets** — Infosys, KPIT Tech, Wipro, Tata Elxsi, IT stocks hit 52-week lows; IT stocks price targets — [Source](https://www.businesstoday.in/markets/trending-stocks/story/infosys-kpit-tech-wipro-tata-elxsi-it-stocks-hit-52-week-lows-here-are-fresh-price-targets-558581-2026-09-29)
- 2026-09-29 — BUSINESSTODAY: **Sensex, Nifty extend fall but recover from intraday lows on expiry day; outlook still cautious?** — Sensex, Nifty, stock market today, Indian stock market, market wrap, monthly expiry, expiry day, BSE Sensex, NSE Nifty, Nifty50, Indian equities, market outlook, global bond yields, Indian rupee, FII outflows, foreign fund outflows, midcap stocks, smallcap stocks, IT stocks, auto stocks, realty stocks, metal stocks, pharma stocks — [Source](https://www.businesstoday.in/markets/stocks/story/sensex-nifty-extend-fall-but-recover-from-intraday-lows-on-expiry-day-outlook-still-cautious-558582-2026-09-29)
- 2026-09-29 — BUSINESSTODAY: **Gold is booming, but EGRs aren’t: Why electronic gold receipts are struggling to attract investors despite market buzz** — Gold is booming, but EGRs aren’t: Why electronic gold receipts are struggling to attract investors despite market buzz — [Source](https://www.businesstoday.in/personal-finance/story/gold-is-booming-but-egrs-arent-why-electronic-gold-receipts-struggle-to-attract-investors-despite-market-buzz-558579-2026-09-29)
- 2026-09-29 — BUSINESSTODAY: **Govt explores alternative air routes amid ban on Pakistan airspace** — alternative air routes, govt explores alternative air routes, india china air routes, india china flights, pakistan airspace, pakistani airspace ban — [Source](https://www.businesstoday.in/india/story/govt-explores-alternative-air-routes-amid-ban-on-pakistan-airspace-558575-2026-09-29)
- 2026-09-29 — BUSINESSTODAY: **Red Bull remains an ‘energy drink’: Delhi HC sets aside FSSAI order; here’s why** — Red Bull, Red Bull an energy drink, Red Bull energy drink label, Red Bull FSSAI order, Red Bull FSSAI order on energy label, is Red Bull an energy drink — [Source](https://www.businesstoday.in/india/story/red-bull-remains-an-energy-drink-delhi-hc-sets-aside-fssai-order-heres-why-558568-2026-09-29)
- 2026-09-29 — BUSINESSTODAY: **Meta’s Muse AI agent allegedly read private messages without permission; Journalist raises privacy concerns** — Meta Muse AI, privacy concerns, AI data access, private messages, AI privacy India, Meta AI controversy, user consent AI, AI privacy regulations, artificial intelligence privacy — [Source](https://www.businesstoday.in/technology/artificial-intelligence/story/metas-muse-ai-agent-allegedly-read-private-messages-without-permission-journalist-raises-privacy-concerns-558567-2026-09-29)
- 2026-09-29 — BUSINESSTODAY: **Reliance, Nayara restrict fuel sales as crude hits $107 and retail prices stay frozen: Report** — Reliance, Nayara restrict fuel sales as crude hits $107 and retail prices stay frozen: Report — [Source](https://www.businesstoday.in/latest/corporate/story/reliance-nayara-restrict-fuel-sales-as-crude-hits-107-and-retail-prices-stay-frozen-report-558566-2026-09-29)
- 2026-09-29 — BUSINESSTODAY: **'Largest steel plant in American history': Trump announces Essar-backed $18 billion investment** — Donald Trump steel plant, Essar Group, Mesabi Metallics, Essar steel investment, Iowa steel plant, largest steel plant in America, Rewant Ruia, Ravi Ruia, US steel tariffs, Minnesota iron ore mine — [Source](https://www.businesstoday.in/latest/corporate/story/largest-steel-plant-in-american-history-trump-announces-essar-backed-18-billion-investment-558562-2026-09-29)
- 2026-09-29 — BUSINESSTODAY: **Indegene (NSE: INDGN) draws fresh brokerage interest; 5 shareholders own 25% stake; hits 52-wk high** — Indegene share price, Indegene target price, Indegene stock, Indegene share price target, Indegene buy rating, Indegene share price today, Indegene stock price, Indegene ICICI Securities target, Indegene Axis Securities, Indegene IPO, Indegene 52 week high, Indegene AI revenue, Indegene shareholding pattern, Indegene latest news, Indegene brokerage target, Indegene share price target 2026, Indegene stock buy rating, Indegene share price upside, Indegene shareholding pattern June 2026 — [Source](https://www.businesstoday.in/markets/stocks/story/indegene-nse-indgn-draws-fresh-brokerage-interest-5-shareholders-own-25-stake-hits-52-wk-high-558550-2026-09-29)
- 2026-09-28 — Times of India: **Top stocks to buy: Stock recommendations for September 28, 2026 week - check list** — Stock market recommendations: Pearl Global, and Indegene - these are the top stocks you can consider buying for the week starting September 28, 2026, as — [Source](https://timesofindia.indiatimes.com/business/india-business/top-stock-recommendations-for-september-28-2026-week-pearl-global-indegene-stocks-to-buy-today/articleshow/134529996.cms)
