2025-06-16-花旗集团-因迪金（INEG）_Indegene（INEG.NS）模型更新_12页_525kb

Citigroup Update on Indegene (INEG.NS):

• Recommendation: Maintain SELL with a revised target price of Rs540 from Rs495, no change from prior estimate.
• Key Estimates: Slight revision to FY26E-FY27E earnings due to exchange rate and operational changes; projected 25x Mar’27E P/E vs. 24x Sep’26E.
• Financial Highlights: Revenue growth expected to reach 13.4% by 2028E; steady EPS rise with FY25A EPS at Rs16.99 and FY27E target at Rs21.67. P/E is forecast to decline from 39.8x to 24.3x by 2028E.
• Valuation: Target price Rs540 implies a 25x multiple for FY27E; expected share price return is -9.9% with a dividend yield of 0.7% in FY28E.
• Risks: Downplayed due to strong balance sheet, despite Quant model High Risk rating; upside potential from life science demand and rupee depreciation.