Indegene Trades 61% Below Graham Value at 33x P/E

MUMBAI, latest session - [Indegene](/stock/INDGN) (NSE: INDGN) closed at ₹555.80, but FairStock's Graham Number for the stock is ₹1,278.09. That leaves Indegene about 61% below its Graham value, according to FairStock data, even as the shares change hands at 33.44 times earnings. The gap is not a typo. FairStock's model calculates the Graham Number from book value per share and diluted EPS, then takes the square root of 22.5 times their product. It is a Benjamin Graham balance-sheet measure, not a growth metric. INDGN's FairStock score sits at 70. That is above the neutral line, but I have seen stronger scores fail when the market re-rates growth names. I will admit the 61.2% margin of safety figure throws me slightly. My own spread between ₹1,278.09 and ₹555.80 comes closer to 56.5%. FairStock may be using a different divisor or a rounded input. Either way, the stock is trading far below the formula's fair value. That is enough for me to keep reading. Indegene Graham value discount: the math behind the screen The Graham Number is √(22.5 × EPS × book value per share). I do not have the exact EPS and book value inputs FairStock used, but the output is ₹1,278.09. That output is high because the company's book value has expanded, likely through cash raised at listing and retained profits. The P/E of 33.44, however, tells the other side. This is not a low-multiple balance-sheet play. Since its 2024 listing, [Indegene](/stock/INDGN) has traded like a growth asset, not a deep value industrial. The Bengaluru-based life sciences services business sells digital commercialisation and medical content work to global pharma clients. What the 33.44 P/E does to the Indegene Graham value gap The tension is straightforward. Graham wanted low P/E and low price-to-book. Indegene gives you a low price-to-Graham ratio, but only because the book side of the equation is strong. The earnings multiple remains expensive for Indian IT and pharma services. I would compare that with [Tata...