Indegene (INDGN) Q4 25/26 earnings summary

Executive summary

• Achieved record annual revenue of INR 35,105 million ($396.9 million), up 23.6% YoY, with Q4 revenue surpassing INR 10,000 million for the first time and strong EBITDA margin at 19.4%.

• Customer base expanded by 18 clients, with 53 clients contributing over $1 million in annual revenue, and no enterprise churn; active customers rose from 73 to 91.

• GenAI-led innovation, proprietary platforms, and strategic acquisitions (BioPharm, Vaughn, CAKE, Warn & Co, Cake Kommunikations) accelerated productivity and expanded capabilities, especially in Europe and healthcare marketing.

• Company is positioned as a strategic operating partner for life sciences, focusing on regulated, domain-intensive, outcome-aligned work.

• Audited standalone and consolidated financial results for FY26 were approved with an unmodified auditor's opinion.

Financial highlights

• FY26 consolidated revenue was INR 35,825 million, up from INR 29,465 million in FY25; Q4 revenue reached INR 10,000 million, up 6.5% sequentially and 32.8% YoY.

• Adjusted EBITDA for FY26 was INR 6,793 million (up 20.8% YoY), with a margin of 19.4%; Q4 adjusted EBITDA was INR 1,889 million (up 23.2% YoY).

• FY26 PAT was INR 4,011 million, down 1.4% YoY due to one-time items; adjusted PAT would be INR 4,583 million, up 12.7% YoY.

• Operating cash flows were INR 6,508 million (162% of PAT), with free cash flows at INR 6,065 million.

• Proposed final dividend of INR 2.25 per share, a 12.5% increase over last year.

Outlook and guidance

• Entering FY27 with a stronger, diversified pipeline and balanced growth across customer segments, with no formal revenue guidance but high confidence in multi-year growth driven by GenAI-led solutions and recent acquisitions.

• Margin improvement expected in the second half of FY27 as recent investments are absorbed and one-off impacts fade.

• Pro-forma FY26 revenue estimated at INR 38,343 million and profit before tax at INR 6,369 million if BioPharm had been acquired at the start of the year.

• Industry tailwinds expected, with pharma sector projected to grow at 5%-8% CAGR from 2026-2028.