Indegene Limited delivered a landmark performance in FY26, crossing two historic revenue thresholds in a single fiscal year. The company's full-year revenues reached ₹35,105 million—its first year exceeding ₹3,500 crores—while Q4 FY26 became the first quarter in the company's history to surpass the ₹1,000 crore mark. These milestones were highlighted by Chairman and CEO Manish Gupta during the Q4 and Annual FY26 Earnings Conference Call held on April 30, 2026.

Financial Performance at a Glance

The company's Q4 and full-year financial results reflect broad-based growth across revenue, profitability, and cash generation. The following table summarises the key financial metrics:

CFO Suhas Prabhu noted that the reported PAT was impacted by a one-time exceptional provision of ₹203 million towards the estimated cost of settling a U.S. class action lawsuit filed in 2020 alleging breach of the Telephone Consumer Protection Act (TCPA). Excluding this and other non-operational one-time expenses, and factoring in the retroactive adoption of cash flow hedge accounting from the start of the year, adjusted PAT stood at ₹4,583 million, growing 12.7% year-on-year.

Hedge Accounting and Exceptional Items

Effective January 2026, Indegene categorised its forward contracts as cash flow hedges under Ind AS 109. The high volatility in exchange rates, particularly the depreciating INR against USD towards the close of Q4, resulted in an incremental charge of ₹241 million on unexpired forward contracts, reducing the reported Q4 EBITDA to ₹1,648 million from the adjusted figure of ₹1,889 million. The ₹203 million TCPA provision relates to a 2020 engagement where fax was used as an outreach channel—a channel the company states is no longer active—and is described as a non-recurring exceptional item.

Customer Portfolio: Depth and Diversification

Manish Gupta highlighted significant expansion across both the top 20 and broader customer base during FY26. Revenue from the top 20 customers grew from ₹22,082 million to ₹25,200 million. The total active customer base expanded from 73 to 91, and the number of customers contributing more than $1 million in annual revenue grew from 41 to 53—an approximately 30% increase.

Key customer milestones during the year included:

• A third customer account crossed the $25 million revenue threshold
• A multiyear omnichannel deal exceeding $10 million in ACV was closed in Q3, with revenue recognition deferred to FY27 under an outcome-based pricing model
• A significant Tectonic engagement was won in Germany with the company's largest customer at year-end
• Several newer relationships scaled to $5 million ACV engagements during the year

GenAI-Led Innovation and Deal Wins

Indegene reported several notable GenAI-powered engagement wins in FY26, spanning commercial, medical, and regulatory functions. These included a GenAI-powered omnichannel orchestration mandate with a top 5 customer using the Invisage platform and Tandem data capabilities covering a multiproduct U.S. portfolio north of $1 billion; an end-to-end commercialization partnership with a midsized biotech firm covering CRM implementation, global marketing content creation, and multichannel deployment; and an AI-driven pharmacovigilance engagement for a large medical devices client using the company's proprietary NAEM (Next Adverse Event Management) technology. A pilot Agency-of-Record model demonstrated the ability to compress creative development timelines from approximately 3 months to 3 days using the Content Super App agents.

Q4 deal activity included:

• 1 deal of $3 million-plus ACV in the clinical business with a new customer
• 7 deals of $1 million-plus ACV during the quarter, including 4 from top 20 customers in the Enterprise Commercial Segment
• Expansion of an existing omnichannel project with a mid-sized pharma company
• 2 new customer engagements in Enterprise Medical and Enterprise Commercial segments

Segmental and Geographic Performance

Both Enterprise Commercial (ex-BioPharm) and Enterprise Medical Services (EMS) segments grew by approximately 17% and 16% year-on-year, respectively. BioPharm, acquired in October 2025, grew 15% sequentially in Q4. The geographic revenue mix remained broadly stable:

North America's contribution increased marginally by approximately 2%, attributed to BioPharm being an entirely U.S.-focused business. BioPharm integration was completed ahead of schedule towards the end of February 2026.

