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Coforge
SectorInformation Technology
In the news
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The Quarter story
The two most recent quarterly results, compared side-by-side.
Coforge delivers strong cash flow and margin expansion, though slower collections and rising client concentration need attention.
EBIT Margin rose from 13.2% in Q1 FY26 to 14.4% in Q4 FY26 — stronger pricing power
Days Sales Outstanding rose from 64 days in Q1 FY26 to 107 days in Q4 FY26 — slower collection cycles
Free Cash Flow improved from -$21.5M in Q1 FY26 to $73.7M in Q4 FY26 — robust cash generation
Client Concentration [Top 10] edged up from 29.3% in Q1 FY26 to 31.4% in Q4 FY26 — needs diversification
Fresh Order Intake grew from $507M in Q1 FY26 to $648M in Q4 FY26 — strong pipeline momentum
Debtors climbed from ₹24,409 Cr in Q1 FY26 to ₹32,927 Cr in Q4 FY26 — delayed cash inflows
Borrowings fell from ₹7,426 Cr in Q1 FY26 to ₹3,997 Cr in Q4 FY26 — stronger balance sheet
Gross Margin softened from 34.1% in Q1 FY26 to 33.8% in Q4 FY26 — cost management pressure
Repeat Business held at 94.5% in Q1 FY26 and reached 95.5% in Q4 FY26 — steady client loyalty
EMEA Revenue Mix declined from 29.8% in Q1 FY26 to 28.3% in Q4 FY26 — shifting regional demand
Company insights, generated from the most recent coverage.
Agentic production support resolving L1/L1.5 issues in nightly ETL cycles, plus 25+ clients completing a full year without a single P1 incident, lets Coforge expand margins and contract value on managed services simultaneously — automation here is accretive, not deflationary.
Coforge's executable order book builds mechanically as prior-quarter deals finish ramping, so next-12-month revenue rises even with zero fresh intake. Ramp stabilisation, not new bookings, is the near-term growth driver.
Travel vertical grew 31.2% q-o-q on major airline client wins — the narrow vertical focus is the mechanism behind Coforge's 4.5% expected Q2 FY27 sequential growth, not broad market recovery.