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Indegene Ltd

INDGN

NSE

₹588.30-1.67%19 Oct 2026

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Indegene Ltd

INDGN

NSE

₹588.30

-1.67%

19 Oct 2026

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Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Indegene is a digital-first partner that helps pharmaceutical, biotech, and medical device companies commercialize their products and manage their medical operations, operating not as an IT vendor but as a strategic extension of the revenue-generating and regulatory functions of its clients. Founded in 1998 in Bengaluru and built on the principle that a medical doctor and a data scientist work side-by-side, the company has spent 27 years embedding itself into the commercial and medical workflows of the world’s largest drugmakers, absorbing each wave of technology-from digital platforms in the 2000s to AI a decade ago and now Generative AI-directly into how it delivers outcomes. Its recurring approach is to act as a “revenue partner, not a cost partner,” pricing its work on outcomes rather than effort, which means every efficiency gain from technology flows straight to its own bottom line and aligns its incentives with client growth.

Business segments

Four engines at different stages of maturity-a large commercial outsourcing business, a fast-growing medical and regulatory unit, a brand-level agency challenger, and a nascent clinical-trials practice-all powered by a shared AI and technology backbone.

1. Enterprise Commercial Solutions: where the group’s scale and client relationships are built

It runs the sales and marketing operations for the world’s top drugmakers through multi-year, outcome-priced contracts, using GenAI to compress campaign timelines from months to days.

A share of the marketing budget, not the IT budget - the engine addresses the roughly 35% of the estimated USD 176 billion in life sciences operations spend that goes to sales and marketing, and it sells to Chief Marketing Officers and brand heads, not the CIO organization.
GenAI rewrites the production clock - its Content Super App, an agentic platform, has demonstrated the ability to compress the creation of scientific briefs and near-final creative concepts from three months down to three days, a speed advantage that traditional agencies cannot match.
Bought upstream creativity and downstream data - the acquisition of agency CultHealth added brand-strategy and creative capabilities, while the USD 106 million purchase of BioPharm brought data-driven healthcare-provider targeting; the strategy is to merge the two into single, larger engagements that capture more of the client’s total marketing spend.
Paid for outcomes, not hours - the predominant pricing model is “managed-outcome,” meaning clients pay for results rather than effort, which gives Indegene a structural incentive to deploy AI faster than competitors still billing by the hour.

2. Enterprise Medical Solutions: the non-discretionary, regulation-driven engine

It consolidates the complex medical, safety, and regulatory workflows of pharmaceutical companies into technology-enabled global centers, making it a stable counterpart to the commercial business.

Work that cannot be cut - spending on pharmacovigilance, regulatory affairs, and medical writing is described as non-discretionary for clients, so the revenue base remains stable even when drugmakers trim other budgets.
From human review to “Human-less MLR” - the company is targeting a Medical-Legal-Regulatory review process with sub-24-hour cycle times and a “One-Click Submissions” system aiming for an 85% reduction in submission time, reimagining workflows that have historically been slow and manual.
Medical doctors and PhDs on the payroll - the engine’s Centers of Excellence are staffed with multidisciplinary teams including physicians and pharmacologists, which is why it competes against contract research organizations (CROs) rather than IT services firms.
Medical writing scaled through acquisition - the purchase of Trilogy Writing & Consulting GmbH, a German firm with operations across Europe and North America, strengthened a capability that is now being augmented by an AI-powered Medical Writing Platform active across multiple clients.

3. Brand Activation: the agency challenger at the individual brand level

It runs digital marketing campaigns for specific drugs in specific countries, using AI to take market share from traditional advertising agencies.

One brand, one country - unlike the enterprise-wide deals of the larger engines, these engagements are at the level of an individual drug or therapeutic area, primarily in the US and a few Western European countries.
Two million HCPs in a data model - the Invisage platform combines data on two million healthcare professionals and 200 million interactions with AI-driven scientific modeling to build hyper-personalized marketing campaigns, a precision that generalist agencies lack.
The “agency-less model” - Indegene is pursuing AI-led modular solutions that replace the traditional fragmented agency structure, and its Tectonic offering, which combines GenAI with creative expertise, had already secured five customers by the end of FY26.

