Indegene (INDGN) Q4 24/25 earnings summary

Executive summary

• Q4 FY25 revenue reached INR 7,556 million, up 4.9% sequentially and 12.3% year-over-year; full-year revenue was INR 28,393 million, a 9.6% increase year-over-year, driven by deal wins and client expansion.

• EBITDA for Q4 was INR 1,526 million, up 1.7% sequentially; full-year EBITDA was INR 5,622 million, up 5% year-over-year.

• PAT for Q4 was INR 1,176 million, up 7.2% sequentially; full-year PAT was INR 4,067 million, up 20.8% year-over-year.

• Active clients stood at 73, with 41 generating over $1 million in revenue; growth was mainly from customers outside the top 20.

• Launched GenAI platform Cortex and completed the IPO in May 2024, raising ₹7,244 million.

Financial highlights

• Q4 EBITDA margin was 20.2%, down 60 bps sequentially; Q4 PAT margin was 15.6%, up 30 bps sequentially.

• Full-year EBITDA margin was 19.8%, down 90 bps; full-year PAT margin improved by 130 bps to 14.3%.

• Cash and cash equivalents at year-end were INR 1,664 crores (consolidated), providing strong liquidity.

• Basic EPS (consolidated) for FY25 was ₹17.15, up from ₹15.19 in FY24.

• DSO improved to 72 days in Q4 FY25.

Outlook and guidance

• Management is cautiously optimistic for FY26, focusing on client base expansion and value from new and existing clients.

• Margin outlook is stable, with potential for improvement through operating leverage.

• No formal revenue guidance provided, but management remains optimistic in the medium to long term.