Coforge Ltd

Coforge Limited has been recognized as a Leader in Everest Group's Quality Engineering (QE) Services for AI Applications and Systems PEAK Matrix® Assessment 2026. This acknowledgment highlights Coforge's capabilities in validating, securing, and governing AI systems, crucial as AI adoption accelerates across industries. The assessment evaluated 40 service providers based on market impact, vision, and capability, with specific criteria including AI model validation, generative AI, responsible AI, and security testing. Coforge's AI-led QE portfolio aims to reduce deployment risks, foster innovation, and enable responsible AI scaling for enterprises.

Coforge Limited's Board of Directors has approved the appointment of M/s. Price Waterhouse Chartered Accountants LLP as the new Statutory Auditors. This appointment, recommended by the Audit Committee, is for a term of five years, commencing from the conclusion of the 35th AGM in 2027 until the conclusion of the 40th AGM in 2032. The appointment is subject to shareholder approval and other regulatory requirements. The current auditors, S R Batliboi & Associates LLP, will continue their services until the 35th AGM in 2027. Price Waterhouse Chartered Accountants LLP is a well-established firm with extensive experience in auditing listed companies.

Coforge Limited announced the voluntary liquidation and dissolution of its step-down wholly owned subsidiary in Italy, Digital Mobile Innovations Italy S.R.L. This action is intended to streamline the entity structure and enhance operational efficiency. The liquidation process was initiated in September 2025, prior to Coforge's acquisition of the Encora group, and has now been formally completed. Details such as turnover contribution, sale agreement dates, consideration, buyer information, and related party transaction status are not applicable as the entity has been dissolved.

Coforge Limited's Board of Directors, in a meeting held on October 23, 2026, approved the un-audited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026. The company's statutory auditors, S R Batliboi & Associates LLP, issued an unmodified limited review report. The Board also approved the appointment of Price Waterhouse Chartered Accountants LLP as the new statutory auditors for a five-year term starting from the 35th AGM in 2027, subject to shareholder approval. Additionally, the Board gave in-principle approval for setting up a new entity, Momentuum Blue, in the USA to build a talent pool of Forward Deployed Engineers. The company also noted the voluntary liquidation of its step-down wholly-owned subsidiary in Italy, Digital Mobile Innovations Italy S.R.L., which was completed and the entity dissolved.

Coforge Limited announced strong financial results for the quarter and half-year ended September 30, 2026. Revenue surged 53.6% year-over-year (YoY) in INR terms to INR 61,708 Mn (USD 652.2 Mn), with USD revenue growing 40.1% YoY. EBITDA increased by 67.3% YoY to INR 12,697 Mn, and EBIT grew 67.8% YoY to INR 9,847 Mn. Profit After Tax (PAT) rose 56.5% YoY to INR 5,881 Mn. The company signed eight large deals, the highest in a single quarter, contributing to a $2.38 billion order book for the next 12 months, up 45% YoY. Coforge raised its FY27 EBIT margin guidance to 16% and launched new initiatives like Momentuum blue and CXNova, while expanding its Kraków Engineering Center.

