IGI (India) Ltd: Risk Reward Update

Research evidence excerpt

IGI (India) Ltd: Risk Reward Update

Update

July 23, 2026 07:03 PM GMT

Morgan Stanley India Company Private Limited+MIGI (India) Ltd | Asia Pacific Shravan Vohra

Equity Analyst

Risk Reward Update Shravan.Vohra@morganstanley.com +91 22 6118-2039

What’s Changed

IGI (India) Ltd (ITEN.NS) From To

Price Target Rs466.00 Rs462.00

Bull Case Rs671.00 Rs684.00

IGI (India) Ltd (ITEN.NS, IGIL IN)

Base Case Rs443.00 Rs432.00

Bear Case Rs215.00 Rs211.00 India Consumer | India

Updated Components Stock Rating Overweight

EPS Industry View In-Line

Price target Rs462.00

Investment Thesis

Shr price, close (Jul 23, 2026) Rs345.60

Bull Base Bear Scenarios 52-Week Range Rs442.00-287.00

Risks to Price Target / Rating

Fiscal Year Ending 03/26 03/27e 03/28e 03/29e

EPS (Rs)** 12.62 14.12 16.14 18.47

Risk Reward for IGI (India) Ltd (ITEN.NS) has been updated Prior EPS (Rs)** 12.59 14.21 16.12 -

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

Reason for change framework** = Based on consensus methodology

e = Morgan Stanley Research estimates

Model update: We update our model for 1QF27 and F26 results and transition from

calendar year to financial year (March ending), in line with the change in reporting

adopted by the company. We raise our F27 and F28e top-line growth assumptions

from 11% to 14% and 13%, respectively, to factor in the better-than-expected

delivery.

Our EBITDA margin assumptions rise ~200bps for F27 and 225bps for F28, primarily

led by better margins in the international business. We also introduce F29

assumptions.

Revised price target of Rs462 (Rs466 previously): We fine-tune our scenario

values: -2% base and bear, +2% bull. Our earnings estimate changes are offset by the

correction in peer-set multiples since November 2025. We also roll our RI model