Indegene Ltd — Q4 FY26

Indegene Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=Cl7RH6AFMnY Published: 13 days ago

0:01 1 second Ladies and gentlemen, good day and welcome to the INDG Limited Q4 and annual FI26 earnings conference call. As 0:10 10 seconds a reminder, all participant lines will be in the leon mod and there will be an opportunity for you to ask questions after the presentation concludes. 0:20 20 seconds Should you need assistance during this conference call, please signal an operator by pressing star then zero on 0:26 26 seconds your touchstone port. Please note that this conference has been recorded. I now hand over the conference to Mr. Abishek 0:34 34 seconds Aurval, head of investor relations, Indie chain limited. Thank you and over to you sir. 0:42 42 seconds Thank you moderator. A very good morning to all of you and thank you for joining us today for Indigen's earnings calls conference for the fourth quarter and full year ended financial year 2026. 0:52 52 seconds Today we have with us Mr. Manish Gupta Indigen's chairman and CEO and Mr. Suhas Prabhu CFO to share the highlights of the business and financials of the 1:00 1 minute quarter. I hope you have gone through our results release and the investor presentation which have been uploaded on the website as well as the stock exchange website. The transcript of this 1:08 1 minute, 8 seconds call will be available in a week's time on the company's website. Please note that today's discussion will be forward-looking in nature and must be viewed in relation to the risks pertaining to our business. After the 1:17 1 minute, 17 seconds end of this call, in case you have any further questions, please feel free to reach out with the investor relations team. I now hand over the call to Manish to make his opening remarks. Thank you Vishek. 1:27 1 minute, 27 seconds Good morning everyone. Uh and welcome to Indigene's Q4 FI26 uh earnings call. 1:34 1 minute, 34 seconds I want to start by acknowledging what this quarter and the fiscal year represent and not just in numbers but also in strategic progress. 1:43 1 minute, 43 seconds FY26 was a milestone year for Indigene on two fronts. Q4 FI26 was the first ever quarter in our history where we our 1:53 1 minute, 53 seconds revenues exceeded 1,000 crores and for the uh and for the full year our revenues crossed 3500 crores. This is 2:01 2 minutes, 1 second another first two cross thresholds crossed in a single quarter. 2:08 2 minutes, 8 seconds More importantly these are not isolated milestones. These are culmination of deliberate compounding work across our customer portfolio, our domain cap 2:17 2 minutes, 17 seconds capabilities, our technology stack and our people. 2:22 2 minutes, 22 seconds I will cover four topics today. Our customer portfolio performance, our genile innovation wins, our competitive differentiator and our forward outlook. 2:33 2 minutes, 33 seconds My colleague Suas will take you to the financial details. 2:37 2 minutes, 37 seconds So let's get into the uh financial snapshot. As I said this was our Q4 was our first,000 cr plus uh uh quarter fi26 2:47 2 minutes, 47 seconds our revenues came in at 35105 million which is our first more than 3500 cr uh year 2:56 2 minutes, 56 seconds our growth for the year in terms of uh in INR was 23.6 6 and in dollar terms 182 year on year. 3:06 3 minutes, 6 seconds Now let's talk about our uh customer depth and relationships. 3:12 3 minutes, 12 seconds I'm going to start off with the top 20. 3:16 3 minutes, 16 seconds Now across our 27 years in life sciences and as an operating partner to all 20 of the 20 global farmer companies, we have 3:25 3 minutes, 25 seconds built a kind of relationship density that compounds over decades, not quarters. 3:32 3 minutes, 32 seconds For our top 20 customers, FY26 was a year of strategic deepening. We expanded significantly with several of our top 20 3:40 3 minutes, 40 seconds accounts. Let me start with the top customer, our largest customer. This customer is broadly stable in FI26. 3:47 3 minutes, 47 seconds There's a bit of a hold due to a delay in a highly anticipated breakthrough as we continue to invest in the relationship. 3:55 3 minutes, 55 seconds The breakthrough came at the year end. 3:58 3 minutes, 58 seconds We won a significant tectonic engagement starting with Germany and SAS is going to talk about this later when he talks about the deals in the quarter. Now this 4:07 4 minutes, 7 seconds win matters not just in its own right but as a very important uh beach head with early results demonstrating value. 4:14 4 minutes, 14 seconds We are now actively in conversations with additional markets. The potential here is pretty significant and FY26 is 4:22 4 minutes, 22 seconds where we expect it to convert into visible growth and we and we are hoping this customer is going to cross over and become our first 50 $50 million plus customer. 4:36 4 minutes, 36 seconds Another milestone, a third customer account this this year crossed the $25 million revenue threshold, 4:44 4 minutes, 44 seconds reinforcing the depth and stickiness of our relationship. 4:48 4 minutes, 48 seconds Finally, in Q3 of uh this year, we closed a multi-year omni channel deal exceeding 10 million in ACV. 4:59 4 minutes, 59 seconds This is a fairly strategic deal which is going to be a template probably for the industry with a very large company and 5:06 5 minutes, 6 seconds has positioned us very strategically in this client. The latter half of her 27 will see this deal converting to revenue. 5:15 5 minutes, 15 seconds Across the top 20 as a group revenue grew from 228082 million to 25200 million in FI26. 5:24 5 minutes, 24 seconds Terry compounding expansion driven by portfolio bread and recurring engagements. 5:32 5 minutes, 32 seconds With that, let me move to beyond 20. 5:35 5 minutes, 35 seconds This has been faster growth on an expanding base. And this is where I want to spend a moment because the growth beyond our top 20 tells an important story about Indigene scalability. 5:48 5 minutes, 48 seconds Our total active customer base grew from 73 to 91 during the year. 5:55 5 minutes, 55 seconds The number of customers contributing more than a million dollar in re annual revenue grew from 41 to 53, an approx 30% increase. 6:05 6 minutes, 5 seconds Growth in this cohort outpace the top 20 on a percentage basis, demonstrating that our land and expand model is 6:12 6 minutes, 12 seconds working further down the customer pyramid. 6:16 6 minutes, 16 seconds Several of these newer relationships have already scaled to 5 million ACV engagements. The message here is clear. 6:25 6 minutes, 25 seconds Indigen is not just a topheavy business depending dependent on a handful of accounts. We are building a diversified durable portfolio with accelerating momentum at every tier. 6:37 6 minutes, 37 seconds This is the engine that compounds. The outside top 20 cohort is where today's 1 million relationships become tomorrow's 25 million relationships. 6:46 6 minutes, 46 seconds and FI26 already saw multiple new customers cross the 5 millionth ACV threshold. The progress we had inside 6:55 6 minutes, 55 seconds the top 20 over the last decade is now playing out one tier down and it is doing faster 7:03 7 minutes, 3 seconds because of few things. one is our own credibility and scale as a company and also because genai comp compresses the time to value. 7:16 7 minutes, 16 seconds Now let's talk about some of our AI le solutions where one of our values innovation is truly in motion. 