INDEGENE | GROWTH CATALYSTS
Tectonic Scale-Up
- Tectonic customers increased from 2 to 5 in FY26.
- Largest customer engagement expanded from Germany to Spain.
- Management expects this customer to become the first $50M+ account.
- Tectonic could become a major FY27 Enterprise Commercial growth driver.
Outcome-Based Omnichannel Deal
- Multiyear deal secured with >$10M ACV.
- Revenue recognition expected from Q3 FY27.
- Client has already reported revenue upticks for 5 months.
- Management describes early performance as very encouraging.
BioPharm Integration
- $106M BioPharm acquisition closed on Oct 1, 2025.
- Integration and service transition progressing as planned.
- BioPharm revenue grew 15% sequentially in Q4 FY26.
- Joint business development has already generated 2 omnichannel wins.
- Cross-selling into existing Indegene customers creates additional upside.
Omnichannel Orchestration
- Top-10 pharma customer selected Indegene for U.S. omnichannel orchestration.
- Platform includes Invisage and Tandem.
- Potential annual revenue exceeds $10M.
- Revenue contribution expected from Q2 FY27.
- Top-5 pharma customer also selected Indegene for content-platform migration.
Agentic AOR Model
- Agency-of-Record model reduced creative development from 3 months to 3 days.
- Concept development cost reduced by ~50%.
- Advanced discussions underway for the next phase with a multinational pharma company.
- Successful proof of concept can support broader adoption.
Client Base Expansion
- Active clients increased to 105 in Q1 FY27.
- Up from 70 clients a year earlier.
- Customers outside the top 20 contributed 33.4% of revenue.
- Million-dollar-plus clients increased from 40 to 54.
- 12 customers now generate >$10M annually.
- Broader customer base reduces dependence on individual accounts.
Margin Recovery
- Management targets 19–20% EBITDA margin by Q4 FY27.
- Recovery expected around six quarters after Oct 2025 investment phase began.
- Revenue per employee reached $77,100 in Q1 FY27.
- Revenue per employee increased 14.2% YoY.
- Employee growth expected to remain below revenue growth.
- Operating leverage can support margin recovery.
Launch Engine Wins
- Secured $20M TCV deal with a midsized biotech.
- Indegene to act as end-to-end commercialization partner.
- First-year revenue potential: ~$5M.
- European pharma customer added launch-readiness engagement.
- Scope could expand into data analytics.
Pharmacovigilance Expansion
- Secured $7.5M multiyear TCV deal.
- Customer is a large medical-devices company.
- Programme went live in Jan 2026.
- Uses AI-based NAEM technology.
- Previous medical-device pharmacovigilance win demonstrates cross-sell potential.
- Expanding beyond pharma into medical devices adds another growth avenue.
KEY TAKEAWAY
- Tectonic provides a potentially large FY27 growth driver.
- BioPharm adds scale and cross-selling opportunities.
- Omnichannel orchestration is generating sizeable enterprise contracts.
- Agentic AOR can improve both speed and economics.
- Client diversification is strengthening the revenue base.
- Margin recovery could provide an additional earnings lever.
- Launch Engine and pharmacovigilance expand the addressable opportunity.
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2August 31, 2026 923 1
