Results - Analysis
Coforge As on : 06-May-26  05:23

On consolidated basis

Quarter ended March 2026 compared with Quarter ended December 2025.

Net sales (including other operating income) of Coforge has increased 5.18% to Rs 4450.5 crore.  

Operating profit margin has jumped from 17.10% to 19.69%, leading to 21.16% rise in operating profit to Rs 876.50 crore.  Purchase of finished goods cost fell from 0.05% to 0.02%.   Employee cost decreased from 55.08% to 53.87%.   Other expenses fell from 27.77% to 26.42%.   Selling and administration expenses rose from 12.74% to 14.01%.   

Other income rose 6.76% to Rs 22.1 crore.  PBIDT rose 20.76% to Rs 898.6 crore.  Provision for interest fell 3.61% to Rs 40 crore.  Loan funds remained nil.  

PBDT rose 22.20% to Rs 858.6 crore.  Provision for depreciation rose 5.39% to Rs 180 crore.  

Profit before tax grew 27.60% to Rs 678.60 crore.  Share of profit/loss were nil in both the periods.  Extraordinary items were increased to Rs -53.60 crore.  Provision for tax was credit of Rs 41.2 crore, compared to debit of Rs 87.5 crore.  Effective tax rate was negative 6.59% compared to 22.77%.

Minority interest increased 15.91% to Rs 53.90 crore.  Net profit attributable to owners of the company increased 144.72% to Rs 612.30 crore.  

 

Quarter ended March 2026 compared with Quarter ended March 2025.

Net sales (including other operating income) of Coforge has increased 30.05% to Rs 4450.5 crore.  Sales of Europe Middle East & Africa segment has gone up 14.66% to Rs 1,258.40 crore (accounting for 28.28% of total sales).  Sales of America segment has gone up 35.30% to Rs 2,524.50 crore (accounting for 56.73% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has jumped 34.35% to Rs 736.80 crore.  PBIT of Europe Middle East & Africa segment rose 14.81% to Rs 231.80 crore (accounting for 31.46% of total PBIT).  PBIT of America segment rose 45.97% to Rs 483.00 crore (accounting for 65.55% of total PBIT).  

PBIT margin of Europe Middle East & Africa segment rose from 18.40% to 18.42%.  PBIT margin of America segment rose from 17.74% to 19.13%.  Overall PBIT margin rose from 16.08% to 16.56%.  

Operating profit margin has jumped from 15.40% to 19.69%, leading to 66.35% rise in operating profit to Rs 876.50 crore.  Purchase of finished goods cost fell from 0.07% to 0.02%.   Employee cost decreased from 58.32% to 53.87%.   Other expenses rose from 26.21% to 26.42%.   Selling and administration expenses rose from 11.01% to 14.01%.   

Other income fell 29.84% to Rs 22.1 crore.  PBIDT rose 60.92% to Rs 898.6 crore.  Provision for interest rose 0.76% to Rs 40 crore.  Loan funds declined from Rs 1,070.40 crore as of 31 March 2025 to Rs 727.80 crore as of 31 March 2026.  Sundry debtors were higher at Rs 3,970.00 crore as of 31 March 2026 compared to Rs 2,577.10 crore as of 31 March 2025.  Cash and bank balance rose to Rs 1,099.20 crore as of 31 March 2026 from Rs 883.20 crore as of 31 March 2025.  

PBDT rose 65.53% to Rs 858.6 crore.  Provision for depreciation rose 43.54% to Rs 180 crore.  Fixed assets increased to Rs 2,595.70 crore as of 31 March 2026 from Rs 2,255.60 crore as of 31 March 2025.  Intangible assets increased from Rs 3,843.00 crore to Rs 4,167.10 crore.  

Profit before tax grew 72.54% to Rs 678.60 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was credit of Rs 41.2 crore, compared to debit of Rs 87.4 crore.  Effective tax rate was negative 6.59% compared to 22.22%.

Minority interest increased 16.92% to Rs 53.90 crore.  Net profit attributable to owners of the company increased 135.68% to Rs 612.30 crore.  

