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Coforge Results: Latest Quarterly Results & Analysis

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Coforge Ltd. 05 May 2026 17:14 PM
Result PDF

Q4FY26 & FY26 Result Announced for Coforge Ltd.

IT Consulting & Software company Coforge announced Q4FY26 & FY26 results

Consolidated Financial Highlights

  • Gross Revenues: For Q4FY26, revenues stood at Rs 44,504 million, representing a growth of 30.0% YoY compared to Rs 34,222 million in Q4FY25 and a 5.2% QoQ increase from Rs 42,315 million in Q3FY26.
  • Annual Revenue: For the full year FY26, gross revenues reached Rs 164,027 million, marking an increase of 35.9% YoY compared to Rs 120,733 million in FY25. In USD terms, annual revenue was USD 1,870 million, up 29.2% YoY.
  • EBITDA: Consolidated EBITDA for Q4FY26 was Rs 9,168 million, up 56.2% YoY and 18.5% QoQ. The EBITDA margin stood at 20.6%, expanding by 345 bps YoY and 232 bps QoQ.
  • Annual EBITDA: For FY26, EBITDA reached Rs 30,464 million, a growth of 76.9% YoY. EBITDA margins expanded by 431 bps YoY to 18.6%.
  • EBIT: EBIT for Q4FY26 was Rs 7,368 million, up 75.6% YoY and 22.2% QoQ. The EBIT margin reached an all-time high of 16.6%, up 430 bps YoY.
  • Annual EBIT: For FY26, EBIT stood at Rs 23,645 million, up 82.7% YoY. EBIT margins expanded by 370 bps YoY to 14.4%.
  • Profit After Tax (PAT): PAT for Q4FY26 was Rs 6,123 million, representing a significant growth of 135.7% YoY from Rs 2,598 million and a 144.8% QoQ increase from Rs 2,502 million.
  • Annual PAT: Consolidated PAT for the full year FY26 reached Rs 15,557 million, up 91.6% YoY compared to Rs 8,121 million in FY25.

Standalone Financial Highlights

  • Total Income: For Q4FY26, standalone total income was Rs 31,291 million, up 60.5% YoY from Rs 19,488 million and 21.1% QoQ from Rs 25,836 million.
  • Profit After Tax (PAT): Standalone PAT for Q4FY26 reached Rs 5,526 million, a growth of 282.7% YoY compared to Rs 1,444 million and 367.5% QoQ from Rs 1,182 million.
  • Annual Performance: For the full year FY26, standalone total income grew by 53.9% to Rs 105,018 million compared to Rs 68,244 million in FY25. Standalone PAT for the full year reached Rs 13,931 million, up 129.5% YoY from Rs 6,069 million.

Business Highlights

  • Order Book and Intake: Fresh order intake for the quarter was USD 648 million, with five large deals signed during the period. The total order intake for FY26 reached USD 2,262 million.
  • Executable Order Book: The 12-month executable order book stood at USD 1.75 billion, representing a 16.4% YoY increase.
  • Headcount and Attrition: Total headcount reached 35,777 at the end of the quarter, with a net addition of 436 sequentially. The LTM attrition rate stood at 10.8%, which the company noted as the lowest in the industry.
  • Segment-wise Revenue Distribution (FY26):
    • Banking and Financial Services (BFS): 26.5%
    • Insurance: 15.0%
    • Travel, Transportation and Hospitality (TTH): 23.0%
    • Healthcare & HiTech: 10.8%
    • Government outside India: 7.0%
    • Others (Retail, Energy, Utilities, etc.): 17.7%
  • Geographic Revenue Mix (FY26):
    • Americas: 56.9%
    • EMEA: 28.9%
    • Rest of World: 14.2%
  • Service Offering Revenue Mix (FY26):
    • Engineering: 44.1%
    • Data and Integration: 21.5%
    • Cloud and Infrastructure Management (CIMS): 18.4%
    • Intelligent Automation: 8.2%
    • Business Process Management (BPM): 7.9%

Sudhir Singh, Chief Executive Officer and Executive Director, Coforge, said: "FY26 marked another year of exceptional performance for Coforge. We delivered strong YoY growth at 29.2% and expanded EBIT margins materially by 370 bps to 14.4%. With an order executable of USD 1.75 billion, we enter FY27 with strong momentum and confidence. We expect to deliver robust revenue growth in FY27 and plan to deliver an EBITDA of more than 20.5% on a consolidated basis in FY27."

