Slides
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Investor Presentation Q2’FY27
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Disclaimer This presentation may include opinions and assumptions about future performance which could be considered as forward-looking statements. Forward-looking statements intrinsically cover several risks and uncertainties, which may lead to a material difference between actual results and the statements themselves. Such statements comprise the company’s current visibility on market movements, client discussions, and related factors. Indegene Limited does not assume an obligation to update or revise any forward-looking statements. © 2026 Indegene. All rights reserved. 2
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E B I T D A ₹ 1,873 M 16.7% of Revenue ▲ 32.0% YoY ▲ 4.4% QoQ P A T ₹ 1,123 M 10.0% of Revenue ▲ 10.0% YoY ▼3.4% QoQ R E V E N U E F R O M O P E R A T I O N S INR 11,223 M USD 117.5 M ▲ 39.5% Y o Y i n I N R ▲ 27.5% Y o Y i n U S D $79.6 K ▲ 5.6% Q o Q i n I N R ▲ 4.4% Q o Q i n U S D D S O 69 Days 2 days YoY ▲ 2 days QoQ Quarterly Performance Q2’FY27 © 2026 Indegene. All rights reserved. 3 Acceleration in growth with stable margin R E V E N U E P E R E M P L O Y E E ▲ 15.5% Y o Y ▲ 3.3% Q o Q
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INR 21,854 M H1’FY27 Revenue from Operations +39.6% H1’FY27 Revenue Growth YoY in INR +27.0% H1’FY27 Revenue Growth YoY in USD 8,042 9,421 10,034 10,631 11,223 Q2’FY26 Q3’FY26 Q4’FY26 Q1’FY27 Q2’FY27 REVENUE (INR M) 92.2 106.1 109.7 112.5 117.5 Q2’FY26 Q3’FY26 Q4’FY26 Q1’FY27 Q2’FY27 REVENUE (USD M) Continued momentum in Revenue Growth in INR and USD © 2026 Indegene. All rights reserved. 4 ▲ 39.5% YoY ▲ 27.5% YoY
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Both Engines firing together leading to Growth acceleration Deeper penetration of top accounts and a wider, taller client pyramid are compounding revenue growth © 2026 Indegene. All rights reserved. 5 Deeper Engagement with Large Customers ₹7,552M Top-20 revenue Q2 FY27 ₹3,529M Top-5 revenue Q2 FY27 Revenue from Top-5 & Top-20 customers (₹ M) 14,320 19,321 21,657 22,082 24,259 28,003 9,176 11,344 11,984 11,347 12,078 13,008 FY22 FY23 FY24 FY25 FY26 Q2 FY27 TTM Top 20 Top 5 ❑ Top-10 clients up 13.5% QoQ ❑ New solutions expanding scope aid gaining wallet share Broader Targeting — Wider, Taller Pyramid 107 Active clients(2) Q2 FY26: 76 – 31 new additions 59 $1M+ clients Q2 FY26: 40 – 19 new additions Growing accounts by revenue tier (count of clients) 23 26 26 31 43 42 462 4 6 8 7 9 11 3 4 3 2 3 3 2 FY22 FY23 FY24 FY25 FY26 Q1'FY27 Q2 FY27 $1M–$10M $10M–$25M $25M+ ❑ $1M+ clients more than doubled from 28 in FY22 to 59 in Q2’FY27 ❑ GTM investments are paying off: new client addition at a faster pace 1. Global Top-10 and Top-20 global pharma companies ranked by 2025 revenue. 2. Active clients with revenue of $0.25 M or more over the trailing twelve months rounded off to nearest thousands. 25.3% Q2’FY27 Revenue from Global Top-10 Pharma companies (1) 56.3% Q2’FY27 Revenue from Global Top-20 Pharma companies (1)
