Indegene Ltd Management Discussions

The global life sciences industry is entering a decade of unprecedented scale and change. Global pharma revenues are projected to grow to nearly $2 trillion by 2030. propelled by ageing populations, the rising burden of chronic and complex diseases, expanding access across emerging markets, and a wave of scientific innovation spanning biologies, coll and gene therapies and precision medicine. Collectively, pharma companies also invest more than $500 billion annually across research, development, and commercialization of innovative therapies, reflecting the scale of innovation underway. The new drug pipeline remains robust, with 50-55 Novel Active Substances (NAS) expected to be launched annually in the United States through 2030, led by specialty therapies in oncology, immunology and rare diseases, alongside continued innovation in diabetes and obesity.

At the same time, pharma organizations are dealing with intensifying pressure, with the industry approaching a period of patent expiries, and a number of blockbuster products set to lose exclusivity by 2030 - exposing them to generic and biosimilar competition on a scale the industry has rarely seen. The result is a widening gap between the promise of the science and the performance of the commercial engine that must carry it to patients.

To defend and grow revenue in this environment, pharma and biotech companies can no longer rely on incremental efficiency. They are re-architecting how products move from lab to patient-compressing development and regulatory timelines, sharpening launch execution, and making every physician and patient interaction more relevant. Increasingly, the lever they are reaching for is artificial intelligence (Al). Across R&D. regulatory, safety, medical and commercial functions, leading companies are moving from isolated Al pilots to embedding Al into the core operating fabric of commercialization-running trials faster, preparing submissions in days rather than months, keeping content compliant at scale, and engaging healthcare professionals through intelligent, omnichannel experiences. The imperative is increasingly dear: pharma companies need to modernize their operating models to improve speed, quality and effectiveness across the value chain.

This transformation extends beyond traditional horizontal technology implementation. Every workflow is regulated every output is accountable to a patient, and success depends on fusing deep life sciences domain expertise with production-grade Al and the operational muscle to execute globally and locally. As a result, the industry is converging on a new kind of partner-one that can combine science, domain depth, technology and data with the scale to own outcomes across the value chain, not merely advise on them. This represents a large and expanding addressable opportunity for Indegene-positioning the company well to help the worlds leading biopharma organizations turn todays disruption into durable advantage, and to move from promise to performance.

Indegene Limited (BSE: 544172, NSE: INDGN) is the strategic operating partner to the worlds leading life sciences organizations across the commercialization lifecycle. The Company helps biopharma, emerging biotech and medical technology companies modernize and scale the commercial, medical, regulatory, safety and clinical operations that move a molecule from laboratory to launch-and from launch to the millionth patient prescription.

Indegene is not a life sciences IT company, a horizontal outsourcer, a specialty agency, or a contract research organization. Indegene is the prototype of a new category - the Al-Native Life Sciences Operating Partner - a domain-deep platform that takes accountability for regulated workflows and the business outcomes they deliver.

For nearly three decades, the Company has exclusively focused on one industry. That singular focus, combined with a life-sciences-native operating system, is what allows Indegene to industrialize judgement-intensive work at a pace and quality that generic technology firms and horizontal outsourcers cannot match. Its the same 27-year operating muscle, with new category economics.

Indegene sits atthe point where deep healthcare expertise fuses with a life-sciences-native technology stack. On one side is the domain: an intimate understanding of the regulatory landscape, therapeutic areas, medical content and HOP behavior that only comes from operating inside pharma workflows for over a quarter of a century. On the other side is a proprietary Al operating system - an intelligent data layer built on more than three million HOP engagement signals and two decades of commercial content and taxonomies; Cortex, Indegenes LLM-agnostic reasoning engine that encodes domain expertise in semantic knowledge graphs; a Mesh of expert Al agents already in production for creative content, medical writing, medico-legal review, safety monitoring, HOP journey optimization and submissions planning; and a Cockpit of domain experts who orchestrate workflows, exercise regulated judgement, and stand behind every outcome.

It is this fusion that lets Indegenes work succeed where generic approaches fall short. Foundation models cannot reason about an FDA labelling guideline, a Phase III endpoint, a payer dossier or the semantics of a medico-legal review. Indegene can - and does, at scale, in production, for the companies shaping the future of medicine.

The Companys differentiated positioning is built on four strategic pillars that together form the Indegene EDGE - Embedded in revenue, Domain-led work, Growth-stage disruption, and an outcome-aligned Engagement model.

• Embedded in Revenue: Indegene supports the commercial and medical workflows that are directly tied to product launches, brand performance and market growth. Clients spend with Indegene grows with their revenue rather than with their cost-cutting cycles. This alignment produces differentiated client relationships, deep multi-year engagements, and compounding opportunities for longterm value creation

• Domain-Led Work: With more than 27 years of exclusive focus on life sciences and over 5,500 employees worldwide - including more than 1,500 life sciences specialists - Indegene combines specialized expertise with Al-enabled workflows across complex, judgement-intensive activities where scientific, medical and regulatory oversight remain essential. Al amplifies the Companys domain depth: it does not replace it

• Growth-Stage Disruptor: Indegene continues to expand across consulting, technology, data, Al and commercialization-participating in new client budgets, adjacent workflow areas and larger enterprise transformation programs. Indegene displaces fragmented agency and CRO wallets rather than compete for the horizontal IT dollar, and in doing so, operates in a materially larger and less contested opportunity set

