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Revenue
₹942.1 Cr
verified against source
Revenue YoY
30.8%
reported change
EBITDA
₹174.7 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Indegene delivered a strong Q3 FY26 with revenue of ₹942.1 crore, up 30.8% YoY (18.3% organic). Adjusted EBITDA margin improved 30bps QoQ to 18.5%, though PAT declined 6.5% YoY due to higher amortization and lower interest income. Growth was driven by robust deal wins, including seven large deals exceeding $1M ACV each, and the Bioarm acquisition contributing $10.3M revenue. Management expects EBITDA margins to return to ~20% over 6-8 quarters, with sequential improvement from Q1 FY27. AI adoption is accelerating centralization trends, positioning Indegene for structural demand. Risk: Elevated amortization from acquisitions will continue to pressure reported PAT in the near term.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects adjusted EBITDA margin to improve to approximately 20% over the next 6 to 8 quarters, with sequential improvement beginning Q1 FY27.
- Cost synergies totaling around $1 million per annum expected to accrue progressively in FY27, already identified for action.
- Amortization expected to reduce by ₹50 million per quarter starting Q3 FY27, and further ₹25 million per quarter from Q3 FY28.
Risks flagged
- Amortization of intangibles from acquisitions increased to ₹396 million in Q3, expected to remain elevated for three more quarters, pressuring reported PAT.
- Planned investments of 150bps in go-to-market and GenAI capabilities, plus upfront costs on large deals, may delay margin recovery.
- Sharp currency moves could impact financials; management reviews hedging policy periodically but does not guarantee full protection.
- While integration is on track, any disruption in client engagements or employee retention could affect expected synergies.
Key quotes
- Our revenue per employer now has crossed the 70k US annual mark. This is by far the highest in the industry underscoring the tangible impact of technology and AI and the very specialized nature of work we do.
- We are also very actively engaging with our existing and prospective clients with what we are calling a agencyless model where AI modeler solutions replace traditional fragmented agency structures.
- We continue to expect IBITA margin to return approximately to 20% over the next 6 to 8 quarters. IITa is expected to begin sequential improvement from quarter 1 of FY27.
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