4. Enterprise Clinical Solutions: the early-stage bet on modernizing trials

It is building a practice to streamline clinical trial design, patient recruitment, and real-world evidence generation, targeting a USD 36 billion addressable market.

From trial design to real-world data - the engine’s solutions span clinical trial design consulting, patient recruitment, trial management, and real-world evidence generation, covering the full clinical operations spectrum.
Partnerships as the entry path - a strategic collaboration with Microsoft uses Microsoft Fabric for clinical-trial data management and analytics, while a partnership with CliniOps brings a patented platform for hybrid and decentralized trials, giving Indegene technology it does not need to build from scratch.
A small base with a long runway - the engine sits within the “Others” segment, which accounted for roughly 4% of revenue, but the company is already piloting a Global Innovation Centre model with a mid-sized pharma to use GenAI for accelerating FDA submissions.

Technology platforms and AI capability

A cross-cutting engine of 650 technologists and a decade of AI investment, embedded into every segment so that GenAI is not a product sold to clients but the way all work gets done.

Cortex codifies 25 years of know-how - the flagship GenAI platform is a life sciences-specific knowledge engineering and multi-agent orchestration system that turns the company’s accumulated subject-matter expertise into advanced knowledge graphs, configurable with any large language model.
Revenue per employee tells the story - at approximately USD 75,000 per annum, up from USD 56,000 three years prior, the company claims the highest revenue-per-employee in the tech-led solutions industry, a direct result of embedding AI into delivery rather than selling it as a separate line item.
A dual strategy of embedding and expanding - GenAI is deployed by both embedding new features into existing platforms like the NEXT suite and building entirely new GenAI-first products for reimagined workloads, from adverse-event management to regulatory submissions planning.
Microsoft as the cloud foundation - a strategic collaboration announced in mid-2024 commits both companies to co-innovate GenAI services across commercial, medical, regulatory, and clinical functions, with the Content Super App running on Azure OpenAI Service.

Group structure and partners

A parent company in India with a web of 21 subsidiaries across North America, Europe, and Asia, built through 14 acquisitions that have added creative agencies, medical-writing firms, and data-capability platforms.

Ireland is the European hub - Indegene Ireland Limited serves as the acquisition vehicle for European deals, with the board approving up to EUR 8.5 million in investment for business expansion, and it is a wholly owned subsidiary of Indegene Limited.
Acquisitions fill capability gaps - the Trilogy group brought medical writing, CultHealth and the MJL Group added agency and brand-activation skills, BioPharm contributed downstream data and targeting, and Warn And Co strengthened consulting, while the Cake Group in the DACH region was agreed for acquisition in late 2025.
Partners extend the technology reach - beyond the Microsoft collaboration, a partnership with CliniOps provides a platform for hybrid and decentralized clinical trials, and a collaboration with the Indian Institute of Science supports laboratory research into cardiovascular and neurodegenerative diseases.

