Indegene (INDGN)

FairStock Score: 70/100 — STEADY

Score breakdown: P/E: 1/3 · ROCE: 1/2 · Growth: 0/2 · Dividend: 0/1

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look at Indegene through Buffett's owner lens and Graham's margin-of-safety lens. It is a healthcare research, analytics and technology business, and the numbers show a fast grower: sales growth 30.21%, profit growth 32.82%, and a five-year revenue CAGR of 34.58%. Latest quarter sales were ₹942 Cr with net profit of ₹103 Cr. The balance sheet looks conservative: debt/equity is only 0.05, Altman Z-Score is 4.50, and Piotroski F-Score is 7/9. Returns are respectable too, with ROE 16.78% and ROCE 24.80%; that ROCE hints at a possible moat, but I need durable cash returns to confirm it. At ₹555.80, market cap is ₹13,384 Cr, P/E is 33.44, and P/B is 4.27. Graham Number is ₹1,278.09, giving a stated margin of safety of 61.17%, though I treat that as a starting point, not a precise intrinsic value. The big blemish is cash: free cash flow is -₹235 Cr. A business reporting ₹103 Cr quarterly net profit must eventually convert profit into cash, or growth is being bought with capital. EV/EBITDA of -21.70 is unusual and needs a clear explanation before I get comfortable. Promoter holding is 0.00%, so there is no promoter skin in the game, and dividend yield is just 0.40%. FairStock score is 70/100, STEADY. My verdict: a promising fast grower with low debt and strong growth, but not a classic Graham bargain until cash flow improves and the negative EV/EBITDA is understood.

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Data from BSE/NSE filings. AI analysis is for educational purposes only — not investment advice. Scoring methodology · Disclaimer