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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹3,258 Cr
verified against source
Revenue YoY
42.8%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Coforge delivered an exceptionally strong Q3 FY25 with sequential CC revenue growth of 8.4% and YoY CC growth of 40.3%, driven by broad-based strength across geographies, verticals, and service lines. Adjusted EBITDA margin expanded 122 bps sequentially to 17.8%, despite furlough headwinds. The company signed four large deals, contributing to a 12-month order book of $1.37 billion, up 40.1% YoY. Management expressed confidence in sustained robust growth, citing a strong deal pipeline and improving demand environment. Key risks include potential macroeconomic headwinds and integration challenges from the Cigniti merger.
Colored figures show movement against the previous available record.
Guidance to track
- CFO Saurabh Goel guided that EBIT margin should expand from 11.8% currently to roughly 13.5% by Q3 next year, driven by ESOP cost tailwinds and operational improvements.
- ESOP cost is expected to reduce from current ~210 bps to ~150 bps by Q1 FY26 and further to ~100 bps by Q3 FY26, providing margin tailwinds.
- CEO Sudhir Singh expressed confidence in continued robust and sustained growth, citing strong order book, pipeline, and broad-based demand.
Risks flagged
- Analyst raised concerns about demand environment during budget season; management acknowledged gradual improvement but risks remain if macro conditions worsen.
- Cigniti merger involves ongoing integration costs; CFO noted expenses were $1.9M in Q3 and expected to decline but could persist.
- Management indicated cross-sell pipeline takes ~3 quarters to materialize; only limited cross-sell in current large deal.
Key quotes
- This quarter has been an exceptionally strong quarter for the firm.
- The Coforge growth story is now into its eighth year. This is possibly one of the most sustained, and I double underline the word sustained, high-growth business trajectories that any team in our industry has carved out.
- Our whole BPS business is not defined or run on the basis of just volume of people on seats. It's very much driven around outcomes.
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