Equity capital increased from Rs 66.90 crore as of 31 March 2025 to Rs 67.20 crore as of 31 March 2026.  Per share face Value remained same at Rs 2.00.  

 

Full year results analysis.

Net sales (including other operating income) of Coforge has increased 35.86% to Rs 16402.7 crore.  Sales of Europe Middle East & Africa segment has gone up 17.00% to Rs 4,742.50 crore (accounting for 28.91% of total sales).  Sales of America segment has gone up 41.25% to Rs 9,334.40 crore (accounting for 56.91% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has jumped 29.12% to Rs 2,364.50 crore.  PBIT of Europe Middle East & Africa segment rose 3.51% to Rs 734.90 crore (accounting for 31.08% of total PBIT).  PBIT of America segment rose 42.25% to Rs 1,578.80 crore (accounting for 66.77% of total PBIT).  

PBIT margin of Europe Middle East & Africa segment fell from 17.52% to 15.50%.  PBIT margin of America segment rose from 16.80% to 16.91%.  Overall PBIT margin fell from 15.20% to 14.42%.  

Operating profit margin has jumped from 14.03% to 17.90%, leading to 73.35% rise in operating profit to Rs 2,936.10 crore.  Purchase of finished goods cost fell from 0.08% to 0.04%.   Employee cost decreased from 59.84% to 56.19%.   Other expenses fell from 26.05% to 25.87%.   Selling and administration expenses rose from 11.51% to 13.36%.   

Other income fell 55.56% to Rs 73.2 crore.  PBIDT rose 61.93% to Rs 3009.3 crore.  Provision for interest rose 25.17% to Rs 168.6 crore.  Loan funds declined from Rs 1,070.40 crore as of 31 March 2025 to Rs 727.80 crore as of 31 March 2026.  Sundry debtors were higher at Rs 3,970.00 crore as of 31 March 2026 compared to Rs 2,577.10 crore as of 31 March 2025.  Cash and bank balance rose to Rs 1,099.20 crore as of 31 March 2026 from Rs 883.20 crore as of 31 March 2025.  

PBDT rose 64.80% to Rs 2840.7 crore.  Provision for depreciation rose 59.47% to Rs 681.9 crore.  Fixed assets increased to Rs 2,595.70 crore as of 31 March 2026 from Rs 2,255.60 crore as of 31 March 2025.  Intangible assets increased from Rs 3,843.00 crore to Rs 4,167.10 crore.  

Profit before tax grew 66.56% to Rs 2,158.80 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 258.3 crore, compared to Rs 332.6 crore.  Effective tax rate was 13.36% compared to 25.66%.

Minority interest increased 52.42% to Rs 189.00 crore.  Net profit attributable to owners of the company increased 76.95% to Rs 1,485.50 crore.  

Equity capital increased from Rs 66.90 crore as of 31 March 2025 to Rs 67.20 crore as of 31 March 2026.  Per share face Value remained same at Rs 2.00.  

Cash flow from operating activities increased to Rs 1,791.70 crore for year ended March 2026 from Rs 1,237.10 crore for year ended March 2025.  Cash flow used in acquiring fixed assets during the year ended March 2026 stood at Rs 742.50 crore, compared to Rs 614.40 crore during the year ended March 2025.  

Other Highlights:

 

Total order book executable over the next 12 months stood at US$ 1.75 billion up 16.4% YoY .

Order Intake: US$648 million for the Quarter.

Large Deal Momentum: 5 large deals signed in Q4FY2026.

Management Commentary:

Commenting on the performance Mr Sudhir Singh, CEO said FY26 marked another year of excep5onal performance for Coforge. We delivered strong YoY growth at 29.2% and expanded EBIT margins materially by 370 bps to 14.4%. With an order executable of $1.75Bn, we enter FY27 with strong momentum and confidence. We expect to deliver robust revenue growth in FY27 and plan to deliver an EBITDA of more than 20.5% on a consolidated basis in FY27.'

