Slide 1: Analyst presentation cover letter to exchanges
INDGN/SE/2026-27/19 May 27, 2026 BSE Limited, National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra (E), Mumbai- 400001, India. Mumbai – 400 051, India. Scrip Code: 544172 Trading symbol: INDGN Dear Sir / Madam, S
Slide 2: The Strategic Operating Partner for Life Sciences
The Strategic Operating Partner for Life Sciences Built for the AI Decade Investor Presentation | May 2026 NSE / BSE LISTED | TICKER: INDGN Past Was Great. Future Is Even Better.
Slide 3: Pharma: The $2Tn Growth Engine
Pharma: The $2Tn Growth Engine $1.4Tn→$2Tn+ 5%–7% $500B+ 12–15 yrs Global pharma industry size by Pharma sector CAGR consistently Annual R&D + commercial Average drug lifecycle 2030 above GDP spend globally — sustained service need The world’s leading Life Sciences and Pharma companies have relied o
Slide 4: Indegene is a new category – not a better version of an old one
Indegene is a new category – not a better version of an old one A new category Why AI helps us With strong economics The AI-embedded, domain-deep AI cannot deploy brand-by-brand. FY26 INR 35.1Bn revenue at 19.4% adj. operating partner for life sciences. Pharma's S&M layer must centralise — EBITDA ma
Slide 5: The AI Decade. Built for Those Who Own the Domain.
The AI Decade. Built for Those Who Own the Domain. © 2026 Indegene. All rights reserved. 4
Slide 6: Why GenAI is a structural tailwind for Indegene
Why GenAI is a structural tailwind for Indegene Five structural reasons rooted in domain, judgment, and revenue-aligned commercials Revenue Partner, Different Domain-led, Outcome-aligned Disruptor, not Cost Partner Buyer Group Judgment- Commercial not the Disrupted Embedded in revenue- Decisions mad
Slide 7: Our track record is testament of the fact pharma perceives us as a growth partner of choice
Our track record is testament of the fact pharma perceives us as a growth partner of choice 29.4% INR 35,105M 19.4% 3.0× 100%+ Revenue CAGR Revenue FY26 EBITDA* Margin FY26 Top-20 client revenue Net Revenue Retention FY21-FY26 (INR) FY21→ FY26 Client Growth - An Expanding Breadth Why? — Pharma Rewar
Slide 8: Entering FY27: Excited and Determined
Entering FY27: Excited and Determined • Industry is strong and adopting AI. Biotech is coming back. • Pipeline entering FY27 is 17% higher than at this point last year — with balanced strength across Top-20 and Outside- Top-20 cohorts. The diversification matters as much as the size. • New Solutions
Slide 9: What we do: Our end-to-end capabilities
What we do: Our end-to-end capabilities Clinical Patient Manufacturing PV & Regulatory Commercial Development Engagement and Supply Affairs Operations • Accelerating trial start-up • Patient support services Chain • Pharmacovigilance • Strategy and consulting and conduct with RWD/E • Patient analyti
Slide 10: What we do: Our end-to-end capabilities
What we do: Our end-to-end capabilities Clinical Medical Affairs PV & Regulatory Commercial Patient Development • Medico-Legal Review Affairs Operations Engagement • Accelerating trial start-up • Medical Information • Pharmacovigilance case • Strategy and consulting • Patient support services and co
Slide 11: The Structural Opportunity
The Structural Opportunity FOR AI-EMBEDDED LIFE SCIENCES SPECIALISTS $54B → ~$100B Outsourced LS operations spend, 2024 → 2030F Why this market — and the AI-Embedded LS Specialist category — Compounds with GenAI rather than compresses against it. © 2026 Indegene. All rights reserved. 10
Slide 12: Pharma services — function-by-function view
Pharma services — function-by-function view TAM, outsourcing penetration, and centralization of spend — today vs. 2030F DEFINITION OF CENTRALIZATION Spend run at corporate / global level (commercial ops, worldwide safety, global regulatory) vs. brand-by-brand, therapy-by-therapy, or country-by-count
Slide 13: Ours to take — agencies and CROs are the incumbents we displace
Ours to take — agencies and CROs are the incumbents we displace IT scalers play a different game (CIO buyer) — and they're under pressure there too Our incumbents — where the share comes from Adjacent — different game (CIO buyer, not commercial/medical) Traditional Pure-play CRO Indegene IT and offs
Slide 14: Centralization is S&M's 2010-2030 wave — and AI is the catalyst
Centralization is S&M's 2010-2030 wave — and AI is the catalyst Each pharma function has had its centralization decade. S&M is the one currently playing out. Three waves of pharma centralization 2010 — Today 1980s — 2010s 2025 — 2035F Past (40 years)) Present (15 years in) Future (catalyst: AI) The
Slide 15: A dominant position is ours to take
A dominant position is ours to take The solid Platform we have created Clients, expertise, AI platforms, Data PHARMA IS GROWING and shuffling to our advantage Centralization is S&M's 2010-2030 wave. AI is the catalyst. © 2026 Indegene. All rights reserved. 14
Slide 16: Why the agency wallet collapses into the platform — and why we capture it
Why the agency wallet collapses into the platform — and why we capture it Pharma runs 50+ agencies-of-record today. AI cannot deploy brand-by-brand. The model is consolidating into 2–3 platform partners — and we are the only one with regulatory depth, AI capability, and a pharma-native stack. FROM 5
Slide 17: From running pharma's content factory to owning the brand layer above it
From running pharma's content factory to owning the brand layer above it We already operate the downstream layer at scale. The play is to stack Brand Strategy, Creative and Media — the agency wallet — onto the platform we already run. The commercial ambition-AI increases TAM 4X-8X Brand Strategy + A
Slide 18: From running compliance ops to owning the strategic medical layer
From running compliance ops to owning the strategic medical layer We already industrialize MLR, Pharmacovigilance and Regulatory Operations. The play is to append Strategic Medical Communications, KOL engagement and Scientific Narrative — the work CMOs and Heads of Medical Affairs buy upstream. Tomo
Slide 19: The Migration Engine — every client, one tier up
The Migration Engine — every client, one tier up Tier 1 is not a destination. It's a compounding flywheel. TODAY (FY26) Long-term vision 91 active clients | Top 10 hold 51% revenue (Strategic + Growth) Multi Billion Enterprise — large deal engine The Migration Flow Strategic Commentary TIER 1 Flywhe
Slide 20: When the industry transforms, Indegene leads
From Promise to Performance When the industry transforms, Indegene leads For 27 years, Indegene has led every transformation in life sciences — not by reacting, but by running the new model before the market demanded it. AI is this decade’s transformation. We are already running it. ~$400M today. $5