Coforge

Revenue up 53.6% YoY to Rs 6170.80 cr in Q2FY2027

On consolidated basis

Quarter ended September 2026 compared with Quarter ended June 2026.

Net sales (including other operating income) of Coforge has increased 11.63% to Rs 6170.8 crore.  

Operating profit margin has jumped from 19.14% to 19.82%, leading to 15.61% rise in operating profit to Rs 1,223.20 crore.  Employee cost increased from 56.53% to 57.31%.   Other expenses fell from 24.33% to 22.87%.   Selling and administration expenses fell from 12.67% to 12.09%.   

Other income fell 8.96% to Rs 24.4 crore.  PBIDT rose 15.01% to Rs 1247.6 crore.  Provision for interest rose 24.71% to Rs 108 crore.  Loan funds remained nil.  

PBDT rose 14.17% to Rs 1139.6 crore.  Provision for depreciation rose 18.21% to Rs 285 crore.  

Profit before tax grew 12.88% to Rs 854.60 crore.  Share of profit/loss were nil in both the periods.  Extraordinary items were decreased to Rs -55.70 crore.  Provision for tax was expense of Rs 194 crore, compared to Rs 170.4 crore.  Effective tax rate was 24.28% compared to 24.27%.

Minority interest increased 28.24% to Rs 16.80 crore.  Net profit attributable to owners of the company increased 13.40% to Rs 588.10 crore.  

Quarter ended September 2026 compared with Quarter ended September 2025.

Net sales (including other operating income) of Coforge has increased 53.64% to Rs 6170.8 crore.  Sales of Europe Middle East & Africa segment has gone up 29.70% to Rs 1,520.20 crore (accounting for 24.64% of total sales).  Sales of America segment has gone up 67.77% to Rs 3,893.50 crore (accounting for 63.10% of total sales).  Sales of ROW segment has gone up 44.62% to Rs 757.10 crore (accounting for 12.27% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has jumped 67.75% to Rs 984.70 crore.  PBIT of Europe Middle East & Africa segment rose 59.55% to Rs 289.90 crore (accounting for 29.44% of total PBIT).  PBIT of America segment rose 79.77% to Rs 687.80 crore (accounting for 69.85% of total PBIT).  PBIT of ROW segment fell 69.16% to Rs 7.00 crore (accounting for 0.71% of total PBIT).  

PBIT margin of Europe Middle East & Africa segment rose from 15.50% to 19.07%.  PBIT margin of America segment rose from 16.49% to 17.67%.  PBIT margin of ROW segment fell from 4.34% to 0.92%.  Overall PBIT margin rose from 14.62% to 15.96%.  

Operating profit margin has jumped from 18.90% to 19.82%, leading to 61.12% rise in operating profit to Rs 1,223.20 crore.  Employee cost increased from 56.58% to 57.31%.   Other expenses fell from 24.47% to 22.87%.   Selling and administration expenses fell from 13.66% to 12.09%.   

Other income rose 106.78% to Rs 24.4 crore.  PBIDT rose 61.82% to Rs 1247.6 crore.  Provision for interest rose 164.06% to Rs 108 crore.  Loan funds rose to Rs 6,026.30 crore as of 30 September 2026 from Rs 971.50 crore as of 30 September 2025.  Sundry debtors were higher at Rs 5,978.10 crore as of 30 September 2026 compared to Rs 3,152.10 crore as of 30 September 2025.  Cash and bank balance rose to Rs 1,874.50 crore as of 30 September 2026 from Rs 530.40 crore as of 30 September 2025.  Investments declined from Rs 40.80 crore as of 30 September 2025 to Rs 6.20 crore as of 30 September 2026.  

PBDT rose 56.09% to Rs 1139.6 crore.  Provision for depreciation rose 65.79% to Rs 285 crore.  Fixed assets increased to Rs 7,061.50 crore as of 30 September 2026 from Rs 1,600.70 crore as of 30 September 2025.  Intangible assets increased from Rs 5,508.00 crore to Rs 16,535.40 crore.  

Profit before tax grew 53.10% to Rs 854.60 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 194 crore, compared to Rs 132.8 crore.  Effective tax rate was 24.28% compared to 23.79%.

Minority interest decreased 66.13% to Rs 16.80 crore.  Net profit attributable to owners of the company increased 56.49% to Rs 588.10 crore.  