7:26 7 minutes, 26 seconds AI has been at the core of indigen strategy for a decade. I remember setting up the office of CTO more than 10 years back uh and starting investing 7:34 7 minutes, 34 seconds heavily just in AI. The tangible proof our ability to leverage AI is visible in our industryleading revenue per employee 7:43 7 minutes, 43 seconds now at approximately USD 75,000 perom up from USD 56,000 3 years back. This is 7:52 7 minutes, 52 seconds a step change in productivity driven by embedding technology and AI into how we deliver coupled with our predominant managed output outcome pricing model. 8:05 8 minutes, 5 seconds And we have not stopped. We have a program called uh transform AI inside the company. This program is targeting a 8:12 8 minutes, 12 seconds further step change in adjusted revenue per employee as we continue to win upstream in adjacent areas 8:21 8 minutes, 21 seconds and the new revenue pools opening due to AI. All this stuff while we re-engineer our own processes from the ground up. 8:31 8 minutes, 31 seconds This is what gives us confidence not only in our competitiveness but also on the operating leverage in the coming years. 8:41 8 minutes, 41 seconds What has changed in FI26 is the pace of customer adoption and the size of the mandates we are winning on the back of genled solutions. I'll talk you through 8:50 8 minutes, 50 seconds some specific wins each demonstrating a different dimension of our capability. 8:58 8 minutes, 58 seconds Let's let me again talk about the Jai powered omni channel orchestration deal with a top five customer which I alluded to in our customer segment just a few 9:07 9 minutes, 7 seconds minutes back. This customer selected indigene for omni channel orchestration using our invisage platform and tandem data capabilities acquired through 9:16 9 minutes, 16 seconds bioarm. The mandate covers personalized genai targeted targeting across a multi-product US portfolio which is 9:24 9 minutes, 24 seconds north of a billion dollars approaching patent expiry. We are deploying on an outcome focused commercial model maximizing the profitability window of 9:33 9 minutes, 33 seconds mature assets. This is gen jennai embedded directly into revenue outcomes of this client. 9:42 9 minutes, 42 seconds With that, let me move to another one. 9:44 9 minutes, 44 seconds Now, this is end-to-end commercialization for a midsize biotech firm. A midsize biotech firm chose Indigen as its sole commercialization 9:54 9 minutes, 54 seconds partner contrasting us with full life cycle CRM implementation global marketing content creation and 10:02 10 minutes, 2 seconds multi- channelannel deployment. This is a integrated model that differentiation in gene a single partner capable of running the entire commercial engine. 10:13 10 minutes, 13 seconds Here the client actually said this is not while we're doing CRM implementation. It's not just a 10:20 10 minutes, 20 seconds technology implementation. It's a business transformation project and engagement and we need somebody who understands our business. Well, 10:29 10 minutes, 29 seconds let me talk about one or emerging pharma company for a complete product launch in emerging pharma engaged in digene to 10:36 10 minutes, 36 seconds manage an end toend product launch across both commercial and medical functions. This is a replicable blue blueprint for hundreds of mid-tier and 10:45 10 minutes, 45 seconds specialtity pharma companies entering commercialization. A segment we are deliberately targeting as a high growth opportunity. 10:55 10 minutes, 55 seconds Then we move to the fourth one AIdriven phco vigilance or safety. This was a large medical devices client. For a 11:02 11 minutes, 2 seconds large medical devices client, we're now managing global pharmaccovigilance workflows using our proprietary NAM next 11:10 11 minutes, 10 seconds adverse event management uh technology which is all uh AI base. 11:18 11 minutes, 18 seconds This has significantly reduced manual case processing volumes and accelerated aggregate reporting timelines. 11:24 11 minutes, 24 seconds The wind demonstrates our AIE innovation extends into medical and regulatory domain not just commercial 11:31 11 minutes, 31 seconds and given I just spoke about medical and regulatory domain let me have talk about the next one on the regulatory side 11:38 11 minutes, 38 seconds after having spoken about safety we set up a global innovation center model for a very fast growing company more than hundred billion dollar market 11:47 11 minutes, 47 seconds cap within our enterprise medical services segment we piloted a global innovation center 11:54 11 minutes, 54 seconds where we are reimagining R&D operations from the ground up. We using Gen X to accelerate FDS emissions and compress molecule speed to market. 12:06 12 minutes, 6 seconds If this if this scales as anticipated, it represents a structural change in our pharma companies approach R&D operations. You think about it, you're 12:15 12 minutes, 15 seconds cutting down the cycle time from couple of months to filing to a few weeks and that is unlocking significant value for 12:24 12 minutes, 24 seconds companies and of course for patients and indigen is the one partner partner enabling it. 12:30 12 minutes, 30 seconds The next one I'm talking about is super exciting. Although it's a pilot, very early days, but uh it has the potential to truly transform the industry. 12:40 12 minutes, 40 seconds Agencyless EU are 3 months to 3 days. 3 months to 3 days. This is what we 12:48 12 minutes, 48 seconds demonstrated in a top 20 company for a very strategic upstream brand work. 12:55 12 minutes, 55 seconds We piloted an agency of record model without the agency. Working with a large pharma customer, we demonstrated the ability to create scientific briefs 13:03 13 minutes, 3 seconds creative and near final concepts in 3 days with our content super agents. This is what typically a agency of record in 13:12 13 minutes, 12 seconds the United States Europe typically does in a few months and a very expensive process. This included doing a quick voice of the customer research primary 13:20 13 minutes, 20 seconds research using synthetic kos using our proprietary indecision tandem products. 13:27 13 minutes, 27 seconds This was achieved through live co-creation workshops with clients replacing isolated agency processes with 13:35 13 minutes, 35 seconds realtime technology op uh enabled operating model. 13:41 13 minutes, 41 seconds This allet along with what I spoke about the regulatory affairs the global innovation model have genuine industry 13:49 13 minutes, 49 seconds transformational potential. We watching adoption signals closely and very confident these pilots will 13:56 13 minutes, 56 seconds succeed and get into real engagements in this financial year. Given the strategic nature of these engagements, we continue to overinvest in them. 14:06 14 minutes, 6 seconds We're already seeing significant interest in this engagement in the industry overall and we are talking about them with all the clients and 14:13 14 minutes, 13 seconds people are very open and receptive to learn from these and we believe this has the potential to position us very strongly for the future. 14:23 14 minutes, 23 seconds I also want to talk about what specific sets us apart when we win these deals 14:30 14 minutes, 30 seconds and what we learned in FI26 because it shapes everything we do. 14:36 14 minutes, 36 seconds Ja equalizes access to technology. 14:40 14 minutes, 40 seconds It does not equalize access to knowledge. Every service form now has the same foundation models, the same APIs, the same coding copilots. 