- 2026-09-27 — Economic Times: **Ahead of Market: 10 things that will decide stock market action on Monday** — Indian equity benchmarks Sensex and Nifty ended higher on Friday, bouncing back to close at 73,896 and 23,140.50 respectively. Geojits Vinod Nair cited strong domestic liquidity holding Nifty above 23,000, while elevated crude prices and persistent foreign outflows continue to cap near-term market upside ahead of Monday's trade. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/ahead-of-market-10-things-that-will-decide-stock-market-action-on-monday/articleshow/134518822.cms)
- 2026-09-25 — Mint: **Indian stock market slides, but 28 Nifty 500 stocks hit fresh 1-year highs this week; MCX, PVR Inox among them** — The Nifty 50 index experienced its biggest decline since 2020, down 0.88% over the last week. Despite a wider market sell-off, stocks like Welspun Corp and Zydus Lifesciences reached new peaks, highlighting selective investor interest amid high crude oil prices and global bond yield fluctuations. — [Source](https://www.livemint.com/market/stock-market-news/indian-stock-market-slides-but-28-nifty-500-stocks-hit-fresh-1-year-highs-this-week-mcx-pvr-inox-among-them-11790344289040.html)
- 2026-09-25 — MONEYCONTROL: **Indegene shares hit over one-year high as Motilal Oswal hikes target price** — Indegene share price, Motilal Oswal — [Source](https://www.moneycontrol.com/news/business/markets/indegene-shares-hit-over-one-year-high-as-motilal-oswal-hikes-target-price-14038258.html)
- 2026-09-25 — Mint: **Indegene share price jumps 5% to hit a 52-week high after Axis initiates coverage with a buy - Check target price** — Indegene's share price soared after Axis Direct initiated coverage with a 'buy' recommendation, suggesting an 18% upside. The company's blend of biopharma expertise and AI solutions positions it well for future growth, as per the brokerage firm.  — [Source](https://www.livemint.com/market/stock-market-news/indegene-share-price-jumps-5-to-hit-a-52-week-high-after-axis-initiates-coverage-with-a-buy-check-target-price-11790318397837.html)
- 2026-09-25 — BUSINESSTODAY: **Indegene shares rise 5% as Motilal Oswal upgrades stock; check target price** — Indegene shares, Indegene Ltd, Indegene stock, Indegene share price, Motilal Oswal Indegene, Indegene target price, Indegene Buy rating, Indegene upgrade, pharma outsourcing stocks, healthcare IT stocks, AI stocks, GenAI, life sciences outsourcing — [Source](https://www.businesstoday.in/markets/stocks/story/indegene-shares-rise-5-as-motilal-oswal-upgrades-stock-check-target-price-557789-2026-09-25)
- 2026-09-25 — MONEYCONTROL: **Buy Indegene; target of Rs 708: Motilal Oswal** — Motilal Oswal, Indegene, buy, Recommendations — [Source](https://www.moneycontrol.com/news/business/stocks/buy-indegene-target-of-rs-708-motilal-oswal-14038101.html)
- 2026-09-25 — CNBC-TV18: **Indegene shares rise as Motilal Oswal upgrades stock, sets target at ₹708** — Motilal Oswal said Indegene is well-placed to benefit from rising demand for outsourced services and strengthen its strategic role with life sciences clients. — [Source](https://www.cnbctv18.com/market/indegene-share-price-rises-as-motilal-oswal-upgrades-stock-sets-target-at-708-19998366.htm)
- 2026-08-25 — MONEYCONTROL: **Kotak downgrades Infosys, TCS to 'Add'; prefers TechM, Coforge, Hexaware, Indegene** — Kotak, Infosys, TCS, TechM, Coforge, Hexaware, Indegene — [Source](https://www.moneycontrol.com/news/business/stocks/kotak-downgrades-infosys-tcs-to-add-prefers-techm-coforge-hexaware-indegene-14015020.html)
- 2026-08-19 — Mint: **Raja Venkatraman recommends three stocks for 19 August** — Market expert Raja Venkatraman shares his top stock picks for 19 August. Here’s his technical outlook and trade strategy. — [Source](https://www.livemint.com/market/stock-market-news/raja-venkatraman-three-stocks-19-august-welspun-living-indegene-lenskart-solutions-sensex-nifty-11787071727213.html)

## Business profile

**Strategic vision:** Digital commercialization services for life sciences industry.

### Business segments
- **Enterprise Commercial Solutions:** Assists life sciences companies in designing and executing omni-channel marketing campaigns, content management, and digital customer interactions.
- **Medical & Regulatory Solutions:** Supports medical writing, regulatory submissions, safety monitoring, and scientific communications.
- **Clinical & Data Solutions:** Provides clinical data management, trial operations assistance, and analytics frameworks to optimize drug development lifecycles.

### Competitive strengths
- Proprietary digital platforms
- Machine learning tools
- Automated content generation systems

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/indgn
Markdown representation: https://faxioms.com/stocks/indgn?render=md