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Coforge Q3FY26 Consolidated Results
23 Jan 2026, 10:22AM

  • Revenue grew 3.5% q-o-q (+22.5% y-o-y) to $ 478 million. CC grew 4.4% q-o-q.
  • Revenue grew 5.1% q-o-q (+28.5% y-o-y) to Rs 4,188 crores, in line with our estimates, primarily driven by robust strong in HiTech, travel and insurance.
  • EBIT stood at Rs 559 Crores, up 0.5% q-o-q (43.7% y-o-y), resulting in margin declining 60bps q-o-q (up 141bps) to 13.4% against our estimate of 13.3%.
  • APAT stood at Rs 398 Crores, up 5.9% q-o-q (73.7% y-o-y), resulting in APAT Margin expansion by 7bps q-o-q (up 247bps y-o-y) to 9.5%.
  • Fresh Order intake grew 15.4% q-o-q (up 18.4% y-o-y) to $ 593 million, with sequential growth driven by EMEA, followed by Americas partially offset by weakness in RoW.
  • Executable Order Book over next twelve months at $1.72 billion, a 30.4% YoY increase. 

Particulars

Q3FY26

Q3FY25

Q2FY26

YoY (%)

QoQ (%)

Revenue (in USD Mn)

478

391

462

22.5

3.5

Q-o-Q CC

4.4

8.4

5.9

-400

-150

Revenues in INR

4,188

3,258

3,986

28.5

5.1

Direct expenses

2,811

2,170

2,630

29.5

6.9

Selling / G&A

602

513

572

17.4

5.4

Acquisition related expenses & costs of ESOPs

44

70

56

-36.1

-20.9

EBITDA

730

506

728

44.4

0.3

Depreciation

123

80

125

54.6

-1.8

Amortisation of intangible assets

48

37

47

 

 

EBIT

559

389

556

43.7

0.5

Other income

-28

-33

2

-16.1

-1633.3

PBT

532

356

558

49.2

-4.7

Tax provision

88

87

133

0.6

-34.1

Minority Interest

47

40

50

15.1

-6.3

Adj PAT

398

229

376

73.7

5.9

EO

148

16

0

811.1

0.0

Reported PAT

250.10

212.70

375.70

17.6

-33.4

Adj. PAT

398

229

376

73.7

5.9

EPS Basic

12

6

11

85.6

5.9

 

 

 

 

 

 

Margin (%)

 

 

 

 

 

GPM

32.9

33.4

34.0

-52

-114

EBITDA

17.4

15.5

18.3

191

-84

EBIT

13.4

11.9

14.0

141

-60

NPM

9.5

7.0

9.4

247

7

 

Actual vs Estimates

 

Particulars

Q3FY26A

Q3FY26E

Variance

Revenue (in USD Mn)

478

472

1.4%

Revenues in INR

4,188

4,196

-0.2%

EBIT

559

560

-0.1%

Adj. PAT

398

354

12.3%

 

 

 

 

EBITDA Margin

17.4

17.4

4.4

EBIT Margin

13.4

13.3

1.7

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