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Mkt Cap

Market Capitalization

₹14,174Cr

Close Price

₹588.30

Industry

Services Others

Price To Earnings

35.21

Price To Sales

3.72

Revenue

₹3,813Cr

Rev Gr TTM

Revenue Growth TTM

30.41%

PAT Gr TTM

PAT Growth TTM

-7.92%

Upcoming Results on

29 Oct 2026

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	636	673	673	677	687	720	756	761	804	942	1,003	1,063
Growth YoY Revenue Growth YoY%			6.5	11.4	8.0	7.0	12.3	12.5	17.1	30.8	32.8	39.7
Expenses ExpensesCr	515	525	534	548	561	589	608	606	664	783	840	889
Operating Profit Operating ProfitCr	121	149	139	129	126	132	148	155	141	160	164	174
OPM OPM%	19.1	22.1	20.6	19.1	18.4	18.3	19.5	20.4	17.5	16.9	16.3	16.4
Other Income Other IncomeCr	12	13	26	23	21	38	26	22	20	19	-10	29
Interest Expense Interest ExpenseCr	12	12	12	12	4	3	3	4	4	5	7	6
Depreciation DepreciationCr	20	18	19	20	19	20	21	22	23	40	42	44
PBT PBTCr	101	132	134	120	124	146	149	152	133	135	105	153
Tax TaxCr	26	34	39	32	32	37	32	36	31	32	25	37
PAT PATCr	75	99	95	88	92	110	118	116	102	103	80	116
Growth YoY PAT Growth YoY%			94.3	28.2	22.3	11.0	24.1	32.7	11.3	-6.2	-32.2	-0.2
NPM NPM%	11.8	14.7	14.1	13.0	13.3	15.2	15.6	15.3	12.7	10.9	7.9	10.9
EPS EPS₹	3.4	4.5	4.2	3.8	3.8	4.6	4.9	4.9	4.3	4.3	3.3	4.8

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	636	673	673	677	687	720	756	761	804	942	1,003	1,063
Growth YoY Revenue Growth YoY%			6.5	11.4	8.0	7.0	12.3	12.5	17.1	30.8	32.8	39.7
Expenses ExpensesCr	515	525	534	548	561	589	608	606	664	783	840	889
Operating Profit Operating ProfitCr	121	149	139	129	126	132	148	155	141	160	164	174
OPM OPM%	19.1	22.1	20.6	19.1	18.4	18.3	19.5	20.4	17.5	16.9	16.3	16.4
Other Income Other IncomeCr	12	13	26	23	21	38	26	22	20	19	-10	29
Interest Expense Interest ExpenseCr	12	12	12	12	4	3	3	4	4	5	7	6
Depreciation DepreciationCr	20	18	19	20	19	20	21	22	23	40	42	44
PBT PBTCr	101	132	134	120	124	146	149	152	133	135	105	153
Tax TaxCr	26	34	39	32	32	37	32	36	31	32	25	37
PAT PATCr	75	99	95	88	92	110	118	116	102	103	80	116
Growth YoY PAT Growth YoY%			94.3	28.2	22.3	11.0	24.1	32.7	11.3	-6.2	-32.2	-0.2
NPM NPM%	11.8	14.7	14.1	13.0	13.3	15.2	15.6	15.3	12.7	10.9	7.9	10.9
EPS EPS₹	3.4	4.5	4.2	3.8	3.8	4.6	4.9	4.9	4.3	4.3	3.3	4.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	553	643	966	1,665	2,306	2,590	2,839	3,511	3,813
Growth Revenue Growth%		16.2	50.3	72.3	38.5	12.3	9.6	23.6	30.4
Expenses ExpensesCr	511	499	736	1,378	1,910	2,084	2,305	2,892	3,175
Operating Profit Operating ProfitCr	42	144	231	287	396	505	534	619	638
OPM OPM%	7.6	22.3	23.9	17.2	17.2	19.5	18.8	17.6	16.7
Other Income Other IncomeCr	7	-40	33	-21	58	79	107	52	59
Interest Expense Interest ExpenseCr	6	9	7	6	31	49	22	19	22
Depreciation DepreciationCr	17	19	26	33	60	76	80	126	149
PBT PBTCr	26	76	231	227	363	459	539	525	526
Tax TaxCr	12	26	46	64	97	122	133	124	125
PAT PATCr	14	50	186	163	266	337	407	401	401
Growth PAT Growth%		252.6	273.7	-12.3	63.4	26.5	20.8	-1.4	-7.9
NPM NPM%	2.5	7.7	19.2	9.8	11.5	13.0	14.3	11.4	10.5
EPS EPS₹	90.0	-0.3	7.6	7.5	12.0	15.2	17.1	16.7	16.7