14:51 14 minutes, 51 seconds What separates winners from the rest is the depth of domain knowledge they bring on top and how systematically they convert it into agentic human and loop 15:00 15 minutes workflows to re to deliver real business outcomes for Indigene with 27 years of 15:07 15 minutes, 7 seconds life science expertise and for a third of our workforce in deep domain roles medical within medical different therapy 15:14 15 minutes, 14 seconds areas different uh uh specializations brand [clears throat] creative digital analytics tech you name it. I can go on 15:22 15 minutes, 22 seconds and on. Experiences of nuances of all the regulated and critical workflows, our own proprietary data. These things are just not relevant in the AI world. 15:33 15 minutes, 33 seconds They are absolutely essential. 15:36 15 minutes, 36 seconds These six wins are not isolated. They roll up into five next generation operating models we are now actively running in the market. one-click 15:44 15 minutes, 44 seconds submissions, humanless medical legal review processes, agentic, AI embedded engagement and intelligent R&D operations. 15:53 15 minutes, 53 seconds Each one of these replaces a manual fragmented industry process with a platformdriven AI embedded one. Each is 16:02 16 minutes, 2 seconds a category we believe indigene will define in years to come. 16:08 16 minutes, 8 seconds With that let me move to another important thing which we have been grappling with for some time and it's 16:15 16 minutes, 15 seconds important that we talk about this very directly. Our category we are a strategic operative partner for life sciences. 16:25 16 minutes, 25 seconds But the most common mistake we see how we are analyzed is the one we want to correct today. 16:31 16 minutes, 31 seconds Indigene is not an IT services company that happens to serve life sciences. 16:37 16 minutes, 37 seconds Indigene is a strategic operating partner for the life science industry. 16:42 16 minutes, 42 seconds Purposebuilt over 27 years to design and run complex regulated medical commercial 16:50 16 minutes, 50 seconds medical and R&D operating models that define how this industry very important industry works. 16:58 16 minutes, 58 seconds This distinction is not semantic. It is structural and it changes everything about AI affects how AI affects our business. 17:08 17 minutes, 8 seconds This isn't a claim. It's a pattern. Every decade 1/4 reshape life sciences. In the 1990s, it was globalization. 17:17 17 minutes, 17 seconds Unfortunately for the industry, we were not there as a company that point. In the 2000s, it was moved to digital. We the ones who build digital field 17:26 17 minutes, 26 seconds engagements very early on. In 2000s it uh tends it was content at scale very automated MLR 17:35 17 minutes, 35 seconds and bunch of things like that. We built platformdriven content operations. Now as AI is at work we already have and 17:45 17 minutes, 45 seconds continue to run embedded AI operations at scale and we've been doing this for a decade. 17:52 17 minutes, 52 seconds When the industry transform into leads we don't react. We already running the new model and as I mentioned and I'm 18:00 18 minutes going to say again we started a decade back post structural differences define a 18:07 18 minutes, 7 seconds position and let me unpack each of this please be this is fairly critical we a 18:14 18 minutes, 14 seconds revenue partner not a cost partner we are embedded in the commercial and medical functions that generate revenue 18:21 18 minutes, 21 seconds for our customers our primary stakeholders in client organizations are the chief marketing officers, the brand heads, the therapy heads, chief medical 18:30 18 minutes, 30 seconds officers on the medical affairs side, head of regulatory safety. These customers do not come to us to cut cost. 18:36 18 minutes, 36 seconds They come to grow our revenue to grow their revenue, accelerate launches, employ improve pipeline success, 18:45 18 minutes, 45 seconds manage compliance and risk for them. AI is a growth enable for our clients not a sign signal to reduce spend on partners 18:54 18 minutes, 54 seconds like indigen the next one and fairly important domain judgment intensive work that's the work 19:03 19 minutes, 3 seconds we do therapeutic content strategy regulatory submissions pharmigence omni channel orchestration across the globe 19:12 19 minutes, 12 seconds and very different markets requires deep domain judgment that AI augments but is not replacing 19:19 19 minutes, 19 seconds and again I want to emphasize these are in regulated areas very regulated areas this fundamentally different from coding 19:26 19 minutes, 26 seconds or infrastructure where reception is far more direct the third one 19:34 19 minutes, 34 seconds and something which we I remember talking to a lot of you whom we met during our work shows in 23 19:43 19 minutes, 43 seconds an outcome aligned commercial model in an AI enabled world effort based pricing is breaking down clients not don't pay 19:52 19 minutes, 52 seconds for ours for stuff which AI does in seconds outcomes are becoming the new currency 20:00 20 minutes and we've been operating on output and outcome based contracts for years we did not have to convert we are the ones who 20:07 20 minutes, 7 seconds wrote this playbook with some of these let me take a step back and look at actually who plays in 20:15 20 minutes, 15 seconds our case. Who are the players competitors? Strategic advisers bring frameworks but exit before execution. 20:24 20 minutes, 24 seconds Global integrators bring scale but lack science life sciences depth. 20:30 20 minutes, 30 seconds IT offshore scalers compete on volume efficiency that is but that is a fundamentally different category from ours. Sector boutiques have depth but 20:40 20 minutes, 40 seconds lack platform leverage with its tech or operating model. Indigene is the only player in life sciences that combines deep domain expertise, embedded AI 20:49 20 minutes, 49 seconds platforms and outcome ownership at enterprise scale. Our true competition is agencies and CRO 20:58 20 minutes, 58 seconds and we are taking share from them accelerated by Genai and the P for us itself is growing as we run the themes I 21:07 21 minutes, 7 seconds just spoke about. We are absorbing spend pools that did not previously sit with service partners like us. Agency created 21:15 21 minutes, 15 seconds budget CR clinical operations internal regulatory cost. Genai is just not shifting share. It grows our addressable market. 21:24 21 minutes, 24 seconds With that let me come back to FI26. FI26 is not just a financial milestone. 21:31 21 minutes, 31 seconds delivered four strategic achievements that set up uh Indigene's next chapter not only for FI27 but beyond. We made 21:39 21 minutes, 39 seconds three acquisitions. Bioarm strengthen our omni channel data and targeting capab capabilities in the commercial segment. War and K communications are 21:47 21 minutes, 47 seconds new market entries. They are strategic additions of people with deep expertise and local market knowledge in key European geographies. This matters 21:56 21 minutes, 56 seconds because as we take our global delivery model in Europe, credibility and relationships on the ground are decisive. As we just spoke about our 22:03 22 minutes, 3 seconds tectonic engagement with our largest client in Germany, right? Uh and now you can understand why we did uh uh cake as an acquisition. These teams give us 22:12 22 minutes, 12 seconds exactly that the ability to expand engagements from regional to global with local legitimacy. Tectonic at scale at 22:19 22 minutes, 19 seconds scale that's the next one. Tectonic is a transformation model that combines Genai with deep creative expertise to disrupt 22:27 22 minutes, 27 seconds the traditional agency approach of developing creatives through effort in intensive cycles that stretch over months. On the year end, we have secured 22:36 22 minutes, 36 seconds five customers. Two of them have already transitioned from pilot projects to long-term engagements. Crucially, the Q4 win in Germany with our largest 22:44 22 minutes, 44 seconds customers provides strong momentum heading into FI27. 