Coforge Limited submitted its fact sheet and web presentation for the quarter and half year ended September 30, 2026 (Q2 FY27) to the BSE and NSE, pursuant to SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The disclosure was signed by Barkha Sharma, Company Secretary & Compliance Officer.

Financial Performance Highlights

Revenue:

  • Q2 FY27 Revenue reached $652.2 million, representing a 40.1% year-on-year (YoY) growth and a 10.1% quarter-on-quarter (QoQ) growth.
  • Organic constant currency (CC) revenue growth was 3.8% QoQ.
  • In Indian Rupee terms, gross revenue was ₹61,708 million, up 53.6% YoY and 11.6% QoQ.

Profitability:

  • EBIT was $104.1 million, increasing 53.0% YoY and 10.1% QoQ.
  • EBIT margin expanded to 16.0%, an improvement of 134 basis points (bps) YoY.
  • Consequently, the company upgraded its FY27 consolidated EBIT margin guidance from 15.5% to 16.0%.
  • Profit After Tax (PAT) was $62.2 million, growing 42.7% YoY and 11.9% QoQ.
  • Earnings Per Share (EPS) was ₹13.3, an increase of 18.3% YoY.
  • EBITDA was $12,697 million (₹ Mn), with an EBITDA margin of 20.6%.

Cash Flow:

  • Free Cash Flow (FCF) was strong at $53.8 million.
  • FCF to PAT conversion was healthy at 89% for Q2 FY27, compared to 86% in Q2 FY26.
  • Operating Cash Flow (OCF) was $56.0 million.

Operational and Business Metrics

Order Intake & Pipeline:

  • Fresh order intake was robust at $1,040 million.
  • The executable order book over the next 12 months stood at $2,378 million.
  • Order intake was geographically diversified: $455 million from Americas, $485 million from EMEA, and $101 million from Rest of World.

Headcount & Utilization:

  • Total headcount reached 47,365, a net addition of 1,137 YoY.
  • Billable personnel comprised 44,652, with 34,628 in IT and 10,024 in BPS.
  • Attrition (LTM, ex-BPS) was stable at 10.4%.
  • Utilization (including trainees) was 82.4%.
  • Revenue per IT billable headcount was $69.9K on an annualized basis.

Client Metrics:

  • The client base included 372 active clients.
  • Client concentration decreased, with the top 5 clients contributing 18.1% of revenue and the top 10 contributing 26.4%.
  • The number of large clients grew: 1 client in the >$100M bracket, 4 in the $50-100M bracket, and 13 in the $20-50M bracket.
  • Repeat business was high at 95.5%.

Detailed Financial Statements

Consolidated Profit & Loss (INR Mn):

  • Direct Costs were ₹40,686 million, resulting in a Gross Profit of ₹21,022 million (GM% of 34.1%).
  • Selling, General & Administrative (SG&A) expenses were ₹8,326 million (13.5% of revenue).
  • Depreciation and Amortization was ₹2,850 million, which includes ₹1,453 million for amortization of intangibles from acquired assets.
  • The Effective Tax Rate (ETR) for the quarter was 24.3%.
  • Exceptional items of ₹557 million were recorded, related to integration expenses for Encora.

Consolidated Balance Sheet (INR Mn as of Sep 30, 2026):

  • Net Worth stood at ₹225,367 million.
  • Total Borrowings were ₹56,457 million.
  • Cash and Cash Equivalents were ₹18,217 million.
  • Goodwill was ₹165,354 million and Intangible Assets from acquired businesses were ₹56,036 million.
  • Debtors were ₹41,751 million and Unbilled Revenue (Net) was ₹26,041 million.
  • Days Sales Outstanding (DSO) was 65 days; DSO including unbilled revenue and contract assets was 110 days.

Consolidated Cash Flow (USD Mn):

  • Net cash from operating activities was $56.0 million.
  • Investing activities resulted in a net inflow of $2.5 million, which included proceeds from the sale of a subsidiary ($2.6M) offset by capital expenditure ($2.2M).
  • Financing activities had a net outflow of $8.4 million, primarily from dividend payments ($18.6M) and lease payments ($3.4M), partly offset by new credit lines/term loans ($21.8M).

Business Mix (% of Revenue)

By Vertical:

  • Banking and Financial Services (BFS): 25.3%
  • Insurance: 12.8%
  • Travel, Transportation and Hospitality (TTH): 20.2%
  • Healthcare & HiTech: 17.6%
  • Government outside India: 6.5%
  • Others (Retail, Energy, Manufacturing): 17.5%

By Horizontal Service Line:

  • AI-led Engineering: 48.9%
  • Intelligent Automation: 6.9%
  • Data and Integration: 21.2%
  • Cloud: 15.6%
  • Business Process Management (BPM): 7.3%

By Geography:

  • Americas: 63.1%
  • EMEA: 24.6%
  • Rest of World: 12.3%

Onsite vs. Offshore (IT Revenue Only):

  • Onsite: 49.5%
  • Offshore: 50.5%

Other Data

Forex & Hedging:

  • The average INR/USD rate for the quarter was 94.6.
  • The company had a hedge position of $123 million USD, £23 million GBP, and €1 million Euro.
  • The average rate for outstanding USD hedges was 91.7.