• Outcome-Aligned Engagement Model: Indegenes engagement model is anchored on outputs and outcomes ratherthan on full-time-equivalent staffing. A substantial and growing proportion of the Companys revenues arc output-based or catalog-priced, aligning commercial outcomes with client value while allowing efficiency gains to accrue to margin rather than to per-headcount rate erosion. This is the economics of a platform, not a labor arbitrage business

This integrated approach has enabled Indegene to build trusted, long-term relationships across the industry. As of March 31, 2026, the Company served all of the worlds top 20 biopharma companies and 91 active clients globally. The number of clients contributing more than $1 million in annual revenue increased to 53 during the year, reflecting continued success in expanding strategic client relationships and increasing revenue share through broader enterprise engagements. Today, the Company operates in more than 80 markets through a global delivery network spanning 17+ delivery and operational centers across 11 countries, and supported by over 5,500 professionals, including more than 1,500 life sciences specialists, with expertise across commercial, medical, regulatory, clinical, technology, data and analytics.

The Companys growth strategy is centered on deepening client relationships through integrated enterprise operating models, expanding wallet share across existing clients, broadening enterprise engagements across functions, geographies and brands, and selectively extending its capabilities through strategic, capability-lcd acquisitions.

FY2025-26 was a year of strong execution for Indegene, marked by broad-based growth, continued investment in strategic capabilities and the achievement of important financial milestones. The Company crossed its first Rs.1.000 crore revenue quarter and Rs.3.500 crore in annual revenue, while further strengthening its commercial capabilities, Al platforms and client relationships.

Revenue from operations grew by 23.6% to Rs.35.105 million in FY 2025-26, compared to Rs.28.393 million in FY 2024-25. The Companys revenue performance is closely aligned with global life sciences industry spending on operations, with 58.5% of revenues derived from the top 20 global biopharma companies (by revenue).

EBITDA increased by 11.1% to 76,247 million from 75,622 million in the previous year, reflecting a continued focus on operational efficiency, cost optimization, and delivery of value-driven services.

Profit after tax (PAT) declined by 1.4% to 74,011 million in FY 2025-26, compared to 74,067 million in FY 2024-25, with profit margins declining to 11.4% from 14.3%.

Cash flow from operating activities stood at 76,508 million during the year, as against 74,419 million in the previous year.

The Company has identified the following ratios as key financial ratios:

The structural transformation underway across the life sciences industry presents significant long-term growth opportunities for Indegene. The Company will continue to focus on four strategic priorities:

• Deepen strategic client relationships by expanding enterprise engagements, increasing revenue share and supporting more functions across the commercialization lifecycle

• Continue investing in Al, proprietary platforms, domain expertise and consulting capabilities to strengthen the companys differentiated offerings

• Expand market presence across therapeutic areas and geographies, while selectively pursuing acquisitions that strengthen the companys capabilities and reach

• Scale Al-embedded operating models that help clients modernize commercial, medical, regulatory and clinical functions with greater speed, quality and efficiency

Backed by strong client relationships, differentiated capabilities and disciplined execution, Indegene remains focused on delivering profitable, sustainable growth and creating long-term value.

Indegenes risk strategy is built on a deliberate shift - from reactive, function-by-function risk handling to a centralized, predictive and governance-led model. Three principles anchor the framework:

• Centralize enterprise riskdata into a single.trusted source of truth

• Standardize how risk is identified, scored and treated across every account and function

• Govern with dear leadership oversight, escalation paths and a continuous improvement cadence

The framework is aligned to ISO 31000 and the COSO ERM framework, complemented by applicable regulatory and sectoral guidance.

Risks are organized within a comprehensive enterprise taxonomy, ensuring that no material exposure falls outside the lens of governance.

A dedicated Risk Sub-Committee operationalizes the ERM framework across all business units and functions, reporting into the Board-level Risk Management Committee. It is supported by a multi-tier structure spanning audit, ethics.

Information-security & privacy governance and disclosure oversight. A regular governance cadence reviews risk dashboards, incident reports, regulatory updates and emerging-risk discussions - with collaboration across Legal, Technology, Internal Audit, Business Continuity and Privacy teams to ensure comprehensive, cross-functional coverage.

An enterprise-grade enterprise risk management (ERM) and privacy platform brings the Risk Register, privacy impact assessments (PIA/DPIA). Pll assetand data-flow registers and Records of Processing Activities (RoPA) into one place. This enables consistent risk scoring, live leadership dashboards and early-warning notifications for emerging risks - turning risk data into timely, decision-ready insight.

Privacy is embedded by design through impact assessments, data-flow mapping and an enter prise-wide network of Privacy Champions that drives awareness and accountability across business units. A structured Third-Party Risk Management (TPRM) program - aligned with ISO/IEC 27036. ISO/IEC 27001 and ISO 31000 - governs the vendor lifecycle, while ESG and BRSR considerations are integrated directly into the enterprise risk taxonomy. Continuous security-awareness and phishing-resilience programs further strengthen the organizations human firewall.

Together, these capabilities deliver a risk function that is measurably more mature and resilient, enabling:

• A centralized, real-time view of enterprise risk for Leadership and the Board

• Consistent, comparable risk scoring across accounts and functions

• Faster root-cause analysis and incident closure through standardized workflows

• A stronger privacy posture and proactive, organization- wide risk culture

Extending beyond compliance, risk management at Indegene is a strategic enabler of trust, resilience and sustainable growth.