Coforge's consolidated revenue came in at ₹6,170.8 Cr (+54.8% YoY, +11.6% QoQ) with consolidated PAT of ₹604.9 Cr (+42.2% YoY, +13.8% QoQ; owners'-attributable PAT ₹588.1 Cr). Both growth rates, while large in absolute terms, undershot the Street's bar: JM Financial's post-Q1 preview had modelled Q2 FY27 revenue/EBIT/adjusted-PAT growth of 57%/82.2%/70.4% YoY, against which actual revenue growth of 54.8% and EBIT growth of ~67.7% (₹984.7 Cr, 15.96% margin, vs an implied ~17.1% margin expectation) both fell short. Adjusted PAT — stripping the ₹55.7 Cr net exceptional charge and comparing on an owners'-attributable basis — came in near ₹642 Cr, +~70.9% YoY, essentially in line with the Street's 70.4% estimate, so the bottom line held up even as the operating print softened. The divergence between EBIT and PAT growth traces to two below-the-line items: consolidated finance costs jumped to ₹108.0 Cr from ₹40.9 Cr a year ago (borrowings swelled to ₹4,242.1 Cr non-current from near-nil, funding the April 2026 Encora acquisition), while minority-interest profit share fell to ₹16.8 Cr from ₹49.6 Cr after the company bought out additional subsidiary stakes (₹75.5 Cr spent this half). Net profit margin compressed to 9.80% from 10.57% YoY (though it ticked up from 9.57% in Q1), even as EBIT margin expanded YoY (14.62% to 15.96%) and EBITDA margin held near 20.6% — within management's own FY27 guidance band of 20.5–21% and slightly ahead of our pre-result preview's 20.0–20.3% expectation. On management's FY27 targets set out on the July concall (consolidated EBIT 15.5%+, EBITDA 20.5–21%, FCF-to-PAT 100%+), the quarter is on-track on margins (15.96% EBIT, ~20.6% EBITDA) but H1 FCF-to-PAT runs around 89% (₹1,007.2 Cr FCF on ₹1,136.6 Cr H1 PAT), still short of the 100%+ target. Standalone results tell a materially different story: standalone PAT fell to ₹210.3 Cr from ₹362.3 Cr a year ago (-42% YoY) even as revenue rose to ₹3,812.0 Cr, because the standalone entity now carries the Encora acquisition debt (finance costs up to ₹78.9 Cr from ₹14.4 Cr) and its own ₹27.4 Cr exceptional charge, without the offsetting operating contribution that shows up only at the consolidated level. Corporate developments this quarter align with the acquisition-integration theme: the Board approved Price Waterhouse Chartered Accountants as statutory auditor for FY27–32, confirmed Akhil Gupta as Chairperson following two independent-director resignations in September, and approved winding up a dormant Encora-group Italian subsidiary — all housekeeping rather than operational signals. No separate management press release accompanied this filing beyond the board-outcome letter, so there is no fresh management commentary on growth or margin trajectory to weigh against the print. Going into Q3, the comparison base still includes Encora (acquired April 23, 2026 — fully in Q1 and Q2 FY27 numbers), so the YoY growth rates investors are watching remain structurally inflated by the acquisition rather than reflecting organic execution; QoQ trends (+11.6% revenue, +13.8% PAT, flat ~16% EBIT margin) are the cleaner like-for-like read for now.

HDFC Mutual Fund has reported a sale of 2.01% stake in Coforge Ltd. The holding decreased from 6.31% as of August 24, 2023, to 4.30% as of October 06, 2026. The transaction involved the sale of 1,90,40,319 equity shares, representing 3.43% of the total share capital. The value of the transaction is not explicitly stated, but the change in holding is significant. The sale was conducted through the open market.

Coforge Limited has introduced its intent engineering framework, a new methodology designed to help enterprises build AI agentic systems that are aligned with business outcomes, governance requirements, and operational realities. This framework addresses the increasing business risk associated with misaligned AI decisions as autonomous AI agents are integrated into customer-facing and operational workflows. The intent engineering approach focuses on defining an agent's purpose, boundaries, success metrics, and governance controls, ensuring that AI autonomy translates into measurable business value rather than just increased activity. This initiative aims to bridge the gap left by prompt and context engineering, which do not guarantee optimization for desired business outcomes.

Coforge Limited is expanding its engineering center in Krakow, Poland, transforming it into a strategic AI engineering and nearshore delivery hub. Opened in 2025, the center has grown significantly, now supporting multiple clients and practices with AI-first engineering, cloud, and modernization services. It currently employs over 375 engineers and is projected to reach more than 660 professionals by 2027, driven by strong client demand and investment in AI-enabled solutions. The expansion includes over 20,000 square feet of new workspace. This move underscores Coforge's commitment to the European market and its focus on leveraging local talent to accelerate clients' AI, modernization, and digital transformation initiatives.

Coforge Limited has been felicitated at the ET Edge Best Tech Brands 2026 event. This recognition celebrates influential B2B technology brands in India that demonstrate leadership through innovation, customer trust, strategic marketing, and sustainable growth. The event, held on September 29, 2026, acknowledged companies setting new benchmarks in technology branding. Coforge, an AI-native engineering services leader, was recognized for its excellence in brand leadership, customer trust, market influence, innovation, and business performance. The company focuses on delivering intelligent solutions and measurable business outcomes for its clients.