Indegene Ltd (NSE:INDGN), a life sciences services firm, reported more than 30% year-on-year revenue growth for the December quarter, crossing the $100 million quarterly revenue mark for the first time, as strong client expansion and large deal wins boosted performance. Revenue surges in latest quarter, profitability held back by acquisition costs.
Financial Highlights – Q3FY26 & December 2025
- Adjusted EBITDA rose 15.7% year-on-year to 1.75 billion rupees, with margin at 18.5%. Reported profit after tax stood at 1.03 billion rupees, broadly flat quarter-on-quarter and 6.5% lower year-on-year, weighed by one-time expenses and higher non-cash amortization linked to recent acquisitions. Management said these impacts are temporary and expects margins to strengthen as integration synergies are realized.
- Cash and investments totaled 13.95 billion rupees even after acquisition outflows, supporting balance sheet strength.
- Nine-month momentum supported by large deal wins and client mining.
- Through the fiscal year to date, the company reported continued scale-up in large client relationships. Three customers now each generate over $25 million in annual revenue, while 52 clients contribute more than $1 million annually.
- Active clients rose to 86, up from 75 a year earlier.
- Revenue concentration moderated as the business broadened: the top 20 clients contributed 68.7% of revenue versus 76.9% a year earlier, indicating expansion across a wider customer base alongside deeper engagement with key pharma accounts.
- Revenue from the top five clients still grew sequentially, supported by multiple new large deals with aggregate potential above $15 million from top-20 accounts.
Segment Highlights
- Indegene’s two core segments, Enterprise Commercial Solutions (ECS) and Enterprise Medical Solutions (EMS), grew 20.5% year-on-year on a year-to-date basis. ECS continued to outpace EMS, aided by the acquisition of U.S.-based omnichannel specialist BioPharm completed during the quarter.
- In Q3, ECS accounted for 71.0% of revenue, up from 67.9% a year earlier, while EMS contributed 25.3%. The shift reflects stronger demand for tech-enabled commercial and omnichannel engagement services from global drug makers.
Operations Update
- Total headcount increased to 5,497, with delivery staff at 4,737. Employees with healthcare educational backgrounds rose to 27.4% of delivery staff, up from 23.3% a year earlier. Voluntary attrition eased to 15.9%.
- Revenue per employee crossed $70,000 on an annualized basis, which the company said was industry leading and driven by technology and AI-led productivity improvements. Net days sales outstanding improved to 71 days from 80 days a year earlier.
AI Platforms & Acquisitions Capabilities
- During the quarter Indegene completed acquisitions of BioPharm in the U.S. and Warn & Co. in the U.K. to deepen omnichannel and consulting capabilities.
- The company highlighted deployment of multiple generative AI platforms across medical writing, pharmacovigilance, content creation and knowledge engineering, enabling clients to automate and redesign commercial and regulatory workflows.
- Large pharma clients are increasingly outsourcing end-to-end commercial and medical operations built around these platforms.
Market Mix
Remains pharma-heavy, North America dominant.
- Biopharma customers contributed about 90% of revenue, with medical devices and emerging biotech forming small but faster-growing portions.
- Geographically, North America accounted for 71.8% of revenue, Europe 25.5%, with the rest from India and other regions.
Outlook
Management expects profitability to improve as acquisition-related amortization tapers and synergies flow through. With strong deal momentum, expanding large-client relationships and rising adoption of AI-enabled commercialization tools, the company said it is positioned for sustained, profitable growth over the long term.