Equity capital increased from Rs 66.90 crore as of 30 September 2025 to Rs 88.60 crore as of 30 September 2026.  Per share face Value remained same at Rs 2.00.  

Full year results analysis.

Year-to-date (YTD) results analysis.

Net sales (including other operating income) of Coforge has increased 51.52% to Rs 11698.5 crore.  Sales of Europe Middle East & Africa segment has gone up 31.61% to Rs 3,012.60 crore (accounting for 25.75% of total sales).  Sales of America segment has gone up 65.68% to Rs 7,311.30 crore (accounting for 62.50% of total sales).  Sales of segment has gone up 34.92% to Rs 1,374.60 crore (accounting for 11.75% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has jumped 82.15% to Rs 1,866.90 crore.  PBIT of Europe Middle East & Africa segment rose 64.34% to Rs 545.60 crore (accounting for 29.22% of total PBIT).  PBIT of America segment rose 95.07% to Rs 1,293.90 crore (accounting for 69.31% of total PBIT).  PBIT of segment fell 7.43% to Rs 27.40 crore (accounting for 1.47% of total PBIT).  

PBIT margin of Europe Middle East & Africa segment rose from 14.50% to 18.11%.  PBIT margin of America segment rose from 15.03% to 17.70%.  PBIT margin of segment fell from 2.91% to 1.99%.  Overall PBIT margin rose from 13.27% to 15.96%.  

Operating profit margin has jumped from 17.31% to 19.50%, leading to 70.72% rise in operating profit to Rs 2,281.20 crore.  Employee cost decreased from 58.12% to 56.94%.   Other expenses fell from 24.52% to 23.56%.   Selling and administration expenses fell from 13.33% to 12.36%.   

Other income rose 68.42% to Rs 51.2 crore.  PBIDT rose 70.67% to Rs 2332.4 crore.  Provision for interest rose 123.42% to Rs 194.6 crore.  Loan funds rose to Rs 6,026.30 crore as of 30 September 2026 from Rs 971.50 crore as of 30 September 2025.  Sundry debtors were higher at Rs 5,978.10 crore as of 30 September 2026 compared to Rs 3,152.10 crore as of 30 September 2025.  Cash and bank balance rose to Rs 1,874.50 crore as of 30 September 2026 from Rs 530.40 crore as of 30 September 2025.  Investments declined from Rs 40.80 crore as of 30 September 2025 to Rs 6.20 crore as of 30 September 2026.  

PBDT rose 67.08% to Rs 2137.8 crore.  Provision for depreciation rose 58.89% to Rs 526.1 crore.  Fixed assets increased to Rs 7,061.50 crore as of 30 September 2026 from Rs 1,600.70 crore as of 30 September 2025.  Intangible assets increased from Rs 5,508.00 crore to Rs 16,535.40 crore.  

Profit before tax grew 69.94% to Rs 1,611.70 crore.  Share of profit/loss were nil in both the periods.  Extraordinary items were decreased to Rs -110.70 crore.  Provision for tax was expense of Rs 364.4 crore, compared to Rs 212 crore.  Effective tax rate was 24.28% compared to 22.95%.

Minority interest decreased 66.25% to Rs 29.90 crore.  Net profit attributable to owners of the company increased 77.64% to Rs 1,106.70 crore.  

Equity capital increased from Rs 66.90 crore as of 30 September 2025 to Rs 88.60 crore as of 30 September 2026.  Per share face Value remained same at Rs 2.00.  

Cash flow from operating activities increased to Rs 1,081.10 crore for YTD ended September 2026 from Rs 787.30 crore for YTD ended September 2025.  Cash flow used in acquiring fixed assets during the YTD ended September 2026 stood at Rs 73.90 crore, compared to Rs 653.70 crore during the YTD ended September 2025.  

Full year results analysis.

Net sales (including other operating income) of Coforge has increased 35.86% to Rs 16402.7 crore.  Sales of Europe Middle East & Africa segment has gone up 17.00% to Rs 4,742.50 crore (accounting for 28.91% of total sales).  Sales of America segment has gone up 41.25% to Rs 9,334.40 crore (accounting for 56.91% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has jumped 29.12% to Rs 2,364.50 crore.  PBIT of Europe Middle East & Africa segment rose 3.51% to Rs 734.90 crore (accounting for 31.08% of total PBIT).  PBIT of America segment rose 42.25% to Rs 1,578.80 crore (accounting for 66.77% of total PBIT).  

