Transcript of the conference call on financial results for the quarter ended June 30, 2025

Indegene reported Q1 FY26 revenue of INR 7,068 million, growing 12.5% year-on-year and 1.8% quarter-on-quarter in USD terms (0.7% in INR). EBITDA came in at INR 1,536 million with margins stable at 20.2%, while PAT grew 32.7% YoY to INR 1,164 million. The company unveiled 'Tectonic', a new initiative to move upstream in the marketing value chain (challenging traditional agencies), which already generated over USD 1 million in revenue from two top-20 customers in Q1. Enterprise segments (ECS + EMS), contributing 86.6% of revenue, grew 3.5% QoQ, though Brand Activation declined 21.6% due to a project deferral linked to a customer's FDA hurdles. Cash and equivalents crossed USD 200 million (INR 17,280 million), with management highlighting a healthy M&A pipeline and more realistic seller valuations. The company also disclosed 2 large deal wins of USD 3 million+ ACV and 4 wins in the USD 1-3 million range, and guided to 6-8% wage hikes effective July that will pressure Q2 margins.