Result PDF

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IT Consulting & Software company Coforge announced Q2FY26 results

  • Revenue: Rs 3,986 crore / USD 462 million.
    • Up 8.1% QoQ in Rs terms, 5.9% in CC terms, 4.5% in USD terms.
    • Up 31.7% YoY in Rs terms, 25.7% in CC terms, 26.6% in USD terms.
  • EBIT margin at 14%, up 251 bps QoQ and 240 bps YoY.
  • EBITDA: USD 84 million, up 11.5% QoQ and 42% YoY in USD terms.
  • EBITDA margin at 18.3%, up 115 bps QoQ and 199 bps YoY.
  • PAT: Rs 376 crores, up 18.4% on a QoQ basis and 86.0% on a YoY basis.
  • The Board has recommended an interim dividend of Rs 4/- per share, and the record date for this payout will be October 31, 2025.

Sudhir Singh, Chief Executive Officer & Executive Director, Coforge, said: “The 8.1% sequential Rs growth in Q2, a next twelve-month signed order book which is 26.7% higher YoY, a sales execution engine that signed 14 large deals last year and has already closed 10 large deals in the first half of this year, an EBIT margin expansion of 250 bps QoQ, coupled with one of the lowest employee attrition rates across the industry are all pointers to what we believe will be an exceptional fiscal’26. We remain steadfast in our commitment to turning in the ninth consecutive year of sustained and robust growth despite the uncertain macros.”

Result PDF

IT Consulting & Software company Coforge announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue: Rs 3,409.9 crore / USD 403.5 million.
    • Up 3.4% QoQ in CC terms, 3.3% in USD terms, 4.7% in Rs terms.
    • Up 43.8% YoY in CC terms, 43.6% in USD terms, 47.1% in Rs terms.
  • EBITDA: USD 68 million, up 12.2% QoQ and 32.7% YoY in USD terms; EBITDA margin at 16.9%, up 134 bps QoQ
  • The Board has recommended an interim dividend of Rs 19/- per share, and the record date for this payout will be 12 May, 2025.

FY25 Financial Highlights:

  • Revenue: Rs 12,050.7 crore / USD 1.45 billion: Up 32.0% YoY in CC terms, 31.5% YoY in USD terms, 33.8% YoY in Rs terms.
  • EBITDA: Rs 1,998.2 crore, up 31.7% YoY

Sudhir Singh, Chief Executive Officer & Executive Director, Coforge, said: “FY25 was an exceptional year where the firm grew 32.0% in CC terms —driven by 14 large deals and broad-based growth in all of our verticals and geo-based businesses. Our ability to deliver this very strong performance in an uncertain macro environment demonstrates the strength of our client relationships, the commitment and competence of our team members, and an execution discipline that is uniquely ours. The USD 1.56 billion TCV deal signed in Q4, a 47.7% YoY increase in the order executable book for the next twelve months, and a growing large deals pipeline positions us well for strong growth in FY26.”

Result PDF

IT Consulting & Software company Coforge announced Q3FY25 results

Financial Highlights:

  • Revenue: Rs 3,318.2 crore/ USD 397.1 million.
    • Up 8.4% QoQ and 40.3% YoY in constant currency (CC) terms.
    • Up 7.5% QoQ and 40.8% YoY in USD terms.
    • Up 8.4% QoQ and 42.8% YoY in Rs terms.
  • EBITDA: Rs 519.0 crore, up 29.3% YoY.
  • Adjusted PAT: Rs 268.0 crore (Excl Minority), up 10.3% on a YoY basis.
  • The Board has recommended an interim dividend of Rs 19/- per share, and the record date for this payout will be January 30th, 2025.

