Indegene Limited – FY2026 Consolidated Results & Strategic Updates

Date: 29 April 2026

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1. Financial Highlights (Consolidated)

• Revenue: ₹35.825 bn for FY2026 (up 21% YoY) vs ₹29.465 bn in FY2025.
• Quarter (Q4) Revenue: ₹10.142 bn vs ₹9.615 bn in the prior quarter.
• Profit after Tax: ₹4.011 bn FY2026 (up 1% YoY) and ₹797 mn in Q4.
• Earnings per Share (Basic): ₹16.72 for FY2026 vs ₹17.15 FY2025 (decline due to higher share count and goodwill amortisation).
• Cash & Cash Equivalents: ₹3.008 bn at year‑end, up from ₹2.410 bn.
• Total Equity: ₹31.387 bn (up 20% YoY).
• Goodwill: ₹11.343 bn (up from ₹3.565 bn) reflecting recent acquisitions.
• Operating Cash Flow: ₹6.508 bn (up 47% YoY).

2. Key Acquisitions

Acquisition	Consideration (₹ mn)	Main Benefits
BioPharm Parent Holding Inc.	8,821	Adds a specialised healthcare marketing agency, AI‑driven ad tech, expands US footprint.
Warn & Co Limited	464	Strengthens transformation consulting capabilities in the UK.
Cake Kommunikations Group	904	Enhances DACH‑region (Germany, Austria, Switzerland) healthcare communication services.

• Goodwill Impact: ₹6.429 bn goodwill allocated to Enterprise Commercial Solutions; will be amortised over the useful life, affecting future earnings.
• Cash Outflow: Net cash used in investing activities was ₹5.124 bn, largely driven by acquisition payments.

3. Segment Re‑organisation

• Effective 1 Oct 2025, the Brand Activation segment was merged into Enterprise Commercial Solutions.
• Two reportable segments now: Enterprise Commercial Solutions and Enterprise Medical Solutions.
• FY2026 segment revenue:
  • Enterprise Commercial Solutions: ₹24.605 bn (70% of total).
  • Enterprise Medical Solutions: ₹9.298 bn.

4. Dividend Proposal

• Board proposes a final dividend of ₹2.25 per equity share (cash outflow ≈ ₹542 mn), pending shareholder approval.

5. Regulatory & Contingency Items

• Litigation Provision: ₹203 mn set aside for a US TCPA class‑action settlement (maximum exposure ₹417 mn).
• Transfer‑Pricing Draft Order: ₹1,114 mn proposed tax adjustment for AY 2023‑24; the company has invoked MAP and does not recognise a provision yet.
• Labour Code Changes (India): Management expects no material impact on FY2026 results.

6. Risks & Opportunities

Risks

• High goodwill may lead to future impairment if acquisition synergies fall short.
• Ongoing litigation and transfer‑pricing dispute could result in cash outflows.
• Integration risk across multiple geographies and cultures.

Opportunities

• Expanded service portfolio and cross‑sell potential across the newly acquired entities.
• Strong cash generation supports further strategic investments or share buy‑backs.
• Diversified geographic presence reduces reliance on any single market.

7. Outlook

• Revenue Growth: Expected to stay above 15% YoY as integration of acquisitions matures.
• Profitability: EBIT margins may compress temporarily due to amortisation and integration costs, but should recover in FY2027.
• Cash Position: Continued robust operating cash flow provides flexibility for debt reduction or shareholder returns.
• Guidance: Management has not provided explicit FY2027 guidance; however, the pro‑forma impact of the BioPharm acquisition suggests FY2026‑FY27 revenue could exceed ₹38 bn with profit before tax above ₹6.3 bn.

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Prepared by the Senior Finance Analyst – 29 April 2026