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© 2026 Indegene. All rights reserved. 6 EBITDA MARGIN · Q2 FY27 16.7% Held near Q1 despite the wage hike PBT MARGIN · Q2 FY27 13.1% Absorbed a near-term yield dip EBITDA margin walk (%) Annual wage increase now fully in the base; levers build into Q4 16.9% −150 bps +85 bps +45 bps 16.7% Q1 FY27 Wage hike Workforce transformation & op. leverage Exchange rate Q2 FY27 Q4 FY27 PBT margin bridge (%) Q2 yield impact after the US rate hike: 90 bps on PBT, 70 bps on PAT 13.1% Yield expected to improve ₹56M reduction Q2 FY27 Interest income Depreciation & amortisation Q4 FY27 ETR steady: 23.8% (Q1: 23.9%) Tailwinds into H2 FY27 ● EBITDA ● PBT + Ramp-up of Tectonic & outcome-based deals + Productivity gains and operating leverage + Higher yields expected and more held-to- maturity allocation + D&A to reduce by ₹56M per quarter in Q3 & Q4 vs Q2 Q2 Margins held firm, drivers in place for Expansion
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© 2026 Indegene. All rights reserved. 7 Q2’FY27 Business Highlights Expanding customer base | Improving revenue productivity | Strengthening global delivery Customer Growth & Productivity Global Delivery Excellence ACTIVE CLIENT RELATIONSHIPS ⁽¹ ⁾ Clients served Q2’FY26 : 76 107 ▲ 31 new clients | 40.8% CLIENTS WITH $1M+ REVENUE Deepening wallet share Q2’FY26 : 40 59 REVENUE PER EMPLOYEE Operating leverage driver Q2’FY26 : $68.9K $79.6K ▲ 15.5% YoY HEALTHCARE DELIVERY EXPERTISE Share of delivery team with domain skills Q2’FY26 : 26.3% 28.8% ▲ 250 bps YoY VOLUNTARY ATTRITION (TTM) Improving retention signals Q2’FY26 : 16.2% 15.4% ▼ 80 bps improvement TOTAL / DELIVERY EMPLOYEES Scaling global delivery capacity Q2’FY26 : 5,245 / 4,523 5,952 / 5,090 ▲ 13.5% / 12.5% YoY ▲ 19 new addition | 47.5% (1) Active clients with revenue of $0.25 M or more over the trailing twelve months rounded off to nearest thousands
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Despite the annual wage increase that takes effect in our second quarter, EBITDA margin remained stable at 16.7%, a marked improvement on historical Q2 margin trends. Profit after tax grew 10% YoY to INR 1,123 million. With the wage increase now fully reflected in our cost base, we expect EBITDA to grow faster than revenue in the coming quarters. In addition, higher yields on our investments and lower amortization should help PAT margin expand faster than EBITDA margin. Extending our strong start to FY27, Q2 revenue grew 5.6% sequentially in INR, our fifth successive quarter above 5%. Growth was broad-based, driven by expansion across our top 5 and top 20 accounts and an increase in the number of $1 million+ clients to 59. We recorded significant deal wins in GenAI-enabled transformation and upstream engagements. With a healthy pipeline, sustained deal momentum and favourable industry tailwinds, we expect growth and margin expansion to come together in the second half. Suhas Prabhu Chief Financial Officer Manish Gupta Chairman and Chief Executive Officer Management Commentary on Q2 FY’27 results © 2026 Indegene. All rights reserved. 8
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We don't fit the IT-services, Agency or CRO box. © 2026 Indegene. All rights reserved. 9 Indegene is a new category – not a better version of an old one E Embedded Revenue Partner • Operate in clients' revenue-generating engine: Commercial & Med teams behind launches, brands & growth • Sit on growth-side budgets, not IT cost budgets; less exposed to cost-cutting cycles • Productivity-benefit gets redeployed as increased volume: personalized content and more channels $79.6K REVENUE / EMPLOYEE — HIGHEST IN INDUSTRY D Deep Domain Expertise ~29% EMPLOYEES FROM HEALTHCARE G GenAI Disruptor 10+ YEARS OF DELIVERING AI E Engagement Model • Global delivery model with multi-geography governance & standardization generating productivity at scale • Majority revenue is outcome-aligned — paid for work delivered and value created • Efficiency gains flow