Coforge Margin Trend — Quarter by Quarter

Coforge's EBITDA margin moved from 18.0% in Q3 FY24 to 18.6% in Q4 FY26 across 3 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

Quarter	EBITDA Margin (%)	YoY Change
Q4 FY26	18.6%	+430 bps
Q4 FY24	17.6%	-64 bps
Q3 FY24	18.0%	+39 bps

What management said about ebitda margin

Q4 FY26 · FY27 Consolidated EBITDA Margin 20.5-21%

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 FY26 · FY27 Standalone EBIT Margin 16.5-17%

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

Q4 FY26 · Q1 FY27 Revenue Flattish QoQ Due to India Business Exit

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

Q3 FY26 · 14% EBIT margin for FY26

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

Q4 FY24 · 50 bps EBITDA margin expansion in FY25

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

Q4 FY24 · Target $2 billion revenue by FY27 with 150-250 bps margin improvement

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 FY24 · Q4 FY24 adjusted EBITDA margin to improve 150-200 bps sequentially

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 FY24 · FY25 margins to be significantly higher than FY24

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