Indegene Limited submitted its Q3FY26 monitoring agency report showing Rs. 703.32 crore utilization from Rs. 760.00 crore IPO proceeds. Care Edge Ratings reported Rs. 29.15 crore deployment during the quarter, primarily for capital expenditure and inorganic growth. The company obtained shareholder approval for fund reallocation and maintains Rs. 56.68 crore in fixed deposits and bank accounts.
Indegene Limited has submitted its quarterly monitoring agency report for the quarter ended December 31, 2025, in compliance with SEBI regulations governing IPO proceeds utilization. The report, prepared by Care Edge Ratings as the appointed monitoring agency, provides detailed insights into the deployment of funds raised through the company's Initial Public Offering.
IPO Proceeds Overview
The healthcare services company raised Rs. 760.00 crore through its IPO conducted from May 06, 2024, to May 08, 2024. The monitoring report reveals comprehensive utilization across multiple strategic objectives as outlined in the original prospectus.
Parameter: Details IPO Size: Rs. 760.00 crore Issue Period: May 06-08, 2024 Total Utilized: Rs. 703.32 crore Quarter Utilization: Rs. 29.15 crore Remaining Funds: Rs. 56.68 crore
Quarterly Utilization Breakdown
During the quarter ended December 31, 2025, Indegene utilized Rs. 29.15 crore from its IPO proceeds. The primary deployment was towards funding capital expenditure requirements, where Rs. 8.63 crore was spent on interior works and purchasing computers and peripherals. Additionally, Rs. 20.52 crore was utilized for inorganic growth initiatives, specifically for acquiring a 100% stake in Warn and Co. Ltd. for a purchase consideration of GBP 2.7 million.
Object-wise Fund Deployment
The company has made significant progress across its stated objectives. The debt repayment object has been fully completed with Rs. 395.00 crore utilized for repayment of indebtedness of material subsidiary ILSL Holdings, Inc. For capital expenditure requirements, Rs. 44.30 crore has been deployed out of the revised allocation of Rs. 64.26 crore, leaving Rs. 19.96 crore unutilized.
Object: Allocated (Rs. Crore) Utilized (Rs. Crore) Remaining (Rs. Crore) Debt Repayment: 395.00 395.00 0.00 Capital Expenditure: 64.26 44.30 19.96 Technology Infrastructure: 34.99 0.00 34.99 General Corporate Purposes: 230.12 229.31 0.81 Issue Expenses: 35.63 34.71 0.92
Regulatory Compliance and Modifications
The company obtained shareholder approval through a special resolution dated August 12, 2025, for variation in IPO proceeds utilization. The modification involved carving out Rs. 38.65 crore from the capital expenditure object, with Rs. 3.67 crore adjusted towards debt repayment due to foreign exchange fluctuations and Rs. 34.99 crore allocated to a new object for technology, cybersecurity, and cloud infrastructure costs.
Unutilized Funds Management
The remaining Rs. 56.68 crore is prudently deployed across fixed deposits with ICICI Bank and maintained in monitoring agency accounts. The fixed deposits carry interest rates ranging from 3.75% to 6.50% with varying maturity dates extending to June 2026. Care Edge Ratings confirmed no major deviations from previous monitoring reports and noted that all utilization aligns with the stated objects in the prospectus.
The monitoring agency report demonstrates Indegene's systematic approach to IPO proceeds deployment while maintaining regulatory compliance and transparency in fund utilization across its strategic growth initiatives.
Indegene Limited announced its financial results for the third quarter of fiscal year 2026, demonstrating robust revenue growth despite a decline in quarterly profit. The healthcare technology and analytics company reported these results for the quarter ended December 31, 2025, following a Board meeting held on January 29, 2026.
Financial Performance Overview
The company delivered strong top-line growth with revenue from operations increasing significantly on a year-over-year basis. However, profitability metrics showed mixed results across different time periods.
Metric Q3 FY26 Q3 FY25 YoY Change Revenue from Operations ₹9,421 million ₹7,204 million +30.8% Total Income ₹9,615 million ₹7,581 million +26.8% Net Profit ₹1,029 million ₹1,097 million -6.2% Basic EPS ₹4.29 ₹4.59 -6.5%
Nine-Month Performance
For the nine-month period ended December 31, 2025, Indegene showed consistent growth across key financial metrics compared to the corresponding period in the previous year.
Parameter 9M FY26 9M FY25 Growth Revenue from Operations ₹25,071 million ₹20,837 million +20.3% Net Profit ₹3,214 million ₹2,891 million +11.2% Basic EPS ₹13.40 ₹12.23 +9.6%
Segment Performance and Restructuring
Effective October 1, 2025, the company reorganized its business segments by merging the Brand Activation Segment into Enterprise Commercial Solutions. Following this restructuring, Indegene now operates two primary reportable segments: Enterprise Commercial Solutions and Enterprise Medical Solutions.
Segment Q3 FY26 Revenue Q3 FY25 Revenue Growth Enterprise Commercial Solutions ₹6,689 million ₹4,892 million +36.7% Enterprise Medical Solutions ₹2,387 million ₹2,052 million +16.3% Others ₹345 million ₹260 million +32.7%
Strategic Acquisitions
During the quarter, Indegene completed two significant acquisitions to strengthen its market position. On October 1, 2025, the company acquired 100% interest in BioPharm Parent Holdings Inc., a specialized marketing services agency, for ₹9,146 million (USD 104 million). Additionally, on October 16, 2025, Indegene acquired 100% interest in Warn & Co Limited, a transformation consulting firm, for ₹464 million (GBP 3.91 million).
Board Decisions and Corporate Actions
The Board of Directors approved several important matters during their January 29, 2026 meeting:
Unaudited standalone and consolidated financial results for Q3FY26
Amendment to the Anti-Sexual Harassment Policy
Allotment of shares under RSU 2020 Plan
Re-constitution of Board Committees
Committee Restructuring
Mr. Neeraj Bharadwaj, Non-Executive Independent Director, was inducted as a member of both the Nomination and Remuneration Committee and the Investment Committee effective January 29, 2026. The Nomination and Remuneration Committee now comprises six members, while the Investment Committee includes five members.
Financial Position
The company maintained a strong financial position with paid-up equity share capital of ₹480 million, consisting of shares with a face value of ₹2 each. Total comprehensive income for the quarter reached ₹1,222 million, including other comprehensive income of ₹193 million primarily from foreign exchange differences.
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