22:48 22 minutes, 48 seconds The traditional markets actively in conversation. Tectonic is on track to become a material growth driver for enterprise commercial and FY27. 22:57 22 minutes, 57 seconds Third one and we spoke to you about in our Q2 uh earnings uh call. We recruited senior leadership talent 23:05 23 minutes, 5 seconds and thought leaders across the commercial medical leadership strengthening our ability to engage at the seauite level and we're having more 23:12 23 minutes, 12 seconds and more of those conversations as we pursue more complex larger transformational mandates for our clients. 23:22 23 minutes, 22 seconds Last but not least, technology leadership. We maintained our innovation edge by embedding JA across the platform. Our next generation content 23:30 23 minutes, 30 seconds super app and medical writing platforms both built by reimagining end-to-end customer workflows are now in active 23:36 23 minutes, 36 seconds deployment. Cortex is continuing to be scaled and uh get embedded in all the stuff which we do. These are not 23:44 23 minutes, 44 seconds incremental upgrades. They're category defining products together. These four moves in organic depth in Europe, tectonic at scale, 23:52 23 minutes, 52 seconds senior grow to market bench and category defining platforms are what gives us conviction and growth in FI27 and well 24:00 24 minutes beyond. With that, let me pass it over uh to Su. 24:06 24 minutes, 6 seconds Thank you Manish. Good morning um everyone. 24:10 24 minutes, 10 seconds Uh let me dive straight into the financial performance for the quarter and medium. Quarter 4 revenue came in 24:18 24 minutes, 18 seconds about 10,000 million INR. The first quarter in Indigen's history to cross this threshold growing 6.5% quarteron 24:28 24 minutes, 28 seconds quarter and a strong 32.8% year-over-year. 24:33 24 minutes, 33 seconds For the full year, the revenue was rupees 35,15 million, reflecting the 23.6% 24:42 24 minutes, 42 seconds growth in INR terms and 18.2% in USD terms ahead of FY25 on both measures. 24:52 24 minutes, 52 seconds Moving over to profitability, our Q4 adjusted EITA came in at rupees,889 million growing 23.2% 2% year-over-year. 25:05 25 minutes, 5 seconds The fullear adjusted EITA totaled rupees 6,793 25:12 25 minutes, 12 seconds million up 20.8% yearonear. 25:18 25 minutes, 18 seconds Effective Jan 2026, we have categorized our forward contracts as cash flow 25:25 25 minutes, 25 seconds hedges under Indas 109 and the adjustment to the EITA is made 25:32 25 minutes, 32 seconds to reflect the impact on profitability if the contracts that were cons 25:38 25 minutes, 38 seconds contracted between April to 2025 and December 2025 were also considered 25:47 25 minutes, 47 seconds as cash flow. hedges effective start of the year. 25:51 25 minutes, 51 seconds We had indicated this matter to be under consideration in our earlier call. 25:58 25 minutes, 58 seconds The high volatility in exchange rates especially the depreciating INR against USD towards the closing days of the 26:06 26 minutes, 6 seconds quarter has resulted in an incremental charge of rupees 241 million in Q4 on 26:15 26 minutes, 15 seconds the unexpired forward contracts and therefore this is the adjustment that we 26:22 26 minutes, 22 seconds have done in the EITA from a like toike uh comparison. Considering 26:28 26 minutes, 28 seconds the charge the reported AITA would be lower at rupees,648 million rupees. 26:39 26 minutes, 39 seconds Moving ahead to PAT, we had a lower interest income due to 26:46 26 minutes, 46 seconds lower yields and a higher amortization as was mentioned in our Q3 earnings. 26:54 26 minutes, 54 seconds effective uh the acquisitions that we concluded in the recent past. 27:00 27 minutes Further, we have provided rupees 203 million towards the estimated cost of 27:07 27 minutes, 7 seconds settling a US class action lawsuit filed in 2020 alleging breach of PCPA. I will 27:16 27 minutes, 16 seconds del more on this matter a little while later. This is a one-time non-recurring provision reflected as an exceptional 27:25 27 minutes, 25 seconds item and this impacts the PAT for Q4 and FY26 adversely. 27:33 27 minutes, 33 seconds Hence the Q4 pack came in at rupees 797 27:40 27 minutes, 40 seconds million and a full year pack of rupees 4,11 million a 1.4% 4% decline. 27:49 27 minutes, 49 seconds Excluding these non operational one-time expenses and factoring retroactive 27:57 27 minutes, 57 seconds adoption of the cash flow hedge accounting from the start year, PAT would be higher at rupees 4,583 28:06 28 minutes, 6 seconds million growing 12.7% yearon year. On a adjusted basis, the underlying 28:13 28 minutes, 13 seconds profitability of the B business is meaningfully stronger than the reported figure suggest and the year on year trajectory is firmly positive. 28:25 28 minutes, 25 seconds Would request you to refer slide 15 of the investor deck for more details. 28:33 28 minutes, 33 seconds Coming back to the exceptional item and the provision of rupees 23 million. This is pertaining to a long outstanding 28:41 28 minutes, 41 seconds matter. A US class action lawsuit in 2020 alleging breach of the Telephone 28:49 28 minutes, 49 seconds Consumer Protection Act which we had disclosed in our DRHP RHP and provided updates 28:57 28 minutes, 57 seconds um as the case made slow progress over the years in our subsequent financials. 29:04 29 minutes, 4 seconds In January 2026, both parties commenced a mediation process as was recommended by the court 29:13 29 minutes, 13 seconds with multiple rounds of negotiations over the last 3 months facilitated by the courtapp appointed mediator. We 29:20 29 minutes, 20 seconds believe that we have now reached a stage of potential settlement and an ability 29:27 29 minutes, 27 seconds to quantify the liability versus the terms laid by the mediator. 29:34 29 minutes, 34 seconds As of today, the mediation process is close to completion with the terms being drafted 29:42 29 minutes, 42 seconds while the court approval is still awaited. Since we are making this provision basis such terms and uh the 29:52 29 minutes, 52 seconds rupees 203 million is the provision of the anticipated settlement. 29:59 29 minutes, 59 seconds Further the origin of this case relates to an engagement in FY 1920 where we used facts as a channel for outreach. 30:11 30 minutes, 11 seconds Faxes were rarely used prior to this engagement. 30:19 30 minutes, 19 seconds Sorry to interrupt in between. Sir, you have not audible. Am I audible now? 30:26 30 minutes, 26 seconds Yes sir. Thank you. 30:31 30 minutes, 31 seconds and hence we do not believe that there are any further such uh liability exposures 30:40 30 minutes, 40 seconds um beyond the one instance that we had in 2020. 30:46 30 minutes, 46 seconds With that I would want to spend a moment on the strong cash position. 