Coforge Limited (COFORGE)
₹1,951.90 +0.91% last close, 16 Oct
Q2 FY27 results
📅 Next results: 23 Oct 2026 (board meeting)Coforge Limited's board meets on 23 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Coforge's revenue was ₹5,528 Cr (+49.8% year on year, +24.2% on the previous quarter), and net profit ₹532 Cr (+49.4% year on year); the operating margin was 19.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹5,528 | +49.8% | +24.2% |
| Operating profit | ₹1,058 | +83.4% | +20.8% |
| Net profit | ₹532 | +49.4% | -20.2% |
| EPS (₹) | 12.34 | +30.0% | -32.3% |
| Operating margin | 19.1% | — | — |
COFORGE delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 42.52% of the COFORGE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.12%. That is close to its usual level. In COFORGE futures, open interest rose 0.76% while the futures price rose 1.04%: long buildup (new long positions).
Delivery in the last 5 sessions: 46.0% · 34.7% · 52.6% · 50.8% · 42.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Coforge Limited submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The Registrar and Transfer Agent, MUFG Intime India Private Limited, confirmed that securities received for dematerialisation were processed, accepted/rejected, and listed on stock exchanges within prescribed timelines. The physical certificates received were mutilated and cancelled after due verification. This is a standard quarterly administrative compliance filing with no impact on business operations or financials.
- Compliance certificate filed under Regulation 74(5) of SEBI Regulations, 2018
- Pertains to the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited dated October 3, 2026
Coforge Limited announced the launch of its 'Intent Engineering Framework' aimed at helping enterprise clients build outcome-aligned autonomous AI agents. The framework addresses governance, risk management, and decision boundaries as organizations transition from AI experimentation to autonomous operational execution. No direct revenue commitments, client contracts, or financial numbers were disclosed in the announcement. Against Coforge's TTM revenue of ₹15,748 crore, this release represents a thought leadership and service capability addition rather than an immediate quantifiable financial event.
- Press release issued on October 5, 2026, launching an Intent Engineering Framework
- Framework structured around 'The 3 Layers of Enterprise AI: From Prompts to Context to Intent'
- Focuses on defining AI agent purpose, boundaries, success metrics, and governance controls
- No immediate financial deal values or revenue projections disclosed in the filing
Coforge announced the expansion of its Kraków, Poland engineering center as a strategic AI engineering and nearshore delivery hub. The center currently employs more than 375 engineers and is planned to grow to over 660 professionals by 2027. To support this growth, the company added more than 20,000 square feet of new workspace and infrastructure. This nearshore delivery expansion is aimed at capturing rising enterprise demand across Europe and the UK in sectors including travel, banking, logistics, and retail.
- Headcount at the Kraków center to expand from over 375 engineers to more than 660 by 2027
- Added more than 20,000 square feet of new workspace and scalable infrastructure
- Kraków hub transitioned from a single anchor engagement in 2025 to a multi-client AI engineering delivery hub
- Nearshore hub serves European and UK clients across travel, banking, logistics, and retail
Coforge issued a press release on September 30, 2026, outlining its industry positioning around Modern Airline Retailing (MAR) and agentic travel. The company highlighted its proprietary platform, Aeronova.AI, which targets Offer and Order transformations for global travel and airline enterprises. The announcement does not disclose any contract wins, deal values, or commercial financial commitments. Relative to Coforge's TTM revenue of ₹15,748 Cr, the immediate financial impact of this marketing and capability showcase is immaterial.
- Press release issued on September 30, 2026, focusing on Agentic Travel and Modern Airline Retailing
- Highlighted Aeronova.AI platform to orchestrate AI agents across legacy and modern airline platforms
- No commercial deal size, revenue contract value, or client names disclosed in the release
- Company operates at a TTM revenue scale of ₹15,748 Cr with Travel and BFSI as key large-deal verticals
Coforge issued a press release on September 30, 2026, outlining its industry positioning around Modern Airline Retailing (MAR) and agentic travel. The company highlighted its proprietary platform, Aeronova.AI, which targets Offer and Order transformations for global travel and airline enterprises. The announcement does not disclose any contract wins, deal values, or commercial financial commitments. Relative to Coforge's TTM revenue of ₹15,748 Cr, the immediate financial impact of this marketing and capability showcase is immaterial.