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	553	643	966	1,665	2,306	2,590	2,839	3,511	3,813
Growth Revenue Growth%		16.2	50.3	72.3	38.5	12.3	9.6	23.6	30.4
Expenses ExpensesCr	511	499	736	1,378	1,910	2,084	2,305	2,892	3,175
Operating Profit Operating ProfitCr	42	144	231	287	396	505	534	619	638
OPM OPM%	7.6	22.3	23.9	17.2	17.2	19.5	18.8	17.6	16.7
Other Income Other IncomeCr	7	-40	33	-21	58	79	107	52	59
Interest Expense Interest ExpenseCr	6	9	7	6	31	49	22	19	22
Depreciation DepreciationCr	17	19	26	33	60	76	80	126	149
PBT PBTCr	26	76	231	227	363	459	539	525	526
Tax TaxCr	12	26	46	64	97	122	133	124	125
PAT PATCr	14	50	186	163	266	337	407	401	401
Growth PAT Growth%		252.6	273.7	-12.3	63.4	26.5	20.8	-1.4	-7.9
NPM NPM%	2.5	7.7	19.2	9.8	11.5	13.0	14.3	11.4	10.5
EPS EPS₹	90.0	-0.3	7.6	7.5	12.0	15.2	17.1	16.7	16.7

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	0	0	0	44	44	48	48
Reserves ReservesCr	73	-105	324	764	1,020	1,385	2,567	3,090
Current Liabilities Current LiabilitiesCr	158	247	199	440	489	611	565	1,086
Non Current Liabilities Non Current LiabilitiesCr	18	369	64	149	651	506	146	395
Total Liabilities Total LiabilitiesCr	329	600	596	1,353	2,204	2,546	3,326	4,620
Current Assets Current AssetsCr	185	418	459	1,130	1,449	1,791	2,530	2,618
Non Current Assets Non Current AssetsCr	144	183	137	223	755	755	796	2,002
Total Assets Total AssetsCr	329	600	596	1,353	2,204	2,546	3,326	4,620

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	0	0	0	44	44	48	48
Reserves ReservesCr	73	-105	324	764	1,020	1,385	2,567	3,090
Current Liabilities Current LiabilitiesCr	158	247	199	440	489	611	565	1,086
Non Current Liabilities Non Current LiabilitiesCr	18	369	64	149	651	506	146	395
Total Liabilities Total LiabilitiesCr	329	600	596	1,353	2,204	2,546	3,326	4,620
Current Assets Current AssetsCr	185	418	459	1,130	1,449	1,791	2,530	2,618
Non Current Assets Non Current AssetsCr	144	183	137	223	755	755	796	2,002
Total Assets Total AssetsCr	329	600	596	1,353	2,204	2,546	3,326	4,620

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	65	22	172	297	130	508	442	651
Investing Cash Flow Investing Cash FlowCr	-19	-18	-24	-160	-893	-327	-683	-512
Financing Cash Flow Financing Cash FlowCr	-21	136	-132	233	333	-66	288	-83
Net Cash Flow Net Cash FlowCr	25	140	16	370	-430	114	47	56
Free Cash Flow Free Cash FlowCr	48	16	151	272	111	497	412	607
CFO To PAT CFO To PAT%	458.3	44.8	92.7	182.4	48.9	150.8	108.7	162.3
CFO To EBITDA CFO To EBITDA%	153.7	15.5	74.6	103.5	32.9	100.5	82.7	105.1

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	65	22	172	297	130	508	442	651
Investing Cash Flow Investing Cash FlowCr	-19	-18	-24	-160	-893	-327	-683	-512
Financing Cash Flow Financing Cash FlowCr	-21	136	-132	233	333	-66	288	-83
Net Cash Flow Net Cash FlowCr	25	140	16	370	-430	114	47	56
Free Cash Flow Free Cash FlowCr	48	16	151	272	111	497	412	607
CFO To PAT CFO To PAT%	458.3	44.8	92.7	182.4	48.9	150.8	108.7	162.3
CFO To EBITDA CFO To EBITDA%	153.7	15.5	74.6	103.5	32.9	100.5	82.7	105.1

