INDEGENE LTD (INDGN): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1YAll

₹614.6 latest close · +20.9% over the last 90 sessions

₹614.6 month-end · +15.7% over 12 months

₹614.6 month-end · +18.0% since May '24

52-week range ₹414.00 to ₹638.00 · 1-year volatility 28.1%

Was the rally earned?

+16%share price, 1 yearMultiple-driven

Partly.

Most of the rise came from investors paying a higher multiple (P/E 29.3x to 36.9x); per-share earnings took off 9 points.
The share count barely moved.

Net profit growth-9 ptsNet profit fell about 8%, which lowers the price.

P/E change+25 ptsThe P/E rose from 29.3x to 36.9x, which lifts the price.

Share count change0 ptsShare count was little changed. More shares would count against the price.

What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 3 years and 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with INVENTURUS KNOWLEDGE SOLU

How rough has the ride been?

Maximum drawdown-42.2%not yet recovered

1-year volatility28.1%annualised

Beta vs sector index0.853-year daily, correlation 0.37

Volume spikes13last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-42.2% (2024-10 peak to 2026-03 low, not yet recovered)

-15.1% (2024-07 peak to 2024-08 low, recovered 2024-09)

Most recent volume spikes

2026-11-02: 5.3x the 50-day median, price +5.6% that day

2026-09-29: 5.2x the 50-day median, price -1.3% that day

2026-09-25: 6.4x the 50-day median, price +2.5% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

36.9xP/E todayWithin its usual range

Against its own history74th percentile

CheapestMedian 33.8xDearest

Usual range 27.3x to 40.3x since 2024-05.

Against Health Technology36.9x vs 37.0x

This company

36.9x

Sector median

37.0x

Close to the Health Technology median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianHealth Technology median

The chart loads when you open this tab.

P/B (this company)10th to 90th percentile of its own historyIts medianHealth Technology median

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianHealth Technology median

How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Health Technology is valued

Where does it rank among Health Technology peers?

Each cell is the company's percentile rank among its Health Technology peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

ROCE69th▼ 13 pts vs a year ago
Op. margin48th▼ 13 pts vs a year ago
Revenue growth82nd▲ 26 pts vs a year ago
EPS growth29th▼ 30 pts vs a year ago
Debt/equity ↓78thflat vs a year ago
Cash cycle ↓70th▲ 5 pts vs a year ago
P/E ↓51st▼ 5 pts vs a year ago
12M momentum58th▲ 14 pts vs a year ago

Rank history

ROCE

Op. margin

Revenue growth

EPS growth

Debt/equity ↓

Cash cycle ↓

P/E ↓

12M momentum

Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26

Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Health Technology sector page Watch it move against Health Technology in the Observatory

What is the price implying?

~26%annual earnings growth implied by the priceBelow delivered growth

At normalised P/E (five-year average earnings) of 47.0x, a holder earning 12%/yr needs earnings to grow about 25.5%/yr for 10 years, then trade at 15x.

Delivered43.7%/yrEPS, last 8 fiscal years · 3-yr avg to 3-yr avg

Gap−18.2 ptsimplied minus delivered

Rank766thmost demanding of 856

Over time

Implied growth by month (solid) and delivered growth (dashed).

Change the assumptions

Exit P/E / return	11%	12%	13%
12x	27.2%	28.4%	29.5%
15x	24.4%	25.5%	26.7%
20x	20.9%	22.0%	23.1%

Drag a slider to test other assumptions

Required return 12.0% Years 10 Exit P/E 15x Implied: 25.5%/yr

“Implied growth” is what the current price would require under our stated assumptions, not what we expect. How this is calculated and the market-wide lists.

What prices imply across Health Technology The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹614.60
P/E: 36.9x
ROCE: 19.0%
Market Cap: ₹14806 cr
Revenue (TTM): ₹3812 cr
P/S: 3.9x
P/B: 4.7x
ROE: 12.8%
Operating Margin: 16.0%
Debt / Equity: 0.0x
12M Momentum: 15.7%

52-week range

₹414.00₹638.00

90% of the way from its 52-week low to its high

Price risk

1Y volatility

28.1%

Beta vs sector

1-year daily

0.72

Balance sheet & cash

Interest cover

operating profit ÷ interest

24.9x

Cash from profit, 3Y

operating cash flow ÷ net profit

1.40x

Share count, 1Y

unchanged

Are profits backed by cash?

