ICICI Securities Maintains Buy Call on Sagility India, Sets Price Target of Rs 66

Sagility India Research Report

Company Overview Sagility India hosted its first analyst meet on March 25, 2026, highlighting the key growth driver of Artificial Intelligence (AI) in its solutions and platforms.

Business Performance The US healthcare industry's complex nature and low-20s outsourcing share create a deep moat for Sagility, as evident from its 97% client retention rate and 18-year average client tenure. Key takeaways from the meet include:

• AI is increasing the overall scope of work, expanding Sagility's capabilities.
• MLR (Medical Loss Ratio), appeals, and clinical services are fast-growing new avenues, presenting an opportunity worth USD 200-320 billion.
• The shift towards an outcome-based pricing model is driven by AI, enhancing Sagility's growth prospects.

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Outlook Sagility maintained its growth and margin guidance, reaffirming its position as a leading health tech player. We maintain a BUY rating with a Target Price (TP) of INR 66 based on a 22x one year forward PE multiple. Our positive outlook on health tech plays, such as Sagility, Indegene, and IKS Health, is driven by the defensive nature of the US healthcare industry.