30:53 30 minutes, 53 seconds Cash generation is also another way to assess the operating health of the business and not just fat. On that measure, FI26 was a standout year. 31:05 31 minutes, 5 seconds Operating cash flows were rupes 6,58 million versus rups 4,419 31:15 31 minutes, 15 seconds million in the prior year which is a 162% ratio on pack. 31:23 31 minutes, 23 seconds This is of course higher due to the higher non-cash uh expenses and amortization charges 31:31 31 minutes, 31 seconds but also an improvement in the DSOs to 63 days from 72 days in the past year. 31:39 31 minutes, 39 seconds Pash flows were strong rups 6,65 million versus rups 4,119 31:49 31 minutes, 49 seconds million in the past year. Our balance sheet at the year end reflects this trend. We closed FY26 with a cash and 31:57 31 minutes, 57 seconds investment position of approximately rupees 15,385 million just rupes,258 32:07 32 minutes, 7 seconds million lower than FI25 despite rups 7,253 32:14 32 minutes, 14 seconds million of outflows towards the acquisitions that we made during the year. 32:21 32 minutes, 21 seconds With this, let me move on to the dividend announcement. Consistent with this cash strength and reflecting the 32:29 32 minutes, 29 seconds board's confidence in the business, we have proposed a final dividend of rupees 2.25 per equity share for FY26. 32:40 32 minutes, 40 seconds This compares to rupees 2 per share last year, a 12.5% increase. This recommendation is subject to 32:49 32 minutes, 49 seconds shareholders approval at the upcoming AGN and reflects both the strength of our FY 26 earnings and our commitment to 32:57 32 minutes, 57 seconds delivering consistent returns to shareholders alongside continued investments. 33:05 33 minutes, 5 seconds Moving further to the segmental performance, both enterprise commercial X biofarm and EMS 33:14 33 minutes, 14 seconds grew by approximately 17% and 16% yearonear respectively. 33:22 33 minutes, 22 seconds Even Bioarm acquired in October 2025 grew by 15% sequentially in Q4. 33:31 33 minutes, 31 seconds Our geographical mix remains stable with North America at 71.6%, 33:38 33 minutes, 38 seconds Europe at 25.5% and the rest of the world at 2.9%. 33:44 33 minutes, 44 seconds With North America's contribution increasing marginally by approximately two 2% due to Bioarm which is entirely a 33:53 33 minutes, 53 seconds US focused business. Importantly, the pace of customer conversations and 34:00 34 minutes AIdriven innovation is now distributed across both medical and commercial 34:07 34 minutes, 7 seconds segments. And this gives us confidence that both enterprise commercial and enterprise medical will be meaningful growth contributors heading into FY27. 34:19 34 minutes, 19 seconds Finally coming into our Q4 deal activity. 34:24 34 minutes, 24 seconds Our Q4 bookings reflect sustained deal momentum. We closed one deal of dollar3 34:32 34 minutes, 32 seconds million plus ACV in our clinical business with a new customer. 34:38 34 minutes, 38 seconds Further we closed seven deals of dollar1 million plus ACV during the quarter. 34:44 34 minutes, 44 seconds four of which are from our top 20 customers adding to the enterprise commercial segment including the 34:52 34 minutes, 52 seconds tectonic engagement for Germany with our largest customer. 35:02 35 minutes, 2 seconds Further, there is an expansion of an existing omni channel project with a midsized pharma company and we signed 35:10 35 minutes, 10 seconds two engagements with new customers. an engagement with a biotech player providing med info services which is 35:18 35 minutes, 18 seconds part of our enterprise medical segment and an engagement to operationalize core digital commercial capabilities for an 35:26 35 minutes, 26 seconds upcoming pharma company's new launch of the drug pre-post launch activities. 35:34 35 minutes, 34 seconds These wins confirm that our go-to market investments are translating into consistent new pipeline generation and conversion. 35:44 35 minutes, 44 seconds These wins combined with earlier wins provide revenue growth momentum heading into FY27. 35:52 35 minutes, 52 seconds Further you will also recollect the investments that we made 36:01 36 minutes, 1 second resulting in a 150 basis points um impact on our IPA margins that we mentioned few quarters ago. 36:13 36 minutes, 13 seconds With the growth momentum, we believe that we are on track to improve our profitability 36:23 36 minutes, 23 seconds and evita margins in FY27 and the second half of FY27 will see us 36:31 36 minutes, 31 seconds revert back to the earlier levels of higher margins with these investments getting fully absorbed and delivering growth. 36:42 36 minutes, 42 seconds Further we will also see a positive impact of the interest income with a 36:49 36 minutes, 49 seconds high cash balances and stable yields amortization stabilizing and coming off 36:58 36 minutes, 58 seconds towards this later half of FY27 and the impact of the one-off and 37:06 37 minutes, 6 seconds exceptional items fading away and we believe that the impact on pack in FY27 will see a significant upward movement. 37:19 37 minutes, 19 seconds With that, let me pass it on back to Manish for the outlook. 37:25 37 minutes, 25 seconds Thank you again s 12 months ago as we entered FI26, I use the phrase cautiously optimistic. 37:35 37 minutes, 35 seconds I want to precise be precise about how I I would characterize the mood entering FI27 and why it is meaningfully different. 37:45 37 minutes, 45 seconds The three concerns that warranted caution a year ago, new US administrative uncertainty, regulatory policy overhang and a macro volatility 37:54 37 minutes, 54 seconds have largely been resolved. The pharma industry demonstrated resilience and strategic importance through CY current 38:02 38 minutes, 2 seconds year 2025 when the industry growth of 9% versus 6.4% in CY 2024. 38:10 38 minutes, 10 seconds Looking at it, the industry is positioned to grow at a healthy 5 to 8% KAGA from 26 to 28. 38:17 38 minutes, 17 seconds This is our customer base stable, funded and growing. Against that backdrop, our own pipeline entering 527 stands stronger higher than last year. 38:29 38 minutes, 29 seconds With balance strength across both our top 20 customers and outside top 20 cohorts, the diversification of our 38:36 38 minutes, 36 seconds pipeline is as important as its size. It means you're not dependent on handful of renewals or one large deal closing. 38:45 38 minutes, 45 seconds I want to be direct. We are not providing formal revenue guidance. What I will say is this. Our customer portfolio is growing in both depth and 38:52 38 minutes, 52 seconds breadth and the outside top 20 segment is growing faster. Our genile solutions 38:58 38 minutes, 58 seconds wins span across every customer segment and both business lines commercial and medical and it is gaining significant 39:06 39 minutes, 6 seconds traction. Tectonic has customer validation and is set to generate meaningful FI27 revenues. Our pipeline 39:13 39 minutes, 13 seconds is larger, more balanced and better qualified than at any prior year end. 39:18 39 minutes, 18 seconds Our competitive position is trending significantly in context of AI industry trends 39:26 39 minutes, 26 seconds in an AIE world. The competative structure of a market is being rewritten in our favor. Agency and CRO spend consolidating into specialized 39:34 39 minutes, 34 seconds technology-led partners and indigen is the most credible such partners in life sciences and this 39:41 39 minutes, 41 seconds trajectory extends well beyond 27. We believe tectonic AIL omni channel deals AI embedded operating medical operating 39:49 39 minutes, 49 seconds models top 20 co outside top 20 all will continue to mint new 25 million plus relationships and have the 39:57 39 minutes, 57 seconds potential to drive multi-year growth with that I would say we enter FI27 not 40:05 40 minutes, 5 seconds cautiously optimistic but excited and confident confident to convert pilots into platforms platforms into operating 40:14 40 minutes, 14 seconds models and operating models into the industry's new default. This has been Energ's pattern across every pri prior 40:22 40 minutes, 22 seconds inflection life sciences and it is the pattern we are running now from promise to performance. That is 40:29 40 minutes, 29 seconds what we believe FI27 and the years beyond will demonstrate. 