COFORGE / Q1-FY26 / claim-ledger

Audit the questions that mattered.

Coforge · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ1-FY26 · 2025-07-15Back to quarter ↗

Questions audited

12

Answered directly

92%

Numeric claims

1

Consistency

contradicted

Question ledger

What was answered, and how?

Prateek Maheshwari · HSBC Securities

direct

Why did reported margins decline 50bps QoQ despite adjustments showing improvement?

Discounting income on long term contracts is an accounting interest entry... income from mortgage business is something very similar... these two will continue.

Prateek Maheshwari · HSBC Securities

partial

Why did discounting income quadruple this quarter and what is the trajectory?

As and when the unwinding of the discount is happening, the amount keeps going up... it's an accounting notional interest entry.

Prateek Maheshwari · HSBC Securities

partial

Why has CapEx increased from 2% to 5% of revenue over five years?

CapEx increase in Q4 and Q1 was specific to two particular deals for a particular deal... out of $85,000,000, $62,000,000 have been received.

Vibhor Singhal · Nuvama Equities

direct

How is the macro environment and tariff uncertainty affecting client spending?

Enterprise budgets continue to oscillate given the overhang of tariff related discussions... discretionary nature of the spend has ebbed.

Vibhor Singhal · Nuvama Equities

direct

Why were banking and insurance soft this quarter? Is it temporary?

It will be back. There's nothing that's going to hold back the growth. Banking is still growing year on year at 32%. For us insurance at 20%.

Vibhor Singhal · Nuvama Equities

direct

How is AI adoption in banking and insurance? What solutions are we offering?

Banking institutions are under pressure to improve ROE... driving technology investments focused on cost efficiency, product innovation, direct compliance, and customer retention.

Vibhor Singhal · Nuvama Equities

direct

Despite strong growth, why were margins flat? What levers for expansion to 14%?

Historically, Q1 has been a quarter wherein margins get depressed... Despite that, we were able to maintain EBIT margins... we are confident that we've had a good start from a EBIT margin standpoint.

Vibhor Singhal · Nuvama Equities

direct

What is the timeline for final integration of Signity?

Could be minus a month or two, but December, January should be the timeline. And in case, whenever the approval comes in, the effective date of the merger is April 1.

Abhishek Pathak · Motilal Oswal

direct

How will the Sabre deal ramp up sequentially? Will TTH vertical continue to grow?

Sabre deal will continue to ramp up sequentially in quarter two as well. And quarter three onwards, we would expect the resource loading, the total headcount to stabilize.

Abhishek Pathak · Motilal Oswal

direct

Where do you see OCF to EBITDA ratio settling on a steady state?

We maintain that till the time we continue to grow 65 to 70%. OCF to EBITDA is what we would like to maintain because rest will be needed for increased working capital.

Sandeep Shah · Equirus Securities

direct

With Q1 EBIT margin at 13% and full year target 14%, what drives 200bps improvement?

Quarter one to quarter two to quarter three, you've always seen impact of operational efficiencies... wage hike impact is going to be very, very limited in q three, which will largely get set off by the lower piece of cost.

Dipesh Mehta · Emkay Global

direct

Is the 14% margin guidance as per BSE reported or management presentation format?

The margins that we are reporting right now as part of the management fact sheet, 14% EBIT is a like to like of a 13.2 that has been reported in the current quarter.