- Press release issued on September 30, 2026, focusing on Agentic Travel and Modern Airline Retailing
- Highlighted Aeronova.AI platform to orchestrate AI agents across legacy and modern airline platforms
- No commercial deal size, revenue contract value, or client names disclosed in the release
- Company operates at a TTM revenue scale of ₹15,748 Cr with Travel and BFSI as key large-deal verticals
Coforge Limited has appointed Mr. Akhil Gupta as a Non-Executive Independent Director and Chairperson of the Board for a 5-year term starting September 29, 2026. Mr. Gupta, former Vice Chairman of Bharti Enterprises, was selected from an initial pool of 60 candidates through a search process led by Egon Zehnder. He brings over 40 years of corporate and governance experience to Coforge, which reported TTM revenue of ₹15,748 crore and has a market cap of ₹67,552 crore. The appointment strengthens independent board leadership as the company focuses on AI-led growth.
- Appointed as Chairperson and Non-Executive Independent Director for a 5-year tenure effective September 29, 2026
- Selected unanimously by the NRC and Board following a global search across 60 candidates with Egon Zehnder
- Brings over 40 years of professional experience as a Chartered Accountant and former Vice Chairman of Bharti Enterprises
- Current Chairman of boards including 360 ONE WAM Ltd and Bharti Life Insurance Ltd
Coforge Limited has approved the appointment of Mr. Akhil Kumar Gupta as an Additional Director, Non-Executive Independent Director, and Chairperson of the Board effective September 29, 2026. The appointment is for a tenure of 5 years and remains subject to shareholder approval. Mr. Gupta brings over 40 years of professional corporate leadership experience, having previously served as Vice Chairman of Bharti Enterprises. For a mid-tier IT player with ₹15,748 Cr TTM revenue, this marks a notable strengthening of independent board governance.
- Appointment of Mr. Akhil Kumar Gupta as Board Chairperson and Independent Director effective September 29, 2026
- Appointed for a tenure of 5 years, subject to necessary shareholder approvals
- Candidate possesses over 40 years of corporate experience, formerly serving as Vice Chairman at Bharti Enterprises
- Board meeting commenced at 08:12 PM IST and concluded at 08:33 PM IST on September 28, 2026
Coforge Limited has approved the appointment of Mr. Akhil Kumar Gupta as an Additional Director, Non-Executive Independent Director, and Chairperson of the Board effective September 29, 2026. The appointment is for a tenure of 5 years and remains subject to shareholder approval. Mr. Gupta brings over 40 years of professional corporate leadership experience, having previously served as Vice Chairman of Bharti Enterprises. For a mid-tier IT player with ₹15,748 Cr TTM revenue, this marks a notable strengthening of independent board governance.
- Appointment of Mr. Akhil Kumar Gupta as Board Chairperson and Independent Director effective September 29, 2026
- Appointed for a tenure of 5 years, subject to necessary shareholder approvals
- Candidate possesses over 40 years of corporate experience, formerly serving as Vice Chairman at Bharti Enterprises
- Board meeting commenced at 08:12 PM IST and concluded at 08:33 PM IST on September 28, 2026
Coforge has announced the expansion of its AgenticOps capabilities under the Coforge Nuuron AI autonomy enablement suite via its EvolveOps.AI platform. The company is currently working with more than 160 clients on AgenticOps deployments, with 37 clients reporting 98.2% accuracy across 392 secure environments. The framework provides continuous agent monitoring, drift detection, zero-trust security, and token consumption controls. While no direct financial contract value was disclosed, this strengthens Coforge's positioning in AI-native engineering services relative to its TTM revenue base of Rs 15,748 crore.
- Working with more than 160 clients to enable their AgenticOps journey
- 37 clients are already experiencing 98.2% accuracy with AgenticOps
- Deployed across 392 secure environments spanning AI workloads, cloud, and infrastructure
- Features EvolveOps.AI within the Coforge Nuuron AI autonomy enablement suite
Coforge Limited announced the expansion of its AI-powered vehicle lifecycle intelligence capabilities targeting automotive lenders, fleet operators, and remarketing firms. The solution integrates disparate data including VIN, mileage, maintenance records, and 360-degree condition assessments to streamline vehicle remarketing decisions. The company stated that the platform is already deployed at scale, actively processing and supporting over 60,000 vehicles annually. Financial values or specific deal contract sizes linked to this launch were not disclosed in the filing.
