Hello,

I am able to reproduce with mis-indentation on emacs -Q:

Here is an example code:

(require 'cl-lib)
(cl-labels ((categoryp (tag)
      (string-match-p "\\`@" tag)))
  (categoryp "@a"))

Above is the result of selecting the whole code and C-M-\ (indent-region).
Notice that the body of `categoryp' gets indented by the name of that fn.

In GNU Emacs 26.0.50 (build 15, x86_64-pc-linux-gnu, GTK+ Version 2.24.23)
 of 2017-07-24
Repository revision: 6dc5d45c542a6f9cfbcf3e37d597c9e0efb3070d
Windowing system distributor 'The X.Org Foundation', version 11.0.60900000
System Description: Red Hat Enterprise Linux Workstation release 6.6
(Santiago)

Recent messages:
For information about GNU Emacs and the GNU system, type C-h C-a.
Mark set [3 times]
Indenting region...done
Mark set [2 times]
Indenting region...done
Entering debugger...
custom-initialize-reset: Symbol’s function definition is void: cl-labels
Quit
cl-lib
0 (#o0, #x0, ?\C-@)
Configured using:
 'configure --with-modules
 --prefix=/home/kmodi/usr_local/apps/6/emacs/master
 '--program-transform-name=s/^ctags$/ctags_emacs/'
 'CPPFLAGS=-I/home/kmodi/usr_local/6/include -I/usr/include/freetype2
 -I/usr/include' 'CFLAGS=-ggdb3 -O0' 'CXXFLAGS=-ggdb3 -O0'
 'LDFLAGS=-L/home/kmodi/usr_local/6/lib -L/home/kmodi/usr_local/6/lib64
 -ggdb3'
 PKG_CONFIG_PATH=/home/kmodi/usr_local/6/lib/pkgconfig:/home/kmodi/usr_local/6/lib64/pkgconfig:/cad/adi/apps/gnu/linux/x86_64/6/lib/pkgconfig:/cad/adi/apps/gnu/linux/x86_64/6/lib64/pkgconfig:/usr/lib/pkgconfig:/usr/lib64/pkgconfig:/usr/share/pkgconfig:/lib/pkgconfig:/lib64/pkgconfig'

Configured features:
XPM JPEG TIFF GIF PNG RSVG IMAGEMAGICK SOUND GPM DBUS GSETTINGS NOTIFY
ACL LIBSELINUX GNUTLS LIBXML2 FREETYPE LIBOTF XFT ZLIB
TOOLKIT_SCROLL_BARS GTK2 X11 MODULES

Important settings:
  value of $LANG: en_US.UTF-8
  value of $XMODIFIERS: @im=none
  locale-coding-system: utf-8-unix

Major mode: Lisp Interaction

Minor modes in effect:
  tooltip-mode: t
  global-eldoc-mode: t
  eldoc-mode: t
  electric-indent-mode: t
  mouse-wheel-mode: t
  tool-bar-mode: t
  menu-bar-mode: t
  file-name-shadow-mode: t
  global-font-lock-mode: t
  font-lock-mode: t
  blink-cursor-mode: t
  auto-composition-mode: t
  auto-encryption-mode: t
  auto-compression-mode: t
  line-number-mode: t
  transient-mark-mode: t

Load-path shadows:
None found.

Features:
(shadow sort mail-extr emacsbug message subr-x puny seq dired
dired-loaddefs format-spec rfc822 mml mml-sec password-cache epa derived
epg epg-config gnus-util rmail rmail-loaddefs mm-decode mm-bodies
mm-encode mail-parse rfc2231 mailabbrev gmm-utils mailheader sendmail
rfc2047 rfc2045 ietf-drums mm-util mail-prsvr mail-utils cl-macs
help-mode easymenu cl-print byte-opt gv bytecomp byte-compile
cl-loaddefs cl-lib cconv debug time-date mule-util tooltip eldoc
electric uniquify ediff-hook vc-hooks lisp-float-type mwheel term/x-win
x-win term/common-win x-dnd tool-bar dnd fontset image regexp-opt fringe
tabulated-list replace newcomment text-mode elisp-mode lisp-mode
prog-mode register page menu-bar rfn-eshadow isearch timer select
scroll-bar mouse jit-lock font-lock syntax facemenu font-core
term/tty-colors frame cl-generic cham georgian utf-8-lang misc-lang
vietnamese tibetan thai tai-viet lao korean japanese eucjp-ms cp51932
hebrew greek romanian slovak czech european ethiopic indian cyrillic
chinese composite charscript charprop case-table epa-hook jka-cmpr-hook
help simple abbrev obarray minibuffer cl-preloaded nadvice loaddefs
button faces cus-face macroexp files text-properties overlay sha1 md5
base64 format env code-pages mule custom widget hashtable-print-readable
backquote dbusbind inotify dynamic-setting system-font-setting
font-render-setting move-toolbar gtk x-toolkit x multi-tty
make-network-process emacs)

Memory information:
((conses 16 100309 6762)
 (symbols 48 20992 1)
 (miscs 40 55 130)
 (strings 32 29883 1489)
 (string-bytes 1 810929)
 (vectors 16 15235)
 (vector-slots 8 511039 7728)
 (floats 8 51 320)
 (intervals 56 294 4)
 (buffers 992 12)
 (heap 1024 40368 949))

-- 

Kaushal Modi