Indegene

Indegene Limited's wholly owned subsidiary, Indegene Ireland Limited, signed a Share Purchase Agreement to acquire 100% equity shares in Cake Group for an amount not exceeding EUR 8.5 million, subject to working capital and net debt adjustments. Cake Group is a healthcare marketing and communications agency operating across Austria, Germany and Switzerland, headquartered in Vienna with approximately 25 employees across the DACH region. The company reported EUR 3.78 million revenue in FY2024, with previous years showing EUR 3.10 million in FY2023 and EUR 3.18 million in FY2022. The acquisition aims to strengthen Indegene's European presence and expand its capabilities in healthcare communications. The transaction is structured as an all-cash deal with deferred performance and milestone-based consideration, subject to Austrian Investment Control Act clearance, and is expected to complete in January 2026.

Indegene Limited reported quarterly revenue of INR 8,042 million, marking 17.1% year-on-year growth and 5.7% sequential growth. The company's EBITDA margin adjusted for M&A costs stood at 18.2%, down 2% sequentially due to annual wage hikes effective July 2025. The company secured significant deal wins including two large deals exceeding $3 million ACV in the Enterprise Commercial Solutions segment and four deals in the $1-3 million ACV range. Indegene completed two acquisitions in October - BioPharm, a U.S.-based omnichannel marketing company for approximately $65 million, and WARNCO, a U.K.-based consulting firm for GBP 2 million. The company's Tectonic offering generated approximately $2 million in revenue from four customers, up from two customers in Q1. Management indicated margin compression of about 1.5% in the near term due to strategic investments, expecting recovery over 6-8 quarters. The company highlighted improving industry conditions with reduced regulatory uncertainty following recent U.S. policy developments including most favored nation pricing agreements and pharmaceutical tariff announcements.

Indegene Limited submitted its monitoring agency report for the quarter ended September 30, 2025, showing no deviation from IPO proceeds utilization objectives. The company raised Rs. 760 crores through its IPO conducted from May 6-8, 2024. CARE Ratings Limited, serving as the monitoring agency, reported that Rs. 674.17 crores have been utilized as of the quarter end, with Rs. 85.83 crores remaining unutilized and deployed in fixed deposits and bank accounts. The company had previously obtained shareholder approval through a special resolution dated August 12, 2025, for variation in IPO proceeds utilization, reallocating Rs. 38.65 crores from capital expenditure funding to debt repayment and technology infrastructure costs. Key utilization areas include Rs. 395 crores for debt repayment of material subsidiary ILSL Holdings Inc., Rs. 64.26 crores for capital expenditure requirements, Rs. 230.12 crores for general corporate purposes, Rs. 34.99 crores for technology and cybersecurity costs, and Rs. 35.63 crores for issue expenses. The monitoring agency confirmed no major deviations from earlier reports and verified that utilization aligns with disclosed objectives.