Indra stock: Banco Sabadell lifts target to 73 euros

Banco Sabadell raised its price target for Indra Sistemas to 73 euros per share on November 1, 2026, according to Fiscal.ai. The revised target was 4 percent above Banco Sabadell's previous forecast and implied 12 percent upside at the time of the report.

The analysts kept a positive view of the Spanish technology and defense group, pointing to its position as a beneficiary of rising European defense budgets. Fiscal.ai also said the bank expects Indra to provide more clarity on its medium- and long-term growth strategy at a presentation scheduled for November 25, 2026.

Results underpin the target increase

Indra's latest operating update showed strong growth through the first nine months of 2026. Reuters, published by Investing.com, reported revenue of 4.645 billion euros, up 28.6 percent from a year earlier. EBITDA rose 62 percent to 657 million euros, while EBIT increased 42 percent to 454 million euros.

The order backlog reached 22.2 billion euros, a 133 percent increase year over year, with the IRIS2 satellite program and stronger defense demand driving much of the expansion. Free cash flow rose to 1.692 billion euros, although 1.809 billion euros came from prepayments linked to Spain's Special Modernisation Programs. That composition makes cash conversion an important point for investors to monitor as the programs progress.

Management reaffirmed its 2026 targets for revenue above 7 billion euros, EBIT above 700 million euros and free cash flow above 375 million euros, excluding the relevant defense-program prepayments. The November strategy presentation is therefore the next major opportunity for investors to assess capital allocation, margin development and the durability of order intake.

Share price and investor context

Indra stock traded at 61.12 euros on Lang & Schwarz at 12:13:57 CET on Wednesday, November 4, 2026. The quote was below the previous Lang & Schwarz close of 63.53 euros; that comparison is not a Xetra closing-price measure. Investors can follow the real-time quote of Indra stock.

Broader Spanish equities are tracked through the IBEX 35 market overview.

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