Analyst Presentation and fact sheet - financial results for the quarter and year ended March 31, 2026
RESULTS
▲ Positive Development
MEDIUM RISK
📅 Filed on BSE: 29 Apr 2026, 08:49 PM IST · BSE ID: bc73de8e-0a57-465d-9c15-da64b8aa8745
View Original BSE Filing (PDF)
💡
In Simple Terms
Indegene posted strong full-year revenue growth of 23.6% to INR 35,105 Million with stable margins and improved customer retention.
🤖 AI Summary
- FY26 revenue INR 35,105 Million, +23.6% YoY — strongest growth in three years; Q4 INR 10,034 Million, +32.8% YoY
- EBITDA margin 19.4% of revenue; OCF-to-PAT ratio 162% confirms earnings quality and cash conversion strength
- Active clients 91 (+18 YoY); $1M+ revenue customers 53 (+12 accounts); NRR >100%, zero enterprise churn maintained
- Voluntary attrition improved to 15.8% (down 80 bps); total employees 5,666, delivery team 4,904 (+14.2% YoY each)
- Board recommended final dividend Rs. 2.25 per share, +12.5% vs FY25; cash position INR 15,385 Million
🔢 Key Numbers — exact figures from BSE filing, not rounded
FY26 Revenue from Operations
INR 35,105 Million
+23.6%
Q4 FY26 Revenue from Operations
INR 10,034 Million
+32.8%
FY26 Revenue in USD
USD 396.9 Million
+18.2%
Q4 FY26 Revenue in USD
USD 109.7 Million
+25.6%
FY26 EBITDA Margin
19.4% of Revenue
+20.8% YoY
FY26 Operating Cash Flow to PAT
162%
+47.3% YoY
Q4 FY26 EBITDA
INR 1,889 Million
+47.3% YoY
Active Client Relationships
91 clients
+18 clients
Clients with $1M+ Revenue
53 accounts
+12 accounts (+29.3%)
Net Revenue Retention
100%+
Voluntary Attrition (TTM)
15.8%
-80 bps
Revenue per Employee
$74.7K
+11.8%
Total Employees
5,666
+14.2%
Delivery Employees
4,904
+14.9%
Healthcare Delivery Expertise Share
27.3%
+350 bps
Cash and Equivalents
INR 15,385 Million
Days Sales Outstanding (Net)
63 Days
Final Dividend Recommended
Rs. 2.25 per share
+12.5%
🏢 How This Affects the Company
Revenue acceleration to 23.6% YoY with 18 new clients added and 12 additional $1M+ accounts signals deepening market penetration and land-and-expand validation. Net Revenue Retention >100% and zero enterprise churn confirm customer stickiness despite FY25 slowdown.
EBITDA margin held steady at 19.4% despite 23.6% revenue growth. Operating cash flow-to-PAT ratio of 162% and cash position of INR 15,385 Million demonstrate strong earnings quality. Dividend increase to Rs. 2.25 per share (up 12.5%) reflects confidence in sustained cash generation.
Total employee base grew 14.2% to 5,666; delivery headcount up 14.9% to 4,904. Healthcare delivery expertise concentration increased 350 bps to 27.3%. Revenue per employee improved 11.8% to $74.7K, indicating operational leverage gains.
Voluntary attrition improvement (15.8%, down 80 bps) and healthcare domain skill concentration (27.3%) reduce key-person and skill-dilution risks. Concentrated client base — top 5 revenue still forms material portion — maintains customer concentration risk, mitigated by $1M+ account growth and NRR >100%.
👥 What This Means For Shareholders
✅
Action Required
Existing shareholders should note dividend record date publication for Rs. 2.25 per share final dividend; review upcoming Board meeting outcomes for FY27 guidance.
👤
Who Is Affected
All equity shareholders. Final dividend of Rs. 2.25 per share (up 12.5% from FY25) benefits current registered shareholders as of record date; cash position of INR 15,385 Million supports dividend sustainability.
🔍
Management Signal
Dividend increase and confidence in FY27 outlook signal management belief in sustained cash generation and operational stability despite competitive GenAI landscape; emphasis on cash conversion (162% OCF/PAT) and customer retention prioritizes shareholder returns over aggressive expansion.
For information only. Not investment advice. ForgeUp is not SEBI-registered.
👁 Watch List — track these upcoming events
Dividend record date announcement and payment date confirmation for Rs. 2.25 per share
Q1 FY27 results release — confirm if revenue momentum sustains or modulates from 23.6% baseline
GenAI product adoption rates — track commercial wins across Agentic AOR, NEXT Medical Writing, One-Click Submissions rollout
MEDIUM RISK
Top 5 customer concentration and three $25M+ accounts present revenue dependency risk. Margin band constraint at 19–20% limits pricing power. GenAI competitive positioning claims lack third-party validation.
💡 Investor Takeaway
Indegene achieved INR 35,105 Million revenue (+23.6% YoY) with EBITDA margin at 19.4% and 162% OCF-to-PAT ratio. Customer base expanded to 91 active clients with 53 generating $1M+ annually. NRR >100%, zero enterprise churn, and 15.8% attrition (down 80 bps) confirm retention strength. Dividend increased to Rs. 2.25 per share.
⚖️ Strengths & Concerns
✅ Positives
- Revenue re-acceleration to 23.6% YoY, highest in three years; Q4 momentum +32.8%, signaling sustained client demand and pipeline strength
- Net Revenue Retention exceeds 100% with zero enterprise churn; 53 $1M+ customers (+29% YoY), validating land-and-expand strategy
⚠️ Concerns
- Client concentration remains — top 5 customers still represent material portion despite broadening; three $25M+ accounts reflects reliance on marquee relationships
- EBITDA margin at 19.4% shows no expansion despite scale; margin band maintained at 19–20% signals limited operating leverage despite headcount growth
📅 Company Track Record
Indegene was incorporated in 1998 (CIN: L73100KA1998PLC102040) and has been operating for 27+ years. FY25 revenue was INR 28,393 Million. FY24 revenue was INR 25,896 Million. FY23 revenue was INR 23,061 Million. EBITDA margin has remained in 19–20% band across FY23–FY26. This filing provides no information on IPO date or listing timeline; company status as publicly listed entity is confirmed by BSE scrip code 544172.
Based on publicly available historical data. For context only.