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Coforge (COFORGE) investor relations material
Coforge Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary24 Oct, 2025
Executive summary
Q2 FY26 revenue reached $462.1 million (INR 39,857 million), up 31.7% YoY in INR and 26.6% YoY in USD, with 5.9% sequential constant currency growth and 14% EBIT margin.
Five large deals were signed, driving a record $1.63 billion executable order book for the next 12 months, up 26.7% YoY.
Headcount reached 34,896 with a net addition of 709 and low attrition at 11.4%, among the lowest in the industry.
AI-driven transformation is central, with proprietary platforms like Code Insight AI, BlueSwan, and ForgeX enhancing productivity and delivery.
Board approved unaudited results, declared an interim dividend of Rs. 4 per share, and approved voluntary winding up of two UK subsidiaries for operational efficiency.
Financial highlights
Q2 revenue was $462.1 million (Rs. 39,857 million), up 4.5% QoQ in USD and 8.1% QoQ in INR.
EBIT margin improved to 14%, up 251 bps QoQ and 240 bps YoY; PAT margin rose to 9.4%, with consolidated net profit at Rs. 4,254 million.
EPS for Q2 was INR 11.2 (consolidated, basic), with H1 FY26 EPS at INR 20.7, up 101% YoY.
Free cash flow reached $37 million, with FCF to PAT at 86%.
Billed DSO at 63 days, unbilled at 26, contract assets at 15; total working capital cycle at 104 days.
Outlook and guidance
Management targets at least 14% EBIT margin for FY26 and beyond, prioritizing growth over further margin expansion.
Free cash flow to PAT is expected to sustain at 70%-80% going forward.
Demand outlook is positive across banking, insurance, travel, healthcare, and public sector outside India, with healthcare and public sector expected to reach $100M and $200M run rates, respectively.
H2 and Q4 are expected to be strong growth periods, with robust pipeline and seasonal strength.
Board notes results are not fully comparable with prior year due to acquisitions and divestitures.
What is the expected efficiency from UK winding up?
Status of security incident legal proceedings?
Why is India segment EBITDA negative?
Revenue per employee trend with AI?
Margin strategy post 14% EBIT target?
Which new verticals drive future growth?
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Q3 202622 Jan, 2026
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Frequently asked questions
Coforge Limited is an India-based information technology (IT) services company that provides a range of digital services and solutions. The company specializes in areas such as application development and maintenance, managed services, cloud computing, business process outsourcing, and digital process automation. Coforge also offers services in artificial intelligence, data analytics, cybersecurity, and quality engineering. Its operations span several key sectors including banking, financial services, insurance, travel, and hospitality. Coforge is headquartered in Noida, Uttar Pradesh, India, and its shares are listed on the NSE and BSE.
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