to the bottom line, creating incentive to adopt and scale newer technologies faster 60%+ REVENUE OUTCOME -ALIGNED* • With over 27 years of experience in life sciences, we are deeply integrated in client workflows • Manage critical workflows requiring high degree of domain expertise and regulatory compliance • Judgment-intensive work where GenAI compounds domain knowledge rather than replacing it • Pharma companies face complexity explosion (content volume & regulatory compliance) & fragmented non-standardized models resulting in efforts to centralize operations • Our AI-enabled solutions engage at enterprise level (not brand-by-brand) to re-engineer & re-imagine end-to-end processes, thus accelerating this transformation & taking wallet share from incumbents • GenAI price deflation pressures large incumbents but provides growth headroom for us at our current scale * refers to output-based engagements including managed services component in hybrid contracts but excluding pure FTE or T&M contracts
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Integrated ahead of plan | Savings reinvested in growth | A richer data estate, embedded in how we win S U C C E S S F U L L Y I N T E G R A T E D Savings Realized, Reinvested in Growth ~$1.5M Annual cost synergies Realized in year one 3x Go-to-market team From 3 to 9, funded by savings 1 Month Ahead of plan Transition services closed Feb ’26 Data: one unified data set; duplicate licenses removed Functions: finance, HR, IT and legal fully transitioned Delivery: BioPharm work now runs on our global delivery model D A T A A S S E T S A Richer HCP Data Estate At acquisition 1.8M HCP profiles 2x TO DAY 3.6M+ HCP profiles, more than doubled 300M+ Promotional exposure events 15M+ HCP engagements captured 20+ yrs Of promotional response data From Acquisition to Embedded Capability More Data | More Engagement | More Impact Audience Intelligence Platform Tandem and Invisage combined in the Indegene Data Universe, beneath Cortex Enterprise Pursuits BioPharm’s data and targeting now give us an edge in our largest pursuits . The combined GTM is already delivering successes. © 2026 Indegene. All rights reserved. 10 One Year of BioPharm: Delivering on the Thesis
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11 Technology Excellence Industry Excellence ESG/ Process Excellence People/ Culture Excellence Global leader in ISG’s 2026 Life Sciences Digital Services assessment GPTW India’s Top 50 Best Workplaces in Health & Wellness 2026 Silver rating (Top 15%) in sustainability by ecovadis Appraised at level 5 of ISACA’s Capability Maturity Model Integration Recognized for Innovation and Excellence (2026-27) © 2026 Indegene. All rights reserved. 2026 AI Excellence Awards by the Business Intelligence Group, won by NEXT Unified Data Platform. Won by CultHealth, an Indegene company, for GTFO—created with BCPP’s Campaign for Safe Cosmetics used by Black women. G𝗼𝗹𝗱, 𝗦𝗶𝗹𝘃𝗲𝗿, 𝗮𝗻𝗱 𝗕𝗿𝗼𝗻𝘇𝗲 𝘄𝗶𝗻𝗻𝗲𝗿 at the 𝗦𝘁𝗲𝘃𝗶𝗲® 𝗔𝘄𝗮𝗿𝗱𝘀 𝗳𝗼𝗿 𝗧𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆 𝗘𝘅𝗰𝗲𝗹𝗹𝗲𝗻𝗰𝗲 𝟮𝟬𝟮𝟲! Finalist in the 𝟮𝟬𝟮𝟲 𝗙𝗶𝗲𝗿𝗰𝗲 𝗔𝗜 𝗜𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻 𝗔𝘄𝗮𝗿𝗱𝘀 in the category of 𝗔𝗜 𝗜𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻 𝗶𝗻 𝗖𝗿𝗲𝗮𝘁𝗶𝘃𝗲 𝗖𝗮𝗺𝗽𝗮𝗶𝗴𝗻 𝗗𝗲𝘃𝗲𝗹𝗼𝗽𝗺𝗲𝗻𝘁. D to B rating in 3 years (FY22 to FY25) Skipped C- & B- ratings (Achieved 2 level score jumps twice). Indegene earns two Platinum Hermes Creative Awards 2026 across the Live/Hybrid Event (Indegene Digital Summitt 2025) and Handbook/Manual (Indegene Code of Business Conduct and Ethics) categories.