- Expanded AI capabilities to provide vehicle lifecycle intelligence and condition reports
- Platform supports more than 60,000 vehicles annually at scale
- Targets automotive lenders, fleet operators, and remarketing organizations
- Contract value and financial impact not disclosed
Coforge Limited announced the introduction of its Value Gates Framework, a methodology intended to help enterprises scale artificial intelligence projects from proof-of-concept to measurable business outcomes. The framework focuses on tracking business impact, user adoption, governance, and return on investment across the project lifecycle. Along with the framework, the company published a thought leadership paper titled 'Value-First AI Project Management'. No financial contracts, revenue commitments, or commercial values were disclosed in this release.
- Introduced the Value Gates Framework on September 19, 2026, targeting enterprise generative and agentic AI deployments
- Framework establishes stage-wise evaluation criteria across ROI, adoption, governance, and operational feasibility
- Published companion thought leadership paper 'Value-First AI Project Management: A Value Gates Framework'
- No commercial deal sizes, capital expenditure, or client win figures were disclosed
Coforge Limited has released a research white paper titled 'AI in Private Equity: Driving Value Through AI Execution' on September 18, 2026. The paper highlights execution challenges PE firms face in converting AI investments into measurable returns across portfolios. This publication follows the earlier launch of Coforge's Private Equity Business Unit aimed at expanding client engagements in that segment. The announcement contains no financial commitments, contract wins, or immediate revenue impact for the company (TTM revenue: ₹15,748 Cr).
- Published white paper titled 'AI in Private Equity: Driving Value Through AI Execution' on September 18, 2026
- Highlights execution and governance gaps faced by private equity portfolios in scaling AI initiatives
- Builds on the launch of Coforge's dedicated Private Equity Business Unit introduced earlier in 2026
- No commercial deal values or direct revenue impact disclosed in the filing
Coforge Limited submitted an investor presentation for its webinar on 'Operationalizing Enterprise Autonomy – Coforge Vantage Series'. The company highlighted $58 million invested in AI innovation in FY26, alongside an executable 12-month order book of $2.23 billion for Q1FY27 (up 44% YoY). Coforge reported that 86% of its revenue is derived from AI-led engineering, data, and cloud services, with a standalone EBIT margin of 16.7% in Q1FY27.
- $2.23 billion 12-month order book executable in Q1FY27, up 44% YoY
- $58 million invested in AI innovation in FY26
- 86% of revenue generated from AI-led engineering, data, and cloud services
- Reported 16% Q1FY27 EBIT margin (16.7% standalone)
Coforge Limited announced its positioning as a 'Leader' in six evaluation segments in NelsonHall's 2026 NEAT report for AI-Enabled Cloud Infrastructure Management Services. The evaluation assessed 19 global systems integrators across areas including AWS, Microsoft Azure, GCP, and AI Capabilities. Cloud and Infrastructure Management represents approximately 17.1% of Coforge's total revenue, currently servicing over 200 clients globally. While this analyst recognition validates the company's proprietary EvolveOps.AI platform, it does not involve any direct revenue commitments or contract wins.
- Positioned as a Leader in 6 segments within NelsonHall's 2026 NEAT evaluation
- NelsonHall assessed a total of 19 global systems integrators in the report
- Company currently provides cloud services to more than 200 customers globally
- Recognized across AWS, Microsoft Azure, GCP, Cloud Management, Overall Cloud Infrastructure, and AI Capabilities
Coforge Limited has submitted a regulatory intimation providing the web link to the video recording of its investor and analyst conference call conducted on September 14, 2026. The submission is made pursuant to Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. No new financial results, deal values, or strategic announcements were disclosed in this specific filing.
- Conference call with analysts and investors was held on September 14, 2026
- Filing submitted under Regulation 30 of SEBI LODR Regulations, 2015 on September 16, 2026
- Video recording made publicly available at the company's designated investor relations URL
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 31% YoY to INR 12,091 Cr in FY25. H1 FY26 segment growth: Travel, Transport, and Hospitality (TTH) grew 61%, Banking and Financial Services (BFS) grew 17%, Insurance grew 6%, and Government (outside India) grew 15%.
Geographic Revenue Split
Americas contributed 59.2% of revenue in Q2 FY26, followed by Europe, Middle East, and Asia (EMEA) at 30.4%, and other geographies at 10.4%.