Other Highlights:

  • Order Intake: USD 501 million - second consecutive quarter of USD 500 million order intake.
  • Sustained Large Deal Momentum: Four large deals signed this quarter across North America and ASEAN.
  • Headcount: stood at 33,094; net addition of 611 sequentially. Headcount has increased 16% organically since the beginning of the year.
  • Broad based growth across Americas (69.2%), EMEA (20.5%) and RoW (3.3%) YoY.
  • Cigniti business delivered 3.5% cc QoQ growth; EBITDA margin improved to 17.3%; up from 11% in Q4FY24.

Sudhir Singh, Chief Executive Officer and Executive Director, Coforge, said: “A 8.4% sequential cc growth, a 40.3% cc YoY growth in a seasonally weak quarter, four large deals in that same quarter, a concurrent and material sequential expansion of 122 bps in margins, a Cigniti business that has already touched an EBITDA margin of 17.3%, a large deals pipeline that is looking very robust and finally an ever strengthening next twelve month signed order book which now is 40% higher YoY gives us confidence that the coming year shall once again see robust and sustained growth.”

Result PDF

IT Consulting & Software company Coforge announced Q1FY25 results:

Financial Highlights:

  • Revenue for the quarter was Rs 24,008 million / USD 291.4 million
    • Up 1.6% QoQ and 7.8% YoY in constant currency (CC) terms
    • Up 1.6% QoQ and 7.2% YoY in USD terms
    • Up 1.8% QoQ and 8.1% YoY in Rs terms
  • EBITDA margin for the quarter stood at 17%, up 210 bps YoY
  • Normalized PAT at Rs 2,285 million, up 28.2% on a YoY basis
  • Cash Flow from Operations for the quarter stood at $ 23.2 million
  • The Board has recommended an interim dividend of Rs 19/- per share, and the record date for this payout will be August 2, 2024

Business Highlights:

  • Order intake at USD 314 million - tenth consecutive quarter of USD 300 million order intake.
  • 10 new clients were added during the quarter.
  • Headcount at the end of the quarter stood at 26,612; net addition of 1,886 sequentially.
  • LTM attrition (IT) at 11.4%, down 192 bps YoY.
  • Acquires 28% stake in Cigniti Limited, Revamps Board

Sudhir Singh, Chief Executive Officer, Coforge, said: “FY25 has started on a strong note with a healthy increase in EBITDA margins by 210bps over last year and OCF of USD 23.2 million. A very strong executable order book, backed by the highest ever headcount addition, sets us up for continued growth ahead.”

Result PDF

IT Consulting & Software company Coforge announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Revenue for the quarter was USD 286.8 million and Rs 23,585 million
  • Up 1.5% in Rs, 1.7% in USD and 1.9% in cc terms QoQ.
  • Up 8.7% in Rs terms, 8.5% in USD terms and 9.0% in CC terms on a YoY basis.
  • Adj. EBITDA margin for the quarter at 19.0%, sequentially up by 102 bps
  • PAT for the quarter at Rs 2,237 million, was up 94.8% YoY in Rs terms.

FY24 Financial Highlights:

  • Revenue at USD 1,119 million and Rs 91,790 million
  • Up 13.3% in CC terms, up 14.5% in Rs and 11.7% in USD terms
  • Adj. EBITDA margin at 17.6% for the year
  • Adj. EBITDA at Rs 16,185 million, up 10.5% YoY
  • PAT for the year at Rs 8,080 million, up 16.5% YoY

Sudhir Singh, Chief Executive Officer, Coforge, said, "FY24 was an exemplary year where the firm grew 13.3% in CC organic terms, thus becoming one of the very few firms across the industry that was able to deliver on the annual growth guidance given at the beginning of FY24. The USD 400 million TCV deal signed in Q4, the 56% YoY increase in order intake and the 102-bps sequential margin improvement in Q4 set us up strongly to deliver robust growth in FY25 with expanded margins.”

