Indra stock heads toward October results with EUR 20,533 million backlog

Published on 10/05/2026 at 19:14 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Indra stock was last at EUR 59.72 on October 5, 2026, with a EUR 10.5 billion market cap. First-half revenue rose 29.7 percent to EUR 3,179 million.

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Indra stock (ISIN ES0118594417) was last at EUR 59.72 on BME Madrid on October 5, 2026, while its market capitalization stood at EUR 10.5 billion. The next strategic checkpoint is the Capital Markets Day scheduled for November 25, 2026, according to Indra.

Backlog reaches EUR 20,533 million

Indra reported first-half 2026 revenue of EUR 3,179 million, up 29.7 percent from the same period of 2025, while net income rose 2.1 percent to EUR 219 million. The figures were reported by Articulo14 in a September 28, 2026 report.

The order backlog stood at EUR 20,533 million on June 30, 2026, a 116.7 percent year-over-year increase. New orders exceeded EUR 5,000 million and rose 58.4 percent, giving the backlog a larger role in the investment case than the quarter-to-quarter earnings movement.

Revenue growth meets execution risk

Defense And Tech reported that Indra kept its 2026 targets of more than EUR 7,000 million in revenue, EBIT above EUR 700 million and free cash flow above EUR 375 million. The same report put first-half EBIT at EUR 316 million and the EBIT margin at 9.9 percent.

Execution is the central test because defense accounted for 31 percent of first-half revenue but 52 percent of operating profit, while the backlog was 57 percent defense-related. That mix gives defense demand greater earnings influence than its revenue share alone suggests.

Analysts see upside and valuation pressure

MarketScreener showed a BUY consensus from 16 analysts, with an average price target of EUR 67.00 and a reference close of EUR 62.24 on September 23, 2026. Against the October 5 price of EUR 59.72, the average target lies 12.2 percent above the price, according to MarketScreener.

The same MarketScreener report said AlphaValue kept a Reduce rating on September 16, 2026, while raising its target from EUR 52.90 to EUR 56.90. The revised target remains below the October 5 price, highlighting the tension between order visibility and the cost of converting contracts into profitable deliveries.

Indra stock stays below yearly high

Indra stock had a 52-week range of EUR 38.40 to EUR 66.15 as of October 5, 2026. Its last price of EUR 59.72 was EUR 6.43 below the yearly high, leaving the share 9.7 percent below that level; the daily change was 0.40 percent.