Profitability Margins
Operating margin for H1 FY26 stood at 17.1%, an improvement from 14.4% in the previous corresponding period. FY24 operating margin was 15.5%.
EBITDA Margin
EBITDA margin is expected to sustain at 17-18% over the medium term. FY25 margin was lower at 14.3% due to one-off Cigniti integration and QIP costs.
Capital Expenditure
Planned capital expenditure is approximately INR 500 Cr per annum to support operations and infrastructure.
Credit Rating & Borrowing
Long-term credit rating reaffirmed at CRISIL AA/Positive; short-term rating at CRISIL A1+. Borrowing costs include a Thai Baht-denominated loan of USD 23 million at an interest rate of ~3.5%.
Operational Drivers
Raw Materials
Not applicable for IT services; human capital and software integration are the primary cost drivers.
Capacity Expansion
Order book expanded ~6x to USD 3.5 billion in FY26 from USD 507 million in FY18, supported by steady large-deal wins in Travel and BFSI.
Raw Material Costs
Not applicable; however, integration costs from the Cigniti acquisition reduced FY25 margins to 14.3% from 15.5% in FY24.
Manufacturing Efficiency
Underwriter productivity in the insurance segment improved by 15% through AI-led transformation, increasing monthly submission reviews from 1,600 to 4,500.
Strategic Growth
Expected Growth Rate
25-30%
Growth Strategy
Coforge will achieve growth through the integration of Cigniti Technologies (INR 2,109 Cr acquisition), which adds Retail, Hi-tech, and Healthcare verticals. This is supported by a USD 3.5 billion order book and the adoption of AI-led engineering solutions to drive cross-selling and value-based deal execution.
Products & Services
IT services including Engineering (46.1% of revenue), Data and Integration (21.2%), Cloud and Infrastructure Management (17.1%), Intelligent Automation (7.8%), and Business Process Management (7.8%).
Brand Portfolio
Coforge, Cigniti.
New Products/Services
AI Submission Center for insurers, which reduced re-keying costs by 20% and improved underwriter capacity by 15%.
Market Expansion
Expansion into Retail, Hi-tech, and Healthcare verticals via Cigniti; merging Cigniti as a wholly-owned subsidiary by April 01, 2025.
Market Share & Ranking
Mid-tier player in the Indian IT industry with FY25 consolidated revenue of INR 12,091 Cr.
Strategic Alliances
Share swap arrangement with Cigniti minority shareholders (46%) to consolidate ownership.
External Factors
Industry Trends
The IT industry is shifting toward AI adoption and niche domain expertise. Coforge is outperforming the industry's single-digit growth with a 31% revenue increase in FY25 by focusing on high-growth verticals like TTH.
Competitive Landscape
Intense competition from large top-tier IT firms and other mid-tier players in the Indian IT services sector.
Competitive Moat
Moat is derived from deep domain expertise in Travel (23.3% of revenue) and Insurance (15.1%), leading to >90% repeat business. This specialization creates high switching costs and sustainable outperformance relative to peers.
Macro Economic Sensitivity
Highly sensitive to US GDP and corporate spending trends, as the Americas account for 59.2% of total revenue.
Consumer Behavior
Increased demand for AI-led automation and cloud migration among BFS and Insurance clients to improve operational productivity.
Geopolitical Risks
Concentration risk in the US (59.2%) and EMEA (30.4%) markets exposes earnings to region-specific structural challenges.
Regulatory & Governance
Industry Regulations
Compliance with SEBI Listing Obligations and Disclosure Requirements (LODR) for corporate governance; adherence to international data and service standards.
Environmental Compliance
Commitment to SBTi to set net-zero targets; ESG profile supports the company's credit risk profile.
Risk Analysis
Key Uncertainties
Integration risks from the Cigniti acquisition could impact margins (FY25 margins fell to 14.3% from 15.5%). US market concentration (59.2%) remains a primary geographic risk.
Geographic Concentration Risk
59.2% of revenue from the Americas and 30.4% from EMEA as of Q2 FY26.
Third Party Dependencies
Not disclosed; however, the company relies on its workforce and niche software partnerships.
Technology Obsolescence Risk
Mitigated by aggressive AI adoption and a USD 3.5 billion order book focused on modern Engineering and Cloud practices.
Credit & Counterparty Risk
Strong receivables quality supported by a reputation for over 90% repeat business from long-established customers.