40:35 40 minutes, 35 seconds That's all I had. Uh we can uh open it for uh questions. Thank you. 40:43 40 minutes, 43 seconds Thank you very much. We will now begin with the question and answer session. 40:48 40 minutes, 48 seconds Anyone who wishes to ask a question may press star and then one on their touchstone telephone. 40:55 40 minutes, 55 seconds If you wish to remove yourself from the question queue, you may press star and then two. Participant, you are requested to use handsets while asking a question. 41:05 41 minutes, 5 seconds Ladies and gentlemen, we will wait for a moment while the question assembles. 41:15 41 minutes, 15 seconds A reminder to all, you may press star and then one on your Touchstone Telephone to ask a question. 41:42 41 minutes, 42 seconds We can start the questions. We can start the questions please. 41:46 41 minutes, 46 seconds We will take the first question from the line of Prakash Kapadia from Kapadia Financial Services. Please go ahead. 41:54 41 minutes, 54 seconds Yeah, thanks for the opportunity. I had uh two questions. 42:00 42 minutes revenue per employee has increased to around 75k from you know $67,000 42:06 42 minutes, 6 seconds last year. Is it uh is the onsite mix increase or there is something else uh or any other matrix which uh you can 42:15 42 minutes, 15 seconds highlight and secondly you know if I look at more than 10 million revenues there are you know 10 clients which are 42:24 42 minutes, 24 seconds same as compared to last year. So is there a you know product life cycle for 42:31 42 minutes, 31 seconds larger clients which is uh you know showing up there because you know we've not seen any increase in number of 42:38 42 minutes, 38 seconds clients in that cohort. So these were my two questions. Thank you. 42:44 42 minutes, 44 seconds Let's start off with the latter one and pass it on to SAS. We hear uh that cohort u uh you write it's stable. It's 42:51 42 minutes, 51 seconds also a function that uh uh at least one of our clients uh was just tagged below that uh 10 million right and from a 43:00 43 minutes categorization perspective 9.9 something right falls into the other uh bucket u and uh these customers are taking a bit 43:09 43 minutes, 9 seconds more time to change the operating model adopt uh uh some of the plat platforms and discussions we've been having with 43:16 43 minutes, 16 seconds them. uh having said that we are very bullish that uh this code also will increase it's just a matter of cycle times and uh 43:25 43 minutes, 25 seconds they doing change management internally so yeah thank you Manish and moving to the first question on the revenue per 43:33 43 minutes, 33 seconds employee um in our fact sheet the KPIs you'll observe that our on-site offshore 43:41 43 minutes, 41 seconds mix has remained fairly stable over the past uh many years actually uh on-site increasing marginally um over um the 43:50 43 minutes, 50 seconds last couple of years. uh uh but having said that I would like to highlight that over the last 5 years our RPS have 43:59 43 minutes, 59 seconds consistently grown from $51,000 to the close to $75,000 today and u also 44:08 44 minutes, 8 seconds uh from $66,000 uh to $75,000 on a yearon-year basis. So there is a 44:17 44 minutes, 17 seconds sustained uh effort to increase this in combination with the the technology 44:25 44 minutes, 25 seconds impacting our operations positively combined with the outcome or outputbased pricing model in our engagements which 44:34 44 minutes, 34 seconds help us uh retain the benefits of u uh the productivity increase without 44:40 44 minutes, 40 seconds being dependent on time sheet based uh or input pricing. I would actually just add one more line. Um as I said earlier 44:48 44 minutes, 48 seconds in this world the competitive structure of the market is being rewritten right. 44:53 44 minutes, 53 seconds Uh and right now all the directions it looks like that it's being written in our favor right uh and hence the quality 45:02 45 minutes, 2 seconds of the kind of engagements we are running with our customers are much more strategic which al also is resulting in the kind of contracts we drive. 45:12 45 minutes, 12 seconds Sure. Sure. And lastly s is it fair to assume data days will be more or less stable at these levels and we can have 45:20 45 minutes, 20 seconds growth also or any major change enthag going forward. 45:26 45 minutes, 26 seconds So dattors have of course grown sign uh reduced significantly resulting in higher cash 45:34 45 minutes, 34 seconds flows. uh and we are seeing a uh a trend reducing from the 80s about 5 years ago 45:41 45 minutes, 41 seconds uh to the 60s as we uh speak. Uh but having said that I would guide towards 45:48 45 minutes, 48 seconds mid to uh uh mid60s to 70 days on a steady basis. 45:55 45 minutes, 55 seconds Sure. Sure. That's helpful. Thank you so much and all the best. Thank you. Thank you. 46:03 46 minutes, 3 seconds Thank you. We will take the next question from the line of Rolin Nandu from Edel Wise public alternatives. Please go ahead. 46:12 46 minutes, 12 seconds Uh yeah. Hi Manish and Shaz. Thank you so much for giving me the opportunity. Uh just two questions uh from my side. 46:20 46 minutes, 20 seconds Uh one is on this uh AI initiative that you have talked about. uh now what I gather is that uh what is our defendable 46:29 46 minutes, 29 seconds uh I mean what is uh what is it that works in our favor is the domain knowledge and the regulatory uh uh 46:36 46 minutes, 36 seconds aspect of the industry in which we deal with uh just wanted to wanted your thoughts on uh how defendable are these 46:44 46 minutes, 44 seconds uh modes so to say uh don't you think that over the period of time maybe this domain knowledge can also be 46:51 46 minutes, 51 seconds commoditized by some of the uh you know some of the large LLM players like they have been doing in other industry why do 47:00 47 minutes you think that cannot happen in our industry so that's my first question on the AI side and uh the second question is on the margin right where you have 47:09 47 minutes, 9 seconds talked about some of the investments that you are making uh and you coming back to your previous high sometime in the second half of FI27. 