Coforge Ltd — Q2 FY26

Revenue, our intent... continues to be that over the next two to three years and beyond, we will continue to turn in sustained and robust growth. On margins, if we do hit the 14% reported EBIT margin plan for the year, we will... commit ourselves to delivering on that as the minimum threshold going forward. As far as free cash flow is concerned... you should expect free cash flow to PAT at around 70% - 80% going forward.

Revenue per employee... is nudging $70,000 per employee. It's a metric that we have consciously called out to illustrate the impact of the AI-led platforms that John has been talking about over the last six quarters and the value that they create for our clients and in turn for us.

Demand... continues to grow at a solid clip. Banking demand outlook in general appears solid... Insurance... entering an above-trend growth phase. We expect travel to continue to clip along at a solid pace. Healthcare... by the end of this year, we will have a book of business of almost $100 million. Public sector outside India... has already crossed $150 million.

Absolutely right... We've moved that to other income... Going forward, we'll focus on reported EBIT. That's the number we will hold. FCF to PAT is what we will hold.

We expect that to be getting completed by either December or January timeframe. ...we at least wait for the business to get at least a critical mass of $100 million. Once that is done, we then start reporting that. Hopefully, we should see a vertical being carved out in the next financial year, quarter one of FY 2027.

We continue to maintain that the full fiscal will be a robust growth fiscal for us. H2 will also be a robust growth half for us.

Once we hit 14% EBIT... we will plan to, at a minimum, clip along at 14% EBIT. Our primary aim will be to make sure that we prioritize growth over any further EBIT improvement.

Three of the large deals came from North America... two came in from the insurance vertical... one came in from an airline... The other two deals came in from the Asia-Pacific region. ...one was around legacy modernization... another focused on digital transformation... third centered around optimizing operations by implementing AI-infused modern AMS and QE.

One, hedge losses in the top line have almost doubled... from INR 15 crore last quarter to INR 30 crore this quarter. Second is the exposure to pound and euro is very significant... there was a headwind rather than a tailwind. Third is because of the India business growing this quarter.

Revenue per headcount has gone up... from $67,000 per annum to $69,000. There is non-linearity which is getting played out. ...the headcount addition... is a point-in-time view. When we were ramping up last quarter, the headcount was added towards the end of the last quarter.

We believe that AI is a clear tailwind for firms that understand the domain and also have an appreciation for how to apply the relevant AI-specific technology. ...the velocity of our large deals... continues to increase very, very appreciably.