Indegene Ltd. share price target

Indegene’s 1QFY27 revenue rose 2.5% QoQ and 26.5% YoY to USD113m (in line with our estimate), while INR revenue grew 6.0% QoQ and 39.7% YoY to INR10.6b (MOFSL est: INR10.4b).

market depends on pharma commercialization, medical affairs and regulatory outsourcing with an estimation at over USD 40bn by 2033, yet Indegene's FY26 revenue represents well under 0.2% of this opportunity. Rising drug development costs, patent cliffs, and increasing outsourcing...

Indegene’s 4QFY26 revenue rose to 6.5% QoQ to INR10b (in line with our estimate), while Ex-BioPharm revenue growth stood at 5.6%.

Indegene showed robust revenue growth performance with broad-based traction across ECS/EMS. Issues in top client seem to have abated for now.

Indegene’s 3QFY26 USD revenue rose 15.1% QoQ, aided by the BioPharm acquisition, while organic USD revenue growth stood at 4% QoQ (below our estimate).

IPO Note - Indegene Limited Indegene Limited (IL) provides digital-led commercialization services for the life sciences industry, including biopharmaceutical, emerging biotech and medical devices companies, that assist them with drug development and clinical trials, regulatory submissions, pharmacovigilance and complaints management, and the sales and marketing of their products

IPO NOTE