Transcript of earnings conference call on financial results for the quarter ended June 30, 2026

INDGN/SE/2026-27/41 06 August 2026 BSE Limited, National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra (E), Mumbai- 400001, India. Mumbai – 400 051, India. Scrip Code: 544172 Trading symbol: INDGN Dear Sir / Madam, Subject: Transcript of the conference call on financial results for the quarter ended June 30, 2026 Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the conference call for the quarter ended June 30, 2026, held on July 31, 2026. The above information will be made available on the website of the Company: https://www.indegene.com/ We request you to kindly take the same on record. Thanking You Yours Sincerely, For Indegene Limited Srishti Ramesh Kaushik Company Secretary and Compliance Officer Encl: A/a Indegene Limited Third Floor, Aspen G-4 Block, Manyata Embassy Business Park (SEZ), Outer Ring Road, Nagawara, Bengaluru- 560 045, Karnataka, India Phone: +91 80 4674 4567, +91 80 4644 7777 compliance.officer@indegene.com www.indegene.com CIN: L73100KA1998PLC102040 “Indegene Limited Q1 FY27 Earnings Conference Call” July 31, 2026 MANAGEMENT: MR. MANISH GUPTA – CHAIRMAN AND CHIEF EXECUTIVE OFFICER MR. SUHAS PRABHU – CHIEF FINANCIAL OFFICER MR. ABHISHEK AGARWAL – HEAD, INVESTOR RELATIONS Page 1 of 16 Indegene Limited July 31, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Indegene Limited Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Abhishek Agarwal, Head of Investor Relations, Indegene Limited. Thank you, and over to you, sir. Abhishek Agarwal: Thank you, moderator. A very good morning to all of you and thank you for joining us today for Indegene's earnings conference call for the first quarter of financial year 2027. Today, we have with us Mr. Manish Gupta, Indegene's Chairman and CEO; and Mr. Suhas Prabhu, CFO, to share the highlights of the business and financials of the 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 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 end of this call, in case you have any further questions, please feel free to reach out with the Investor Relations team. Over to Manish. Manish Gupta: Thank you, Abhishek. Good morning, everyone, and thank you for joining our Q1 FY27 earnings call. Given that we are already midway through 2026, it is a good moment to take stock both of how our industry is doing and the start we have made to the year. Let me begin with the industry, then turn to our performance, our deal momentum, and I also want to continue to talk about what makes Indegene structurally different, as well as our outlook for the year. Let's start with the industry. The global pharma industry continues to show resilient growth in 2026, expanding in the mid to high single digits year-on-year through the first half of the year. Notably, the top 20 global pharma companies who are the core of our customer base are outpacing that average with cumulative revenue growth of roughly 10% to 12% year-on-year in the first calendar quarter. These companies are expected to stay ahead of the broader industry. While anti-obesity remains the primary growth driver, what stands out is the breadth of momentum. High-value therapeutic categories such as immunology, oncology and mental health are all growing in double digits. Most large pharma companies delivered strong first half results. The outcome varied by portfolio mix. 8 of the top 25 biopharma posted double-digit revenue growth in the first quarter. Only a handful of those with heavy loss of exclusivity (LoE) exposure or waning COVID-19 sales saw a decline. Smaller biotechs had a more mixed first half. Funding in biotech and IPO conditions remain selective. But an uptick in partnerships and M&A provided relief with big pharma spending over $100 billion on biopharma acquisitions in the first half – on pace for the largest deal value since 2019 – as companies buy pipeline to address patent cliffs. The outlook for the Page 2 of 16 Indegene Limited July 31, 2026 second half and beyond remains constructive with analysts projecting sustained mid-single-digit global pharma growth through 2027. Now let's look at the regulatory front. There are no major items of note this quarter. The industry continues to navigate pricing pressure, loss of exclusivity through a two-pronged response. First, several mega brands facing material loss of exclusivity risk are reimagining their marketing spends to maximize portfolio economics, a trend that benefits us directly. The $10 million-plus omnichannel marketing deal, which we had won and spoken about in Q3 is a clear example of that. Second, the drug pipeline remains near historic highs, as the industry shifts towards advancing multiple candidates rather than betting on a single blockbuster. This is a multiyear trend, and its effect is that pharma will need far more efficient ways to run commercial operations across wider portfolios with lower peak sales per asset. A key enabler for this, we believe, is going to be AI, which is already compressing timelines and lowering the cost of advancing candidates. Each of these forces plays to Indegene's strength. With this broad background, now let me turn to our own performance. And let me be direct, we have started the year well. Q1 revenues came in at INR10,631 million, growing 39.7% year-on- year and 6% quarter-on-quarter. This is the strongest quarter-on-quarter growth we have delivered in a first quarter in four years, and we see this as a base on which we will continue to build momentum. This growth is broad-based, not a one-off. Importantly, it was led by accounts beyond our top 20, which now contribute more than a third of our total revenues. Our active client base crossed the milestone of 100, reaching 105, and we have added 2 customers to the $10 million to $25 million bucket, taking that cohort to 9. Our revenue per employee, something which we've been alluding to in all our calls now is approximately $77,000. On a trailing 12-month basis. This remains industry-leading, a direct reflection of the quality of our engagements and the productivity of our model. A word on demand environment. Across our conversations, customers are genuinely excited about the potential of AI. And when they are ready to move, that excitement is translating to real expanding work. What we are also seeing is that while the enthusiasm is real, enterprise adoption remains measured and the pace of change on the ground is slower. Now we at Indegene view this as an opportunity rather than a concern. And let me tell you why. Our large Tectonic engagement in Germany, which we announced in Q4, illustrates the dynamic well. While offtake on the existing scope has been measured, the customer confidence was strong enough that they expanded into a further region during the quarter, and I want to speak about this in the deal wins. This, we believe, is typical in new technology adoption cycles and it is precisely the environment in which a partner that can understand the domain, engineer trust and can operationalize AI at scale wins. With that, let me come to deal wins and the FY27 momentum. We had a robust quarter on deal wins. In Enterprise Commercial segment [Showing first 8,000 characters — download PDF for full document]