Result PDF

IT Consulting & Software company Coforge announced Q3FY24 results:

Financial Summary:

  • Revenue: Coforge reported quarterly revenue of Rs 23,233 million and $282 million, marking a sequential growth of 1.8% in constant currency and 1.4% in USD. Year-on-year (YoY) growth was posted at 12.0% in constant currency and 13.0% in INR terms.
  • Adjusted EBITDA: The adjusted EBITDA for the quarter was Rs 4,170 million (or $50.6 million), increasing by 9.8% YoY in INR terms and 8.9% in USD terms. Sequentially, it improved by 39 basis points.
  • Profit After Tax (PAT): PAT showed a strong increase of 31.5% quarter-on-quarter (QoQ) to Rs 2,380 million (or $28.9 million). In terms of earnings per share (EPS), this quarter's figure is Rs 38.6.

Business Highlights:

  • Order Intake: The company secured a fresh order intake totaling $354 million.
  • Order Book: The executable order book for the next 12 months stands at $974 million, reflecting a 15.8% increase YoY.
  • New Clients: Coforge added 7 new clients in this quarter.
  • Attrition Rate: The attrition rate settled at 12.1%, one of the lowest in the industry.

Vertical & Service Offering Mix:

  • Banking & Financial Services: Represents 32.2% of revenue.
  • Insurance: Accounts for 22.0% of revenue.
  • Travel, Transportation & Hospitality (TTH): Contributes 17.8% of revenue.
  • Location Mix: Onsite work makes up 47.8%, while offshore services constitute 52.2% of IT revenue.

Geographic Revenue Distribution:

  • Americas: Generates 46.6% of revenue.
  • EMEA (Europe, Middle East, and Africa): Contributes 40.0% of revenue.
  • Rest of World: Accounts for 13.4% of revenue.

Client Concentration:

  • Top 5 Clients: Revenue from the top 5 clients decreased year-over-year.
  • Top 10 Clients: Revenue concentration from the top 10 clients also decreased, indicating a diversification in the revenue base.

Employee Metrics:

  • Headcount: Global headcount increased to 24,607 by the end of December 2023.
  • Utilization Rate: Including trainees, the utilization rate is reported at 94%.

Operational Metrics:

  • Days Sales Outstanding (DSO): Stood at 63 days for the quarter, showing improvement over the previous year's figure of 73.
  • Currency Rates: The closing rate for INR/USD was 83.19, with the average rate being 83.26.

Awards & Recognitions:

  • Received accolades in categories like Digital Banking Services, P&C Insurance, and Market Leadership in Travel and Hospitality.
  • Recognized by HFS Research, Everest Group, and ISG in various capacities.
  • Winner in three categories at the 6th CHRO Vision & Innovation Awards 2023.
  • Recognized among India's Best Workplaces in IT & IT-BPM for the second year running.

Partnerships & Initiatives:

  • Launched Quasar Responsible AI and entered strategic partnerships to strengthen their service offerings like their Enforcement SaaS Platform and Insurance Lifecycle Management Solutions.
  • Coforge transformed a waste dumping ground into a biodiversity park in Noida.

“Coforge this year is likely to be one of the very few firms that gave clear growth guidance at the beginning of the year and shall deliver within that revenue guidance range. Our ability to deliver on an annual revenue guidance commitment in such a tough year and the fact that at the end of Q3 our YTD organic cc revenue growth is 14.7 percent is a testament to the tenacity of Team Coforge and our ability to execute against plans” said Sudhir Singh, Chief Executive Officer, Coforge.

 

 

Result PDF

IT Consulting & Software company Coforge announced Q2FY24 results:

Financial Highlights:
-Revenue for Q2FY24 was Rs 22,762 million and USD 278.1 million
- Q2FY24 revenue increased by 2.3% QoQ and 14.1% YoY, in constant currency terms.
- Adj. EBITDA margin improved by 160 bps QoQ.
- Q2FY24 consolidated PAT was Rs 1,810 million, up 9.5% QoQ.