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Philadelphia Venue 22 Sep 2026 Date 12 Keynotes and panels 120+ Senior pharma attendees 19 Pharma Speakers Keynote speakers David Shulkin Ninth Secretary U.S. Department of Veterans Affairs Amol Punjabi Chief Product Officer OpenEvidence Agam Upadhyay Chief Digital & Information Officer Vertex Corinne Le Goff Chief Commercial Officer Viatris What customers told us The physician's front door is changing Operating models matter more than tools Every company can now launch at scale © 2026 Indegene. All rights reserved. 12 Indegene Digital Summit 2026 01 02 03
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Financial Highlights
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Q2’FY27: Consolidated Financials Amount in ₹ Millions 14 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% % age 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% % age 10.0% 10.9% 12.7% -0.9 pts -2.7 pts
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Revenue from Service offering ($ M) Revenue by Customer Industry (%)* Revenue by Customer Geography (%) 91.8% 3.0% 3.2% 2.0% 27.9% 25.7% 24.5% 68.5% 70.6% 71.3% 3.6% 3.7% 4.2% Q2'FY26 Q1'FY27 Q2'FY27 92.2 112.5 117.5 Enterprise Medical Solutions Enterprise Commercial Solutions Others Biopharma Medical Devices Emerging Biotech Others North America India Europe RoW 22.9%74.5% 0.4% 2.2% * Revenue from Agencies are mapped to the end consumer for the calculation of Industry mix Q2’FY27: Stable Business mix 15
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Annexure
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17 Tech-Led Delivery and Digital Capabilities Healthcare Expertise Healthcare market understanding In-depth domain knowledge Navigating regulatory landscape Medical content know-how Digital-first approach GenAI based tools and platform Drive transformation Advanced analytics capabilities © 2026 Indegene. All rights reserved. We operate at the intersection of healthcare and technology
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18 (1) Indicates revenue contribution by customer industry for Q2’FY27. Remaining 2.0% from other industry. Large Market Opportunity Life Sciences Operations Spend Across Verticals ($B) Outsourcing and Tech Expanding our TAM Lifesciences at Inflection Point Patent Cliff Large number of drugs are coming off-patent between FY2023-27 Margin Pressure P&Ls are stretched with IRA pricing pressures Drug Launches Increased focus on efficiency and strategy by large biopharma for commercialization of existing pipeline $135 B+ Our Market Opportunity Marketing and Sales Regulatory and Medical Affairs Pharmacovigilance Drug Discovery and Clinical Trial Mfg, Supply Chain and Distribution $55 B $24 B $21 B $36 B $21 B Growth in Life Sciences Industry Growth in Outsourcing Operations Spend Rising Digital and Tech Adoption + + ~9-14% CAGR (2022-2026) in Outsourcing Operations Across Verticals We Offer Solutions Across Life Sciences End Markets Medical Devices 3.0%(1) Biopharma 91.8%(1) Emerging Biotech 3.2%(1) © 2026 Indegene. All rights reserved. Our large addressable market is underpinned by growing outsourcing and rapid digital adoption
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19© 2026 Indegene. All rights reserved. Full-Stack Capabilities & GenAI Platforms Driving Multi-Quarter Operating Model Transformation Full-Stack, Diverse Capabilities with Complex Skillsets Strategy Consulting , Value Mapping, Process Re-engineering, RoI enablement Domain Expertise Omnichannel HCP Marketing, Regulatory Writing, Pharmacovigilance, Platform Engineering Transformation Expertise Change Management, Project Management Business Applications Medical Writing Platform. Content Super App Data Assets Invisage, Knowledge Graphs Enterprise GenAI Platforms Cortex Large Pharma Company • Scaled an Agentic AOR pilot into a full-scale engagement, cutting content creation timelines from months to days • Began with Tectonic and moved upstream in the content value chain, as the lines between our content offerings blur into one integrated model Creative Services Top 20 Pharma Company • Setting up a global content factory across commercial and medical content for the client’s international business • Grew from a change management consulting engagement into a full operating model mandate within one quarter Content Operations Top 30 Pharma Company • Managing global omnichannel campaign operations and digital content, replacing an incumbent provider Omnichannel Operations Top 30 Pharma Company • Entrusted with pre-medical review of all promotional and non-commercial materials across the portfolio • Compliance-critical, judgement-heavy work that deepens our medical affairs footprint Medical Affairs
