Indegene544172Quarterly results

Q2 FY27 call: revenue up 39.5% YoY, 9 deal wins, 107 active clients

Q2 FY27 earnings call: management spoke about industry trends, quarterly performance and new deal wins.

By ScoutQuest · Tue 3 Nov 2026, 9:34 PM IST · 2 min read

Revenue: INR11,223 million, up 39.5% YoY and 5.6% QoQ
Deal wins and client count: 9 deal wins with annual contract value about $1 million; 107 active clients, 31 more than a year ago
Revenue per employee: US$79,600, up from around US$69,000 a year ago

What was announced

This is the transcript of the earnings conference call on the financial results for the second quarter and half year ended September 30, 2026, held on October 30, 2026. It carries management's opening remarks on the industry, the quarter's performance and new deal wins.

Quarter's numbers

Revenue came in at INR11,223 million, up 39.5% year-on-year and 5.6% sequentially.
Management said this makes 5 consecutive quarters of more than 5% quarter-on-quarter growth in INR terms.
Top 5 accounts grew 9.2% sequentially in INR terms; top 20 accounts grew about 6.7%.

Client base

107 active clients, 31 more than a year ago.
Clients contributing over $1 million a year rose to 59, up from 54 last quarter.
Clients above $10 million now number 13, one more than last quarter.
Revenue per employee on a trailing 12-month basis is US$79,600, up from around US$69,000 a year ago, helped by GenAI-enabled delivery platforms and output-based pricing.

New business won

9 deal wins with annual contract values about $1 million, including 3 large deals: one in the $5 million-plus range and 2 in the $3 million to $5 million range.
Largest new win: an existing top 5 customer asked the company to migrate its content platform in new geographies outside the U.S., expanding the U.S. mandate won last quarter.
A top 20 pharma company expanded an earlier consulting engagement into a mandate to set up a global content factory across Commercial and Medical content for its international business.
A top 30 global pharma company engaged the company to manage its global digital content, replacing a large incumbent.
The GenAI-enabled Tectonic model extended to Canada with the largest customer, after Germany and Spain.

What management flagged on timing

On the largest new win, the work commenced in Q3 and the ramp-up will likely impact Q4 and beyond.
Tectonic wins continue to accumulate with the largest customer, but the ramp-up in this case remains slow, with continued investment in change management and adoption.

Industry backdrop cited

Pharma and biotech funding rose about 85% year-on-year to over INR69 billion through August; biopharma M&A roughly doubled to around INR194 billion.
The U.S. regulator has approved 45 novel medicines so far this year; priority vouchers cut review times for selected medicines from about a year to 1.5 to 2 months.
About 12,700 molecules are in development globally; Phase II is up almost 18% and medicines awaiting approval are up by about 30%.
More than $400 billion of revenue faces patent expiry over the next decade.

How to read it

The call describes growth spread across both the largest accounts and newer ones, a rising count of larger client relationships, and a higher revenue-per-employee figure. The points on timing are worth noting: part of the new business begins contributing only from Q4 onwards, and the Tectonic ramp-up with the largest customer has been slow.

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