Indegene (INDGN) Q3 25/26 earnings summary

Executive summary

• Q3 FY2026 revenue grew 30.8% year-on-year and 17.1% quarter-on-quarter, surpassing $100 million for the first time, with adjusted EBITDA margin at 18.5%.

• Revenue per employee exceeded $70,000 annually, the highest in the industry, reflecting productivity gains from technology and AI.

• Active customers increased to 86, with 52 generating over $1 million annually; three customers now contribute over $25 million each.

• Strategic acquisitions of BioPharm (US) and Warn & Co. (UK) completed, expanding domain expertise and capabilities.

• Cash and investments stood at INR 13,954 million after acquisition outflows, with strong free cash generation.

Financial highlights

• Q3 revenue reached INR 9,421 million, up 30.8% year-on-year and 17.1% quarter-on-quarter.

• Adjusted EBITDA was INR 1,747 million, up 15.7% year-on-year and 19.6% quarter-on-quarter; margin at 18.5%.

• PAT was INR 1,026 million, up 0.5% sequentially but down 6.5% year-on-year; PAT margin at 10.9%.

• One-time non-operational expenses totaled INR 105 million ($1.2 million), mainly from acquisitions and restructuring.

• Cash and investments totaled INR 13,954 million, up 10% quarter-on-quarter.

Outlook and guidance

• EBITDA margin expected to return to ~20% over the next 6–8 quarters, with sequential improvement from Q1 FY2027.

• Management expects profitability to improve as acquisition-related costs decrease and synergies are realized.

• No explicit growth guidance, but steady performance and robust deal pipeline anticipated.