Indegene Limited has informed the Exchange about Transcript
INDGN · price
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Indegene posted Q2 FY26 revenue of INR 8,042 million, up 17.1% year-on-year and 5.7% sequentially, though adjusted EBITDA margin fell about 2 percentage points quarter-on-quarter to 18.2%, mainly due to the annual wage hike (effective July 2025) and one-time M&A costs. Profit after tax rose 11.4% YoY to INR 1,021 million, with active clients increasing to 76 from 70 and the top 5 customers growing 4.5% QoQ despite some softness in the largest account. Management completed two acquisitions in October — BioPharm (US omnichannel marketing, ~USD 65 million) and WARN & Co (UK consulting, GBP 2 million plus earnout) — which will cause a near-term EBITDA margin compression of about 1.5%, but margins are expected to recover to roughly 20% over the next 6 to 8 quarters. The Tectonic AI-based enterprise platform delivered about USD 2 million in H1 revenue from 4 customers, and the company booked 2 large deals worth USD 3 million-plus ACV in the quarter. Management views US policy overhangs (MFN drug pricing, pharma tariffs, H1B fees) as largely resolved with limited impact on the business.
Near-term margins will be under pressure from acquisition integration costs and wage hikes, but the deal pipeline and improving pharma client sentiment support a higher growth trajectory going forward. Investors should expect a temporary margin dip followed by gradual recovery as new acquisitions ramp up.