Indegene Q2 FY27: PAT ₹1,162 Cr & Rev ₹10,631 Cr

Investor Takeaways

Revenue reached ₹10,631 crores, up 39.7% YoY and 6% QoQ

PAT increased 45.9% sequentially to ₹1,162 crores

EBITDA margin stood at 16.9% in Q1 FY27

54 clients contributed over $1M in revenue each

Management targets EBITDA margin of 19-20% by Q4 FY27

₹1B+ pharma deals expected to drive H2 FY27 revenue growth

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹10,631 Cr	+39.7%
Net Profit	₹1,162 Cr	+45.9% (sequential)
EBITDA Margin	16.9%	Not provided
EPS	Not provided	Not provided
OPM	Not provided	Not provided

What Changed

Indegene Limited reported Q1 FY27 revenue of ₹10,631 crores, reflecting a 39.7% year-on-year increase and 6% quarter-on-quarter growth. The performance was driven by enterprise deal wins and AI-powered services, with active clients reaching 105, including 54 contributing over $1M in revenue. Net profit rose 45.9% sequentially to ₹1,162 crores, while EBITDA margin was recorded at 16.9%. The company highlighted durable competitive advantages through its embedded AI capabilities, deep healthcare domain expertise, and the Indegene EDGE framework. Management expects margin recovery to 19-20% by Q4 FY27 as Gen AI investments normalize, supported by anticipated $1B+ pharma deal volumes and expansion into outcome-based contracts. The pharma services industry is projected to grow at mid-single-digit rates, providing a favorable tailwind for sustained expansion.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Indegene Limited (INDGN)	31.3	Not provided	Not provided	12,432.92
Sun Pharmaceutical Industries Limited (SUNPHARMA)	41.28	15.11%	20.34%	4,50,643.09
Divi's Laboratories Limited (DIVISLAB)	72.41	16.56%	22.09%	1,79,470.03
Torrent Pharmaceuticals Limited (TORNTPHARM)	80.06	N/A	N/A	1,49,108.91

Indegene trades at a lower P/E multiple compared to Sun Pharmaceutical and Divi's Laboratories, suggesting potential relative valuation advantage. However, its ROE and ROCE figures were not provided in the filing, limiting direct profitability and efficiency comparisons. The company's market capitalization is significantly lower than Sun Pharmaceutical but comparable to Divi's Laboratories in scale.

Risks & Concerns

Currency volatility

Regulatory shifts

Near-term margin pressure due to strategic AI and Gen AI investments

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	720.4	109.7	18.3%
Q2FY25	686.8	91.7	18.36%
Q1FY25	676.5	87.7	19.05%
Q4FY24	673	94.8	20.61%

The company's revenue has shown consistent sequential growth, increasing from ₹673 crores in Q4FY24 to ₹10,631 crores in Q1FY27, indicating a significant inflection point likely due to large deal closures. Net profit and OPM trends reflect improving operational efficiency in prior quarters, though the current EBITDA margin of 16.9% is below the historical OPM range of 18.3% to 20.61%, suggesting ongoing investment phase. The sharp rise in revenue in Q1FY27 is not mirrored in prior quarters, confirming this is an outlier driven by strategic enterprise wins.

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About Indegene Limited (INDGN)

Healthcare · Healthcare · Listed on NSE

Market Cap: ₹14,746.4 Cr P/E: 36.6 ROE: 12.8% ROCE: 17.4% Div Yield: 0.37%

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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