PBIT margin of Europe Middle East & Africa segment fell from 17.52% to 15.50%.  PBIT margin of America segment rose from 16.80% to 16.91%.  Overall PBIT margin fell from 15.20% to 14.42%.  

Operating profit margin has jumped from 14.03% to 17.90%, leading to 73.35% rise in operating profit to Rs 2,936.10 crore.  Purchase of finished goods cost fell from 0.08% to 0.04%.   Employee cost decreased from 59.84% to 56.19%.   Other expenses fell from 26.05% to 25.87%.   Selling and administration expenses rose from 11.51% to 13.36%.   

Other income fell 55.56% to Rs 73.2 crore.  PBIDT rose 61.93% to Rs 3009.3 crore.  Provision for interest rose 25.17% to Rs 168.6 crore.  Loan funds declined from Rs 1,070.40 crore as of 31 March 2025 to Rs 727.80 crore as of 31 March 2026.  Sundry debtors were higher at Rs 4,303.90 crore as of 31 March 2026 compared to Rs 2,577.10 crore as of 31 March 2025.  Cash and bank balance rose to Rs 1,099.20 crore as of 31 March 2026 from Rs 883.20 crore as of 31 March 2025.  

PBDT rose 64.80% to Rs 2840.7 crore.  Provision for depreciation rose 59.47% to Rs 681.9 crore.  Fixed assets increased to Rs 2,595.70 crore as of 31 March 2026 from Rs 2,255.60 crore as of 31 March 2025.  Intangible assets increased from Rs 3,843.00 crore to Rs 4,167.10 crore.  

Profit before tax grew 66.56% to Rs 2,158.80 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 258.3 crore, compared to Rs 332.6 crore.  Effective tax rate was 13.36% compared to 25.66%.

Minority interest increased 52.42% to Rs 189.00 crore.  Net profit attributable to owners of the company increased 76.95% to Rs 1,485.50 crore.  

Equity capital increased from Rs 66.90 crore as of 31 March 2025 to Rs 67.20 crore as of 31 March 2026.  Per share face Value remained same at Rs 2.00.  

Cash flow from operating activities increased to Rs 1,791.70 crore for year ended March 2026 from Rs 1,237.10 crore for year ended March 2025.  Cash flow used in acquiring fixed assets during the year ended March 2026 stood at Rs 742.50 crore, compared to Rs 614.40 crore during the year ended March 2025.  

 

Other Highlights:

 

Total order book executable over the next 12 months stood at US$ 2.38 billion up 45% YoY .

8 large deals signed; highest number signed in a single quarter.

FY27 EBIT margin guidance raised to 16%

Management Commentary:

Commenting on the performance Mr Sudhir Singh, CEO said ?The 10.1% sequential growth and 40.1% YoY growth in US dollar terms, a 3.8% sequential organic cc growth, a next twelve month signed order book of $2.38 billion, an order intake of over $1 billion and eight large deals, the most the firm has ever signed in a single quarter, have put us firmly on course to be the industry growth leader for the third year running. We are raising our FY27 EBIT margin guidance from 15.5% to 16%. We expect to further improve our EBIT margin to 17% next year; and will be targeting to be amongst top three scaled IT services firms on margins while maintaining our growth momentum.?

