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Revenue
₹3,422 Cr
verified against source
Revenue YoY
33.8%
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 a landmark FY25 with 31.5% USD revenue growth to $1.445B, driven by 14 large deals and a record Q4 order intake of $2.1B. The executable order book surged 47.7% YoY to $1.5B, underpinning strong FY26 visibility. Adjusted EBITDA margin held at 18%, with reported EBIT expanding 123bps QoQ to 13.2%. Management expects very strong growth in FY26, with material EBIT expansion, and reiterated the FY27 target of $2B revenue and 18% reported EBITDA. Key growth drivers include large deal momentum, AI/GenAI solutions (200+ deployed), and balanced performance across verticals and geos. Risk: potential demand slowdown in travel vertical due to geopolitical uncertainty and cautious airline spending.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects robust revenue growth in FY26, with organic growth not slowing vs FY25.
- EBIT margin expected to improve significantly from Q4 exit of 13.2%, with large part of journey to 14% covered in FY26.
- Reiterated medium-term targets; management aims to achieve $2B revenue sooner than FY27.
- ESOP cost expected to reduce by 70-80bps from current 1.8% by Q3 FY26.
Risks flagged
- Geopolitical uncertainty and cautious airline spending may impact travel vertical growth, though management remains confident.
- A client complaint alleges security breach; liability amount undetermined but client is not material (not in top 50).
- Sabre's high debt ($4.7B) and recent profit warnings raise concerns; Coforge has taken credit insurance and non-recourse factoring.
- Share swap proposal pending SEBI approval; expected consummation by Dec-Jan, but regulatory delays possible.
Key quotes
- We are entering fiscal year 2026 with a record signed order book, which is 47.7% higher than where it was at the same time last year.
- We believe very significant growth in fiscal year 2026 will be accompanied by a simultaneous and a material expansion in reported EBIT.
- The Sabre $1.56 billion deal that we announced through the quarter has seen an impeccable transition and a ramp-up so far.
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