Financial Performance Summary

Q2 FY27 Consolidated Financials (Amount in ₹ Millions)

| Particulars | Q2 FY27 | Q1 FY27 | Q2 FY26 | QoQ % | YoY % |

| Revenue from Operations | 11,223 | 10,631 | 8,042 | 5.6% | 39.5% |

| Employee Benefit Expenses | 6,817 | 6,591 | 5,158 | 3.4% | 32.2% |

| Other Expenses | 2,549 | 2,298 | 1,478 | 10.9% | 72.5% |

| Other Income | 17 | 52 | 12 | -67.3% | 37.1% |

| EBITDA | 1,873 | 1,795 | 1,419 | 4.4% | 32.0% |

| EBITDA Margin | 16.7% | 16.9% | 17.6% | -0.2 pts | -1.0 pts |

| Interest Income | 134 | 237 | 184 | -43.7% | -27.4% |

| Finance cost | 69 | 64 | 38 | 8.7% | 81.0% |

| Depreciation & Amortization | 464 | 441 | 234 | 5.1% | 98.5% |

| Profit before taxes | 1,474 | 1,527 | 1,331 | -3.5% | 10.7% |

| Taxes | 351 | 365 | 310 | -3.9% | 13.1% |

| Profit after taxes | 1,123 | 1,162 | 1,021 | -3.4% | 10.0% |

| PAT Margin | 10.0% | 10.9% | 12.7% | -0.9 pts | -2.7 pts |

Operational & Financial Metrics

| Key performance indicators | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY % | QoQ % |

| Active clients(1)(No.) | 107 | 105 | 72 | 40.8% | 1.9% |

| Revenue from operations ($ Mn) | 117.5 | 112.5 | 92.2 | 27.5% | 4.4% |

| RPE ($k) | 79.6 | 77.1 | 68.9 | 15.5% | 3.3% |

| Voluntary Attrition (TTM) | 15.4% | 15.7% | 16.2% | -0.8 pts | -0.3 pts |

| Net DSO (Days) | 69 | 67 | 71 | -2 days | +2 days |

| Cash and Cash Equivalents (INR Mn) | 13,896 | 14,602 | 12,681 | 9.6% | -4.8% |

(1) Active clients are clients from whom the Company have earned $0.25 million or more in revenues for the last twelve months.

Business Highlights and Client Metrics

Client Growth: The number of active clients (revenue >$0.25M TTM) increased to 107 in Q2 FY27 from 76 in Q2 FY26, adding 31 new clients. The number of clients with $1M+ revenue increased to 59 from 40 a year ago.

Client Concentration (TTM Revenues): Top client contribution was 7.8% (vs 11.0% in Q2 FY26). Top 5 clients contributed 31.4% (vs 37.4%), Top 10 clients contributed 49.1% (vs 55.0%), and Top 20 clients contributed 67.3% (vs 75.2%).

Employee Metrics: Total employees stood at 5,952 (Q2 FY26: 5,245), with 5,090 in delivery roles. 28.8% of delivery employees have healthcare-related educational backgrounds. Offshore mix was 82.7% and onsite mix was 17.3%. Women employees constituted 46.8% of the workforce.

Revenue Breakdown

By Service Offering (Q2 FY27)

  • Enterprise Medical Solutions: 24.5% (YoY growth: 22.8%, QoQ growth: 0.6%)
  • Enterprise Commercial Solutions: 71.3% (YoY growth: 45.1%, QoQ growth: 6.6%)
  • Others: 4.2% (YoY growth: 63.0%, QoQ growth: 19.3%)

By Customer Geography (Q2 FY27)

  • North America: 74.5% (YoY growth: 49.3%, QoQ growth: 4.6%)
  • Europe: 22.9% (YoY growth: 18.5%, QoQ growth: 9.1%)
  • India: 0.4% (YoY growth: -15.9%, QoQ growth: -14.5%)
  • ROW: 2.2% (YoY growth: 13.2%, QoQ growth: 6.7%)

By Customer Industry (Q2 FY27)

  • Biopharma: 91.8% (YoY growth: 39.2%, QoQ growth: 5.7%)
  • Medical Devices: 3.0% (YoY growth: 22.7%, QoQ growth: 2.3%)
  • Emerging Biotech: 3.2% (YoY growth: 47.7%, QoQ growth: 3.3%)
  • Others: 2.0% (YoY growth: 81.0%, QoQ growth: 5.9%)

Management Commentary

Manish Gupta, Chairman and Chief Executive Officer, and Suhas Prabhu, Chief Financial Officer provided commentary on Q2 FY27 results:

  • Extended strong start to FY27 with fifth successive quarter above 5% sequential growth
  • Growth was broad-based, driven by expansion across top 5 and top 20 accounts
  • Significant deal wins in GenAI-enabled transformation and upstream engagements
  • Expect growth and margin expansion to come together in the second half
  • Despite annual wage increase in Q2, EBITDA margin remained stable at 16.7%
  • Expect EBITDA to grow faster than revenue in coming quarters
  • Higher yields on investments and lower amortization should help PAT margin expand faster than EBITDA margin

BioPharm Acquisition Update (One Year Completion)

  • Successfully integrated ahead of plan
  • Realized ~$1.5M annual cost synergies in year one
  • Go-to-market team expanded 3x from 3 to 9, funded by savings
  • Transition services closed in February 2026, one month ahead of plan
  • Data: one unified data set with duplicate licenses removed
  • Functions: finance, HR, IT and legal fully transitioned
  • Delivery: BioPharm work now runs on global delivery model
  • Data assets: 300M+ promotional exposure events, 15M+ HCP engagements captured, 20+ years of promotional response data

Recent Recognitions (2026-27)

  • 2026 AI Excellence Awards by the Business Intelligence Group for NEXT Unified Data Platform
  • Finalist in the category of [category not specified] at the [award name not specified]
  • D to B rating in 3 years (FY22 to FY25), skipping C- & B- ratings
  • Silver rating (Top 15%) in sustainability by ecovadis
  • Appraised at level 5 of ISACA's Capability Maturity Model Integration

Indegene Digital Summit 2026

  • Held on 22 September 2026 in Philadelphia
  • 120+ senior pharma attendees
  • Keynote speakers included Agam Upadhyay (Chief Digital & Information Officer, Vertex) and Amol Punjabi (Chief Product Officer, OpenEvidence)
  • Pharma speakers from Viatris and Corinne Le Goff (Chief Commercial Officer)

Forward-Looking Statements Disclaimer

The presentation includes forward-looking statements about future performance which cover risks and uncertainties that may lead to material differences between actual results and the statements. The company does not assume an obligation to update or revise any forward-looking statements.