Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹4,450 Cr
verified against source
Revenue YoY
29.2%
reported change
EBITDA
₹30,464 Cr
latest reported figure
Source
nse announcements
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Coforge delivered a strong FY26 with 29.2% USD revenue growth, driven by broad-based vertical strength (healthcare +98%, travel +62%) and 21 large deal wins. EBITDA margins expanded 430bps YoY to 18.6%, aided by AI-led automation and G&A cost containment. Q4 EBIT margin hit a record 16.6%, up 370bps YoY. The executable order book stands at a record $1.75B, up 16.4% YoY, providing good visibility. Management guided FY27 consolidated EBITDA margins of 20.5-21% and EBIT margins of 15.5% (consolidated) / 16.5-17% (standalone), with FCF/PAT expected at 100%+. A planned exit of ~$20M low-margin India business will temporarily impact Q1 revenue, but overall growth is expected to be robust. Key risk: sustained weakness in the BFS vertical, which grew only 12% in FY26 due to a large client account issue, though management expects improvement.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- Standalone EBIT margin expected between 16.5% and 17% in FY27, excluding Enkora amortization.
- Free cash flow to PAT ratio expected to be at least 100% from FY27 onwards, up from earlier guidance of 70-80%.
- Revenue in Q1 FY27 expected to be flattish sequentially due to discontinuation of ~$20M low-margin India business, with growth resuming from Q2.
Risks flagged
- BFS revenue grew only 12% in FY26, stuck at ~$120-123M for five quarters due to a large client account issue. Recovery depends on management's refactoring efforts.
- Mark-to-market hedge losses of ~₹164Cr for FY26 (₹70Cr in Q4) will continue for 1-2 quarters before tapering, affecting reported other income.
- Industry-wide AI-driven code generation could compress billing rates, though management argues total cost of ownership remains high and managed services will offset.
Key quotes
- AI generated code is cheap to build but it is expensive to own. It is expensive to secure and it is expensive to maintain.
- We believe the EBIT reset in quarter 4 has been a structural reset. It has come off the back of the automation and AIEL interventions.
- The path from pilot to production runs through architecture and delivery, not through model selection.
Research modules