Revenue per employee
$75,000
+$9,000 YoY
Increased from $66,000 last year, driven by AI-led productivity and outcome-based pricing.
INDEGENE
Other
13 May 2026
Indegene Ltd — Q4 FY26
Indegene delivered a landmark Q4 FY26 with revenue crossing ₹1,000 crore for the first time, up 32.8% YoY, and full-year revenue of ₹3,515 crore (+23.6% YoY).
✓ Verified against BSE filing
2-Min Summary
Indegene delivered a landmark Q4 FY26 with revenue crossing ₹1,000 crore for the first time, up 32.8% YoY, and full-year revenue of ₹3,515 crore (+23.6% YoY). Growth was driven by strong deal momentum, including a tectonic engagement with the largest customer in Germany and a $10M+ ACV omni-channel win. Adjusted EBITDA margin contracted ~150bps due to planned investments in AI, talent, and acquisitions (Bioarm, Cake), but management expects margins to recover to historical levels by H2 FY27. PAT was impacted by a one-time ₹20.3 crore provision for a US class action settlement. The pipeline entering FY27 is stronger and more diversified, with GenAI solutions gaining traction across commercial and medical segments. Key risk: margin recovery may be delayed if investment intensity persists beyond planned timelines.
Key Numbers
Active customers
91
+18 YoY
Grew from 73 last year, with customers >$1M revenue increasing from 41 to 53.
DSO (days sales outstanding)
63 days
-9 days YoY
Improved from 72 days last year, driving strong operating cash flow of ₹658 crore.
Top 20 customer revenue
₹2,520 crore
+₹240 crore YoY
Grew from ₹2,280 crore, with one customer expected to cross $50M in FY27.
Management Guidance
EBITDA margin recovery to historical levels by H2 FY27
Management expects adjusted EBITDA margins to revert to earlier higher levels in the second half of FY27 as current investments get absorbed.
marginsLargest customer to become first $50M+ account in FY27
The tectonic win in Germany with the largest customer is expected to drive revenue growth, crossing the $50 million threshold.
growthTectonic to generate meaningful FY27 revenue
Tectonic has customer validation with two pilots converting to long-term engagements and is set to be a material growth driver.
revenuePAT to see significant upward movement in FY27
Positive impact from higher cash balances, stable yields, lower amortization, and absence of one-time items will boost PAT.
otherKey Risks
Margin recovery may be delayed if investments persist
Management plans to reinvest any margin upside above the historical range, which could delay margin expansion beyond H2 FY27.
medium · management_commentaryUS class action lawsuit settlement provision
A ₹20.3 crore provision for a TCPA lawsuit was booked; while management believes it's a one-off, further liabilities cannot be ruled out.
low · management_commentaryCustomer concentration in top 20
Top 20 customers contribute ~72% of revenue; any loss or slowdown in a key account could materially impact growth.
medium · data_observationAI commoditization of domain knowledge
Analyst raised concern that LLMs could eventually commoditize domain expertise; management argued defensibility through proprietary data and regulatory nuance.
medium · analyst_questionNotable Quotes
Indegene is not an IT services company that happens to serve life sciences. Indegene is a strategic operating partner for the life science industry.
We are not providing formal revenue guidance. What I will say is this. Our customer portfolio is growing in both depth and breadth and the outside top 20 segment is growing faster.
We believe that we are on track to improve our profitability and EBITDA margins in FY27 and the second half of FY27 will see us revert back to the earlier levels of higher margins.