47:18 47 minutes, 18 seconds Uh my question here is that what is the risk that you know this uh could probably catch up uh to stay relevant in the AI world we continue uh our 47:28 47 minutes, 28 seconds investment path and uh not uh bear the proofs of that uh operating leverage that we are emphasizing. So uh yeah 47:37 47 minutes, 37 seconds pretty much the questions are more on a medium-term outro uh and to do with AI. 47:44 47 minutes, 44 seconds That's a fair that's a fair question. Uh thank you. So let me start with the first uh one. uh our real mode over here 47:52 47 minutes, 52 seconds which we continue to invest u and solidify every day is domain expertise right uh and domain expertise is just 47:59 47 minutes, 59 seconds not a very broad term right for example when I spoke about uh this the whole 48:05 48 minutes, 5 seconds 3day 3 months to three uh days uh thing uh that required therapeutic area expertise that required uh um broader 48:14 48 minutes, 14 seconds medical expertise that required uh your creative expertise, right? Very 48:22 48 minutes, 22 seconds market nuance expertise for different market. It also use our own proprietary data sources, right? So along with 48:30 48 minutes, 30 seconds domain expertise, we are also bringing in our our proprietary data sources. We believe uh that the LLMs and most of the 48:39 48 minutes, 39 seconds cases we are seeing those that whenever we are building our tech products, LLMs on their own are not solving for a problem. We are using all the LLMs, all 48:48 48 minutes, 48 seconds the frontier models. We are working with AI labs names which you might have not heard of but are cutting edge labs in the different parts of the world but we 48:56 48 minutes, 56 seconds have to bring couple of them together along what our technologies start to solve different problems right uh uh on 49:04 49 minutes, 4 seconds top and the reason why we are able to articulate that well is again the domain expertise uh so at least in a medium uh 49:11 49 minutes, 11 seconds term call it 3 to 5 years we don't see LLM having the ability to do this LLM are not still operating 49:20 49 minutes, 20 seconds they're not they don't have the reliability in when you're talking about them in operating grade right so the human loop is going to be actually even 49:28 49 minutes, 28 seconds more important by the way there has been an FDA uh uh kind of call out to one of the companies over the just last two 49:35 49 minutes, 35 seconds weeks right uh uh a warning letter that looks AI generate generated now what happens in the medium to long term that 49:43 49 minutes, 43 seconds Julie is still out but domain domain expertise and data right embedded in these platforms which 49:51 49 minutes, 51 seconds are going to be a combination of multiplatforms is the approach we are taking and we believe they're fairly defensible in the in the medium term 50:03 50 minutes, 3 seconds and the second question was the AI investment uh you're absolutely right uh over here uh the reason why uh you see 50:09 50 minutes, 9 seconds us talking about this um our margins recovering over a couple of quarters is because we continue to invest We have 50:18 50 minutes, 18 seconds baked in a bunch of investments this year. Our R&D cost as we call it right is has gone up. Uh it's start of 2% of 50:28 50 minutes, 28 seconds our uh revenues. We're making those investments. We have made GTM investments right. We are increasing 50:35 50 minutes, 35 seconds those investments uh as well and a bunch of areas in the domain expertise because customers also need much more handholding when they're going through 50:43 50 minutes, 43 seconds this uh turn. So those fac those investments have been factored in and uh the and one more one reason why we're 50:50 50 minutes, 50 seconds not saying that our margins will expand beyond the what they used to be while there might be leverage over there is because we believe that anything above 50:59 50 minutes, 59 seconds let's call that range which we are operating in we are going to reinvest in the business but maintaining this broad range is very doable as we see it today. 51:12 51 minutes, 12 seconds Thank you Manish and all the very best. 51:13 51 minutes, 13 seconds I'll go and back in the queue if I have more questions. Thank you. 51:20 51 minutes, 20 seconds Thank you. We will take the next question from the line of Rag Maharishwari from Kamatka Wealth Management Private Limited. Please go ahead. 51:30 51 minutes, 30 seconds Oh yeah. Uh hi sir. Uh thanks for the opportunity and congratulations on a good top 10 work. Uh so sir my first 51:36 51 minutes, 36 seconds question uh building up on the question that the last participant had. Uh I just wanted to get into a bit of a technicality here. Uh sir, we talk about 51:45 51 minutes, 45 seconds generative AI. We talk about uh you know cortex AI. Just wanted to understand uh what kind of AI is that? Is it like a 51:51 51 minutes, 51 seconds in-house trained LN that is you know uh or it is like a rapper with proper roles defined by your domain expertise. So 52:00 52 minutes just wanted to understand what kind of AI we are into. 52:06 52 minutes, 6 seconds So what we are doing is let's think about it. There are there are frontier models right and there are lots of uh them right uh there are obviously the 52:15 52 minutes, 15 seconds large language ones there are much more specialized ones right uh we using those along with a bunch of very specialized 52:24 52 minutes, 24 seconds things for example computer vision right we partner with uh uh somebody large action models right uh that's another 52:32 52 minutes, 32 seconds category so I can go on and on there are a bunch of these very specialized things along with the large frontier models We are partnering a bunch of uh those 52:40 52 minutes, 40 seconds things right. We have our own engineering team which is building uh various uh stuff. Those are the platforms which we are integrating from 52:49 52 minutes, 49 seconds a pure tech perspective and we realize different combinations work well for different use cases. Right now what is Cortex? Scortex is a knowledge 52:57 52 minutes, 57 seconds engineering platform right which is meant for developing agentic workflows with all the security enterprise 53:05 53 minutes, 5 seconds security scalability right meant for life sciences that enables us to build agents quickly using a knowledge 53:12 53 minutes, 12 seconds engineering uh uh approach. We have also decoupled the domain layer from the technology layer right so that we can 53:20 53 minutes, 20 seconds very quickly scale up uh many use cases which is what cortex uh uh has uh 53:27 53 minutes, 27 seconds enabled right so that's the broad uh uh approach now we continue to build agents right uh and by the way agents is just 53:36 53 minutes, 36 seconds one part of it how do you reconfigure workflows how do you think about skills uh in context of that workflows all that 53:44 53 minutes, 44 seconds stuff is up for change right uh so those skill new skill sets new workflows along with this agent that's the direction the 53:52 53 minutes, 52 seconds industry is moving in and of course these agents are using the uh the platforms I spoke about 54:00 54 minutes right sir that was very information and so second thing which I wanted to ask was uh a little bit uh you know if you 54:06 54 minutes, 6 seconds can throw light on FI27 as in what's the what's going to be some you know uh growth drivers for the year uh for the 54:15 54 minutes, 15 seconds year and what kind of uh you know the range trajectory are we looking for and what what and most importantly what are 54:22 54 minutes, 22 seconds we planning to do differently than what we did in FI26 actually FI27 I think is going to be 54:31 54 minutes, 31 seconds more a year of scaling what we did in FI26 FI we did a bunch of things which are different we made investments uh in 54:39 54 minutes, 39 seconds uh talent we crystallized on solutions right uh uh with a bunch of our uh uh 54:46 54 minutes, 46 seconds clients and that is across the board medical we run some of uh very marquee engagements I spoke about earlier uh so 54:54 54 minutes, 54 seconds I don't think we are in a mode to do uh anything different from a scale perspective right uh in this everything 55:02 55 minutes, 2 seconds which we started on FI26 we feel indicated that we are moving in the right uh direction right and FI27 is 55:10 55 minutes, 10 seconds going to be doubling tripling down in them right uh uh to scale whether it's on the customer uh side, engagement uh 55:18 55 minutes, 18 seconds side, revenue uh reform, rejigging our own internal locks and ways of doing things. 