Indigene's distinct positioning in AI-enabled solutions, diversified service portfolio and consistent execution provide visibility for sustainable double-digit earnings growth.
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ICICI Securities Report
Indegene Ltd., a digital-first life sciences commercialisation company, enables biopharmaceutical (biopharma) players to launch and scale products with speed, precision and efficiency.
Indegene's business moat is fortified by:
its longstanding marquee client relationships (global top-20 pharma companies account for 64% of revenue);
premium positioning vs. IT services peers, given its specialised higher value services; and
its track record of systematic and consistent organic (12%+ workforce dedicated for next generation technology) as well as inorganic investments (13+ acquisitions).
Indigene's distinct positioning in AI-enabled solutions, diversified service portfolio and consistent execution provide visibility for sustainable double-digit earnings growth.
We initiate coverage on Indegene with an Add rating, balancing near-term valuation comfort and strong medium-term growth potential.
We model 11%/15% USD revenue/PAT CAGRs over FY25–28E. We assign a 26x target multiple (1 SD below lifetime avg. P/E) on Sep'27E-ending EPS of Rs 24 to arrive at a target price of Rs 630.
Key risk: Any future client-specific issues.
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