Dividend and Balance Sheet

The Board proposed a final dividend of ₹2.25 per equity share for FY26, compared to ₹2 per share in the prior year—a 12.5% increase—subject to shareholder approval at the upcoming AGM. The company closed FY26 with a cash and investment position of approximately ₹15,385 million, just ₹1,258 million lower than FY25, despite ₹7,253 million of outflows towards acquisitions made during the year. DSO improved to 63 days from 72 days in the prior year. Revenue per employee stood at approximately USD75,000 per annum, up from USD56,000 three years prior.

Indegene Limited reported mixed financial results for Q4 and the full year ended March 31, 2026, demonstrating strong revenue performance while experiencing a decline in quarterly net profit. The company crossed significant milestones, surpassing ₹1,000 crore in quarterly revenue for the first time and achieving ₹3,500 crore for the full year. The Board of Directors approved the audited standalone and consolidated financial results on April 29, 2026. Additionally, the company has made available the audio recording of the Q4 and Annual FY26 Earnings Call conducted on April 30, 2026, pursuant to Regulation 30 and 46(2)(o) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Q4 FY26 Performance

The fourth quarter showed robust revenue momentum with revenue from operations of ₹10,034 million, up 32.8% YoY and 6.5% QoQ. However, the company's Q4 consolidated net profit declined to ₹797 million compared to ₹1.2 billion in the same quarter last year. In USD terms, Q4 revenue stood at $109.7 million, representing 25.6% YoY growth. Adjusted EBITDA for Q4 FY26 was ₹1,889 million, up 23.2% YoY with an 18.8% margin.

Full-Year FY26 Highlights

For the financial year ended March 31, 2026, consolidated revenue from operations reached ₹35,105 million, compared to ₹28,393 million in the previous year, representing 23.6% YoY growth. In USD terms, full-year revenue stood at $396.9 million, up 18.2% YoY. Adjusted EBITDA for FY26 was ₹6,793 million at 19.4% margin, up 20.8% YoY. Cash flow from operations showed significant strength at ₹6,508 million, up 47.3% YoY.

Earnings Call Audio Recording Availability

Pursuant to regulatory requirements under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Indegene Limited has made available the audio recording of the Q4 and Annual FY26 Earnings Call conducted on April 30, 2026. The recording can be accessed through the company's official website and provides detailed insights into the financial performance and management commentary.

Management Outlook and Strategic Direction

During the conference call, management provided guidance on margin recovery, indicating that EBITDA margins are set to return to higher levels in H2 FY 2027. This improvement is expected to be backed by a robust pipeline of outcome-based contracts and the ongoing integration of the Biopharm acquisition. The company's strategic focus on outcome-based engagements and the successful integration of acquired capabilities are expected to drive margin expansion in the coming periods.

Operational Metrics and Strategic Progress

FY26 marked a landmark year with active client relationships growing to 91 from 73 in FY25. The company achieved industry-leading revenue per employee of approximately $75,000. A total of 53 clients contributed over $1 million in annual revenue, up from 41 in FY25. Net Revenue Retention (NRR) stood at 105.8% for FY26. The company's cash conversion ratio reached 162%, reflecting strong underlying cash generation. The company reported strong bookings with 1 deal exceeding $3 million in annual contract value and 7 deals in the $1-3 million range.

Dividend Recommendation

The Board of Directors has recommended a final dividend of ₹2.25 per equity share for the financial year ended March 31, 2026, representing a 12.5% increase over FY25. The proposed dividend will be paid within 30 days after approval by shareholders at the ensuing Annual General Meeting. If approved, the dividend would result in a cash outflow of approximately ₹542 million.

Management Commentary

"FY26 was a landmark year for Indegene. We surpassed ₹1,000 crore in quarterly revenue for the first time, and ₹3,500 crore for the full year," said Manish Gupta, Chairman and CEO, Indegene. "This reflects growing strategic depth in our largest client relationships, with 53 clients contributing over $1M in annual revenue, alongside breakthrough GenAI-led wins across Commercial and Medical."

"FY26 reflected disciplined financial execution. Our cash conversion ratio of 162% reflects continued strong underlying cash generation," said Suhas Prabhu, CFO, Indegene. "Reflecting this strength, the Board has recommended a final dividend of ₹2.25 per share - a 12.5% increase over FY25."