55:25 55 minutes, 25 seconds you want to add on maybe uh to put a little bit more color to that uh 55:33 55 minutes, 33 seconds you know we uh what Manish mentioned on the Genai less right are customer 55:41 55 minutes, 41 seconds engagements which have moved from experimentation you know certain free uh kind of PC's uh 55:50 55 minutes, 50 seconds to hard dollars and long-term engagements and commit ments. That combined with also the tectonic 55:58 55 minutes, 58 seconds investments that we have been uh doing over the past many quarters now getting crystallized with two customers moving 56:06 56 minutes, 6 seconds into long-term engagements. um more specifically even our largest customer 56:12 56 minutes, 12 seconds signing up with Germany as a region but also active and very high probable uh 56:20 56 minutes, 20 seconds pipeline for many other regions with the same customer. And finally, I would add the consistent $1 million plus wins that 56:29 56 minutes, 29 seconds we have uh been talking about for the past few quarters give us a confidence of the strength of the revenue 56:38 56 minutes, 38 seconds visibility combined with the strong pipeline that we uh continue to generate and carry as we speak. One last final um 56:48 56 minutes, 48 seconds comment. The $10 million win that we had mentioned in quarter three while has kic kicked off and 56:57 56 minutes, 57 seconds started from a revenue recognition perspective uh the revenue recognition is deferred because this is a outcome 57:05 57 minutes, 5 seconds based pricing model and will be entirely recognized in FY27. 57:13 57 minutes, 13 seconds So these are some of the specifics of why we feel confident as we move into FY27. 57:22 57 minutes, 22 seconds Thank you. We will take the next question from the line of Lakshmi Nagayan from Tonga Investments. Please go ahead. 57:30 57 minutes, 30 seconds Yeah. Hi. 57:32 57 minutes, 32 seconds Two questions from my side. Uh I understand that we work with soft innovator companies. I just want to 57:39 57 minutes, 39 seconds understand uh I mean what kind of solutions we have for generic companies or even mid and small space companies uh 57:48 57 minutes, 48 seconds because uh they may find it difficult to offer the u 70,000 flat uh uh revenue 57:55 57 minutes, 55 seconds per person right so what kind of uh uh you know is it a market that exists or do you intend to uh expand it to either 58:04 58 minutes, 4 seconds generate companies as well as uh uh small or midsize companies in the comments. 58:13 58 minutes, 13 seconds Thanks. Thank you for your question. So midsize and small companies is something which we are expanding rapidly, right? 58:19 58 minutes, 19 seconds We are seeing very significant uh uh traction. In fact, I spoke about some of the deals where we are launching a product for a uh small biotech right and 58:28 58 minutes, 28 seconds uh our model of launch is becoming uh uh the way to go for a lot of these companies. is actually we have a customer talking about us in public 58:35 58 minutes, 35 seconds domain uh that they were planning to hire a bunch lot of reps but then a TV showed up and they had to they had only 58:42 58 minutes, 42 seconds 25 reps and getting everything amplified by our omni channel engagement right there's another customer where we are doing pretty much end to-end medical uh 58:51 58 minutes, 51 seconds and commercial functions so the whole let's call it biotech smaller segment that's an attractive segment uh for us 58:58 58 minutes, 58 seconds and we believe we'll scale over there uh that segment also seems to be getting tailwinds in general right the biotech 59:05 59 minutes, 5 seconds environment in the US had become very tough from a funding environment it's coming up now right and has been uh on the upswing so that uh uh is one part as 59:15 59 minutes, 15 seconds far as genix are concerned we do some work with them right we have some revenues coming from uh generics uh but if I just contrast the opportunity we 59:24 59 minutes, 24 seconds have with innovative pharma companies whereas I mentioned earlier that we believe we will have hundred billion 59:30 59 minutes, 30 seconds dollar clients in some years, right? Uh versus let's say uh the other part. So, we're going to prioritize our resources accordingly. 59:43 59 minutes, 43 seconds Thank you. 59:45 59 minutes, 45 seconds We will take the next question from the line of Yesha from Art Ventures. Please go ahead. 59:53 59 minutes, 53 seconds Good morning. Am I audible? Yes, sir. 59:57 59 minutes, 57 seconds Yes, you are. Uh so sir I wanted to ask what has been the uh organic growth in constant currency terms uh in Q FI26. 1:00:08 1 hour, 8 seconds So constant currency terms yearon year uh growth has been 12% 1:00:15 1 hour, 15 seconds uh organic and uh little north of 3% uh uh you can look at even our financial 1:00:23 1 hour, 23 seconds disclosures in the investor presentation where we have uh provided uh the X 1:00:28 1 hour, 28 seconds bioarm uh perform provisional financials and that provides uh more details uh beyond the revenue growth. Yes. 1:00:41 1 hour, 41 seconds Okay. And uh Ana uh how will the margins plan out in FI21 considering the integration of Bioarm? 1:00:50 1 hour, 50 seconds So the integration of Bioarm was successfully completed actually ahead of schedule towards the end of February. Um 1:00:59 1 hour, 59 seconds the transition services uh uh from the seller was uh originally planned to get 1:01:06 1 hour, 1 minute, 6 seconds concluded uh as of end of March. uh this uh uh transition uh completion of the 1:01:14 1 hour, 1 minute, 14 seconds transition would be adding uh two uh uh basically synergies on the GNA side. But 1:01:23 1 hour, 1 minute, 23 seconds as we speak, we are also uh looking at synergies on the data subscriptions on 1:01:30 1 hour, 1 minute, 30 seconds um the business operations and eventually go to market and these would progressively uh start impacting us uh 1:01:38 1 hour, 1 minute, 38 seconds uh through the quarters in FI27 more positively but G&A uh would be the 1:01:45 1 hour, 1 minute, 45 seconds immediate impact that we uh anticipate to see coming in in uh the next quarter itself. 1:01:53 1 hour, 1 minute, 53 seconds Okay, thank you. 1:01:59 1 hour, 1 minute, 59 seconds Thank you very much ladies and gentlemen. We will take that as the last question for today. I now hand the conference over to Mr. Manisha for closing comments. 1:02:10 1 hour, 2 minutes, 10 seconds Thank you. I want to close by thanking all our 5,000 plus colleagues globally whose dedication and expertise make 1:02:19 1 hour, 2 minutes, 19 seconds every one of these wins possible. I also want to thank our customers for the trust they have placed in MIG and of course our investors and analysts for 1:02:27 1 hour, 2 minutes, 27 seconds their continuous engagement uh and support. Thank you so much. 1:02:34 1 hour, 2 minutes, 34 seconds Thank you members of the management on behalf of NBC limited that concludes this conference. Thank you all for joining with us today and you may now disconnect your lights. Thank you. 1:02:46 1 hour, 2 minutes, 46 seconds Thank you all.