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr							13,878	10,470	14,174
Price To Earnings Price To Earnings							34.0	26.1	35.2
Price To Sales Price To Sales							4.9	3.0	3.7
Price To Book Price To Book							5.3	3.3	4.5
EV To EBITDA EV To EBITDA							25.5	16.5	22.2
Profitability Ratios Profitability Ratios
GPM GPM%	88.5	91.1	87.6	87.1	91.3	93.5	94.0	91.3	91.3
OPM OPM%	7.6	22.3	23.9	17.2	17.2	19.5	18.8	17.6	16.7
NPM NPM%	2.5	7.7	19.2	9.8	11.5	13.0	14.3	11.4	10.5
ROCE ROCE%	25.3	22.4	63.4	28.0	25.2	26.5	20.7	16.6	16.6
ROE ROE%	19.1	-47.5	57.2	21.3	25.0	23.6	15.6	12.8	12.8
ROA ROA%	4.3	8.3	31.1	12.0	12.1	13.2	12.2	8.7	8.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr							13,878	10,470	14,174
Price To Earnings Price To Earnings							34.0	26.1	35.2
Price To Sales Price To Sales							4.9	3.0	3.7
Price To Book Price To Book							5.3	3.3	4.5
EV To EBITDA EV To EBITDA							25.5	16.5	22.2
Profitability Ratios Profitability Ratios
GPM GPM%	88.5	91.1	87.6	87.1	91.3	93.5	94.0	91.3	91.3
OPM OPM%	7.6	22.3	23.9	17.2	17.2	19.5	18.8	17.6	16.7
NPM NPM%	2.5	7.7	19.2	9.8	11.5	13.0	14.3	11.4	10.5
ROCE ROCE%	25.3	22.4	63.4	28.0	25.2	26.5	20.7	16.6	16.6
ROE ROE%	19.1	-47.5	57.2	21.3	25.0	23.6	15.6	12.8	12.8
ROA ROA%	4.3	8.3	31.1	12.0	12.1	13.2	12.2	8.7	8.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	INDGN	BLS	PDSL	EMUDHRA	CMSINFO	TEAMLEASE	KAPSTON
Market CapitalizationMkt CapCr	14,174	9,101	4,728	4,472	3,386	1,694	1,651
Close PriceClose₹	588.30	221.03	334.25	540.00	211.56	1,108.40	542.50
IndustryIndustry	Services Others	Services Others	Services Others	Services Others	Services Others	Services Others	Services Others
Price To EarningsPE	35.21	12.89	40.17	38.49	11.85	12.56	54.14
Price To SalesPS	3.72	2.86	0.35	6.00	1.36	0.14	1.92
RevenueRevenueCr	3,813	3,178	13,554	745	2,494	11,982	861
Revenue Growth TTMRev Gr TTM%	30.4%	31.8%	4.6%	29.7%	1.7%	4.5%	18.5%
PAT Growth TTMPAT Gr TTM%	-7.9%	24.1%	-18.6%	24.4%	-21.8%	29.9%	47.8%

	INDGN	BLS	PDSL	EMUDHRA	CMSINFO	TEAMLEASE	KAPSTON
Market CapitalizationMkt CapCr	14,174	9,101	4,728	4,472	3,386	1,694	1,651
Close PriceClose₹	588.30	221.03	334.25	540.00	211.56	1,108.40	542.50
IndustryIndustry	Services Others	Services Others	Services Others	Services Others	Services Others	Services Others	Services Others
Price To EarningsPE	35.21	12.89	40.17	38.49	11.85	12.56	54.14
Price To SalesPS	3.72	2.86	0.35	6.00	1.36	0.14	1.92
RevenueRevenueCr	3,813	3,178	13,554	745	2,494	11,982	861
Revenue Growth TTMRev Gr TTM%	30.4%	31.8%	4.6%	29.7%	1.7%	4.5%	18.5%
PAT Growth TTMPAT Gr TTM%	-7.9%	24.1%	-18.6%	24.4%	-21.8%	29.9%	47.8%