Coforge Management Guidance Tracker

15 forward-looking guidance items tracked across 4 quarters.

Revenue

Q3 FY24FY24 organic CC revenue growth to be at lower end of 13%-16% bandActive

Management expects to deliver within the annual guidance range of 13%-16% organic constant currency revenue growth, likely near the lower end.

Q4 FY24Revenue growth correlated with 17.3% executable order book growthTracked

Management pointed to the 17.3% YoY growth in the executable order book as a strong indicator of robust organic revenue growth in FY25.

Q4 FY26Q1 FY27 Revenue Flattish QoQ Due to India Business ExitActive

Revenue in Q1 FY27 expected to be flattish sequentially due to discontinuation of ~$20M low-margin India business, with growth resuming from Q2.

Margins

Q3 FY24Q4 FY24 adjusted EBITDA margin to improve 150-200 bps sequentiallyActive

Q4 margins expected to rise sharply by 150-200 bps from Q3's 18%, driven by furlough reversal and new business ramp-up, targeting exit margin between 19.6% and 20.4%.

Q3 FY24FY25 margins to be significantly higher than FY24Tracked

Next year margins will clearly be higher due to offshore mix improvement, SG&A peaking at 15%, and average resource cost tailwinds.

Q4 FY2450 bps EBITDA margin expansion in FY25Tracked

Management expects adjusted EBITDA margin to increase by approximately 50 basis points in fiscal year 2025.

Q3 FY2614% EBIT margin for FY26Active

Management reiterated guidance of 14% EBIT margin for full fiscal year 2026, with Q4 expected to deliver 15% EBIT.

Q4 FY26FY27 Consolidated EBITDA Margin 20.5-21%Tracked

Management guided EBITDA margins of 20.5% to 21% for FY27 on a consolidated basis, driven by AI automation, G&A leverage, and Enkora synergies.

Q4 FY26FY27 Standalone EBIT Margin 16.5-17%Tracked

Standalone EBIT margin expected between 16.5% and 17% in FY27, excluding Enkora amortization.

Other

Q3 FY24SG&A to remain around 15% of revenue going forwardTracked

SG&A as a percentage of revenue is expected to stay at the current 15% level, growing in line with revenue rather than as a percentage.

Q4 FY24Net cash company by end of FY25Tracked

CFO Saurabh Goel stated the company endeavors to be a net cash company by the end of fiscal year 2025.

Q3 FY26No EPS dilution from Encora in FY27Tracked

Management confirmed that the guidance of no EPS dilution in FY27 for the combined business remains intact, even after finalizing a term loan instead of QIP.

Q4 FY26FCF to PAT at 100%+ from FY27Tracked

Free cash flow to PAT ratio expected to be at least 100% from FY27 onwards, up from earlier guidance of 70-80%.

Growth

Q4 FY24Target $2 billion revenue by FY27 with 150-250 bps margin improvementTracked

Post Cigniti acquisition, Coforge aims to become a $2 billion firm by fiscal year 2027 with operating margins improving by 150-250 basis points.

Q3 FY26Exceptional FY27 growthTracked

Management expects FY27 to be an exceptional year, with continued robust growth driven by large deal pipeline and key account momentum.