JPMorgan has initiated coverage on Indegene, assigning a “Neutral” rating with a target price of ₹570 per share. The brokerage notes that Indegene experienced a slowdown in growth following the COVID-19 pandemic, primarily due to client-specific challenges and a weakening macroeconomic environment.
However, JPMorgan expects Indegene’s growth to rebound to early teens by FY26, projecting a stable low-teens growth trajectory thereafter. Despite this potential recovery, the firm observes that Indegene is currently trading at a premium compared to most TechOps companies and at the upper end of its mid-cap tech services peers.
Given the full valuations and uncertain visibility on new launches, JPMorgan considers the stock to be fairly priced at current levels.
