Whalesbook
To bhaiyo, suno, Indegene ke baare mein kya chal raha hai.
Motilal Oswal Securities ne Indegene ke liye kaafi achhi khabar di hai. Unka kehna hai ki company ka revenue aur profit bahut badhne wala hai. Naye clients mil rahe hain, aur badi pharma companies India se zyada kaam karwa rahi hain. Is wajah se, unko lagta hai ki FY25 se FY28 tak, revenue 19% aur EBIT 21% ke CAGR se badhega. Profit bhi saalana 18% tak grow ho sakta hai.
Lekin abhi chill mat karo, kyunki sab khush khabar nahi hai. Itni strong growth ke baad bhi, Motilal Oswal ne stock par 'Neutral' rating rakhi hai aur ₹552 ka price target diya hai. Iska matlab, growth toh hai, par shayad stock abhi hi mehnga lag raha hai unko, ya koi aur reason hai jis se woh full bullish nahi hain.
Kya matlab mehnga? Dekho, Indegene ka P/E ratio abhi 26-30x ke aas-paas hai (kuch reports toh 56.77x bhi bolti hain). Ab ye numbers dekho, global players jaise IQVIA ka P/E 15-22x hai. Apne Indian pharma peers jaise Dr. Reddy's (17.4x) ya Zydus Lifesciences (19.7x) se toh kaafi premium hai Indegene. Nifty Pharma ka average P/E bhi lagbhag 34.8x hai. Abhi Indegene ki market cap ₹12,034 crore hai. Aur stock pichhle ek saal mein ₹414 se ₹632 tak bhi gaya hai, matlab investors bhi thode confuse hain iski value ko lekar.
Aur ye Neutral rating ke peeche kuch risks bhi hain. Itna high P/E future growth expectations par based hai. Sector mein competition bahut hai, IQVIA jaise bade players hamesha takkar dete hain. Agar kuch bade clients ne outsourcing kam kar di ya unka R&D budget ghat gaya toh company ki growth par fark pad sakta hai.
Waise, overall dekha jaye toh analyst log Indegene par zyada tar positive hain. Lagbhag 7 mein se 4 log 'Buy' karne ko keh rahe hain, aur 3 'Hold'. Average price target ₹568.57 ke aas-paas hai, matlab abhi bhi 13-14% tak upside dikh raha hai. High target ₹690 tak ka hai, low ₹490. Toh Motilal Oswal ka ₹552 ka target baki sabke comparison mein thoda conservative hai. Ye sab targets dikhate hain ki alag-alag views hain ki growth kitni long term tak chalegi aur is stock ki value kya honi chahiye.