Business Highlights:
- Three large deals were signed during the quarter.
- Order intake was USD 313 million, marking the seventh consecutive quarter of USD 300 million deal wins.
- Total order book executable over the next 12 months at USD 935 million, representing a 16.6% YoY growth.
- Added 8 new clients during the quarter, bringing the total number of clients to 61 Forbes Global 1000 clients.
- Headcount increased to 24,638, with a net addition of 414 QoQ.

"At the end of the first half, the firm has grown 16.2% in CC terms despite a very challenging market context. This reflects once again, the exceptional execution intensity and commitment of all members of Team Coforge." - Sudhir Singh, CEO, Coforge.

 

 

Result PDF

IT Consulting & Software company Coforge announced Q1FY24 results:

  • Revenue for the quarter was INR 22,210 million and USD 271.8 million
    • Up 2.7% QoQ and 18.4% YoY in constant currency (CC) terms
    • Up 2.8% QoQ and 13.9% YoY in USD terms
    • Up 2.4% QoQ and 21.4% YoY in INR terms
  • Adjusted EBITDA margin for the quarter stood at 16%.
  • The Board has recommended an interim dividend of Rs 19 per share, and the record date for this payout will be August 3, 2023
  • Total order book executable over the next 12 months at USD 897 million
  • Record order intake was USD 531 million, sixth consecutive quarter of USD 300 million order intake.
  • 6 new clients were added during the quarter.
  • Headcount as of 30th June 2023, at 24,224; a net addition of 1,000 people during the quarter.
  • LTM attrition at 13.3%, down 470 bps YoY.
  • Two USD 50 million deals signed in the Banking and Financial Services (BFS) vertical.
  • Highest ever order intake of USD 531 million during the quarter.
  • Reiterates FY24 annual revenue growth guidance of 13% to 16% in CC terms.

“Exceptional execution by Team Coforge in a testing environment allowed us to deliver another quarter of sustained, robust and profitable growth. The five-year USD 300 million TCV deal in the BFS space along with another five year USD 65 million TCV deal in the same sector underlined the execution rigor of the team. During the quarter we increased our net headcount by 1000 employees to support future growth, fully rolled out the annual salary increments for our employees on April 1st, honored all commitments to onboard campus hires, met our commitment to distribute around 21,500 i-pads to employees to mark our USD 1 Billion milestone and saw attrition drop down to 13.3%. The quarter’s performance sets us up very well for meeting our annual revenue guidance of 13% to 16% cc growth.” said Sudhir Singh, Chief Executive Officer, Coforge.

 

 

Result PDF

IT Consulting & Software company Coforge announced Q4FY23 & FY23 results:

  • Q4FY23:
    • Revenue for Q4FY23 was USD 264.4 million and Rs 21,700 million
      • Up 5.6% in INR, 5.0% in USD, and 4.7% in CC terms QoQ
      • Up 24.5% in INR terms and 13.8% in USD terms YoY
    • Adj. EBITDA margin for Q4FY23 at 19.6%, sequentially up by 109 bps
    • PAT for Q4FY23, excluding one-off expenses, at Rs 2,327 million, increased 12.1% YoY in INR terms
  • FY23:
    • Revenue at USD 1,002 million and Rs 80,146 million
      • Up 22.4% in CC terms, up 24.6% in INR, and 15.6% in USD terms
    • Gross Margin expanded by 55 bps YoY to 32.5%
    • Adj. EBITDA margin at 18.3% for the year
      • Adj. EBITDA at Rs 14,649 million, up 21.5% YoY
    • PAT for FY23, excluding one-off expenses, at Rs 8,117 million, up 22.7% YoY

“We believe that our performance during the quarter was marked by two key achievements. The first was a quarterly sequential USD growth of 5.0%. The second major landmark has been the firm crossing the USD one billion revenue mark. Our performance heading into FY24 sets us up well to deliver robust growth.” said Sudhir Singh, Chief Executive Officer, Coforge

 

 

Result PDF

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