Coforge Ltd(COFORGE)

NSE: COFORGEBSE: 532541

₹ 1,900-0.73%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 84,177 crWebsite: www.coforge.comUpdated: 25 Oct 2026

About

Coforge is an India-headquartered IT services and software engineering company that describes itself as a focused, AI-native engineering services company, and says it has become the seventh-largest Indian IT services firm. It reported FY26 revenue of Rs 16402.7 Cr. After consolidating Encora, revenue grew 10.9% QoQ in constant currency to $652.2mn in Q2 FY27. Americas contributed 56.9% of revenue in FY26.^[1][2][3]

Revenue by geography

Americas: 56.9% of revenue in FY26 vs 54.8% in FY25.^[1]
Europe, Middle East and Africa: 28.9% of revenue in FY26 vs 33.7% in FY25.^[1]
Rest of World: 14.2% of revenue in FY26 vs 11.5% in FY25.^[1]

Service lines and verticals

AI-led Engineering is the largest service line at 50% of Q1 FY27 revenue; Data and Integration at 21%; Cloud at 15%.^[4]
Banking and Financial Services: 24.7% of consolidated revenue in Q1 FY27; BFS grew 8.3% organic CC QoQ in Q2 FY27.^[4][3]
Travel: 23.4% of quarterly revenue in Q4 FY26, growing 59.2% YoY in Q4 and 62% for full-year FY26.^[5]
Healthcare & HiTech: 17.3% of consolidated revenue in Q1 FY27; it fell 6.4% QoQ on an organic CC basis in Q2 FY27.^[4][3]
Government outside India grew 20.8% QoQ on an organic CC basis in Q2 FY27.^[3]

Orders and operating numbers

Fresh order intake of $1.04bn in Q2 FY27, up 51% QoQ and 102% YoY, with eight large deals, the most in a single quarter.^[3]
Next-12-month executable order book of $2.38bn in Q2 FY27, up 45% YoY from $1.64bn.^[3]
Organic CC revenue growth of 3.8% QoQ in Q2 FY27, vs 10.9% consolidated CC growth.^[3]
Attrition (LTM): 10.4% in Q2 FY27, down from 11.4%.^[3]
Utilisation of 82.4% in Q2 FY27; fixed price mix 40.5%; DSO 110 days.^[3]
Revenue per IT billable headcount (annualised): $70,557 in Q1 FY27 vs $67,907 in Q1 FY26.^[4]
FY26 order intake of USD 2.26 billion with 21 large deals, vs USD 3.5 billion in FY25, which included a one-time USD 1.56 billion Sabre contract.^[1]
Outcome-based contracts represent 6 - 7% of revenue in Q1 FY27.^[4]

Customers and concentration

Top 5 clients accounted for 18.1% of revenue in Q2 FY27; top 10 and top 20 accounts each growing 20%+ YoY.^[3]
A second client crossed the $100mn annualised run rate in Q2 FY27.^[3]
260 clients as of FY26, including 61 Forbes Global 1000 organisations, with a 95.5% repeat business rate.^[1]
One customer accounted for 12% of standalone revenue and 25% of standalone trade receivables in FY26.^[1]
Three Encora-sourced clients entered the combined top 20 in Q1 FY27; one already in the top 10.^[4]

Products and AI platforms

More than 520 AI engagements for 225+ clients, with over 260 agents in live operations, as of Q2 FY27.^[3]
Launched Nuuron, Momentuum Blue and AI Launchpad, and expanded the Pega partnership under its own brand, per the Q2 FY27 call.^[3]
The One AI platform stack includes Quasar, Forge-X, CodeInsightAI, BlueSwan, AIVA, Data Cosmos and EvolveOps.AI (FY26).^[1]
NEXA Agentic AI Platform for insurance and Aeronova.AI for airlines launched in Q1 FY27.^[4]
R&D spend of INR 1,635 million in FY26, 1% of revenue; runs a Data & AI Lab at IIT-BHU, Varanasi.^[1]
ServiceNow CoE with 200+ consultants; Microsoft Solution Partner status in all six designations (FY26).^[1]

Workforce and delivery

Net headcount additions of 1,137 in Q2 FY27; total headcount was 46,228 in Q1 FY27.^[3][4]
Encora adds about 9,500 people, including more than 3,500 engineers across Latin America and Eastern Europe.^[1]
Kraków engineering centre expanded with 20,000 sq ft as of October 1, 2026; headcount at 375, targeting 660 by 2027.^[6]

Encora acquisition

100% of Encora acquired on April 23, 2026 via allotment of 9,37,96,508 shares at INR 1,815.91 each; total consideration INR 170,326 Mn.^[1]
USD 550 million three-year term loan at 4.6% fixed taken to fund Encora and refinance its debt.^[1]
Encora revenue was flat QoQ at about $147-148mn in Q2 FY27; management expects its growth to mirror Coforge's from Q3 FY27.^[3]

Recent developments and targets

FY27 EBIT margin guidance raised to 16% from 15.5% in Q2 FY27; Q4 FY27 target of 17% and FY28 at least 17%.^[3]
Company expects to sign eight or more large deals in Q3 FY27.^[3]
Hedge losses of about $7.1-7.5mn expected in Q3 FY27 and $1.2mn in Q4, zero thereafter.^[3]
Cigniti Technologies amalgamation effective May 5, 2026; Coforge AdvantageGo sold to Sapiens (UK) Limited effective May 5, 2026.^[1]
CRISIL upgraded the long-term issuer rating to AA+/Stable (FY26 annual report).^[1]
India Government portfolio exit: $15 Mn ramp-down completed in Q1 FY27.^[4]

Market Cap

₹84,177 Cr

High / Low

₹2,022 / 1,009

Stock P/E

39.0

Price / Book

6.7

Book Value

₹222

EPS

₹18.2

No. of Shares

42.96 Cr

ROCE

22.2%

ROE

7.7%

OPM

14.1%

Debt / Equity

0.04

Sales

₹16,403 Cr

Net Profit

₹666 Cr

Promoter holding

0.0%

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Coforge Ltd(COFORGE)

About

Revenue by geography

Service lines and verticals

Orders and operating numbers

Customers and concentration

Products and AI platforms

Workforce and delivery

Encora acquisition

Recent developments and targets

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