Coforge : Consolidated Results

Quarter ended Year to Date Year ended Particulars 202609 202509 Var.(%) 202609 202509 Var.(%) 202603 202503 Var.(%) Net Sales (including other operating income) 6,170.80 4,016.40 53.64 11,698.50 7,720.80 51.52 16,402.70 12,073.30 35.86 OPM (%) 19.82 18.90 92 bps 19.50 17.31 219 bps 17.90 14.03 387 bps OP 1,223.20 759.20 61.12 2,281.20 1,336.20 70.72 2,936.10 1,693.70 73.35 Other Inc. 24.40 11.80 106.78 51.20 30.40 68.42 73.20 164.70 -55.56 PBIDT 1,247.60 771.00 61.82 2,332.40 1,366.60 70.67 3,009.30 1,858.40 61.93 Interest 108.00 40.90 164.06 194.60 87.10 123.42 168.60 134.70 25.17 PBDT 1,139.60 730.10 56.09 2,137.80 1,279.50 67.08 2,840.70 1,723.70 64.80 Depreciation 285 171.9 65.79 526.1 331.1 58.89 681.9 427.6 59.47 PBT 854.60 558.20 53.10 1611.7 948.4 69.94 2158.8 1296.1 66.56 Share of Profit/(Loss) from Associates 0 0 - 0 0 - 0 0 - PBT before EO 854.6 558.2 53.10 1611.7 948.4 69.94 2158.8 1296.1 66.56 EO Income -55.7 0 - -110.7 -24.8 -346.37 -226 0 - PBT after EO 798.9 558.2 43.12 1501 923.6 62.52 1932.8 1296.1 49.12 Taxation 194 132.8 46.08 364.4 212 71.89 258.3 332.6 -22.34 PAT 604.9 425.4 42.20 1136.6 711.6 59.72 1674.5 963.5 73.79 Minority Interest (MI) 16.8 49.6 -66.13 29.9 88.6 -66.25 189 124 52.42 Net profit 588.1 375.8 56.49 1106.7 623 77.64 1485.5 839.5 76.95 P/(L) from discontinued operations net of tax 0 0 - 0 70.2 - 70.2 -27.4 LP Net profit after discontinued operations 588.1 375.8 56.49 1106.7 693.2 59.65 1555.7 812.1 91.57 EPS (Rs)* 14.20 8.48 67.40 26.82 14.44 85.75 37.45 18.95 97.64 * EPS is on current equity of Rs 88.61 crore, Face value of Rs 2, Excluding extraordinary items. # EPS is not annualised bps : Basis points EO : Extraordinary items Figures in Rs crore Source: Capitaline Corporate Database

Coforge : Consolidated Segment Results

td>-   Quarter ended Year to Date Year ended % of (Total) 202609 202509 Var.(%) % of (Total) 202609 202509 Var.(%) % of (Total) 202603 202503 Var.(%) Sales Europe Middle East & Africa 24.64 1,520.20 1,172.10 29.70 25.75 3,012.60 2,289.00 31.61 28.91 4,742.50 4,053.40 17.00 Asia Pacific 0.00 0.00 0.00 - India 0.00 0.00 0.00 - America 63.10 3,893.50 2,320.80 67.77 62.50 7,311.30 4,413.00 65.68 56.91 9,334.40 6,608.50 41.25 ROW 12.27 757.10 523.50 44.62 11.75 1,374.60 1,018.80 34.92 Total Reported Sales 100.00 6,170.80 4,016.40 53.64 100.00 11,698.50 7,720.80 51.52 100.00 16,402.70 12,050.70 36.11 Less: Inter segment revenues   0.00 0.00 -   0.00 0.00   0.00 0.00 - Net Sales 100.00 6,170.80 4,016.40 53.64 100.00 11,698.50 7,720.80 51.52 100.00 16,402.70 12,050.70 36.11 PBIT Europe Middle East & Africa 29.44 289.90 181.70 59.55 29.22 545.60 332.00 64.34 31.08 734.90 710.00 3.51 Asia Pacific 0.00 0.00 0.00 - India 0.00 0.00 0.00 - America 69.85 687.80 382.60 79.77 69.31 1,293.90 663.30 95.07 66.77 1,578.80 1,109.90 42.25 ROW 0.71 7.00 22.70 -69.16 1.47 27.40 29.60 -7.43 Total PBIT 100.00 984.70 587.00 67.75 100.00 1,866.90 1,024.90 82.15 100.00 2,364.50 1,831.20 29.12 Less : Interest 0.00 0.00 - 0.00 0.00 - 0.00 0.00 - Add: Other un-allcoable -185.80 -28.80 -545.14 -365.90 -101.30 -261.20 -431.70 -535.10 19.32 PBIT Margin(%) Europe Middle East & Africa   19.07 15.50 356.78   18.11 14.50 360.65   15.50 17.52 -202.01 Asia Pacific   0.00 0.00 0.00   0.00 7.86 -785.80 India   0.00 0.00 0.00   0.00 -10.61 1,060.78 America   17.67 16.49 117.96   17.70 15.03 266.67   16.91 16.80 11.87 ROW   0.92 4.34 -341.16   1.99 2.91 -91.21   2.18 0.00 218.42 PBT 100.00 798.90 558.20 43.12 100.00 1,501.00 923.60 62.52 100.00 1,932.80 1,296.10 49.12

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