Coforge (COFORGE) Q4 24/25 earnings summary

Executive summary

• Achieved 31.5% year-over-year revenue growth in FY25, reaching $1,445M, driven by large deal wins, balanced performance across all business units, and integration of Cigniti and AI/GenAI solutions.

• Signed $2.1 billion in orders in Q4 and $3.5 billion for FY25, with 5 large deals in Q4 and 14 in FY25; order book executable over next 12 months at $1.5B, up 47.7% YoY.

• IT attrition at 10.9%, among the lowest in the industry; global headcount at 33,497 as of March 31, 2025.

• Board approved audited results, declared Rs. 19/share dividend, and approved a share split (1:2) with record date June 4, 2025.

• Acquisition of 54% of Cigniti completed; sale agreement signed for Coforge Advantage Go Limited for GBP 43 million.

Financial highlights

• FY25 consolidated revenue reached $1.445 billion (Rs. 120,507 Mn), up 31.5% YoY in USD and 33.8% in INR; Q4 revenue was $403.8 million.

• Adjusted EBITDA margin for FY25 was 18%; reported EBITDA margin was 16.6%; EBIT margin stood at 13%.

• FY25 PAT (excl. minority) was INR 9,635M ($115.5M), up 13.5% YoY; diluted EPS for FY25 was Rs. 122.03.

• Operating cash flow for FY25 was $147 million; net cash position at year-end was $43.3 million.

• Cash and cash equivalents at FY25 year-end were Rs. 7,956 Mn; equity attributable to owners was Rs. 63,792 Mn.

Outlook and guidance

• Entering FY26 with a record order book 47.7% higher than last year and a strong pipeline of large deals.

• High degree of repeat business at 94% in FY25, supporting predictable revenue streams.

• Targeting $2 billion revenue and 18% reported EBITDA by FY27, with EBIT margin expected to reach 14%.

• Board declared a fourth interim dividend and approved a share split, indicating confidence in future performance.

• Amalgamation of Cigniti expected to enhance scale and capabilities, pending regulatory approvals.