6 of 6checks within rangeAll clear

Other income reliance11%Within range

Other income as a share of pre-tax profit (trailing twelve months): 11.0%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate24%Within range

Median quarterly effective tax rate over about 2.5 years: 24.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.40xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.40x (cash from operations ₹1,601 cr, net profit ₹1,145 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow5 of 5 yrsWithin range

Fiscal years with positive free cash flow in the last 5: 5. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+8 daysWithin range

Debtor days are above the median of the previous three fiscal years by 8 days (102 vs 94). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress1% of fixed assetsWithin range

Capital work-in-progress is 1% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days—Not enough data

Not enough reported data to compute this.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 2 years, FIIs added 6.1 pts; DIIs added 4.9 pts.
The number of shareholders fell from 2.0 lakh to 1.4 lakh (-32%) between Jun 2024 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupJun '24Jun '26Change

Promoters———

FIIs3.8%9.9%+6.1 pts

DIIs3.8%8.7%+4.9 pts

Public and others92.4%81.3%-11.0 pts

Number of shareholders

1.4 lakhshareholders-32% since Jun '24

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

−4.0%typical 12-month return vs the marketNot meaningfully different from the base rate

We found 50 past situations where a non-financial company looked like INDEGENE LTD today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −18% to +13% vs the market, against −1% for all non-financial companies in the same months.
The gap against the base rate (−3.3%, 80% range −10.1% to +1.4%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 1 beyond the range shown, drawn at the edge

Similar setups' median

−4.0%

All companies' median

−0.7%

Beat the market

46% vs 49%

50 past situations · 50 companies · 34 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
RATNAMANI Non-Energy Minerals	Jun 2022	36x	20%	+21%	−8%	+14%
BSOFT Technology Services	Dec 2021	47x	22%	+121%	0%	−47%
POLYCAB Producer Manufacturing	Jan 2023	48x	21%	+16%	−3%	+7%
VGUARD Producer Manufacturing	Dec 2022	50x	22%	+18%	−4%	−12%
ATUL Process Industries	Jun 2025	46x	13%	+15%	−7%	−14%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
NATCOPHARM Health Technology	Aug 2023	25x	18%	+48%	0%	+14%
MPHASIS Technology Services	May 2020	13x	24%	−14%	−15%	+35%
VOLTAS Producer Manufacturing	Nov 2020	52x	18%	+15%	0%	+6%

How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, P/S and ROCE. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to INDEGENE LTD. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

KAJARIA CERAMICSKAJARIACER

Producer Manufacturing

75%similar

P/Evolatility

HONEYWELL AUTOMATION INDIAHONAUT

Electronic Technology

73%similar

debt/equityrevenue

SUNDRAM FASTENERSSUNDRMFAST

Producer Manufacturing

72%similar

operating marginvolatility

USHA MARTINUSHAMART

Producer Manufacturing

72%similar

ROCErevenue

TIMKEN INDIATIMKEN

Producer Manufacturing

70%similar

ROCErevenue

AKUMS DRUGS AND PHARMAAKUMS

Health Technology

69%similar

debt/equitymarket cap

IPCA LABORATORIESIPCALAB

Health Technology

57%similar

P/Evolatility

ALKEM LABORATORIESALKEM

Health Technology

53%similar

ROCEvolatility

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

20 events since Sep '24

2026
NovPriceVolume reached 5.3x its 50-day median on 2026-11-02; price +5.6% that day.
AugPriceVolume reached 19.8x its 50-day median on 2026-08-06; price +1.8% that day.
JunResultsYear-on-year EPS growth turned negative.
JunPeer rankSlipped to the 2nd quartile of Health Technology on ROCE (from the top quartile).
MarPriceFell 42% from the Oct 2024 peak to the Mar 2026 low.
FebPriceVolume reached 6.7x its 50-day median on 2026-02-13; price +0.8% that day.
JanDebtDebt / equity halved over 12 months to 0.04x.
2025
DecPeer rankSlipped to the 3rd quartile of Health Technology on operating margin (from the 2nd quartile).

