More Stories

Informist, Thursday, Jul. 30, 2026

By Durgesh Nandan

 

MUMBAI – Indegene Ltd. is likely to report an on-year fall in its net profit for the June quarter, despite a sharp rise in revenue, according to brokerages tracking the company. The on-year decline in its bottom line is likely due to sluggish demand in the June quarter and temporary weakness in the brand activation business.

 

The company is expected to report a consolidated net profit of INR 1.11 billion for the June quarter, down over 4% on year, according to the average of estimates of four brokerages. Sequentially, however, the bottom line is seen rising 11%. The highest estimate for the net profit is INR 1.14 billion from ICICI Securities Ltd. and the lowest is INR 1.07 billion from Nomura Equity Research.

 

Indegene is likely to post a consolidated revenue of INR 10.59 billion for the reporting quarter, up over 39% on year, according to estimates. Sequentially, it is expected to rise over 5%. The highest estimate for the top line is INR 10.82 billion from Nomura and the lowest is INR 10.40 billion from Motilal Oswal Financial Services Ltd.

 

The Bengaluru-based company's revenue is expected to grow year-on-year mainly because of strong demand across the enterprise commercial solutions and enterprise medical solutions segments, the brokerage said. High operating performance is expected to lead the rise in revenue and expand earnings before interest, tax, depreciation, and amortisation margin, brokerages said in a report. The company's bottom line for the June quarter is likely to have some support from depreciation of the rupee, brokerages said.

 

Analysts at Kotak Securities Ltd. expect 2.3% sequential growth in constant currency terms, a moderation from the March quarter due to delayed ramp-up of some deals won in previous quarters. "We expect approximately 30 bps (basis points) contribution from the full-quarter consolidation of CAKE acquisition," Kotak Securities said.

 

The brokerage also expects broad-based growth across both enterprise medical and enterprise commercial segments. The company's enterprise commercial solutions help pharmaceutical companies with marketing and sales using technology and other digital tools. Enterprise medical solutions helps pharmaceutical companies manage medical and scientific data related to their products.

 

Biopharma acquisition and large deals on the Tectonic platform, weakness and delay in the brand activation business may partly offset the gains, Kotak Securities added. Tectonic is Indegene's technology platform that improves the efficiency of pharmaceutical companies by using generative artificial intelligence. Tectonic has received customer validation and is likely to generate meaningful revenues in the financial year 2026-27 (Apr-Mar), the company had said in the March quarter conference call.

 

The company's performance is expected to improve in the second half of this calendar year as many pharmaceutical companies increase their spending in the last six months of the year, Motilal Oswal said. Indegene's demand is seasonal because its pharma clients spend more on commercial and digital projects in the second half than in the first half, the brokerage said.

 

Its earnings before interest, taxes, depreciation, and amortisation for the June quarter is expected to be between INR 1.74 billion and INR 1.81 billion, according to Motilal Oswal and Kotak Securities, respectively. The company's EBITDA margin is likely to expand 70 bps sequentially to 17% for the June quarter, the two brokerages said.

 

"The improvement (in margin) is likely to be driven by operating leverage from higher revenue growth and the depreciation of the rupee, which benefits export-oriented companies like Indegene by increasing the rupee value of overseas revenue," ICICI Securities said.

 

Investors will watch for management's comments on the impact of higher tariffs from the US on life sciences companies, growth in commercial and medical businesses, progress in the integration of biopharmaceutical acquisitions, and benefits from organic investments in business development, brokerages said.

 

Indegene provides research and commercialisation services to biopharmaceutical and healthcare companies globally. The company helps global pharmaceutical, biotechnology and medical device companies develop, market and sell their products more efficiently.

 

The company will detail its June quarter earnings later in the day. At 1228 IST, shares of the company were trading marginally up at INR 524.15 apiece on the National Stock Exchange. The stock has risen almost 5% since the company announced its March quarter earnings on Apr. 29.

 

Of the two brokerage reports on the company available with Informist, one has a "buy" recommendation on the stock with a target price of INR 620. This is 18% higher than the current market price. While the other brokerage has a "hold" recommendation on the stock with a target price of INR 480.

 

The following are the June quarter earnings estimates for Indegene from four brokerages in descending order of estimate of net profit in INR billion:

 

Brokerage	Revenue	Net Profit	EBITDA
ICICI Securities Ltd.	10.52	1.14	–
Motilal Oswal Financial Services Ltd.	10.40	1.13	1.74
Kotak Securities Ltd.	10.62	1.11	1.81
Nomura Equity Research	10.82	1.07	–
Average	10.59	1.11	1.77

 

End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Himanshi Gupta

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (22) 6985-4000

 

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2026. All rights reserved.