Coforge : Consolidated Results

Quarter ended Year ended Particulars 202603 202503 Var.(%) 202603 202503 Var.(%) Net Sales (including other operating income) 4,450.50 3,422.20 30.05 16,402.70 12,073.30 35.86 OPM (%) 19.69 15.40 430 bps 17.90 14.03 387 bps OP 876.50 526.90 66.35 2,936.10 1,693.70 73.35 Other Inc. 22.10 31.50 -29.84 73.20 164.70 -55.56 PBIDT 898.60 558.40 60.92 3,009.30 1,858.40 61.93 Interest 40.00 39.70 0.76 168.60 134.70 25.17 PBDT 858.60 518.70 65.53 2,840.70 1,723.70 64.80 Depreciation 180 125.4 43.54 681.9 427.6 59.47 PBT 678.60 393.30 72.54 2158.8 1296.1 66.56 Share of Profit/(Loss) from Associates 0 0 - 0 0 - PBT before EO 678.6 393.3 72.54 2158.8 1296.1 66.56 EO Income -53.6 0 - -226 0 - PBT after EO 625 393.3 58.91 1932.8 1296.1 49.12 Taxation -41.2 87.4 LP 258.3 332.6 -22.34 PAT 666.2 305.9 117.78 1674.5 963.5 73.79 Minority Interest (MI) 53.9 46.1 16.92 189 124 52.42 Net profit 612.3 259.8 135.68 1485.5 839.5 76.95 P/(L) from discontinued operations net of tax 0 1.4 - 70.2 -27.4 LP Net profit after discontinued operations 612.3 261.2 134.42 1555.7 812.1 91.57 EPS (Rs)* 14.52 6.05 140.07 38.62 19.54 97.64 * EPS is on current equity of Rs 85.93 crore, Face value of Rs 2, Excluding extraordinary items. # EPS is not annualised bps : Basis points EO : Extraordinary items Figures in Rs crore Source: Capitaline Corporate Database

Coforge : Consolidated Segment Results

Quarter ended Year ended % of (Total) 202603 202503 Var.(%) % of (Total) 202603 202503 Var.(%) Sales Europe Middle East & Africa 28.28 1,258.40 1,097.50 14.66 28.91 4,742.50 4,053.40 17.00 Asia Pacific 0.00 0.00 233.80 - India 0.00 0.00 212.80 - America 56.73 2,524.50 1,865.80 35.30 56.91 9,334.40 6,608.50 41.25 ROW 15.00 667.50 0.00 - Total Reported Sales 100.00 4,450.40 3,409.90 30.51 100.00 16,402.70 12,050.70 36.11 Less: Inter segment revenues   0.00 0.00 -   0.00 0.00 - Net Sales 100.00 4,450.40 3,409.90 30.51 100.00 16,402.70 12,050.70 36.11 PBIT Europe Middle East & Africa 31.46 231.80 201.90 14.81 31.08 734.90 710.00 3.51 Asia Pacific 0.00 0.00 39.30 - India 0.00 0.00 -23.70 - America 65.55 483.00 330.90 45.97 66.77 1,578.80 1,109.90 42.25 ROW 2.99 22.00 0.00 - Total PBIT 100.00 736.80 548.40 34.35 100.00 2,364.50 1,831.20 29.12 Less : Interest 0.00 0.00 - 0.00 0.00 - Add: Other un-allcoable -58.20 -155.10 62.48 -205.70 -535.10 61.56 PBIT Margin(%) Europe Middle East & Africa   18.42 18.40 2.39   15.50 17.52 -202.01 Asia Pacific   0.00 16.81 -1,680.92   0.00 7.86 -785.80 India   0.00 -11.14 1,113.72   0.00 -10.61 1,060.78 America   19.13 17.74 139.75   16.91 16.80 11.87 ROW   3.30 0.00 329.59   2.18 0.00 218.42 PBT 100.00 678.60 393.30 72.54 100.00 2,158.80 1,296.10 66.56

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