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IDBI Capital Report
Brokerage firm IDBI Capital has initiated coverage on Indegene Ltd. with a Buy rating and has set a target price of Rs 620, valuing the stock at 22.5 times FY28E earnings per share, implying a potential upside of 22%.
We forecast FY26-28E revenue/PAT CAGR of ~18%, supported by expanding margins, strong cash conversion, and a durable pharma-outsourcing moat.
The brokerag highlighted that Indegene is the only listed, pure-play life sciences commercialisation company at scale, with global rivals like EVERSANA and Syneos (both private), and its 18%+ earnings growth comfortably supporting a valuation toward the lower-middle end of Indian IT-services peer range.
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