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20© 2026 Indegene. All rights reserved. Existing Products New Products New Areas/CapabilitiesExisting Areas EXTEND NCCI Commercial Content Intelligence Platform. EMBED BUILD EXPAND NCCA Intelligent Authoring of Commercial Content NAEM Al/ ML based platform for Pharmacovigilance case processing NCCA Capabilities to generate additional content types and variety. CORTEX Unified platform for Knowledge Engineering empowered by intelligent Multi-Agent Orchestration. Content Super App Unified, GenAI-native pharma content platform that lets teams plan, create, adapt, and optimize content across assets and markets through a single conversational workspace. Medical Writing Platform AI-powered platform designed to assist medical writers in generating the initial draft of Regulatory documents more quickly and efficiently. Embed new features into existing products for clients to unlock immediate value from GenAI Extend capabilities of existing products to capture more value via cross-sell/up-sell (New GenAI features) GenAI first products that cater to a reimagined way of running business workloads Unlock value from new avenues that have opened up due to evolution of technology MLR Automated Medical and Regulatory Review of content MLR Enhanced automation; ability to cover additional asset types and reviews Dual-Pronged GenAI Strategy: Accelerate value for clients today while building for tomorrow
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Thank You! www.indegene.com
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www.indegene.com 1 Fact Sheet Consolidated Financial Data - Second Quarter, Fiscal 2027 Operational & Financial Metrics Key performance indicators (in INR Mn) SI. No. Particulars Quarter ended Growth Sep 30, 2026 June 30, 2026 Sep 30, 2025 YoY QoQ 1. Active clients(1)(No.) 107 105 72 40.8% 1.9% 2. Revenue from operations 11,223 10,631 8,042 39.5% 5.6% 3. Revenue from operations ($ Mn) 117.5 112.5 92.2 27.5% 4.4% 4. YoY revenue growth (2) (%) 39.5% 39.7% 17.1% 5. EBITDA (3) 1,873 1,795 1,419 32.0% 4.4% 6. EBITDA margin (%) 16.7% 16.9% 17.6% 7. Profit after tax 1,123 1,162 1,021 10.0% -3.4% 8. Profit margin (%) 10.0% 10.9% 12.7% 9. RPE ($k) 79.6 77.1 68.9 15.5% 3.3% Notes: (1) Active clients are clients from whom the Company have earned $0.25 million or more in revenues for the last twelve months preceding the relevant date. (2) Based on INR revenue (3) Earnings before interest, taxes, depreciation and amortization (“EBITDA”) represents profit/(loss) for the period before income tax expense, finance costs, depreciation and amortization expense, interest income and any exceptional items. Revenue by service offering (in %) Particulars Quarter ended (contribution) Growth Sep 30, 2026 June 30, 2026 Sep 30, 2025 YoY QoQ Enterprise Medical Solutions 24.5 25.7 27.9 22.8% 0.6% Enterprise Commercial Solutions 71.3 70.6 68.5 45.1% 6.6% Others 4.2 3.7 3.6 63.0% 19.3% Total 100.0 100.0 100.0 Revenue by customer geography (in %) Particulars Quarter ended (contribution) Growth Sep 30, 2026 June 30, 2026 Sep 30, 2025 YoY QoQ North America 74.5 75.1 69.6 49.3% 4.6% Europe 22.9 22.2 27.0 18.5% 9.1% India 0.4 0.5 0.7 -15.9% -14.5% ROW 2.2 2.2 2.7 13.2% 6.7% Total 100.0 100.0 100.0
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www.indegene.com 2 Fact Sheet Consolidated Financial Data - Second Quarter, Fiscal 2027 Revenue by customer industry (in %) Particulars Quarter ended (contribution) Growth Sep 30, 2026 June 30, 2026 Sep 30, 2025 YoY QoQ Biopharma 91.8 91.6 92.0 39.2% 5.7% Medical Devices 3.0 3.1 3.5 22.7% 2.3% Emerging Biotech 3.2 3.3 3.1 47.7% 3.3% Others 2.0 2.0 1.5 81.0% 5.9% Total 100.0 100.0 100.0 Client data Particulars Quarter ended Sep 30, 2026 June 30, 2026 Sep 30, 2025 Number of Million $ clients * > 25 million dollars 2 3 2 10-25 million dollars 11 9 9 1-10 million dollars 46 42 29 Client concentration Top client 7.8% 9.0% 11.0% Top 5 clients 31.4% 30.4% 37.4% Top 10 clients 49.1% 45.7% 55.0% Top 20 clients 67.3% 66.6% 75.2% * TTM (Trailing twelve months) revenues Employee metrics Particulars Quarter ended Sep 30, 2026 June 30, 2026 Sep 30, 2025 Total employees 5,952 5,826 5,245 Delivery 5,090 4,983 4,523 Sales & Support 862 843 722 Offshore Mix 82.7% 82.1% 83.2% Onsite Mix 17.3% 17.9% 16.8% Expertise in healthcare-related educational backgrounds(1) 28.8% 29.0% 26.3% Voluntary Attrition % (LTM) 15.4% 15.7% 16.2% % of Women Employees 46.8% 46.9% 46.6% (1) Based on Delivery employees. Liquidity metrics Particulars Quarter ended Sep 30, 2026 June 30, 2026 Sep 30, 2025 Net DSO (Days) (1) 69 67 71 Cash and Cash Equivalents (2) (INR Mn) 13,896 14,602 12,681 (1) Billed + Unbilled – Unearned (2) Includes Cash and Cash Equivalents, Current Investments, Bank balances and Non-Current Bank Deposits