Show 12 earlier events

2025
OctPriceVolume reached 10.0x its 50-day median on 2025-10-20; price +2.6% that day.
SepInstitutionsFII + DII holding rose 8.2 pts over 2 quarters to 17.2%.
SepPeer rankMoved into the 2nd quartile of Health Technology on EPS growth (from the 3rd quartile).
AugPriceVolume reached 14.0x its 50-day median on 2025-08-01; price +6.3% that day.
JunPeer rankSlipped to the 3rd quartile of Health Technology on EPS growth (from the 2nd quartile).
JunDebtDebt / equity halved over 12 months to 0.04x.
JunDividendStarted paying a dividend (payout 12% of profit).
JunSharesShare count is up 9.1% over 12 months.
JunPriceVolume reached 170.1x its 50-day median on 2025-06-04; price -4.7% that day.
MarPriceVolume reached 18.7x its 50-day median on 2025-03-11; price +14.2% that day.
2024
DecPriceVolume reached 57.2x its 50-day median on 2024-12-03; price -6.1% that day.
SepPriceVolume reached 12.1x its 50-day median on 2024-09-06; price +9.2% that day.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history31 months · 2024-05 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	36.9x	₹3812 cr	12.8%	19.0%	0.0x
2026-10	35.2x	₹3812 cr	12.8%	19.0%	0.0x
2026-09	35.5x	₹3812 cr	12.8%	19.0%	0.0x
2026-08	36.6x	₹3510 cr	12.8%	19.0%	0.0x
2026-07	30.9x	₹3510 cr	12.8%	19.0%	0.0x
2026-06	31.5x	₹3510 cr	12.8%	19.0%	0.0x
2026-05	28.5x	₹3263 cr	16.8%	25.0%	0.0x
2026-04	27.3x	₹3263 cr	16.8%	25.0%	0.0x
2026-03	23.8x	₹3263 cr	16.8%	25.0%	0.0x
2026-02	26.7x	₹3041 cr	17.0%	25.0%	0.0x
2026-01	26.0x	₹3041 cr	17.0%	25.0%	0.0x
2025-12	28.0x	₹3041 cr	17.0%	25.0%	0.0x
2025-11	29.3x	₹2924 cr	16.7%	25.0%	0.0x
2025-10	29.7x	₹2924 cr	16.7%	25.0%	0.0x
2025-09	30.9x	₹2924 cr	16.7%	25.0%	0.0x
2025-08	31.9x	₹2839 cr	15.6%	25.0%	0.0x
2025-07	32.0x	₹2839 cr	15.6%	25.0%	0.0x
2025-06	33.8x	₹2839 cr	15.6%	25.0%	0.0x
2025-05	36.8x	₹2756 cr	26.9%	29.0%	0.3x
2025-04	33.5x	₹2756 cr	26.9%	29.0%	0.3x
2025-03	35.4x	₹2756 cr	26.9%	29.0%	0.3x
2025-02	31.7x	₹2709 cr	26.2%	29.0%	0.3x
2025-01	37.0x	₹2709 cr	26.2%	29.0%	0.3x
2024-12	37.2x	₹2709 cr	26.2%	29.0%	0.3x
2024-11	43.3x	₹2658 cr	25.0%	29.0%	0.3x
2024-10	39.8x	₹2658 cr	25.0%	29.0%	0.3x
2024-09	43.9x	₹2658 cr	25.0%	29.0%	0.3x
2024-08	38.5x	₹2590 cr	23.6%	29.0%	0.3x
2024-07	40.3x	₹2590 cr	23.6%	29.0%	0.3x
2024-06	36.7x	₹2590 cr	23.6%	29.0%	0.3x
2024-05	43.4x	₹2306 cr	25.0%	33.0%	0.5x

Methodology and data notes